Individuals are into many commercial activities, to some payment is received, to others, it is not.
But why do you think it is important to unveil the entrepreneurial mindset in you?
People go into business for many reasons, some venture because they are idle, others go because they want to please people, others go because they are passionate about it, others because they were told business fits them, and so on and so forth.
But what is your own reason? Not everybody is gifted in a particular field but we all have attributes that if concentrated on can be cultivated and molded for perfect use.
The coming of technology has changed the business environment to an online concentrated format whereby a small business is now taking their market online, on social media pages, websites, blogs, and other avenues where they can best reach their target population, but like with all avenues, if the planning is not well done, it will definitely be a waste of resources.
Even though technology has come to stay, it has not canceled the physical markets because these markets play a greater role in the development of the community, whereby through these means, councils raise funds and plan other development projects.
An Entrepreneur is Flexible
Running your own business can work well for many different lifestyles. For women especially, owning a business can make their lifestyle flexible and help generate necessary funds to raise a family and still have a successful career.
Women-owned businesses have been showing up at a faster rate amongst new businesses in general at 21% per year vs. 9% respectively, from 2014-2019.
According to a series of case studies by the National Women’s Business Council, flexibility was a major factor for many women who decided to pursue entrepreneurship.
Directly Helping People
Your business will directly impact people; many small business owners launch their own businesses to make a positive impact in their local communities.
This can happen through the products or services they provide or through the local causes they support.
Small businesses also account for a private workforce in every economy, so launching your own business is a great way to provide jobs for many in the local community
Business in Buea
Buea being the headquarter of the Southwest Region coupled with the presence of a University is a hot cake center, when it comes to business operation, especially in the Molyko neighborhoods where students are considered the consumers of these local business products in the environment.
Molyko is known for its active commercial state, it’s a place where you have young and energetic youths striving for a better future every day.
Some youths sell clothes, some are into restaurant business, others into fish grill business, and all these serve the community and creates jobs for youths
What to watch out for
Despite the many benefits of running your own business, it’s not right for everyone. Being your own boss comes with some major risks, including:
Financial Risk: If half of the businesses fail within five years, then you are taking a 50% chance of losing some money on your own business. That’s why it’s critical to write a thorough, clear business plan and make sure you have a reasonable chance at success
Personal Liability: Beyond merely losing the money you put into the business, you could put more of your personal assets at risk-from your car to your house- if you do not structure your business proper to secure them.
Time Commitment: The feeling that you are always on the job can be a draining for many business owners. According to a 2016 Bank of the West Bank Small Business Growth Survey, many business owners’ work much more than 40 hours per week.
Stress: The West Bank Survey also noted the fear of burnout as a major concern for many small business owners. This is particularly true in light of the ongoing public and economic crisis, which saw daily stress rise significantly among small business owners.
Amongst all the consideration, and risks in venturing into a business, be rest assured that if you’ve the bone for business, and the right marketing plan and Strategies, you’ll be unbeatable even in low seasons of sales.
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