3 SHOCKING CHALLENGES OF ENTREPRENEURSHIP

In every business venture, there are challenges, these challenges are unique to each business. In every business, there’s what you must pass through to be able to establish that business effectively. In this article, I will be answering many questions that people have concerning entrepreneurship, some questions like: are entrepreneurs born or made? Can entrepreneurship be taught? Is it an inherited trait? Why should entrepreneurship be taught in our school? These are some of the questions we will explore in this article. But first, what is entrepreneurship?

Entrepreneurship

If there’s any business venture that is as old as a man I will say it’s entrepreneurship, it’s the one business that has been in existence for as long as possible. Before the advancement of the Internet, businesses were physically done, those who do businesses are called entrepreneurs, in those days there were no such words as entrepreneurs so they were called businessmen and women.

Entrepreneurship is defined as the act of owning a business alone, controlling the business, and being solely responsible for the success of the business, this is why at some points they were called sole traders, in our different markets we find them there. They are called traders here but in the English context, we call them entrepreneurs. In many countries of the world entrepreneurs control over 60% of the yearly revenue of the country.

Entrepreneurship doesn’t refer to only an individual who owns and controls a business, few individuals have grown their businesses into a conglomerate, these people are called entrepreneurs, and those who work for them are called employees. An entrepreneur can be an owner of a multimillion-dollar company, the point of emphasis is that he alone is the owner.But when you are working under such a person you as the employee are not considered an entrepreneur, this brings us to the real definition of entrepreneurship as the act of owning and controlling a business and being fully responsible for the business. This doesn’t mean that those that control billions of dollars worth of companies are not entrepreneurs, they are but this business was started from scratch and built by them.

Entrepreneurship is a very profitable venture, it is a sure way to financial freedom and retire at an early age, but like every other business, entrepreneurship has its challenges. It takes a great deal of sacrifice to start, build and scale a business. Every successful business you see today has something in common with other successful businesses, and before that business was established to be a global business there were a series of challenges it had to pass through to be able to stand the test of time. It is some of those challenges that we will be looking into.I emphasize businesses because that is the best and sure way to end up as a good entrepreneur. A good entrepreneur knows how to start, build and scale a business, and someone who has results for what he does.

Entrepreneurship is one venture that can make you very wealthy if only you can pass the tests and challenges of entrepreneurship. Before we go into that properly, let’s discuss why entrepreneurship should be taught in school, this is the beginning of the challenges many entrepreneurs face. Sit tight and let’s ride.

Why Should Entrepreneurship Be Taught In School

This is the beginning of the challenges many entrepreneurs face in the world out there. School is an agent of socialization, what we are taught in school goes a long way to shape our lives and our understanding of business, wealth, and people. Entrepreneurship should be taught in school for the following reasons.

  • The school is the best place for learning and career-shaping : It’s surprising how most of the things that contribute to the success of our lives are not taught in school. Most of the older men in society tell stories of regret and what they would have done if given the opportunity to right the wrong of yesterday. One of the reasons why we go to school is to graduate with the best results we can, find a job, make money, retire, and die. This simply means that we go to school to make money in the end, but sadly we don’t learn anything about money throughout our years in high school or college. You see, the subject of money and entrepreneurship cannot and shouldn’t be neglected in our educational system. Entrepreneurship should be taught in school because school is the best rock for a child’s development.

  • Entrepreneurship increases the infrastructural development of any nation: The school being one of the best agents of socialization is a place where the character is shaped from the beginning. Entrepreneurship is a venture that has significantly contributed to the success of any nation. Take America for example, it’s a country that houses the highest number of millionaires in the world. These millionaires contribute significantly to the growth of American reserves and wealth, they do this through payment of taxes mainly and the employment of thousands of workers which helps decrease the rate of unemployment. When entrepreneurship is taught in school at an early stage, it prefers a child and opens his or her heart to the possibilities that exist out there in the world. There’s nothing more comforting than someone telling you that your dream can be a reality, and this dream can be achieved faster using the entrepreneurship road map.

  • Entrepreneurship opens the mind to massive possibilities: A child that was trained to believe that everything is possible and another that was trained to believe that his dream does not make sense, which of them will be more successful in life? Entrepreneurship is not just a venture to go into, it’s a venture that opens your mind to a lot of possibilities. Telling a child that his dream of traveling around the world is possible inspires that child and makes him want to do his best to travel around the world. The school as an agent of socialization has a role to play in the renewing of the mind of kids. For most grown-ups today what they heard growing up was to get a job, your dream is unrealistic, your dream is not feasible, and these negative words have made our society to be filled with youths that are broke. The few that are not broken are doing jobs that are not their passion. This is why entrepreneurship should be introduced as a field of study at a very young age in the development of a child.

Challenges Of Entrepreneurship

As I have pointed out earlier, every business has challenges. These challenges are what make the difference, it is only when a business has risen past these challenges can we call it a successful business. What are the examples of challenges businesses face?

Disappointment

Every entrepreneur has felt this first hand. In fact, in every business, before you start a business, grow it, and scale it, you will experience disappointment. According to research conducted, out of every 10 business ideas you have in mind, 9 will fail and the chances of one becoming a success are on probability. This means that on your way to becoming an entrepreneur you must realize that this is an inevitable part of the job.If it was easy, everyone would have been successful, the toughness in it is what makes it unique, every business out there experiences this, and every business that has stood the test of time experienced this.

If you are reading this and you want to be an entrepreneur, you have to have this at the back of your mind. Entrepreneurship is one business that can ensure you retire early and young, but it’s one of the toughest things to do out there. Many people who started businesses with the hope of building an empire today regret that it wasn’t what they thought it would be. To start a business and grow it to become a conglomerate of global success is not easy. This is why many quit on the way and they throw in the towel.

Many other people who started businesses without reading this, ended up working for the rest of their lives, instead of the business working for them and bringing them more money, they started working for the business without even knowing it. How do you know you’re working for your business? If you have been in that business for over 5 years and you haven’t made any meaning out of it, if you have been in that business for long and you haven’t created another business from that business, if you find yourself in this situation, you are working for your business because each day you don’t go to work you don’t get to eat. Be careful when establishing a business, many people with the view of becoming a business tycoon have sentenced themselves to work for the rest of their lives.

Failures

It is very rare and difficult to see a business that just started and became a success. Most entrepreneurs will attest to this, every and any business that has ever stood the test of time was at one point a massive failure. There were times when the only person that believed in the business is you, it takes a great amount of vision to believe in what everyone considers failure. Entrepreneurship can make you very wealthy but the challenges on the way are not easy.Ever asked yourself why people only wish for it? But only very few get to do work for it and make it a reality? The answer is that it is easy to wish for something but very hard to work and make it a reality. Many people just wish for it but have the stamina to work for it. If it was easy to do, everyone would have been a successful entrepreneur.

To start and grow a business there are mistakes you should avoid, failure is an inevitable part of the journey, it is what will happen to anyone out there who is out to achieve success in any endeavor in life.But in the end, the fruit of your success is always better than the years of failure, the business that worked will pay for the years of unsuccessfulness and years of failure. You see, entrepreneurship is one business that has raised the highest number of millionaires across any nation or country. It has made people become captains of industries, and many people have been able to live the kind of life they want because of entrepreneurship, it has the potential to take you from nothing to something but not without challenges and trials.

Lack Of Capital

Many sincere people who intended to start a business have been disappointed due to financial challenges. Lack of capital has led to the closure and termination of many business dreams and entrepreneurship ideas. Without capital, it is almost impossible to make a dream come through. Capital is the lifeblood of every business venture. Entrepreneurship will test your wits based on capital. If you can continue to build your dream despite not having enough capital, then life will respond to you.Entrepreneurship is a good venture to try, entrepreneurship can make you a millionaire that earns in different currencies, but like every other thing that is left and real, entrepreneurship is not an easy venture to go into. Starting and launching a business without any guarantee of success is already scary. Before most people became business tycoons and captains of industries, they failed many times and got to the point they almost gave up, but still, they hung in there, and today they are global successes. It is important to note that nothing good comes on a platter of gold, entrepreneurship is an example. When it comes to becoming a success in any business, requires your time, skill, and expertise, you have to do lots of research to be able to know what works and what doesn’t. Before you start a business you must do a lot of research, to fully understand the market you are going into. You need skills such as digital marketing skills, how to create powerful offer skills, how to write a powerful email copy skills, and a lot of other skills. Go ahead to check them out.

Conclusion

Entrepreneurship is one venture that can change you from poor, broke, and wretched to a million-dollar earner. In this article, I started by explaining explicitly what entrepreneurship is and how you can go about it. I went on to explain to you what it takes to be an entrepreneur and the challenges that come with entrepreneurship just like in every other business venture. This article aims to give you an inkling of what many entrepreneurs face but the media doesn’t record them. When you see a successful entrepreneur you should know that he or she has had a lot of unsuccessful years. I believe this article has helped you greatly, feel free to comment your thoughts in the comment section, and don’t forget to share with friends.