Starting your own Business

Updated: Jan 1

Entrepreneurship is a very appealing concept which involves the creation or extraction of value. Still, the thought of actually setting up a business and undergoing financial risks may seem daunting. Nevertheless, according to the World Trade Organization (WTO), small and medium-sized enterprises (SMEs) represent over 90 percent of the business population, 60-70% of employment, and 55% of GDP (Gross Domestic Product) in developed economies.

With just $5,000 and an idea, Spanx founder Sara Blakely went from selling fax machines door-to-door to launching an apparel company that became a global sensation. According to her, every person in their lifetime has had a million-dollar idea. Ideas are almost everywhere. Whether you're someone with an idea, or someone searching for them, it has to be understood that businesses don't entirely depend on them. How many times have you ever conceived an idea that could potentially change our lives? Out of which, how many times have you considered the possibility of making it a reality?

We live in a climate of constant change. Due to the pandemic, companies are constantly adapting to changes as much as possible to hold on to their customer base. Are you struggling to find a place to start in this climate? The current economic situation may look bleak today, but there's still hope. Entrepreneurship still stands to be the core of most economies. Your business, if done right, can contribute to a healing economy. Here is a summary of what you can think of to start your entrepreneurial journey to take 2021 head-on!

Self Discovery

Entrepreneurship isn't just an activity; it's a mindset. On that note, any entrepreneurial journey begins with self-discovery, developing that very attitude that will allow you to apply common sense and focus on what's doable. This attitude is known as effectuation, a desire to improve the state of the world, and individuals' lives by enabling the creation of goods, services, and businesses. There is no formula to think like an entrepreneur; however, a framework allows you to make decisions like one. Effectuation commands certain principles that enable this very framework.

Your mindset must be in the right place; by now, it must have become evident that there is no right time to start a business. The stars had never aligned for Macbeth, and neither will it for you. Being your own boss and attaining financial independence is a huge incentive, but are you ready to face its consequences? Only developing an entrepreneurial perspective will help you tackle these stipulations. Given the current landscape of our covid-19 stricken economy, there has never been a better chance for you to seize the day by taking things under your own hands!