Tuesday, February 26, 2008 Cayading: Why people go into business By Trinidad Cayading D'Biz News
THERE are several reasons why people, specially the low-income sector of the economy even those retired employees are going into business, and from the government sector, having sidelines or rather extra income. Well, on the part of the civil servants, these activities if done in an honest to goodness act, undertaken not within their working time is far better than asking what "Lozada's greatest exposes" on kickback!:
Most of the micro entrepreneurs went into business because they want to earn income for the family or they are unemployed and they have nothing else to do but go into business.
The motivation matters. It would be different if the motivation they want to do is something they really want to and because they have a business idea which evolves into a vision or a dream. This spells the difference in the attitude towards entrepreneurship.
This is also one of the reasons why the enterprise they have embarked on remained livelihood-oriented. The growing of the enterprise is not really their concern but the money or profit part of the business. This could evolve still into entrepreneurship if the owner makes an assessment of his personal skills, interests and talents versus his business skills. An assessment like this can lead the owner to think of the things he really likes to do most, which would address the question, What do I have a passion for? This will elicit a deeper understanding of what having a dream or vision is all about.
The pitfall of most micro entrepreneurs is introducing a product without understanding the market. The WHAT of customers is not there, that is, to whom you shall offer a product. The product came in first before a study of customer's wants was made. Be sure to make products that the market actually needs! Otherwise, it will be a sure road to business failure.
On the other hand, other people do not want to become entrepreneurs because for them, going into business is too risky. They fear having failures along the way. They consider employment is more secured because of stable income. No fallback if business fails, little savings and assets available. No good business idea. They are afraid that people around them may say their idea will not work. They do not have capital to start their own business. Well, there can be countless reasons, but there is one sure reason that encompasses all. It is uncertainty, the risk factor. This is very true for those who have stable job, even through it is only on the level of or a little above the minimum wage.
As mentioned earlier, it can also be attributed to a fear of failure. But if we never try, we won't know if we would have succeeded. One has already quit, without even trying. It really prevents and hinders growth and vision creation.
This sets apart the entrepreneurs from the non-entrepreneurs. The entrepreneurs have the heart that can recognize opportunities which tells them that it ca be done. But the most important element that differentiates the two is the entrepreneurs can dream and turn it into reality!
Quotation for the week: "I kept six honest serving men. They taught me all I knew. Their names are WHAT AND WHY, WHEN AND HOW AND WHERE AND WHO" -- Rudyard Kipling
