The Wise Entrepreneur

The Fundamentals About the Word ‘Entrepreneur’ That You Must Know

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Hey there! Welcome to this blog.

Let us now briefly consider some basic but fundamental points about the word ‘entrepreneur’. We all know that there are so many definitions of the word ‘entrepreneur’, but for now I just intend to dwell on one simple definition. It goes like this. An entrepreneur is any person who identifies an opportunity in the market, gathers resources and creates and grows a business venture to meet those needs. He bears the risks of the ventures and is rewarded with profit if it succeeds. Sure and yes – this is pretty much what entrepreneurship is about. Don’t you agree with me? Of course we could take ages trying to methodically and academically dissect this and that, critique it in anyway etc. We could also go near vanity with our analysis of definitions. Nevertheless the major things remain the major ones!

So what the heck are we talking about, regarding the definition of an entrepreneur? What point are we trying to derive or drive regarding an entrepreneur, or the word entrepreneurship for that matter? Just hold on – before you rubbish this write-up as you think you could define an entrepreneur in a hundred and one ways. You could be very sophisticated about it, but my point in very simple. Within the above definition of an entrepreneur lies the core or fundamental business facts that can help guide all entrepreneurs on the way to successful business ventures. Wait a minute! Now what are we talking about here?

The key points I would like to highlight are the following: –

  • Point number 1 – Identification of an opportunity or need. An entrepreneur must identify an opportunity or a need that exists, and that can be filled or taken advantage of. Mr. Entrepreneur or Potential Entrepreneur, please don’t wake up any day because you dreamt about starting a boutique, and proceed to mobilise capital and actually start a boutique, without this aspect of identification of an opportunity and a need. Do you understand me? I’m simply saying this; there must be a business case, not just an idea or a dream. OK?
  • Point number 2 – The presence of a market. Again, there must be a market. The demand is in the market. The need is in the market. The opportunity exists within a market. If you relocate to a city where there is plenty of sand as raw material, and you think you could probably make a good business selling sand there, don’t blame anybody for slow business! I know you could still sell sand in that location anyway, but the demand might be too low to make economic sense unless some other market drivers exist. Have you deeply considered your potential market? Is it worth your investment? Is it a real market or just your dreams and wishes? Dreams could be sweet you know – you could travel the whole world in your dream! If wishes were horses……….. But it’s good to dream. Dream and act right.
  • Point number 3 – Gathering resources. Candidly, some folks will stop here, even if they identify an opportunity and smell a real market. I don’t like sitting and listening to people who talk endlessly about the negatives, the difficulties, the challenges etc and end up justifying their inaction with whatever word in the dictionary they can land on. Money might be a challenge but it’s not strong enough a challenge to stop an entrepreneur that is burning inside with an investment or business venture zeal.  A good business case attracts money. You might just need to sell the idea, and you see money running towards you. Don’t you believe me? If you need resources badly enough you will look around and mobilise them. Of course you need to work for it, as nothing comes for nothing. My friend, if you fear mobilizing resources then entrepreneurship might not be the best place for you. Be bold – get out there and look for the resources to finance your ventures!
  • Point number 4 – Growth should be natural in a business. Do you have a genuine need you are meeting in the market? Is there a gap you are filling? Do you have a good product or service to offer? Do you know your way around the market? Can your business name ring bells when people are looking to fulfil that need or meet that gap? If your answers to these questions are yes then growth should come naturally. Mr. Entrepreneur, don’t be apologetic for being small. Start small but think big. No one will sue you or arrest you for thinking big!
  • Point number 5 – Risk taking. Now, entrepreneurship is not for people who are faint hearted. It’s not for people who wouldn’t tough risk even with a very long spoon. Business is about risk – but calculated risk. I need to qualify this because there are some people out there that I’m certain will move anyhow and expose their tens or hundreds of millions in the name of implementing a business idea, take a hard hit and later retreat. What I’m saying is this; take calculated risks. You could start by smaller risks and when you get more experienced in the art of managing risk, take bigger ones. Isn’t this good advice?
  • Point number 6 – Reward for risk. When I talk about reward some people will now start smiling. The business of an entrepreneur is to make money, while meeting needs in the market. The profit is the reward for risk-taking and investing resources including patience. This is a fundamental you cannot miss. If you want to be a charity then simply register a charity organization and ask for donations around to run your activities. Entrepreneurship is business. In this sense, you don’t need to have all negative thoughts and bad feelings for those guys who invest big, risk big and benefit or profit big. No one is stopping you from following them and making big money also. I mean making genuine money and not some business short-cuts. Good business that also takes care of the environment, because no money can be compared to nature. Do you understand me?

I think that’s it for today. Don’t just play around with that word ‘entrepreneur’. Understand it and make the best use of it, in your own interest and in the interest of humanity. I rest my case.

Best wishes – and kind regards,

The Wise Entrepreneur

Picture of Clayton W. L. Mwaka

Clayton W. L. Mwaka

Clayton W. L. Mwaka, a Ugandan chartered accountant and motivational speaker with 24 years of diverse experience, specializes in business administration, international consultancy, and lecturing. He advocates for personal empowerment through balanced living, qualitative leadership, and paradigm shifts, aiming to unlock individual potential globally.

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