According to the Oxford Dictionary, the definition of an entrepreneur is “a person who sets up a business or businesses, taking on financial risks in the hope of profit”
There may be occasions in life when people consider setting up their own business/enterprise and join the ranks of the self-employed.
People seeking finance at the outset of their self-employed journey have got to realise that no-one will offer you financial support without having a huge stake in your Enterprise. The banks will only lend you money if you can prove that you have collateral to pay it back, such as property. You may have to sign a personal guarantee that ensures the bank receives what is owed to them in the “unlikely” event that your enterprise fails.
If you do want to start your own business, it wont be for the security of a regular wage, because you will have times when you don’t earn as much money as you need. So you need to make sure that you have “reserves” or financial back-up.
You will need the support of your family and friends, but take advice from experts who have been there and done it. Not some well meaning relative or friend who “doesn’t want to see you get hurt”.
Do not ask people who have never owned their own business for advice.
If you have a product or service that you think you would be an income generator, start small and part-time. Test the water before committing any time, effort or money at the enterprise.
Global Entrepreneurship Week starts on Monday, November 18, with the aim of “exposing people to the benefits of entrepreneurship” and getting them to “participate in entrepreneurial-related activities.