Entrepreneurship is Buzzwords?
Entrepreneurship has been glorified at least a decade ago. When I came to University, the numbers of the business seminar was held. The campus also launches the entrepreneurship program for encouraging the student.
Attending a seminar for learning business is good. However much of the motivation was glorified. Some speakers even only touching the audience emotionally.
For me no one of the speaker who teaches the audience rational and touching the intellectual.So, here I want to share about entrepreneurship based on the books that I read or experience.
A brief history of entrepreneurship
Yanis Varoufakis Book, talking economy to my daughter, open my mind about what entrepreneurship is. He tells the history of capitalism in simple stories.
Entrepreneurship is a part of capitalism history. It started when intercontinental trade began. A European trader is able to sell goods to other people in Asia, America or Africa.
Intercontinental trading also changes the mode of production. The landlord replaces the fields with meadow for herding the sheep. These flock of sheep produce cotton for fabric and then sells to Overseas.
To building the factory and the meadow, the android land money from a loan shark. They should pay the worker working in their factory or herding their sheep. If they failed to sell the goods overseas, they can’t pay back the money to the shark.
From the book, I know that the basis of entrepreneurship is the act of taking the risk. You should train your bravery to take the risk in investing your wealth.
Entrepreneurship is an art of taking the risk
To start a business you need an amount of capital. Even today starting business is cheaper but to make the company grow, you should invest amount of money.
But Investing money in business is like a game. No one can’t guarantee your money back. This situation is called risk. You taking a risk with your money that can be lost or back with the surplus.
Hence, Entrepreneurship is the act of taking the risk. If you have one billion dollar then you Invest in the right things, it will be two or ten Billion. Conversely, when you fail you will lose the money. If you get the money from Bank, they will ask you to pay back the money.
Then, the risk you take will determine your success. And the risk you avoid determine your survive. Entrepreneurship, for me, actually playing this game: Risk and Survival game.
If you just put 5 dollars, the hope the result like investing 1.000 dollars. If your financial ability only 100 dollars per month, and you bet 1 billions, when you fail it will hurt you so much.
Mastering decision making is worthy in entrepreneurship.
Since Entrepreneurship relates to investing the money, mastering decision making is the part of entrepreneurship. Here, the decision must be rational and data-driven.
Making decision sounds simple in theory, but hard in practice. Because most people usually thinking emotional with money. Spending money is similar like eating with food.
We just eat everything and stoped when it caused a problem with our body. Money is similar, we spending money and began to realize after we lose.
When investing the money we must think rational as possible. Because I have experience investing the money emotionally, and it hurt me so much.
Many of my fellows hurt themselves the cause of investing the money emotionally. Hence, in investing the money we should have good in details and perfect calculation. And if you invest big money, you should calculate the mitigation as well.
#4 honing your bravery is the part of entrepreneurship
Taking a decision relates to bravery. The bold decision requires huge bravery, the small decision needs small bravery. Hence, you should practice your bravery in investing money.
Of course, there are no rules in practising the bravery. But I do believe, it can be trained. You can train your bravery from the small things. If your mind doesn't fit enough for investing 1 billion dollar.start from 1 dollar first.
The more you practice the bravery, the more you have a good decision in investing money. The high risk you get, the high return you probably have.