WHO IS AN ENTREPRENEUR

An entrepreneur is an individual who thinks out, identifies a need in his immediate or larger
community, and develops a way (through commerce, industry or service) or ways of meeting
the need.

Alaezi (2007) refers to an entrepreneur as a person, who after identifying a certain unmet need
in the community, risks his time, energy and capital to satisfy such a need in such a way to make
profit and be in business.

Michael H. Morris defines entrepreneurship along three dimensions; Innovativeness, risk taking
and proactiveness with each dimension occurring in different degree and determining the level
of failure or success of the entrepreneur.

In all, a good entrepreneur is creative and innovative, always in a lookout for new opportunities
either in the existing enterprise, which he has inherited or bought from someone else, or by
creating a new enterprise to augment, supplement or complement the existing one.

Thus, an individual that is not willing to take risks of have fears of not being successful may not
be a good entrepreneur. In other words, the entrepreneur is a risk taker. He is also referred to as
a business man/woman, manager, producer, industrialist etc

Good entrepreneurs are different from average people in the society, they are independent
minded, they love their business venture and like doing more to improve what they had already
done.

ENTREPRENEUR AND INTRAPRENEUR

An entrepreneur who has no need to start his own enterprise but wishes to deploy his abilities
and other resources in an already existing enterprise is referred to as an intrapreneur. He
prefers the benefits of the existing enterprise such as regular salaries and available resources to
the uncertainties of a new enterprise of his own.
 SUCCESSFUL ENTREPRENEUR’S CHARACTERISTICS AND FUNCTIONAL SKILLS

1. Personal characteristics and enabling qualities: A successful entrepreneur needs appropriate

business knowledge and management skills.
o E.g a successful fashion designer must have a good knowledge of materials in vogue,
cheap source of procuring the materials, a profitable target audience, preferred
mode of dressing, colour, texture materials and so on. He has to be artistic and
creative. He/she must also be receptive at all times and cheerful.

This implies that skills expertise and aptitude alone on their own do not lead to a
successful outing in business.

2. Skills, expertise and aptitude: Skills refer to manual work it can be learnt, or acquired, such
as carpenter, electrician, computer operator. To be a successful entrepreneur, one should be
able to have an idea of his aptitude and talents that applies to them accordingly. Thus, it is
better to start an enterprise in an area you know a lot about or have received training in.
where this is lacking the entrepreneur can appoint someone vast in the area or go for
training along the business line.
3. Functional Management skills: This appear to be the most crucial. It is the extent to which
he can understand, appreciate and perform important tasks in an enterprise. These can be
grouped into 8 functions; General management, production/operational, financial,
purchasing, human resource/personnel relations, marketing, administrative, external
relations. Management skills of an effective entrepreneur includes:
o Planning an enterprise before its establishment
o Possessing general management skills and making use of divers
information/communication technology and experts
o Efficient customer service
o Entrepreneur’s market orientation
o Efficient book keeping
o Quality product and services
o Judicious use of income
BENEFIT OF ENTREPRENEURSHIP
 Make huge profits
 Master of your own destiny
 Reach your full potential in life
 Contribute to society and be recognized for your efforts
 Do what you enjoy in life and live a quality life

DEMERITS OF ENTREPRENEURSHIP

 Risk of investment
 Risk of theft, damage, vandalization of properties
 Uncertainty of income

TYPES OF ENTREPRENEURES

 Small business entrepreneurship: It is the most common type of entrepreneurship that

involves less than 500 people starting a business. The focus is generating profit with access
to limited resources, a smaller customer base compared to larger companies.

 Large business entrepreneurship: This type of entrepreneurship involves starting a business

that employs more than 500 people. It requires a significant investment and a team of
experienced professionals to manage them. Large business entrepreneurs are focused on
rapid expansion and often seek venture capital to fund their growth.

 Scalable startup entrepreneurship: Scalable startup entrepreneurship involves starting a

business with the goal of achieving rapid growth and scaling the business to new markets

 Intrapreneurship: It involves starting a new venture or project within an existing company.

Intrapreneurs are entrepreneurs within a company, and they often have access to the
resources and support of the company to help them succeed.
 Social entrepreneurship: Social entrepreneurship involves starting a business venture that is
focused on addressing social problems and making a positive impact on society. Social
entrepreneurs seek to create profitable businesses that also serve an important social
purpose. Examples of social entrepreneurship include companies that provide access to
clean water in developing countries or help disadvantaged individuals gain access to
education.

 Innovative entrepreneurship: Innovative entrepreneurship involves starting a business

venture that is focused on creating innovative products or services. These entrepreneurs are
often driven by a desire to create something new and unique that will disrupt the market.
Innovative entrepreneurs often work within the technology sector and may have a
background in engineering or science.

 Hustler entrepreneurship: Hustler entrepreneurship involves starting a business venture

with a focus on sales and marketing. This is one of the most popular types of
entrepreneurships, with COVID impacting people's income and their motivation to become
solo entrepreneurs. These entrepreneurs are often skilled at identifying new markets and
selling products or services to those markets. Hustler entrepreneurs are focused on
generating profits and growing their business over time.

 Buyer entrepreneurship: Buyer entrepreneurship is a type of entrepreneurship that involves

buying an existing business and using it to create a profitable business venture. Buyer
entrepreneurs are focused on identifying businesses that are undervalued or
underperforming and using their skills to turn them around and make them profitable.
Buyer entrepreneurship is an attractive option for entrepreneurs who want to start a
business but don't have the skills or resources to build one from scratch. By buying an
existing business, buyer entrepreneurs can skip the early stages of starting a business and
focus on growing the business and generating profits.
 THEORIES OF ENTREPRENEURSHIP
 Opportunity Theory: Entrepreneurs spot market gaps or needs and create businesses to
address those opportunities.
 Resource-Based Theory: Entrepreneurial success comes from having and effectively utilizing
unique skills, knowledge, or assets that give a competitive advantage.
 Psychological Trait Theory: Certain inherent characteristics, like risk-taking propensity,
innovation, and persistence, are associated with a person's likelihood to pursue
entrepreneurship.
 Social Network Theory: The success of entrepreneurs is influenced by the strength and
diversity of their social and professional connections, providing access to resources, support,
and information.
 Innovation Theory: Entrepreneurs drive business by introducing new and creative ideas,
whether it's a novel product, process, or service.
 Cultural and Institutional Theory: Entrepreneurial activities are shaped by the cultural and
institutional context, including societal norms, legal frameworks, and governmental policies
that either facilitate or hinder entrepreneurial endeavors.

WAGE EMPLOYMENT VS SELF EMPLOYMENT

WAGE EMPLOYMENT: Wage employment involves individuals working for an employer or a

company, receiving regular salaries or hourly wages as compensation. In this arrangement, taxes
and social security contributions are typically deducted by the employer, and employees often
adhere to set schedules and predefined job roles. Employment benefits, such as health
insurance and retirement plans, are commonly provided by the employer, contributing to a
sense of job security.

SELF-EMPLOYMENT: On the other hand, self-employment entails individuals working for

themselves, and taking responsibility for generating their income. Whether offering services,
selling products, or running their own businesses, self-employed individuals have greater
control over their schedules and business decisions. Unlike wage employment, income in self-
employment is not a fixed salary but depends on the success of one's business endeavors.
While this arrangement provides flexibility, it also carries greater financial risks and
uncertainties. Self-employed individuals are responsible for managing their taxes, including both
income and business taxes, and must independently secure benefits such as health insurance
and retirement plans.

ROLE OF ENTREPRENEURSHIP IN WEALTH CREATION

Employment generation; One of the first problems the entrepreneur solves or attempts to
solve is the problem of unemployment. If the imagined venture is able to kick off the
entrepreneur will need help in running the business, this will invariably get people off the
street, and if venture capital can be secured, then a bigger business will it be, which will
even employ more people.

Training and human resource development; usually a new entrepreneur may not be able to
afford highly skilled individuals in his field, therefore the need to train and retrain the new
hands becomes imminent in order for him to have excellent products and services. This
action alone improves the amount of skilled hands we have in our nation who can further
undertake other projects.

Innovation; an entrepreneur a visionary, a “seer” , he or she sees opportunities and market

trends before they become glaring or obsolete, therefore taking advantage of them and
bringing financial rewards to both his investors and employees alike. The creation of trends
also and new markets and products are so of the roles of entrepreneurs.

Maintenance of population density; most rural dwellers move to urban centres due to the
lack of jobs and basic social amenities. If jobs are made available or some entrepreneur
takes it upon himself to provide storage facilities for farming communities or cheap
electricity, ( e.g. solar power, as some entrepreneurs have been able to do in the Ilaje
 community off the coast of Lagos), there would be less pressure to move to cities. Thereby
reducing population pressure which leads to housing inflation and pressure on social
amenities.

Wealth redistribution; when new products are created, or an entrepreneur enters into an
already existing market with a better product, wealth is moved in his direction, and both
investors and employees get a percentage of that.

Education and mentorship; Strive Masiyiwa the Chairman of Econet group uses his
Facebook page as a tool for teaching and mentoring entrepreneurs all over the world.
Entrepreneurial skills are not satisfactorily taught in schools (most of the teachers
themselves don’t know jack about entrepreneurship), so it is the responsibility of the older
and most likely more successful entrepreneurs to teach the skills, they have acquired over
the years to would be entrepreneurs and new starters also . Making entrepreneurship more
attractive and there will be a place to turn to when advice is needed. Entrepreneurs should
educate the public on the importance of starting out their own ventures and stop depending
on the government.

THE ENTREPRENEURIAL JOURNEY

Every entrepreneur moves through several steps in considering the entrepreneurial journey.
Once you understand this journey, the steps will help you define your path toward creating and
starting your new venture. Each step of this process offers another level of understanding that
prepares you for long-term success. How will you achieve this success? By taking one step at a
time, exploring and learning, considering new ideas and expectations, and applying these
experiences to achieve your personal outcome. Think of the entrepreneurial journey as a guide
to knowing what is in store for you as you start your new venture. It takes confidence, courage,
determination, resilience, and some know-how to select entrepreneurship as a career as well as
the recognition of the opportunity. An The entrepreneurial journey is dynamic, and success
often stems from adaptability, resilience, and a commitment to ongoing improvement.
However, each step contributes to the overall growth and sustainability of your business. There
are specific steps, or experiences, which you will encounter along the road to becoming an
entrepreneur.

Idea Generation:

The entrepreneurial journey often begins with identifying a problem or need in the market.
Ideas emerge through creative brainstorming sessions where entrepreneurs aim to find
innovative solutions to these identified issues. For this stage, you need a creative, open, and
innovative state of mind, also known as an entrepreneurial mindset.

Market Research:

Before diving into the business world, it's crucial to validate your idea through comprehensive
market research. Your research must be honest and objective if it is to give you a clear picture of
the venture. Understand your target audience, analyze competitors, and assess the feasibility
and potential demand for your product or service. It is critical to maintain a fluid focus upon
expanding the scope of a product or service to uniquely differentiate provisions of benefits
apart from existing benefits or those offered by competitors.

Business Plan:

A business plan serves as an internal communication instrument and feedback mechanism to

know if the business is moving according to plan or not, and then make amends in good time in
the case of deviation. In other words, it is the road map for the intended business. This
document should articulate your vision, mission, target market, and business model. It should
also include financial projections, marketing strategies, and operational plans.

Legal Structure:
Choose the appropriate legal structure for your business, such as sole proprietorship, LLC, or
corporation. Register your business and ensure compliance with necessary licenses and permits
to establish a legal foundation.

Funding:

Determine the financial requirements of your venture and explore various funding options. This
could include self-funding (bootstrapping), loans, seeking investors, or utilizing crowdfunding
platforms to secure the necessary capital. Just as you wouldn’t begin a trip without adequate
resources, including access to cash, you wouldn’t begin your entrepreneurial journey without
the necessary resources, including cash. The options between funding a trip and funding a
new venture are similar, but they have different names.

Product/Service Development:

Once funded, focus on developing your product or service. Build a prototype or minimum viable
product (MVP) and engage with potential customers to gather feedback. Use this input to refine
and improve your offering.

Brand Development:

Create a distinctive brand identity that resonates with your target audience. Develop a
comprehensive marketing strategy to establish and promote your brand through various
channels.

Launch:

Launch your product or service to the market. Implement the marketing and sales strategies
outlined in your business plan. Pay close attention to customer feedback and adjust your
approach accordingly. The actual launch is the exciting event when you open your business. By
this point, you have made improvements to your product through feedback received in your
trial run; you’ve identified the value or benefits provided by your product; you’ve identified your
target market; and you’ve identified the location of your launch, whether it is a geographical
location or an Internet location.
Customer Acquisition:

In the initial stages, concentrate on acquiring your first customers. Actively seek feedback to
understand their needs and preferences, making necessary adjustments to enhance customer
satisfaction.

Scaling:

Evaluate your business processes and explore opportunities for growth. Scaling involves
expanding your operations, whether it’s increasing production, entering new markets, or
diversifying your product or service offerings.

Adaptation:

Business landscapes are dynamic. Stay adaptable and responsive to changes in the market.
Continuous innovation and improvement are essential to meet evolving customer demands.

Risk Management:

Identify potential risks to your business and develop strategies to manage and mitigate them.
Having contingency plans in place ensures you can navigate unforeseen challenges effectively.

Networking:

Build a strong professional network within your industry. Attend events, join communities, and
connect with mentors who can provide valuable insights and support throughout your
entrepreneurial journey.

Learning and Growth:

Embrace a mindset of continuous learning. Learn from both successes and failures, allowing
each experience to contribute to your personal and professional growth as an entrepreneur.

Exit Strategy:
Consider your long-term goals and develop an exit strategy. Whether it involves selling the
business, merging with another entity, or pursuing a different venture, having a clear exit plan
provides a roadmap for the future.

CHALLENGES AND RISKS IN THE ENTREPRENEURIAL JOURNEY

Entrepreneurship is a dynamic and exciting path that many individuals embark upon, driven by
their passion, creativity, and desire for independence. However, the entrepreneurial journey is
not without its challenges, and entrepreneurs often face numerous obstacles along the way.

One of the primary challenges that entrepreneurs encounter is the lack of a clear roadmap.
Unlike traditional employment, where job roles and responsibilities are often well-defined,
entrepreneurs must create their own path and navigate through uncertain terrain. This can be
overwhelming and lead to feelings of uncertainty and self-doubt. To overcome this challenge,
entrepreneurs must develop a clear vision and set specific goals for their venture. Having a well-
defined plan and a roadmap can help entrepreneurs stay focused and motivated, even when
faced with unexpected hurdles.

Another significant challenge for entrepreneurs is managing risk and uncertainty. Starting a new
venture involves inherent risks, including financial risks, market risks, and operational risks.
Entrepreneurs must be willing to take calculated risks, but also need to develop strategies to
mitigate those risks. This may involve conducting market research, developing contingency
plans, and seeking advice from mentors or industry experts. Embracing uncertainty and being
adaptable to changing circumstances is crucial for entrepreneurial success.

Financial management is also a significant challenge for many entrepreneurs. Starting a business
requires capital, and entrepreneurs need to manage their finances effectively to ensure their
venture’s sustainability. This includes budgeting, cash flow management, and securing funding
from external sources such as investors or loans. Poor financial management can lead to cash
flow problems or even business failure. Entrepreneurs should seek financial advice, develop a
solid financial plan, and keep a close eye on their expenses and revenue to maintain financial
stability.
Building a strong team is another challenge that entrepreneurs often face. Entrepreneurs may
start as a one-person show, but as their venture grows, they need to build a team to support
their vision. Hiring the right talent, managing team dynamics, and developing a positive work
culture are critical aspects of team building. Entrepreneurs should invest time and effort in
recruiting and retaining the right people who align with their business goals and values.

Finally, entrepreneurs often face the challenge of balancing work and personal life. Starting and
running a business can be all-consuming, and entrepreneurs may find it challenging to maintain
a healthy work-life balance. Long working hours, constant decision-making, and high levels of
stress can take a toll on an entrepreneur’s physical and mental well-being. Entrepreneurs must
prioritize self-care, set boundaries, and delegate responsibilities to maintain a healthy work-life
balance.

ABC ANALYSIS IN ENTREPRENEURSHIP

ABC analysis is a tool that allows companies to divide their inventory or customers into groups
based on their respective values to the company. The goal of this type of analysis is to ensure
that businesses are optimizing their time and resources when serving customers. ABC analysis is
similar to the Pareto Principle, an idea proposed by 19th-century economist Vilfredo Pareto. In
both the Pareto Principle and ABC analysis, you separate the top 20% of criteria from the
bottom 80% to focus on what products or customers offer the best results for a business.

There are three categories in ABC analysis:

 Category A: The top 20% of products or customers go into category A. It's the smallest
category, but it can represent the products or customers that provide the most value to
a company without requiring too many resources.

 Category B: Category B often holds the largest percentage of inventory or customers in

the analysis, at around 30% to 50%. It contains items and customer groups that are
important to a business but less important than those in category A.
  Category C: The C group refers to items that are only marginally important. Even though
they make up much of an inventory or customer base, they might only account for 5% or
less of the annual consumption value. Close to half of the customer groups or inventory
items go into this category.

How to perform ABC analysis for inventory

ABC analysis can be helpful for controlling inventory. If you're interested in using this method for
inventory management, follow these steps:

Define categories

The criteria a company uses to determine the importance of each item is likely unique to each
company. Interpreting data in a way that's relevant and meaningful to a specific business can
help you better understand the significance of unique items within an inventory. Categories like
sales volume, usage value or demand history might be good places to start. Try to determine
and understand the most valuable aspects of an inventory and create useful categories to sort
stock. Usage value can be a helpful way to sort products because it can reveal important
information about how those products relate to one another. To find a product's annual usage
value, multiply its cost by the amount held in the inventory.

Sort products

Sorting products is the next step in inventory analysis. To use the ABC method, sort products
according to their value. This phase may look different for different companies depending on
the categories they've chosen to represent their inventories. Category A is the smallest category,
but even though an A group might house only 20% of the products, those products can
comprise 70% or more of annual consumption. In contrast, the B and C groups might house only
30% and 50% of the products, respectively, but only comprise about 25% and 5% of total
consumption, respectively.

Interpret data
Interpreting data requires you to examine how much a company spends to keep each item in
stock. Employ the values you calculated and the categories you designated to assess whether
the company is overspending or underspending on its products. Spending can include such
diverse items as storage expenses, management processes or delivery systems. Try to evaluate
all processes to see if improved efficiency is necessary. For example, determine if it's possible to
develop a specific system for products in the A group rather than using the same method for
each category's product orders.

Similarly, you could increase the safety supply of inventory in the B group to reduce potential
delivery fees, labour expenses and ordering delays. Automating orders for lower-level, C-group
products can be beneficial too. If you find a company is spending too many resources on its C
group, you can design specific strategies that allow it to save money and devote resources to
the products that most affect its consumption numbers.

Advantages and disadvantages of ABC analysis

ABC analysis can reveal a lot about the efficiency of a company's processes and the value of its
customers and products but it has some drawbacks. Listed below are several notable
advantages and disadvantages of using this method:

Advantages

Here are some advantages of using ABC analysis:

 Compatibility: It can help companies better understand both their customer segments
and their inventories. Teams can define the sorting categories in ways that apply to their
business practices.

 Insight: The insight analysis about products, customers and operations can help a
company develop applicable, actionable strategies, which can help it define and achieve
goals.

 Accessibility: Small and large businesses can benefit from ABC analysis.

Disadvantages
The ABC method can be a useful analysis tool, but there are some potential challenges to
consider as well, including:

 Inflexibility: Particularly with inventory, ABC analysis won't consider shifts in demand
because of factors like market changes, seasonal influences or competitor changes.
While it's a helpful starting point, you can employ additional analysis tools to help you
fully understand the value of products and customers.

 Instability: If you do the analysis often, you might notice the groups changing every
three to six months. As a result, the corrective actions might not be relevant by the time
a company implements them.

 Insignificance: The data ABC analysis provides about the class of a product or customer
segment might not be a telling or meaningful indicator for investors or clients. Internal
communications can benefit from relying on other metrics as well.

Practical Approach to Handling Business Constraints

A 'constraint' refers to any factor that restricts or limits the decision-making and operational
capabilities of an organization. Varieties of constraints exist in business studies. They are
generally divided into two types:

 Internal constraints: These are challenges that arise from within the organization.

 External constraints: These aspects are typically outside of the firm's influence.
 Internal Constraints External Constraints

Limited finance Economic downturn

Outdated technology Legal regulations

Insufficient skilled labour Market competition

A practical method to manage business constraints can be divided into four steps:

1. Identification: Identify the constraints within the system. Use tools like SWOT analysis or
PESTLE analysis to understand the environment and identify constraints.

2. Analysation: Once identified, analyse the negative impact of these constraints on your
business operations or project. Prioritise these based on their impact.

3. Planning: Develop a plan to overcome these constraints. Use creativity and innovation to
find solutions. The solution might involve resource re-allocation, improved technology,
process changes, or even changes in organizational culture.

4. Execution: Implement the plans and monitor the results. Review the effectiveness of the
solutions and make changes if necessary. Remember, managing constraints is a dynamic
process and requires continuous effort.

Remember, change management plays a crucial role here. As you realign systems or processes
to overcome constraints, employees need to be trained and managed to adapt to these
changes.

Role of mentorship in entrepreneurship

Having a mentor in entrepreneurship can bring a wealth of benefits to both the mentor and the
mentee. Mentorship provides a unique opportunity for the mentee to gain valuable insights and
knowledge from someone who has already been through the ups and downs of starting and
growing a business. Here are some of the key benefits of having a mentor in entrepreneurship:
  A sounding board: A mentor can provide an objective perspective and offer advice on
challenging business decisions.

 Networking opportunities: Mentors often have a wealth of connections and can

introduce their mentees to valuable contacts in their industry.

 Personal growth: Mentorship can help the mentee develop important skills such as
leadership, communication, and problem-solving.

 Increased confidence: Having a mentor who believes in their potential can boost the
mentee's confidence and motivation.

 Avoiding common mistakes: A mentor can share their experiences and help the mentee
avoid common pitfalls in entrepreneurship.

 Access to resources: Mentors can provide access to resources such as funding, market
research, and business planning tools.

In short, having a mentor in entrepreneurship can provide guidance, support, and resources
that can help the mentee achieve their goals and succeed in their business ventures.

KEY COMPETENCIES REQUIRED IN SETTING UP A SUCCESSFUL SMALL BUSINESS

Small and medium enterprises (SMEs) also called small or medium – sized businesses (SMBs)
are companies whose personnel numbers fall below certain limits. There are three broad
parameters which define SMEs:

 Micro –entities are companies with up to 10 employees

 Small companies employ up to 50 workers
 Medium-sized enterprises have up to 250 employees

Competencies are personal and professional skills that cannot easily be measured. Some
examples of these skills include accountability, ethics, and competitiveness. Some of the most
important competencies required in setting up a small and medium scale business are as
follows:

Focus

In setting up a small and medium scale business an entrepreneur must focus on his/her long-
and short-term goals and tasks must align with the business’s mission and vision. Mastering this
core competency means being able to effectively visualize, develop, and communicate your
mission and goals with your entire team. Establish your primary focus and make sure that your
entire team understands how each of their roles aligns with the end-goals of your company.

Entrepreneurial Empowerment

Startups are filled with entrepreneurial individuals who believe in their work and want to make
a significant contribution to their company and community. Take advantage of their talent and
vision by empowering them to make a difference in your company. Allow them to set their own
goals that are consistent with company goals, and give them the freedom to do their jobs and
resolve issues according to their own work style. Help employees feel confident in their ability
to be successful in their jobs, make decisions, lead others, and give them ownership of their
responsibilities. In a startup where many employees are busy with multiple responsibilities, the
ability to work independently and effectively is essential.

Communication

Make sure that all of your employees are well informed by putting multiple strategic
communication channels in place (email, newsletters, etc.). Invest time in communicating
information regularly and consistently. If your startup is based virtually, invest in project
management software. If your startup is office-based, have meeting rooms and inspire a culture
of open collaboration across the floor. Ensure that everyone is kept informed about new
developments, even if they are on other teams, and that all information shared is professional
and appropriate.

Opportunity Recognition

Employees in a startup should be adept at recognizing and seizing profitable business

opportunities, such as potential new clients, suppliers, and partners. And they should be able to
take calculated risks to pursue the kind of valuable opportunities that will lead to achieving
business goals.

Innovation

Startups need to be agile and innovative. The capacity and desire to develop and support
something new is one of their great strengths. In order to be innovative, startups need
employees who are personally invested in developing new products, services, methods, or
approaches. They should actively propose new ideas and technologies to better accomplish
your goals. This kind of non-technical competency also involves working well with others in
order to innovate.

Stress Management

Startups are often high-stress environments, especially since one employee is likely to be in
charge of multiple jobs. Startup employees need to have diverse skills and be able to handle
many projects, clients, and tasks at once. This means that being able to efficiently function
when under duress is important for startup work. In addition to being able to remain calm
under stress, employees should also maintain self-control, even when being provoked. Finally,
having this type of non-measurable competency also entails an understanding of self;
employees should know their limits and manage their own behaviors to avoid or reduce stress.

Flexibility

In order to succeed in a startup environment, employees need to be flexible in terms of their

willingness to try new and different tasks and approaches. They must be open to others’
perspectives and be able to switch between strategies and methods when needed.
 STRATEGIES FOR DEVELOPING EFFECTIVE NURSING ENTREPRENEURSHIP

Successful nurse entrepreneurs possess a skill set that allows them to seamlessly integrate
healthcare and business, such as strong leadership, analytical, and communication
competencies. At the same time, they must possess other characteristics that can enable them
to apply their skills independently.

Business Development

Nurse entrepreneurs must be able to see how their healthcare experience can lead to the
development of a successful business. An example of this in action stems from Seattle Sutton,
RN, BSN, of Marseilles, Illinois, whose Seattle Sutton’s Healthy Eating prepares thousands of
nutritionally balanced meals every week for clients across the U.S.

Another example of nurse entrepreneurial success is Pat Bemis, RN, CEN, who has built a care-
based empire through her website, CDs, seminars, and books, including her self-published
debut “Emergency Nursing Bible.”

Independence

Nurse entrepreneurs must have the ability to work independently, which means more than just
not working underneath a head nurse or nursing executives. It means having the self-discipline
and motivation necessary to shape an effective business model. This can range from deciding
how their work is done to determining how much they can charge for their services. Earning an
advanced degree such as a DNP can help individuals develop this discipline.

Passion

It is essential for nurse entrepreneurs to effectively channel the interests they are most
passionate about, such as nutrition, technology, or education, into a specific field. For instance,
the nurse entrepreneur who is passionate about reducing the risk of cardiovascular disease may
focus their career path on developing devices that can help people better manage their blood
pressure, cholesterol, and other elements that can impact their heart health.
Flexibility

Nurse entrepreneurs need to embrace the flexibility that comes with the role and use it wisely.
Working independently gives nurse entrepreneurs the ability to control their own schedules and
build a better work-life balance. However, it also comes with the responsibility to build their
schedules in a way that optimizes effectiveness for their businesses to grow and develop.