Entrepreneurship is the effort to create productive value in the form of products or services, with all aspects managed by the founder, also known as self-employment. However, the concept of entrepreneurship is more complex than this simple definition. Interested in starting your own business? Let’s delve deeper into the concept of entrepreneurship!
How Does an Entrepreneur Build Their Business?
Entrepreneurs may be responsible for all aspects of their business, but there are various ways an entrepreneur can start a business. Here are some of them.
Building a New Venture (Builder)
The common understanding of the term entrepreneurship is someone who builds a business from scratch, a builder type. Entrepreneurs of this kind develop concepts, raise capital, design marketing strategies, and handle various other business aspects from the beginning. Although they may later hire staff and seek investors, these entrepreneurs are highly focused on business growth.
Offering New Innovations
Innovative entrepreneurs are usually creative, thinking out of the box. They not only build new businesses but also create business concepts that may not have been widely considered in society. The challenge for this type is to create a realistic business concept with a market share, even if the idea is unique or innovative.
Is following trends always wrong? Not necessarily! Many entrepreneurs build their businesses by following trends but manage to sustain and even thrive. Following trends is usually an easy way to “ride the wave” and attract the attention of potential customers or consumers. The key is innovation and strategies to maintain momentum when the trend passes.
Entrepreneurs with specific knowledge or expertise can offer it as a selling point. This knowledge and expertise are usually the result of specialized education or training that is not common in society. The result is a business with a niche market that may not be broad but typically has a loyal customer base.
Examples of Entrepreneurs Based on Their Business Types
The term entrepreneur is not sufficient to explain the various types of entrepreneurs, especially when viewed from the perspective of their business types. There are several types of entrepreneurs with special nicknames related to their businesses. Examples include:
Artpreneur refers to artists who also have the ability to consistently market their work. Artpreneurs can include painters, sculptors, composers, writers, dancers, and more. Their business models vary, from creating products related to their artistic work to holding commercial exhibitions and collaborating with others to produce royalty-based works.
A term often heard, especially in Indonesia, Sociopreneurs apply business strategies, but their main goal is to contribute to social aspects such as charity or services for specific segments of the population in need.
Foodpreneurs are perhaps the most popular examples of entrepreneurs because their products are in high demand. Entrepreneurs in the food industry come in various types and always leave room for innovation, from recipe aspects to main ingredients, presentation, packaging, design, and the ambiance of the dining place.
Entrepreneurs of the ecopreneur type focus on sustainability and environmental friendliness. Even if they sell consumer products, these aspects are integral to their business concept, such as in terms of packaging or materials used.
How to Start a Self-Employed Business?
Self-employed businesses can be established in various ways. However, entrepreneurship is a unique type of business because everything is based on the ideas of one person (or a small team) starting from scratch. In general, starting a self-employed business involves the following steps:
Identify the Problem or Need
A crucial question before establishing a business is: what is currently needed by society? What products or services are they looking for? What problems are they facing, and what is the best solution? The answers to these questions form the basis of the business establishment.
Where Does the Capital Come From?
Entrepreneurs raise their own capital to start their business. Be sure to make several choices, such as savings, selling assets, loans, and business proposals to interested investors.
Is There a Target Market?
The target market is not only about who will buy the product but also consistency in purchasing or ordering. Entrepreneurs must ensure that the target market for their product is widely available and guarantees consistency in orders.
What Is the Product’s Identity?
The product’s identity must be carefully considered. Brand, logo, packaging, and product slogans should be thought out as best as possible to attract customers and keep them loyal.
How to Manage It Efficiently?
Efficiency is crucial in managing a new business, especially one that is just starting. New entrepreneurs must find strategies to maximize the use of capital without disrupting performance. One approach is to leverage technology, such as virtual offices.
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