We are now in the middle of the pandemic and most economists are still predicting gloomy times ahead. With reports of massive job losses, feelings of despair, and hopelessness, what effect will all this have on society at large? What is, or will be our plan of action? In an effort to level the playing field, one might consider starting a business as opposed to working for someone else. Why not rebuff the idea of inevitable gloom for the rest of the year, and seek after prosperity through an entrepreneurial mindset. Basically, an entrepreneur is an individual who takes on the risks and responsibilities for a business with the expectation of a profit. Peter Drucker (1909-2005) in his writings alluded to the fact that the entrepreneur is capable of bringing about a change and exploits it as an opportunity. It is for this reason why so many products and services have evolved over the years. For example, instead of physically going to make a purchase at the store, we can sit in the privacy of our homes and purchase a product online by means of the Internet.

A business entrepreneur is an individual who assumes risk and responsibilities for a business with the expectation of making money. Entrepreneurship can be pursued in many ways, from owning a small business to becoming self-employed.

Gone are the days when we relied solely on a literal map to get us from one place to the next, we now have the GPS that uses audio to guide us on our journeys. We owe all this to entrepreneurial activities. Many societies encourage active entrepreneurship as the way towards income generation and increased economic growth. Apart from personal financial gains to be had from an entrepreneurial activity, an effective entrepreneurial venture fosters the production of wealth for the nation and improves its competitiveness in the global economy. When many of the entrepreneurial activities produce an output greater than the input, the economy of the nation is directly bolstered. Another advantage to the nation is the creation of jobs for people. As the unemployment rate soars, let us reverse the negatives by being entrepreneurial and recreate jobs for our people. Such job creation utilizes the human resources of the country and helps natural talent materialize. Since the majority of entrepreneurial projects are private; it provides an environment of competitiveness which further increases the quality of products and services in national markets. I am in no way simplifying an otherwise complex economic model, as policymakers should also be fully committed to the cause. Programs should be in place to help foster and improve the survival rate of small business enterprises. This should be done through the minimization of regulatory and other barriers to business development, provision of direct subsidies, the availability of low to no-interest loans, and the provision of insurance against business risks to would be aspirants.

It should be noted that not everyone possesses the inherent capacity to become an entrepreneur. Entrepreneurs are individuals who are passionate and persistent enough to weather rough times and have a creative and innovative mind to produce marketable products and services that are able to successfully compete locally and on a global scale. They are not risk-averse, but are able to make risky business decisions and be confident enough to cope with the consequences whether good or bad. An entrepreneur is a special type of individual who possesses special traits that make them competitive. This competitive spirit propels them to achieve greater heights in their business initiatives. They are never satisfied holding an average share of the market but strive at all times to hold the majority share and to be on top. If you are an individual who feels comfortable just being in the race, you will never be a successful entrepreneur. The moment you enter the marketplace as a business owner, you are faced with competition, so by nature, you must possess an air of competitiveness. Arriving at a decision to start a business requires guts and it is important that you determine whether or not you have the entrepreneurial qualities to sustain a successful venture. With that in mind, let us not belabor the fact that the global economy is heading for a meltdown but let us together formulate workable solutions such as entrepreneurship to build a better tomorrow.

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