What is Entrepreneurship?

Entrepreneurship means different things to different people. Some imagine tech geniuses with Silicon Valley startups, while others picture small business owners opening up their shop doors on Main Street. Ultimately, entrepreneurship encompasses these and many other business ventures that share a commitment to turning an idea into a profitable business. 

People who are thinking about starting their own business should understand that successful entrepreneurship involves much more than having a great concept, Most people think being an entrepreneur is all about coming up with an idea, but that's just one part, Entrepreneurship is much broader than the creation of a new business venture "At its core, it is a mind-set — a way of thinking and acting. It is about imagining new ways to solve problems and create value." 

Who are entrepreneurs?

There are no specific traits that every entrepreneur shares, but many do possess a few common characteristics, successful entrepreneurs are typically confident and self-motivated. They are tenacious but understand their own limitations. Instead of following the status quo, entrepreneurs have a healthy disrespect for established rules, and often set out to do things that others may not have the courage to. They are also willing to fail and start over again, taking the lessons they've learned to create something new and improved.

"An entrepreneur is someone who can take any idea, whether it be a product and/or service, and have the skill set, will and courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market, but make it a viable product and/or service that people want or need,"

Tips for aspiring entrepreneurs

If you're ready to enter the world of entrepreneurship, here are a few important tips to keep in mind.

Learn from others' failures. Rather than admiring the small percentage of businesses that grow to become successful, study those that end up failing. Research will greatly increase your chances of success, because most companies have made common mistakes that have led to their demise, having the humility to learn from the mistakes of others before making them yourself is the secret to success.

Make sure this is what you want. Because entrepreneurship entails so much hard work, it is critical to ensure you're following the right path. If this is something you really want, then think long-term, and be persistent. The vast majority of great entrepreneurs failed multiple times before they finally found the business idea that took off and brought them success.

Be a problem solver. Entrepreneurs should always be in search of problems to solve, and not the other way around.

Be passionate. Successful entrepreneurs are driven primarily by a need for achievement and the desire to make a meaningful difference. The most important traits of entrepreneurs are passion and persistence, "when you make your passion your profession, then work becomes play." but these must not be confused with arrogance and stubbornness.

Youths urged to embrace entrepreneurship

A youth empowerment initiative, Youth with a Vision Foundation, has urged young people in the country to be job creators and employers of labour.

The President of the Foundation, Mr. Elvis Ukpaka, said the unemployment rate in the country had become too alarming for young talents to waste away while waiting for paid employment.

He made the remarks while addressing participants at a forum organised by the Foundation on Saturday in Lagos.

Stating what gave birth to the initiative, Ukpaka said, “We saw a vacuum in the society, especially among the young people who are working without purpose because there is no one to guide them. We decided to take that responsibility and bridge the gap, especially in helping the youth to get job creation and leadership ability because they are the leaders of tomorrow. We also want to help them in their career because many of them are in the wrong careers.

He advised the government to overhaul the educational system of the country to instill more entrepreneurship trainings in youths, noting that the current arrangement encourages reliance on white collar jobs.

The Chief Executive Officer of Olive Microfinance Bank, Chibuzor Duru, advised that prospective entrepreneurs must understand what they want to do before approaching banks for loan to finance their ideas.

“Many don’t know what they want to do when they come for loans to finance their ideas. Others only come up with business plans that they dubbed somewhere. So, when you ask them questions, they cannot answer. Yet, the pathetic thing is that some of these youths don’t know that it is not all businesses that you need loans for,” he said.

The Area Commander, Area H Police Command, ACP Kehinde Longe encouraged the participants to shun crime and illicit means of making money.

 One of the participants, a graduate of Integrated Science Education, Franklin Adagbon, said “One thing that really struck me is that aspect of writing a business plan, which was well explained. I will go home and study it and come up with something for myself.”

Who would be crowned Fifa Club World Cup?

Bayern test awaits rampant Raja

The FIFA Club World Cup Morocco 2013 reaches its finale on Saturday, when tournament favourites FC Bayern Munchen take on surprise packages Raja Casablanca in the final at the Marrakech Stadium. The two sides, who have never met before, are appearing in the final for the very first time, though the Moroccans have experience of facing European opposition at the Club World Cup, having met Real Madrid in 2000, a game they lost 3-2.

The match
FC Bayern Munchen-Raja Casablanca, Marrakech Stadium, Saturday 21 December, 19:30 (local time)

Saturday’s big match gives Bayern the chance to cap a hugely productive 12 months in style. The FIFA Club World Cup would be the Bavarian giants’ fifth title of 2013, a year in which they have won the Bundesliga, German Cup, UEFA Champions League and the UEFA Super Cup.

Pep Guardiola’s men made short work of Guangzhou Evergrande FC in the semi-finals, easing to a 3-0 win, and their coach, who won the trophy with Barcelona in 2009 and 2011, will be keen to maintain his spotless record in the competition. The Spanish tactician has presided over five wins in his five Club World Cup games, making him the most successful coach in the tournament’s history.

This year’s competition has already been a fairy tale experience for home club Raja Casablanca. The Moroccan champions were regarded as the weakest side on paper at the start of the tournament and struggled for long periods in their opener against Auckland City FC before grabbing a stoppage-time winner.

Les Rajaouis have grown in belief since then, earning an extra-time victory over CF Monterrey in the quarter-finals and then producing their very best football to sweep aside Atletico Mineiro in the semis. Should they find that kind of form again in the final, Bayern could be in for an uncomfortable evening.

The stat
12 - the number of goals Raja Casablanca have scored in the FIFA Club World Cup over the years. Only Barcelona with 17 and CF Monterrey with 16 have hit the back of the net more times in the tournament than the North Africans.

The words
“The players are very motivated at the prospect of playing another massive game against top-class rivals. Bayern are a legendary club with a philosophy of their own. We’re not going to be intimidated though, and we’ll be looking to make the most of our opportunities. The pressure is on them, not us. I hope we can conjure up a wonderful finale to this adventure and win the title,” Raja Casablancacoach Faouzi Benzarti. 

“We can’t start to think it’s going to be easy. We need to focus and take it seriously. They (Raja) are a good Moroccan team," Franck Ribery, Bayern winger.

Quote of the day

If You Are Not Part Of The Solution, You Are Part Of The Problem. 

2014 budget: FG to maintain N4.9tn spending target

The Federal Government is planning to spend N4.9tn ($30.96bn) in 2014, little changed from this year, amid government expectations of reduced oil production, Bloomberg has reported.

Budget proposals submitted by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, to lawmakers on Thursday in Abuja on behalf of President Goodluck Jonathan are based on an oil output of 2.39 million barrels a day and a price of $77.5 a barrel.

The economy will expand 6.75 per cent next year, faster than this year’s 6.5 per cent estimate, with the budget deficit increasing to 1.9 per cent of Gross Domestic Product from 1.2 per cent this year.

The government will use an exchange rate of N160 a dollar to calculate its expenditure, according to the minister.

Oil output estimate for next year is six per cent, lower than the figure of 2.53 million barrels a day used for this year’s spending plan.

In his medium-term expenditure proposals sent to the lawmakers in September, Jonathan said revenue from crude exports was expected to drop in 2014.

The country depends on oil for about 80 per cent of government funds and more than 95 per cent of foreign income, according to the Finance Ministry.

The budget is the last before the 2015 election year, when Jonathan as well as lawmakers and state governors are due to seek new mandates in general elections.

According to Bloomberg, Jonathan hasn’t said whether he plans to stand for re-election, though he has come under pressure from some party factions not to run.

Former President Olusegun Obasanjo has criticised him for failing to tackle corruption, and his ruling Peoples Democratic Party has been hit by a string of defections to the main opposition group, the All Progressives Congress.

The nation’s long-delayed plan to rebase its GDP figures next year may boost the assessment of the size of its economy by as much as 60 per cent, which would see it overtake South Africa as the continent’s largest nation in terms of total wealth, according to the Renaissance Capital Limited on Wednesday.

PSquare, Davido receive royal reception in Niger Republic [Photos]

Mourinho feels heat ahead of Arsenal clash

Jose Mourinho admits he is starting to feel the strain of Chelsea's inconsistent form as his side head to Arsenal for a crucial clash against the Premier League leaders.

Mourinho is growing increasingly vexed by the misfiring form of Chelsea's strikers and the Blues boss has so far been unable to find a solution to a problem that threatens to wreck the team's challenge for the title.

Fernando Torres, Samuel Eto'o and Demba Ba have scored just five league goals between them this term, leaving Mourinho under pressure to resolve the issue by making a signing in the January transfer market.

A host of players including Zenit Saint Petersburg striker Hulk and Atletico Madrid forward Diego Costa have been linked with Chelsea, but Mourinho must make do and mend until then, starting with the most significant match of the season to date at the Emirates Stadium on Monday.

While a win for second placed Liverpool over Cardiff at Anfield on Saturday would knock Arsenal off the top, the result of the London derby between the Gunners and Chelsea will been seen as an indication of which club is more likely to last the pace in the title race.

A win for Arsenal would take them five points clear of third placed Chelsea, who have already lost seven times in all competitions this season, and deepen the sense of gloom at Stamford Bridge following their surprise League Cup quarter-final defeat at struggling Sunderland in midweek.

In the circumstances, Mourinho could do with his strikers finally finding their shooting boots and he said: "Missing goals. It's always the same words. It's unbelievable.

"Even on the bench, I feel every time we miss a chance and the score is 0-0, 1-0, 2-1, 1-1, I feel the pressure. I feel that missing the chances, maybe later you are punished. We have this problem.

"In every match we lost in England, in the Premier League and in the cup at Sunderland, we were the best team by far. We create, we enjoy the ball, we were always very comfortable on the pitch, we had unbelievable chances to score to kill the game. We don't do it."

Arsenal will be without England midfielder Jack Wilshere on Monday after he was handed a two-game suspension for making an offensive gesture at Manchester City fans during last weekend's 6-3 thrashing.

That humbling result raised questions about Arsenal's ability to maintain their title challenge and the likely absence of French defender Laurent Koscielny, who suffered a deep gash in his knee just before half-time at Eastlands, is a further blow for Arsene Wenger's side.

City London-bound
Manchester City, currently three points behind Arsenal in fourth place, travel to second bottom Fulham hoping to transfer their free-scoring home form to a vital away game.

Manuel Pellegrini's team have hit 35 goals in eight home league games, but have won just two of their eight matches away from Manchester.

Sergio Aguero's calf injury, which will keep the Argentine forward out for up to eight weeks, doesn't help City's cause, but Bosnian forward Edin Dzeko is confident he can fill the gap.

"Sergio has had an amazing season, scoring a lot of goals, and he is an important player for us," Dzeko said. "I am a striker that has scored goals all my life, and I love to do it. When I get a chance I try to do my best."

Seventh placed Tottenham visit Southampton for their first league match since Andre Villas-Boas's sacking on Monday.

Tim Sherwood took charge on a caretaker basis for the midweek League Cup loss to West Ham and his first move was to bring back Togo striker Emmanuel Adebayor, who had been dropped by Villas-Boas.

Adebayor responded with a brilliant strike against the Hammers and he said: "I was hanging in there waiting for my chance. Tim gave me the chance to play football again.

"I've still got my smile on my face. I got a chance, I took it well. We just have to keep working hard, put more heart into it and it will be better."

Manchester United, languishing 10 points behind the leaders, host West Ham looking to build on their back to back away wins at Aston Villa last weekend and then Stoke in the League Cup on Wednesday.

English Premier League fixtures

Saturday
Crystal Palace v Newcastle
Fulham v Manchester City
Liverpool v Cardiff
Manchester United v West Ham
Stoke v Aston Villa
Sunderland v Norwich
West Brom v Hull

Sunday
Southampton v Tottenham
Swansea v Everton 

Monday
Arsenal v Chelsea