8 May 2017

One small step, or a giant leap?

Nwes Business Advisor, Stephen Davies ponders the concept of entrepreneurship.

Entrepreneurship can be a misunderstood concept.  The definition I like to use is “an entrepreneur is a person who undertakes an enterprise, especially a commercial one, often at personal financial risk”. This definition hasn’t really changed since economist and political scientist, Joseph Schumpeter argued way back in 1942 that “the innovation and technological change of a nation comes from entrepreneurs”.

Many of us dream of turning our passions or past-times into profitable businesses, but, for various reasons, that is where these thoughts often remain. This can be due to the possible loss of the financial security that our current employment brings, the fear of the unknown, a lack of confidence in our abilities, or purely the fact that we don’t know where to begin.

Nothing can be guaranteed when starting a new venture; however, it was Einstein who stated that “Nothing will change if we always do the same”. It may be argued that there has never been a better time to make this change, with the internet and social media platforms providing a potential worldwide database of new customers ready to receive your new products or services.

As East Anglia becomes increasingly culturally diverse, the integration level of the community and contrasting cultural groups creates great synergy. Indeed, this cultural development may be seen as a catalyst which creates a far more dynamic entrepreneurial environment.

Understanding where opportunities come from is a relevant element in the understanding of entrepreneurship. With this in mind, are you always searching for change and can then respond to it? Do you like to exploit an opportunity? Do you have an exceptional ability to identify and act upon new opportunities and the commitment and drive required to pursue them?

If you find yourself providing positive responses to these questions then it may be time to allow your naturally entrepreneurial traits to take centre stage and to embark on your new start-up business with a sense of confidence and excitement.

Stephen Davies is an Nwes Business Advisor based in West Norfolk.  Contact us to find out how Nwes can support your business.

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