THE JOY OF BEING AN ENTREPRENEUR AND HOW TO START YOUR BUSINESS

1. MODULE 3: THE JOY OF BEING AN
ENTREPRENEUR AND HOW TO START YOUR
BUSINESS
By
Peter Osalor

2. Look around you, at the many things that provide you comfort and make your life
easier. They are all the results of an idea, brought to fruition by an innovator who
wanted to make life easier. He designed a product that could benefit you, not just
to make money out of it. Entrepreneur is not about making money; it’s rather about
helping the society. The modern society is a spectacle created by the powerful mind
of the league of entrepreneurs and innovators. No job can offer you that kind of
satisfaction that your self- designed job assignment can bring you, in which you
chose to identify real world problems, people’s needs, provide solutions and make
life easier. The road is rough but then the best road, because you doing what you
love, nobody sent you on an errand, you report to yourself at your time, chose
people you work with and have fun all the days of your life.
It’s joyful being an entrepreneur. Entrepreneurship is a fun filled life. They have
unlimited work, unlimited market, unlimited opportunities, “Never say die” they
believe in realities and never give up to hope; believe so much that there is light at
the end of the tunnel. They are special people and live longer, because they have
fun all their lives.
The life of an entrepreneur is a life of service and only an entrepreneur knows why
he opted for such a life. They don`t see wealth, they see a true fulfilment. Nothing
compares knowing that you are living and living a fulfilling purpose, the money is
the icing in the cake. The whole joy of entrepreneurship is you on a personal
vendetta to create the life of your dreams by refusing to settle for the average, but
aspiring to be the best, you are the architect of your own destiny and with this, you
will be able to go through all the challenges, the ups and downs, the sleepless nights
and you get stronger by the day.
All the money in the world is nothing compared to the joy of seeing your idea
become reality; seeing your products change lives; your passion is far more
important than money. Nothing on earth is more joyful or fulfilling than living your
dreams, doing what you want to do and live a legacy for future generation. Join the
league now by starting your own business.

3. Entrepreneurship is a fun filled life:
Entrepreneurs have unlimited ideas, unlimited work, unlimited market, unlimited
opportunities, unlimited risks, are more broke than they are rich, fail several times
in life, but never gives up trying again and again more than Mr average, have more
than average energy, experience far more sleepless night than any other human
beings. They seldom live normal lives, the most abnormal people who ever walked
the surface of the earth. They are special people they live longer because they have
fun all their lives.
They get paid last, despite all odds Entrepreneurs never quits. The life of an
Entrepreneur is a life of service and only the entrepreneur knows why he has opted
for such a life. They do not see wealth they see a true fulfilment. Nothing compares
knowing that you are living and living a fulfilling purpose. The burden of an
entrepreneur lies in the joy. It is the freedom, the quest to be all that you can
possibly be.
The whole joy of entrepreneur is you on personal vendetta to create the life of your
dreams, by refusing to settle for average, but aspiring to be the best...you are the
architect of your destiny; own your destiny and with this you will be able to go
through all the challenges, the ups and downs, the sleepless nights and you get
stronger by the day.
Entrepreneurs carry the burdens of the whole world. The world today is what
entrepreneurs made it to be, all the new technologies are all Entrepreneurial the
burden to make the world a better place.
The, most important thing for an entrepreneur is for him to be an employer who
provides jobs for people who are hungry for security, and a more promising future.
The classrooms teach you how to become an employee. They say go to school so
that you can get a good job. You get your MBA, PHD, so that you get a good job.
The school system depends on the creativity of the entrepreneurs; because only
the entrepreneurs create real jobs.
The best Entrepreneur believes that the true measure of their success has little to
do with the amount of wealth they accumulate or size of their homes. It has to do

4. with the number of jobs their businesses created e.g. Steve Jobs and Dangote, he
keeps he keeps opening factories in Africa to create jobs not because he wants
more money to buy cars or live in big house. His joy is creating jobs and making
people happy.
Entrepreneurs are peculiar and ordinary people like me and you who become
special by being passionate and committed totally to turning their idea into a
commercial enterprise and the world economy depends on their creativity. They
dreamt and became doers. They live their dreams. For where most see obstacles
entrepreneurs see promise and possibility, rather than cling to security they choose
to brace opportunity at all cost and often against all odds. People wonder which
type of human beings are these? They are driven by their passion and visions and
are a testimony to the fact that free enterprise and capitalism are alive and well.
Even the old communist block Russians are now preaching Entrepreneurship. You
can become one.
In the world challenged by change and shaken by uncertainties, we look to the
entrepreneurs of today and tomorrow to lead the change.
The best you can be on this earth and to really fulfil your original purpose and
mandate from God which says go ye and be fruitful, multiply, replenish the earth
can best be achieved by being an Entrepreneur.
You sent your- self, it has to be your choice and passion; all the money in the world
is nothing compared to the joy of seeing your idea become reality, seeing your
product change lives. Your passion is far more important than money.
Nothing on earth is more joyful or fulfilling than living your dreams, doing what you
want to do and you will live a legacy for future generation. It is worth it.
Let me add this:
The 2015 definition of entrepreneurship according to Harvard Professor Howard
Stevenson is the pursuit of opportunity without regard to resources, resources
currently controlled can be interpreted as limited resources. From that point of
view almost all of us have some level entrepreneurial challenges. This is very

5. different from 1723 definition; the very first time entrepreneurship entered the
dictionary, no mention of risk now or played down. I can say at this juncture that
entrepreneurs are no risk seekers, but they have the warrior virtues of patience,
resolution, tenacity, selflessness, capacity to endure hardship and don’t consider
failure as an option. Never die attitude, fall nine times and get up ten times.
At a fundamental level all entrepreneurs try to overcome adversity to pursue
opportunity with limited resources.
Infact, entrepreneurs are anything but immune to failure, and are instead
motivated by the prospect of challenge and flexible enough to adopt failures as
learning curves, rather than insurmountable obstacles. For entrepreneurs’ failures
is a normal part of the journey
The Entrepreneur makeup:
The Entrepreneur is a complex combination of interacting factors according to
David Butler in his book “Enterprise planning”.
He explained that the Entrepreneur make up are as follows:
 Personality
 Attitude
 Skills
 Motivation
The presence, combination and interaction of these factors will determine both the
way in which an Entrepreneur engages in enterprising activities and ultimately the
degree of success that will be achieved.
No exact formula for Entrepreneurship, it is unique for each individual you cannot
follow someone else. The journey is uniquely yours and yours only.
Let us hear yours.
Join this very special league now by starting your own business and employing
people.

6. START YOUR BUSINESS
WHY (AND HOW TO) START YOUR OWN BUSINESS
Every business starts with an idea, so it is important to have ideas and to be able to
get your ideas right.
The term business denotes a particular trade or profession designed to provide
goods and services to customers.
• It is important that you receive guidance in starting your business so that you
can bring what may be a lifelong dream, into fruition.
• Another important aspect of starting your own business is that it gives you
an opportunity to do what you enjoy.
• Your business must fit into your personality, passion, vision, strengths and
other strong character traits.
(a) What is business?
(b) What is not business?
(c) The mentality of a business man?
(d) Who is an entrepreneur?
(e) Your readiness to be your own boss:
A lot of people embark on a journey without fully preparing for it, and as such they
are knocked off balance by the slightest wind that blows. No warrior goes to war
without his arms and it’s only a stupid farmer that goes to farm without his hoe. At
the end of this topic, you would know if you are ready to start a business and
peradventure you are not, you would be taught steps that will help you to be both
mentally and financially ready.
“Entrepreneurship… is about turning what excites you in life into capital, so that
you can do more of it and move forward with it.”

7. - Sir Richard Branson.
WHAT IS BUSINESS?
The term business is very broad and can be vague; for some it is any activity or
trade with the sole aim of making profits.
On the other hand, it can be said to be the occupation, work or trade in which a
person is engaged in.
Furthermore, a business can be defined as “an organization that provides goods
and services to people who want or need them.”
There are basically two ways to carry out a business:
Sell goods (physical things like books, toys, cars, houses, etc).
Sell services (intangible things like nursery education, legal services, health care,
insurance, etc)
REASONS FOR STARTING A BUSINESS
Some of the genuine reasons for starting a business:
• You have failed to get employment on time.
• You want to create another income channel.
• You want to be your own boss.
• You desire financial security and independence.
• You want creative freedom to use your talents.
• You want to utilize your knowledge and skills.
• You are desirous of commercializing your hobby or discovery.
• You wish to develop an occupation or a career. . You are tired and you don’t
want to be idle.

8. • You are planning for life after retirement.
Advantages
• More financial reward.
• Greater freedom.
• Greater security.
• Greater terminal benefits.
• Fulfilment.
• More sense of ownership.
• More Thrust and Meaning.
• A bright future.
• Avoid insecurity of working for someone else.
• Higher spirit of innovation & Enthusiasm.
• Opportunity to decide your salary and working hours.
• Room for what you have passion for to grow.
• Create Your Life and Lifestyle.
• Youth renewed.
• Financial Freedom.
• Opportunity to make great profit.
• Change the economy.
• Time flexibility.
• Unlimited opportunity to make money.
• Exercise your creativity.

9. • Overcome challenges and find fulfilment.
• Source of help to others.
• Creating job opportunities.
• Building entrepreneurial legacy.
• Learn More.
Disadvantages
• Dealing with competitors.
• More problems.
• Resource control headaches.
• Dealing with external agencies.
• Consequences of business failure.
• Dealing with business cycles.
• Lack of security.
• Time crunch.
... Not all the businesses have the same approach, so you must choose a
business that best suits your individuality, and the only way to know is to
conduct the ‘self-analysis’ and ‘self-test’ by answering the following questions
very sincerely. Open to page 30 and let’s go through it together.
YOUR BUSINESS IDEA
What kind of business idea is the RIGHT idea?
Virtually any idea that meets these criteria:
• It is something you know how to do and can do well.
• It is something you LIKE to do and wouldn’t mind doing it day after day.

10. • It is something with broad enough appeal to sell on a steady basis.
• It can be sold at a price that will cover all of your expenses and overhead
plus return of a healthy profit.
• You have or can raise sufficient funds to get business started and keep it
running until it becomes profitable venture.
WHAT IS NOT BUSINESS?
Often, people engage in all sort of shady deals and call it business. This should not
be, because any act/trade that is to the detriment of others and is outside the
confines of the law is fraudulent. This is the wrong way to make profit. Some of
these wrong businesses include:
Money laundering, abuse of office, taking bribes and kickbacks, stealing ,
defrauding, internet scam otherwise known as yahoo-yahoo, 419 and a host of
others.
THE MENTALITY OF A BUSINESS PERSON
The following make up the mind-set of successful business men.
• Optimism
• Creativity
• Daring
• Goal getter
…. Bottom line you must delete the word IMPOSSIBILITIES from your
dictionary. Period!
“To accomplish great things, we must not only act, but also dream; not only plan,
but also believe”.
Anatole France, French poet

11. WHO IS AN ENTREPRENEUR?
• oneof the great motivational speakers and writers of our time Robert
Kiyosaki, in his book “Retire Young, Retire Rich” defined an entrepreneur as
“someone that sees an opportunity, puts together a team, and builds a
business those profits from the opportunity.
• According to the Merrian- Webster online an entrepreneur is “one who
organizes, manages, and assumes the risks of a business or enterprise”.
• A more detailed definition given by Daile Trucker, an entrepreneur herself,
describes an entrepreneur as “a person who has decided to take control of
his future and become self-employed whether by creating his own unique
business or working as a member of a team.”
FORMS OF ENTREPRENEURSHIP
Sole proprietorship
We have lots of entrepreneur who fall under this category, e.g. Eleganza group of
companies’ dealers in household and kitchen appliances, Zenon oil, House of Tara
(a leading make up brand in Nigeria), Dangote. All these are examples of
entrepreneurs that are sole proprietors
Partnership
This is a situation in which the business is founded and run by one more than one
person, who is also employers of labour. This type of entrepreneurship is found
mostly in law firms, accounting firms, estate surveyors, but not limited to these
practices e.g. we have DHL, May & Baker, Aluko & Oyebode, amongst others. Other
types of entrepreneurship include private companies, public companies, limited
liabilities corporations or statutory corporations.
At this juncture I would like to state that there is a marked difference between a
businessman and an entrepreneur.

12. While a business man is one who is involved in a business just to make profit for
himself and meet his needs, an entrepreneur is one who is an employer of labour
and a wealth creator, and is also involved in business
CHARACTERISTICS OF AN ENTREPRENEUR
1. Do what you enjoy.
2. Have an eye for opportunity.
3. Right mental attitude.
4. Self-confidence.
5. Discipline.
6. Ability to accept change.
7. Hardworking.
8. Become a shameless self-promoter.
9. Project a positive business image.
10. Above, plan everything.
Other characteristics of a successful entrepreneur include: sense of responsibility,
leadership qualities, good sense of judgement, being decisive, boldness, non-
procrastination, organized, perseverance and a host of others you can look. Need I
add, entrepreneurs do not wait for the perfect condition but make use of available
conditions to turn their dreams into reality?
Remember that you are only as big as your mind allows you to be.
“Always make a total effort, even if the odds are against you.”
……..Arnold Palmer, Legendary Golfer
ARE YOU READY FOR YOUR BUSINESS?

13. The journey of a thousand miles, they say begins with a simple step, and God was
kind enough to bless every man with a sense of purpose, but the problem is, a lot
of people have not discovered the purpose for which they were created.
A popular preacher once said “suffering is a choice; so you choose.” Stop waiting
for the government, now is the time to seize your destiny and control, if you work
hard on it, you will definitely succeed. Your vision is the map of your intentions. It
is a written picture of your picture journey to greatness; it may take your time, and
some reworking, but certainly it is the secret of champions. If you are waiting for
the government, you will end up a wretched fellow with no story or history.
“Winners don’t do different things, they do things differently. They put in the extra
mile.”
BASIC STEPS
• Develop interest in owning a business:
• Get some sort of training:
• Carry out self-assessment/analysis
• Generate possible business ideas
• Select your most suitable business opportunity
• Select the legal framework
• Carry out technical market research
• Estimate start-up requirements and costs
• Write your business plan
PITFALLS TO AVOID WHEN STARTING YOUR BUSINESS
• Not listening to those who know the ropes.
• Lacking a business plan.

14. • Lacking funding.
• Situating your business in a bad spot.
• Not knowing who your customers are.
• Not maintaining your brand while marking.
• Confusing marketing campaigns.
• Not knowing who to market to.
• Forgetting your established client base.
• Ineffective marketing feedback.
• Not keeping a close eye on finances.
• Not addressing outstanding customer balances.
• Not knowing how to say “no”
• Doing all the work
• Conducting empty meetings.
• Fear
PARTING THOUGHTS
At this stage I believe I have given you some nuggets to make you starting your
business less stressful.
However, it is what you would do with all you have been given that will determine
how well you would start and the eventual success of your business. For greater
knowledge, see our other books. You have what it takes so go for it. Indeed, there’s
enough room in the sky for every bird to fly. So start now, I wish you the very best
as you wade in the adventurous and exciting waters of entrepreneurship.