A business venture can be defined as creating a means to an end (a business that satisfies needs) to pursue passion and monetary gains. A business venture is also seen as a business designed to make a profit that involves taking risks. Nobody goes into a business with the sole mind of doing charity. You offer people goods and services in exchange for money. Do you know that not everyone who starts a business venture makes it at the end?
Business and entrepreneurship have become more spoken of today, with over 55,000 people becoming business owners or entrepreneurs within a year only in the United States. You can wonder how the numbers would be if we add other countries of the world to it. Especially among youths, gone are the days when everybody only wants to do professional courses in the university.
Owning a business has become more of a priority than working under a boss. Going to the university to study professional courses and follow your passion is not wrong; Education is the best legacy. It has been proven that owning your own business could make you achieve your goals faster.
A survey was carried out on about 500 business venture starters; they were monitored and studied for 5 years from startup. It was found that half of them closed up eventually. In the United States, every year, about 30 percent (30%)of business ventures succeed for only two years, with more than 66 percent (66%) closing down in ten years. There is a lot of excitement with the idea of starting a business venture. The best thing you can do for your business venture is to know the risk attached.
Owning a business venture is one of the most challenging career paths in one’s life, yet rewarding. No matter how professional you are and working for an employer who satisfies you with good pay, nothing stops you from owning your business venture and putting your skills into action. You might also want to share in a big business firm, which is also a good idea. The main aim is to have something you can call your own.
Research has it that every year, more than 500 million people are equipped with one skill or the other, especially in Africa and Asian countries where computer skills have become so prominent of late. A business venture is a way of creating a new stream of income (even when you have a good and paying job). You may not need to be present to run it but hiring people and keep tabs on every single thing happening in the business.
Everyday opportunities come at us, and we need to take them. In this article, we will be seeing examples of people who made it. You don’t have to own a big office to start a business venture. Many entrepreneurs you see today started from their homes.
Why Owning a Business Venture is essential?
Working under a boss cannot be compared with owning your business venture for several reasons. A boss will always be your boss as long as he holds a position ahead of you. Even if he is friendly and gives you credit for successful programs, will it make him earn lesser than you do?
As a Doctor, except your father, who owns a hospital or someone you know, you will have to work under people. How can you use your skill to delve into the business world and impact lives? This goes to all other professional job owners irrespective of the kind of job you are doing.
As a civil engineer, how can you own your business venture, showing more creativity, and succeeding where others are failing. Owning a business venture is on our minds, but hearing how some companies run into loss and later fold up has scared many people from following their idea.
Why is owning a business venture important? Another reason is monetary gains. At first, it might look like you are only investing and no result, but the financial gains will be massive in the end. Many people have failed to understand that the road will be rough initially, and many challenges will arise, which is normal.
Let’s use a newborn baby as an example. Before a baby would eventually work, the baby will lie down all day, move to crawl after some months. If he tries to walk, he falls, and little by little, the legs become firm on the ground. The same analogy applies to owning a business venture. In the beginning, it might not look nice. It might look as if you don’t know what you are doing or doing a demeaning job. But in the end, it will pay off. And when it starts paying off, the monetary gains cannot be compared to working under an employer because you have the full authority over the revenues that come in. There will be lots more as the year goes by.
Types of Business Ventures
Before you go into the business venture world, you need to understand the types of available business ventures and which one would suit you best. Before starting a business venture, as stated earlier, know the first attached to it and not be overwhelmed by the excitement of owning a company. Starting a business venture is easy; sustaining it is war. Sustaining a business venture is a war in the sense that you are faced with challenges directed at frustrating your plans; even the people you employ into the business venture can be a source of challenge, so you must stand to fight it or else the company will fold up.
It is the easiest way of owning a business venture as it is easy to create and run. It is your sole business, not any other person’s.
Limited Liability Company.
It is a mix of sole proprietorship and corporations. This involves individuals coming together to form an entity to sign a business venture agreement, including meetings, decision makings, monetary policy, distribution of power, etc.
Under this venture, two or more people come together to form a business venture. They put together economic forces, plans, and ideas to form one body. The company’s financial responsibility falls on the founders, and they share both the profit and loss in order of their involvement.
Among all other types of business ventures include Limited Liability Partnership, Limited Partnership, and Corporation.
Examples of Leading Business Ventures
Have you done your research on how the leading companies today were established? Or Do you think they started big? No, they started small, and even some people started very small. Their passion and insight led them even when the worst came knocking. Let’s look at few examples.
Amazon: You have heard of Amazon, right? Oh yes. It is an American e-commerce company that deals with online selling, cloud computing, digital streaming, and artificial intelligence. Amazon, as of today, is regarded as one of the Big Five companies in the United States, along with Google, Apple, Microsoft, and Facebook. Who started Amazon? It is the man you know; his name is Jeff Bezos. He started Amazon from his garage in 1994 as an online bookstore before expanding into electronics, software, video games, furniture, apparel, toys, food, jewelry, etc.
Apple: Another business venture we are looking at is Apple. It is also a US-based company that designs, develops, and sells electronics, computer software, and online services. It’s one of the most popular smartphones and tablet companies in the world. It was started by Steve Jobs, Steve Wozniak, and Ronald Wayne in 1976. Jobs co-founded Apple in his parent’s home, specifically in the garage. Today Apple has become prominent with more their devices becoming one of the most used in the world.
Facebook: Yes, Facebook is another company that started small and has become one of the most valuable companies in the world today. Mark Zuckerberg started Facebook in his room at Harvard in 2004. The company created out of Mark’s passion for hacking is now worth over $350 billion. It was initially created for people to make friends and share pictures, but today, it has become a big online community that houses so many features for the benefit of its users.
Google: Very similar to others, Larry Page and Sergey Brin started Google in a garage. They have developed into a big company over the years and have become one of the most used online search engines in the world today.
Notable Mentions: YouTube, The Walt Disney Company, TOMS Shoes, Ben & Jerry’s
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