90% of startups fail. That number is not meant to discourage you from being an entrepreneur, it is just a sobering reality. Entrepreneurship is like a vast ocean, it has so many ups and downs, and the ones that make it through don’t just do so because they have perfect funding but because they truly understand what it is to be an entrepreneur.
Don Jazzy, the Nigerian music record onwer, is not just successful because he was wealthy or had brilliant ideas but instead he understands what goes into running a business. Through Mavins Records, he has put a good structure in place that enables his artists to grow, makes good relations, and expands the brand.
This means that success for any business isn’t a talent or a quality product; it’s keeping the right structure and a clear vision to keep on increasing. In this article, we’re going to break down four major concepts of entrepreneurship with real-life scenarios, actionable actions, and takeaways you can apply to your next business idea.
Key Insights
- Innovation isn’t creating new things—it’s better ways to solve real problems people really care about.
- The game is being risky, but it’s beginning small, getting feedback, and risking it on yourself without blundering in.
- Having a clear vision gets you through the tough times, enabling you to focus on where you need to be in the long term.
- Organizing with systems and processes is what transforms your wonderful ideas into a business that can grow and endure.
The Four Key Concepts of Entrepreneurship
1. Innovation: Solve a Real Problem, Differently
Innovation goes beyond inventing new products, it’s about finding better ways to solve problems and provide solutions to your customer’s needs.
Example: Temie Giwa-Tubosun — Lifebank
Temie looked within her environment and she discovered a terrifying problem; hospitals struggling to get blood to patients quickly. She preferred a solution which is a tech-powered platform that helps hospitals locate and transfer blood from labs across the country to patients and doctors – fast.
Temie built something of value that is still standing now. She has solved one of Nigeria’s biggest issues. Lifebank now partners with over 600 hospitals and has expanded into oxygen supply and medical equipment delivery — proving that consistent innovation creates long-term impact.
Tips on how to innovate products of value:
Look around your environment. What are people lacking and what frustrates people easily? Do your research.
How do you want to deliver value — you shouldn’t just be concerned about the product.
Start building small.
Make sure you receive feedback from your customers.
2. Risk-Taking: Bet On Yourself And Be Smart About It
You can never be an entrepreneur without taking risks. You can’t be what you have envisioned. The market is hard, and even the systems may fail you. But this is what should keep you moving so that you can have a big win.
Example: Damilola Olokesusi — Shuttlers
Damilola saw that daily transport in Lagos is chaotic. She didn’t wait for the government to provide solutions. She started Shuttlers, a tech-enabled bus-sharing solution with her team.
Today, Shuttlers serves thousands and raised millions in funding. What did Damilola do differently? She bet on herself and took the risk. Shuttlers didn’t just launch and hope for the best — they tested routes, partnered with companies, and used data to refine their offering before scaling. That’s smart risk-taking in action.
How to take smart risks in business:
Start small, then scale. Do not make the mistake of throwing all your money into one big move. Test the idea first, then level up.
Know your market and your competitors
Plan your failures: What’s your next plan if this one fails?
Talk to real users before venturing into that idea
3. Vision: Think Big, Start Small, Move Consistently
Where are you going? What’s your 10-year plan? Vision is that concept that keeps your business going regardless of what challenges you are facing. On the days when you feel burned out, when money runs out, and nothing seems to work — you are reminded of your vision.
Example: Lisa Folawiyo — Jewel by Lisa
Lisa Folawiyo started Jewel by Lisa with a vision to merge traditional African materials and modern fashion designs. Despite the challenges of breaking into the global fashion industry, she was undeterred in her vision of showcasing African craftsmanship with a twist.
Today, her brand enjoys global recognition, dressing celebrities and dictating fashion trends around the world. Lisa’s narrative shows how through innovation, determination, and a clear vision, small businesses can grow and leave their mark on the world.
Steps to develop a strong vision:
Draft out your 1-year and 10-year goals. You can make use of Google Docs to make your goals more structured and clearer.
Share your vision with your team and audience, and let them buy into it.
Ask yourself this question: How do you want to achieve your vision?
Use this draft to filter your decisions.
4. Organization: Structuring For Growth
The last concept is as important as the first three. How you organize yourself transforms your ideas into actionable plans. Many entrepreneurs fail because they depend on vibes, not the system.
Example: Piggyvest- Odunayo Eweniyi And Team
Piggyvest scaled from being just a tweet to a full-on fintech platform in Nigeria, helping millions of people save and invest their money.
They didn’t just scale up overnight. They built systems — joint support teams, product timelines, and user support. They are built to order, not just the buzz it is on the internet. Behind the scenes, they operated with clear KPIs, regular team sprints, and product timelines — ensuring the business could run smoothly while scaling quickly.
Key organization structures:
Use Notion, Google Sheets, or Trello – even if you’re a one-man team (which is not good). This helps to keep your goals and visions orderly.
Outsource small tasks. Don’t be a one-man monopoly. You can hire an accountant and a manager; this helps you stay focused.
Create SOPs (Standard Operating Procedures) for repeat tasks to maintain consistency.
Read Also
Monetizing Your Passion: A Digital Creator’s Guide to Entrepreneurship
Entrepreneurship Skills: 15 Must-Have Skills For Every Entrepreneur
10 Best Websites for Entrepreneurship Courses
How to Start a Business with No Money in 2025
Conclusion
Success as a small business owner or an entrepreneur doesn’t happen overnight, and it’s definitely not easy but it is possible when you focus on the right steps. Mastering these four essential concepts of entrepreneurship – Innovation, Risk-taking, Vision, and Organization is what separates businesses that thrive from those that struggle or fail.
Before bringing that realistic idea to life, pause and ask yourself: Am I building on these four concepts? Don’t be afraid, you don’t have to figure it out at once. But if you start here, you are twenty steps ahead already. If you’re building with these four concepts, you’re not just launching a business, you’re building one that can thrive, scale, and stand the test of time in any environment.
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