What is Entrepreneurship?
Entrepreneurship is the act of organising or creating a business in the market and setting up a place in the market, bearing most of its risk in order to generate profit.
Entrepreneurship is about bringing new ideas in the market replacing old ones by presenting a unique plan among the people and solving the big problems with their ideas to secure a place in the market.
Entrepreneurship improves productivity and plays a vital role in economic development. Economic development means a process of rise in real per capita income of a country over a period of time. Entrepreneurship creates various jobs opportunities in the country by setting up industries, enterprises. Bringing people together making employments.
Entrepreneur
An entrepreneur is an individual who set up his start-up with the view of generating revenue.
An entrepreneur is an innovative person who introduces a new concept among people. The work of an entrepreneur is much more than holding a business, he has to bear a lot of risk for his first startup.
An entrepreneur has to think of the best solution and possibilities for any problem...Getting in a deep vision.
An entrepreneur tries to make a change in the world. An entrepreneur knows his potential accepts and faces challenges and always stand up for struggle for his aims.
An entrepreneur who has a passion for his/her work will make revolutionary changes in the world. He brings out his ideas, dreams, career in his passion and starts a business, to earn profits.
And entrepreneurship is about the execution of ideas. It might have high-risk possibilities, but being an entrepreneur he has to.
Types of entrepreneurship
Small Business Entrepreneurship: These are the small start-up ideas in which the individual will own the business like- grocery shops, hairdressers, small cottage industries, carpenters, wholesalers.
For them the profit would be not much, only they can feed their families make some savings.
They hire local employees or from their family members. They fund their startup-up from small loans or loans from their family or friends or some of their savings.
Scalable Startup Entrepreneurship: The entrepreneur of this start-up starts a business with the vision of changing the world. They work on a new idea and make profits. They attract investors for their funding and encourage people to invest in their startup-up idea. They create various sources for them and uses different algorithm until they reach their target.
Large Company Entrepreneurship: These companies defined the life cycle by offering their customers new and innovative product, these companies variant around their core product. Their motive is, their product must give some importance to their customers before launching any product in the market. These companies have good market worldwide and make the product examing the customers need, to satisfy them with their product. These companies often do partnership with other companies or buy them to increase their productivity.
Social Entrepreneurship: This type of entrepreneurship do not much focus on the profit they aim to provide services to the people and solving their problems and needs prevailing in the society. They run a nonprofit enterprise or can be hybrid.
Skills an entrepreneur must have-
Confident: An entrepreneur must be confident for the work or decision he is doing. Confidence will create more clarity in his mind and decision, and prevent from several confusions.
Ability to take risk: Risk-taking capability is one of the skills that an entrepreneur must develop before starting new projects because a startup contains risk for its failure or success and with the celebration of any of his success in his startup he must be ready for any failure occur later.
Leadership: An entrepreneur has to work with many people, and to run everything smoothly he must have leadership quality to guide everyone and motivate his employees for their work and keep things together.
Decision taking capabilities: Being an entrepreneur, He/she has to make decisions for the execution of several problems or ideas. Sometimes it is required to take quick decisions. Taking a good decision will not let you regret it in the future. And he must be confident in his/her decision.
Innovative thinking: For the solution of problems he must have innovative thinking quality, offering and showing something new attract the peoples choice. If he found a problem for the solution of that an innovative thinking performs a vital role in that which makes peoples life easier and that innovative idea will be leading to describe your company.
Business management skills: This skill makes an entrepreneur more responsible towards his work. Managing everything in a business is to be done by the owner, he must monitor the work of his employees and must keep the updated news of the market.
Customer service skills: The service you are providing to your customer is noticed by your customers and dealing with the customer depends on your skills, how you attract him towards your service and how to create a bond between you and him, It must be noticed that your customer is satisfied.
And many more…..
Importance of entrepreneurship:
- Increase in productivity Generate employment
- Innovation
- Entrepreneurs add to National Income
- Community Development
- Entrepreneurship creates social change
- Entrepreneurship promotes Research and Development
- Brings concepts in the world
- Execution of one's ideas and dreams
- Improves economic situations.
Successful Entrepreneur Worldwide
- Elon Musk: (Tesla, SpaceX)
- Jeff Bezos: (Amazon)
- Bill Gates: (Microsoft)
- Ritesh Agrawal: (OYO)
- Warren Buffet: (Berkshire Hathaway)
- Steve Jobs: (Apple)
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