What is entrepreneurship?
The capacity and willingness to develop, organize and manage a business venture along with any of its risk in order t make profit. The people who create these businesses are called entrepreneurs.
The entrepreneurial process is a process of pursuing a new venture that involves more than just problem solving in a typical management position. An entrepreneur must find, evaluate, and develop an opportunity by overcoming the forces that resist the creation of something new. The process has four phases:
1.Identification and evaluation of opportunity.
2.Development of business plan.
3.Determination of required resources.
4.Management of resulting enterprise.
Importance of Entrepreneurship
1. Entrepreneurship improves productivity: Entrepreneurship injects the economy with a fresh batch of higher productivity firms, increases competition among existing businesses, and pushes out less productive ones.
2. Entrepreneurship spurs innovation: new firms are disproportionately responsible for commercializing new innovations, particularly radical innovations that spawn entirely new market or substantially disrupt existing markets.
3. Entrepreneurship creates jobs: new and young businesses, not small businesses, are the engine of net job creation in the economy.
Strategies used by Entrepreneurs
1. Innovation of new products, services or processes
2. Continuous process improvement (CPI)
3. Exploration of new business models
4. Use of technology
5. Use of business intelligence
6. Use of economical strategy
7. Development of future products and services
8. Optimized talent management
Characteristics that set successful entrepreneurs apart
1. Effective planning
2. Not afraid to take risks
3. Passion and motivation
4. Product and marketing knowledge
5. Adaptable and flexible
6. Strong money management
7. Self-belief, hard work and dedication
8. Right connections
Benefits of Entrepreneurship
1. Freedom to pursue your vision.
2. The control and flexibility you have of your own time.
3. Opportunity to learn and gain knowledge.
4. The sense of pride and fulfillment in accomplishing things.
5. The highs and lows of self employment.
Why do people want to become entrepreneurs
1. To change the world.
2. They don’t want a boss.
3. They want flexible hours.
4. They are risk takers.
5. They don’t fit in corporate environment.
6. They are curious.
7. They need a creative outlet.
8. They are ambitious.