What is Entrepreneurship in Brief

Safalta Expert Published by: Saksham Chauhan Updated Tue, 06 Sep 2022 02:21 AM IST

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The aptitude and preparedness to create, plan, and manage a commercial enterprise—along with all of its uncertainties—in order to turn a profit is what is meant by entrepreneurship. The creation of new firms is the most visible illustration of entrepreneurship. In terms of economics, entrepreneurship including land, labour, raw materials, and capital may be profitable. The entrepreneurial vision is characterised by exploration and taking risks, and it is a crucial component of a country's ability to prevail in a world market that is always evolving and becoming more competitive.  Download these FREE Ebooks:
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What is Entrepreneurship

A person who possesses the aptitude and motivation to launch, manage, and be successful in a startup enterprise, coupled with the risk necessary to do so, is referred to as an entrepreneur. The launch of a new company endeavour is the finest illustration of entrepreneurship. The market is opened up to new ideas by entrepreneurs, who are frequently credited as innovators or sources of fresh concepts. From tiny, home-based businesses to international corporations, it may be categorised. In terms of economics, an entrepreneur's earnings are derived from a mix of land, natural resources, labour, and capital. In essence, anyone who has the will and perseverance to launch a new business and manages all the risks that come with it can become an Entrepreneur.

Entrepreneurship's characteristics

There are specific traits that make entrepreneurship successful; not all entrepreneurs are successful. Here are just a handful of them:
  • Ability to take a risk: Starting a new business endeavour has a high chance of failure. As a result, becoming a successful entrepreneur requires the bravery and ability to weigh the pros and cons of taking chances.
  • Innovation is essential if you want to come up with fresh concepts, launch a business, and make money from it. Change can take the form of a brand-new product entering the market or a method that does the same task but more effectively and economically.
  • Leadership and visionary qualities – An entrepreneur needs a strong vision for his new business in order to succeed. However, a lot of resources and staff are needed to make the notion a reality. Here, a leader's ability to inspire and direct their team members down the successful road is crucial.
  • Open-Minded: Every situation in business may be turned into an opportunity and exploited to a company's advantage. For instance, Paytm took advantage of the circumstance and rapidly increased its business during this period since it understood the seriousness of demonetization and the increased necessity for online transactions.
  • Entrepreneurs need to be adaptable and flexible in order to deal with changing circumstances. To succeed, a businessperson must be prepared to accept changes to a product or service as and when they arise.
  • Know your Product: A business owner should be knowledgeable with the available products as well as the most recent market trends. It is critical to understand if the offered product or service satisfies market demands or needs some minor adjustments. An essential component of entrepreneurship is the ability to take responsibility and then adjust as necessary.

What kind of entrepreneurship are there?

Entrepreneurship in small businesses
A hair salon, grocery store, travel agency, consultant, carpenter, plumber, electrician, etc. are some of these companies. These folks own or operate their own businesses and employ locals or members of their families. They would make enough money to support their family, not to start a $100 million company or dominate an industry. They borrow money from friends and family or small business lenders to finance their enterprise.

Scalable startup business-
This new company owner launches a venture with the conviction that their vision can alter the course of history. They draw intelligent investors and support unconventional thinking. They employ the smartest and the brightest workers since the research focuses on scalable businesses and experimental models. For their concept or business to be supported and funded, they need additional venture money.

Large-scale business ventures
These large corporations have established life cycles. The majority of these businesses expand and remain profitable by introducing fresh, cutting-edge goods that complement their core offerings. Large businesses are under pressure to develop an innovative product and offer it to a new group of consumers in a new market as a result of changing technology, client preferences, new competitors, etc. The existing organisations try to build the product internally or purchase innovation enterprises in order to keep up with the rapid technological changes.

Entrepreneurship for social good
This kind of entrepreneurship is centred on creating goods and services that address issues and needs in society. Working for society rather than generating cash is their sole slogan and objective.

Entrepreneurship's importance

  • Employment Creation: Entrepreneurship leads to job creation. It offers a position at the entry level, which is necessary for unskilled individuals to receive training and experience.
  • Innovation is the engine that raises people's standards of life by supplying new product ventures, markets, technologies, and items of higher quality, among other things.
  • Impact on Society and Community Development: A vast and diverse labour force contributes to the growth of a society. It affects social transformation and encourages amenities like greater investment in education, improved sanitation, fewer slums, and a higher rate of homeownership. As a result, entrepreneurship helps the organisation achieve a higher standard of communal life.
  • Raising Living Standards: By generating more revenue, entrepreneurship contributes to raising a person's living standards. The growth in a household's consumption of various products and services over a specific time period is referred to as the quality of living.
  • Supports research and development: Before being introduced to the market, new goods and services must be studied and evaluated. Therefore, an entrepreneur also disburses funds for R&D with universities and research organisations. This encourages economic growth, general building, and research.

What qualities make an entrepreneur?

Some of the most important entrepreneurial traits are:

  1. Passion
  2. Risk taking ability
  3. Persisting nature
  4. Innovative
  5. Leading from the front
  6. Ethical in nature

What are the two primary business models?

  • Small business entrepreneurship
  • Large company entrepreneurship

Who is the father of entrepreneurship?

Joseph Alois Schumpeter is regarded as the father of entrepreneurship. He introduced the concept of entrepreneurship.

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