Concept of Entrepreneurship
An entrepreneur always needs to control the whole business performance. He has to tackle the workforce, monitor the market trend, and modify business policies to meet customer demand. The concept of entrepreneurship is the capability and quickness to
- Develop
- Organize
- Run a business enterprise
in order to make a profit. The entrepreneur consider any of its uncertainties. Actually the entrepreneur is a risk-taker as well as innovator. He\she helps in fulfilling the customer’s demand/need in an innovative manner. At the same time he/she has to control
- The whole business performance
- Tackle the workforce
- Monitor the market trend
- Modify business policies
to perfectly meet customer demand. The entrepreneur must be able to establish, administer and succeed to make profits in a startup venture along with risk entitled to it. Capable to make profits. The concept of entrepreneurship is to replace the old ideas in the market by new ideas. The entrepreneur is a source of new ideas or innovators.
The primary aim of an entrepreneurship is to introduce a new product in the market. The secondary aim is to get a profit. It will build better financial stability and financial freedom to the entrepreneur. It will also enhance the economic growth of the nation. The concept of entrepreneurship actually helps to achieve specific goals such as profitability, sustainability, or positive impact on society.
The starting of new business involves
- The identification of opportunities
- The gathering resources
- Creating a business plan
- Launching the venture
- Managing the growth and development.
Benefits of Entrepreneurship
The concept of entrepreneurship benefits the entrepreneur for attaining skill-sets, financial freedom, and networking with influential people.
The essential qualities for a successful entrepreneurs are
- Determination
- Passion
- Accountability
The concept of entrepreneurship is mainly to face the challenges of sustaining a business. These set them apart from other business owners.
Four Major types of entrepreneurship are
Small businesses entrepreneurship
A hairdresser, A grocery store owner, A travel agent, A consultant, A carpenter, A plumber, A electrician, etc are some of examples for Small businesses entrepreneurship. These people fund their business by taking small business loans or loans from friends and family. For them, their main expectation profit would be able to feed their family only. They are not making 100 million business or taking over an industry.
Scalable Startup Entrepreneurship
These people need more venture capital to fuel and back their project or business. These people attract investors who think and encourage them. The research focuses on experimental models. So, they select the best and the brightest employees. Here the concept of entrepreneurship is to start a business knowing that their vision can change the world.
Large Company Entrepreneurship or big business entrepreneurship
The Large companies always have defined life-cycle. Most of these Large companies grow and sustain by offering new and innovative products. These new and innovative products revolve around their main products. A new competition, a change in technology, and customer preferences,, etc. always happen in the market. These build pressure for large companies to create an innovative product. And they have to sell it to the new set of customers in the new market. The concept of entrepreneurship is to cope with the upcoming rapid technological changes. The existing organisations buy the innovation enterprises or attempt to construct the product internally.
Social Entrepreneurship
This one focuses on producing product and services that resolve social needs and problems. Here, the concept of entrepreneurship is to work for society. They will not bother about profits. They will not intend for any profits.
Essential Characteristics of Entrepreneurship
All entrepreneurs are not successful in the market. An entrepreneur needs definite characteristics to make a successful entrepreneurship. The essential required characteristics are listed below
Visionary and Leadership quality
Capable to oversee the launch and growth of an enterprise. The entrepreneur is obsessed with their goals and ultimate vision. He will make others believe in them too. A clear vision of his new venture is a must for an entrepreneur. The concept of entrepreneurship is to turn the idea into reality. A successful lot of resources and employees are required. He has to guide their employees towards the right path of success. Here, leadership quality is very important.
Risk-Taking Ability
There is always considerable amount of failure/risk is associated in the process of starting any new venture. Therefore, an entrepreneur must be capable and courageous enough to evaluate and take risks. It is an major part of being an entrepreneur. The concept of entrepreneurship is to undertake new innovations with a view to enhance production.
Innovative Nature
An entrepreneur should be highly innovative. He should be capable to generate new ideas, start a company and earn profits out of it. Here the innovation is the process of creating and implementing
- A new idea
- A product
- Technology
- A process or service
That is accepted by the markets, governments, and society. The process of creating, implementing and launching should happen in a more efficient and economical way. The concept of entrepreneurship can be the launching of a new product that is new to the market, a process or a service. The entrepreneurship is to increase the standard of product ventures, quality of goods, and living of people.
Flexibility
An entrepreneur should be flexible to a situation. It is to maintain the continuity of success. An entrepreneur should be equipped to do a change in a product and service, as and when needed.
Open-Minded Attitude
The open minded attitude welcomes every circumstance in a business as an opportunity. Here, the concept of entrepreneurship is to use them for the benefit of a company. For example, Paytm acknowledged the need for online transactions would be more. Paytm utilised the situation and expanded massively during this time. Being able to be accountable and then alter as needed is essential part of entrepreneurship.
Confidence
An entrepreneur should have the capacity to succeed in an ever-changing and more competitive global marketplace.
Excellent Product Knowledge
An entrepreneur should thoroughly know the product offerings. He should be aware of the latest trend in the market. He should know whether the available product or service meets the demands of the current market. He should know whether it is time to tweak it a little.
Enhance Society and Community Development
An entrepreneur generates employment. If the employment base is large, the employment opportunity will be more. The concept of entrepreneurship brings changes in society and promotes the quality of living of people. Higher expenditure on education, better sanitation, fewer slums,and a higher level of homeownership happens in a society. The society becomes greater, more stable and a high quality of community life happens. The concept of entrepreneurship is to increase the standard of living. Increase in the consumption of various goods and services happens. An entrepreneur assists the organisation towards stable and steady growth. The perfect entrepreneur’s impact on society and community development is great.
Supports research and development process
An entrepreneur promotes
- Research and development process
- General construction
- Development in the economy.
The research and testing of new products should be perfectly done before launching in the market. A best entrepreneur always dispenses finance for R & D with research institutions and universities.
Top Entrepreneurial Skills of An Entrepreneur
- Entrepreneurial Skills in the Workplace.
- Teamwork and Leadership Skills – Leading from the front
- Strategic Thinking and Planning Skills
- Creative Thinking Skills – Passion
- Branding, Marketing, and Networking Skills
- Communication and Listening Skills – Ethical in nature
- Business Management Skills.
- Persistence Skill