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What is entrepreneurship?

Entrepreneurship is the creation or extraction of value, identifying opportunities in the market, and acting accordingly with the associated risks. Entrepreneurship goes beyond starting a business and includes values and characteristics other than economic values.

What is entrepreneurship?

Entrepreneurship is the creation or extraction of value, identifying opportunities in the market, and acting accordingly with the associated risks. Entrepreneurship goes beyond starting a business and includes values and characteristics other than economic values.

An entrepreneur is a person who starts a new business, bearing the highest risk. The process of starting a business is known as entrepreneurship. An entrepreneur is often seen as an innovator, a source of newly created value, services, business, or procedures.

Entrepreneurs and new businesses play an important role in the economies of many countries. Entrepreneurs use the skills and initiatives necessary to anticipate new needs. Entrepreneurship that has proven to be successful in managing risk is rewarded with profit, fame, and opportunities to grow the business. But on the contrary, entrepreneurship that fails often leads to great losses. Well-known entrepreneurs are Elon Musk, Bill Gates, Steve Jobs, Warren Buffet, and Henry Ford.

Definition of entrepreneurship

Other definitions of entrepreneurship often refer to the process of designing, starting and managing a new business.

Entrepreneur types

Entrepreneurs, therefore, transform daring or less daring ideas into reality. As a result, they ensure the creation of jobs and contribute to the economy in general. There are different types of entrepreneurs. Each type tends to map out his or her path in a special way. They do so based on personality, abilities, and the environments they happen to be in. Examples of types of entrepreneurs include:

  • Innovators
  • Researchers
  • Buyers / sellers
  • Imitators

Types of entrepreneurship

Entrepreneurship refers to the total process of developing, starting and managing a company. There are different ways to do this. Certain people have different visions and ambitions for their company compared to others. For some entrepreneurs, profit is less important than corporate social responsibility. To some extent, every type of entrepreneur experiences the same challenges and problems. Examples of types or categories of entrepreneurship include:

  • Small Businesses entrepreneurs
  • Large businesses entrepreneurs
  • Social entrepreneurship
  • Innovative entrepreneurship
  • Researcher entrepreneurship

Characteristics of entrepreneurs

Some believe that entrepreneurs are born, not made. However, everybody has some of the characteristics that successful entrepreneurs generally possess.

Generally, entrepreneurs are highly motivated. They invest a lot of time to get the company set up and often invest a lot of money. All of this is done with the knowledge that it can take months or sometimes even years to reap the benefits. Therefore people with a fear of failure or reduced self-confidence generally do not choose entrepreneurship.

Another characteristic many entrepreneurs share is passion. Even though turnover and paid salaries are also good motivators, entrepreneurs are usually more driven by intrinsic motivation. They transform that passion into a vision of what they want to achieve, what they need in order to do so, and how they will get there. Successful entrepreneurs also have the ability to translate their vision into a practical representation which attracts staff and investors.

Effective decision-making is also a quality that many entrepreneurs share. Entrepreneurs should not only possess good decision-making skills, they also need to be able to make those decisions quickly.

Social entrepreneurship

This form of entrepreneurship in which solutions are devised for social, cultural, or environmental issues. This concept applies to a wide range of organisations. They can vary in goals, size, and beliefs. Social entrepreneurship is often related to the voluntary sector and is found in healthcare, poverty reduction, and community development.

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Innovation and entrepreneurship

Innovation and entrepreneurship are inextricably linked. Innovation is the tool of entrepreneurs with which change can be achieved. Entrepreneurs purposefully look for sources of innovation and for symptoms that indicate opportunities for successful innovation.

Simon Sinek

July 4th, 2022

Simon Sinek (1973) is a leadership guru, professor at Columbia University, founder of SinekPartners (Corporate Refocusing) and author. Simon Sinek is best known for popularizing the concept of the golden circle and to “Start With Why“. Simon Sinek

Jim Collins

June 10th, 2022

Jim Collins (James C. Collins; January 25, 1958) is a well-known business consultant, inspirational management speaker, and lecturer. Jim Collins particularly lecturers on company sustainability and growth. Collins authored, and co-authored various long-lasting international bestsellers such as ‘Built to Last’,…

Jack Welch

June 10th, 2022

Jack Welch (John Francis Jack Welch Junior – 19 November 1935) is an American businessman, author, and chemical engineer. Between 1981 and 2001, Jack Welch was the Chief Executive Officer and chairman of General Electric, where the value of…

Zig Ziglar

June 10th, 2022

Zig Ziglar (Hilary Hinton Ziglar; 6 November 1926 – 28 November 2012) was a famous American salesman and motivational speaker. Although Zig Ziglar experienced several major tragedies, he had a special ability to see these in a positive light. Zig…

Kevin Lane Keller

June 2nd, 2022

Kevin Lane Keller (1956) is a professor of Marketing with the focus on branding and strategic brand management. Due to his experience in branding, he invented the Brand Equity Model which is sometimes called Customer-Based Brand Equity Model (CBBE model)…

Ghanshyam Das Birla

May 16th, 2022

Ghanshyam Das Birla (April 10, 1894 – June 11, 1983) was one of the most famous Indian businessmen and a member of the well-known and influential Birla family. Ghanshyam Das Birla, also known as G.D. Birla, is considered the…

Tony Buzan

May 10th, 2022

Tony Buzan (1942) is a British psychologist and author of several books on the subject of memorizing and effectiveness. Tony Buzan is best known for his Mind Mapping technique that helps you improve the way that your structure and memorize…

Dilip Shanghvi

April 21st, 2022

Dilip Shanghvi (1955), in full Dilip Shantilal Shanghvi, is an Indian businessman and the founder of Sun Pharmaceuticals. Dilip Shanghvi, 66, is considered one of the richest businessmen in India and received the fourth highest civilian honor from the…

Azim Premji

April 19th, 2022

Azim Premji (born July 24, 1945) is an Indian businessman, engineer, investor and philanthropist. He was long the chairman of Wipro Limited and today still serves as a non-executive member of the board of directors. Azim Premji is also known…

Steve Jobs

March 30th, 2022

Steve Jobs (1955-2011) was one of the co-founder of Apple computers, a technology organization that contributes in inventing revolutionary technologies. Biography Steve Jobs Steve Jobs was always stubborn in his childhood but he was an intelligent and innovative thinker. His…

Shiv Nadar

March 26th, 2022

Shiv Nadar (born July 14, 1945) is an Indian billionaire, entrepreneur, industrialist and philanthropist. He is the founder of Hindustan Computers Limited (HCL). He also founded the Shiv Nadar Foundation. HCL operates all over the world and has a physical…

Jack Ma

March 23rd, 2022

Jack Ma (Ma Yun) is a Chinese entrepreneur, investor, and philanthropist. Jack Ma co-founded and is now executive chairman of the Alibaba Group. The group is a multinational technology conglomerate: a tech giant. His estimated net worth, as of 2022…
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