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Entrepreneurship

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.

Jim Collins Biography, Theories, Quotes and Books

January 26th, 2023

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’,…

Who is Bill Gates? Biography, Net Worth and Quotes

December 21st, 2022

Bill Gates (1955) is globally known as the second the richest men of the world. He is also an influential public speaker, a technologist, and one of the most successful entrepreneurs of the 20th century. He co-founded Microsoft Corporation and…

Robert Noyce: Biography, Net Worth, Quotes and Books

December 13th, 2022

Robert Noyce (Dr. Robert Norton Noyce, December 12, 1927 – June 3, 1990) was an American physicist and businessman best known for founding Intel Corporation and the realization of the first monolithic integrated microchip. The microchip is an…

Gordon Moore: Biography & Quotes, Co-founder of Intel

December 7th, 2022

Gordon Moore (1929) is an American businessman, engineer, and co-founder of Intel Corporation. He is also known for Moore’s Law. This article contains his biography, quotes and publications. Gordon Moore predicted in his article for Electronics Magazine in 1965 that…

John D. Rockefeller: Quotes, Books and Biography

November 30th, 2022

John D. Rockefeller sr. (1839-1937), was an American industrialist and philanthropist, founder of the very successful Standard Oil Company, and one of the richest men of his day. He used his immense fortune to finance ongoing philanthropic endeavours. Over the…

Robert Kiyosaki Books, Quotes & Biography

November 30th, 2022

Robert Kiyosaki (1947) is an American self-made businessman, investor, author and motivational speaker. He is also the founder of the Cash flow board, a personal leadership tool that helps people organize their personal finance. Robert Kiyosaki is best known…

Azim Premji: net worth, biography and quotes

November 30th, 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 Hashim Premji is also…
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