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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.

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.

Larry Page

February 27th, 2021

Larry Page (Lawrence Edward Page; born on 26 March, 1973) is an internationally known entrepreneur as he co-founded Google. He served Alphabet, Google’s parent company, as a chief executive officer until 2019. Today, Larry Page is a controlling shareholder and…

Mark Zuckerberg

December 16th, 2020

Mark Zuckerberg (Mark Elliot Zuckerberg; born on 14 May 1984) is an internationally well-known philanthropist and businessman who co-founded Facebook, an online social networking platform. He currently serves Facebook as chairman and CEO. Mark is a majority shareholder of Facebook,…

Bill Gates

April 2nd, 2020

Bill Gates (28 October, 1955) is globally known as one the richest men. 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 Bill &…

Zig Ziglar

April 1st, 2020

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

Seth Godin

November 12th, 2019

Seth Godin (10 July 1960) is an American author, businessman, marketer, and public speaker. The American is also considered to be the ultimate entrepreneur. He is the author of 17 books, including a series of ten children’s books with the…

Jack Welch

October 15th, 2019

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

Jordan Belfort

August 29th, 2019

Jordan Belfort (Jordan Ross Belfort), born 9 July, 1962 is an American author, motivational speaker, and former stockbroker. In 1999, he pleaded guilty to fraud and crimes related to stock market manipulation and running a boiler room as part of…

Jack Ma

August 2nd, 2019

Jack Ma (Ma Yun) is a Chinese entrepreneur, investor, and philanthropist. He co-founded and is now executive chair of the Alibaba Group. The group is a multinational technology conglomerate. Jack Ma Biography Jack Ma was born in Hangzhou, Zhejiang, China…

Elon Musk

June 13th, 2019

Elon Musk is a Canadian-American entrepreneur who lives in the United States. He is the founder of SpaceX, Tesla, and Zip2, among others. He was also one of the people responsible for the success of PayPal. Currently he serves as…
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