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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.

Dhirubhai Ambani

February 28th, 2022

Dhirubhai Ambani (December 28, 1932 – July 6, 2002) was an Indian businessman and industrialist. Dhirubhai Ambani was the founder of Reliance Industries, a large conglomerate in the petrochemical, communications, energy and textile sectors. The company was the first private…

Seth Godin

February 28th, 2022

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

Walt Disney

February 22nd, 2022

Walt Disney (Walter Elias Disney; 5 December 1901 – 1966) is one of the most globally known American film producers, also film director, voice actor, business magnate, and philanthropist. He transformed the entertainment industry and is the pioneer…

Mark Zuckerberg

February 21st, 2022

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…

Bill Gates

February 15th, 2022

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 &…

Jim Collins

February 11th, 2022

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

Richard Branson

February 8th, 2022

Richard Branson (Sir Richard Charles Nicholas Branson; 18 July 1950) is a business magnate, investor, adventurer, and philanthropist. He is known as the founder of Virgin Group which comprises more than 400 companies in various industries. At this moment, Richard

Jordan Belfort

February 4th, 2022

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

Henry Ford

February 3rd, 2022

Henry Ford (30 July 1863- 1947) was an American influential industrialist who revolutionized the automobile production industry by being the first to utilize economies of scale manufacturing methods. Henry Ford introduced large manufacturing plants and used standardized components. In doing…

Ricardo Semler

February 2nd, 2022

Ricardo Semler (São Paulo, 1959) is a Brazilian entrepreneur and CEO and majority shareholder of Semco Partners. This company, originally specialized in marine pumps, is particularly known for its transformation and radical form of leadership and industrial democracy. Under Semler’s…

Elon Musk

January 31st, 2022

Elon Musk is a South-African-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…

Jeff Bezos

January 31st, 2022

Jeff Bezos (Jeffrey Preston Bezos) is an American entrepreneur and investor who in 2018 was named the richest man in the world, after which Elon Musk took over this title. Jeff Bezos is the founder and CEO of Amazon. Biography…
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