What Is Entrepreneurship?
Sometimes I am asked: "Markus, what is an entrepreneurship? What is an entrepreneur? And what are you doing?" To give you a closer insight, what an entrepreneur needs, to be successfull, I have written this article for you!
An entrepreneur is someone who runs a business, irrespective of the size of the business, taking risks and the rewards into consideration. An entrepreneur is someone who innovates and bring something new to the world and does not worry about his loss or rewards. This individual is a source of ideas and innovations and an important person for the country’s economy.
What is Entrepreneurship?
Entrepreneurship is the ability of a person to develop, organize and implement innovative ideas without worrying about the risks attached to the implementation. Starting businesses on a small scale that have a theme which is new and innovative are what an entrepreneurship is. Entrepreneurs are not traditional businessmen but they work on imaginative and inventive ideas and grow it into success stories.
Importance of Entrepreneurship and Entrepreneurs:
There are numerous reasons why entrepreneurship is immensely important to the country’s economy. The room for growth is unlimited in it. It allows you to be as out of the box and creative as you can be. The development and evolution is consist. Entrepreneurs are the future leaders for any country and their contribution to society is what will take us ahead. Here are some of the reasons why is this so important.
A very important reason why this is so essential is that it plays a vital role in identifying, highlighting and developing managerial capabilities of entrepreneurs which are very useful for the management areas of the country. The basic job description of an entrepreneur is that he/she studies a problem, identifies its alternatives, compares the alternatives and this is the way they become capable of choosing the best alternative. They also use this to create and introduce new technologies and even new and innovative products.
Introduction of New Organizations:
When the entrepreneurs combine physical, financial and human resources together with their innovative ideas it results in the creation of new organizations. Under the leadership of an entrepreneur achieving the goals becomes easier as the brain of an entrepreneur is designed to provide innovative techniques and methods.
From the given resources, an entrepreneur is capable of creating and using innovative ideas to maximize the output which is a plus point for any country’s economy. Innovation is what an entrepreneur brings to the platform and this ingredient is very important for the development of a strong economy.
Functions Involved in Entrepreneurship:
There are some very highlighted functions performed in an entrepreneurship by an entrepreneur. These include;
As discussed earlier, innovation is the major portion of an entrepreneurship. In order to be an entrepreneur, a person has to be innovative and creative. Innovation is what drives a person to become an entrepreneur and this is what causes them to bring change in traditional and conventional methods.
Acceptance of Risk:
Another quality or function of an entrepreneurship is that an entrepreneur must be capable of accepting the obvious risks attached to their innovative and out-of-the-box ideas. They should, regardless of failure and risks, must implement their ideas. The acceptance of risks is what makes entrepreneurship different from a local business and a local businessman.
To be an entrepreneur, a person needs to be a good research. Entrepreneurship requires innovation which comes after knowing all the facts and figures because entrepreneurs are practical dreamers and they dream after they have carried out thorough ground research and noted down the risks and rewards attached with their ideas.
Acceptance of Change:
In order to become an entrepreneur, a person must be capable of accepting change and shouldn’t be reluctant to change because entrepreneurship is all about change and new things and getting rid of the conventional and lousy methods and techniques. To become a successful entrepreneur, one must be casual with change.
Entrepreneurship requires an entrepreneur to combine all the resources together for the achievement of the goal and implementation of the innovative ideas and therefore, an entrepreneur has to lead the team. For successful entrepreneurship, a person is expected to have management skills because leading a team without these skills is baseless and won’t bear any fruits. Therefore, management skills are important for an entrepreneur.
Types of Entrepreneurs:
There are several types of entrepreneurs based on the thinking style and working methods.
As the name implies, these type of entrepreneurs, are capable to think newer, better and more economical ideas of businesses and can provide ways to enhance the systems working in the country and contribute greatly in the economy of the country.
The countries in which the industrial base is weak and cannot counter innovation are the countries where such entrepreneurs can be found. Such entrepreneurs follow the innovations by another entrepreneur because their environment does not allow them to be creative and innovative.
Such entrepreneurs are people who do not take a step until there is some kind of development taking place which would motivate them. They will not come up with new ideas on their own until they think their existence is being threatened and will try to save their position with their innovative but lazy minds.
Other types of entrepreneurs include drone entrepreneurs who show no interest in showing leadership and are always ready to face the loss of the business. Other than drone entrepreneurs there are social entrepreneurs as well. such entrepreneurs bring new and innovative ideas to fields such as; education, health, human rights, workers’ rights, environment and enterprise development. They try to overcome the traditional practices and try to innovate.
Entrepreneurship is a vast topic and to get to know more about this and to get introduced to ways through which you can be an entrepreneur you can read Home-based businesses by Markus Mohr. The book is a complete guide of initiating small-scale businesses just by sitting at home. It is a book that has it all. Everything you need to know about initiating a start-up is there in the book.