What is Entrepreneurship?
Answer: Entrepreneurship is a process through which people and team pursue an opportunity, use resources, and initiate change to create value. Entrepreneurs are driven by a need to control their own destinies and bring their dreams to market place.
Who are Entrepreneurs?
Answer: According to some experts entrepreneurs are people who interpret problems as opportunities, and accept calculated risk in the hope of creating value. Entrepreneurs find it more rewarding to solve problems in their own business than to do so in another person’s business.
Successful entrepreneurs do the following:
1. Recognize opportunity by identifying ultimate need or want, and then deliver a product or service that needs it.
2. Verify that others are willing to pay for the product or service.
3. Manage risk by educating those involved about potential risks and problems.
4. Determine the resources they will need and where to find them.
5. Build a network or team of advisors, employees and mentors who have the information and skills to keep the business succeed.
Starting a business takes time. It requires balancing commitments, it costs money, and it involves taking risks. Before starting a business one needs to learn the basics of entrepreneurship.
Successful Entrepreneurs develop possible ideas into profitable business. An entrepreneur does not need a novel or unique idea on which to take an enterprise. Most entrepreneurs start companies based on essential products and services whose market is well established. Few new enterprises are based on new discoveries or inventions. The wise entrepreneur selects people who possess the articles needed to help the new business succeed. Many failing businesses have been taken over by new more skilled management who turn around the fortunes of the company.
For recognizing an entrepreneur we should understand the following aspects:
1. Recognizing Opportunities.
2. Defining a business Concept.
3. Model, feasibility, checklist
4. Product, Service Planning
5. Management and organization Planning.
6. Market Planning: Market Analysis
7. Market Planning: Penetration
8. Market Planning: Pricing
9. Market Plan Sales and inventory.
10. Market Planning: Cash Outlays and Sources
11. Market Planning: financial Statement Planning.
12. Market Planning: Finalizing Business Planning.
Entrepreneurship Characteristics:
1. Determination
2. Thrive on Uncertainty
3. Self Confidence
4. Energy
5. Self Discipline
6. Social Responsibilities.
7. Business knowledge
8. Good people Judgment.
Further in discussing the nature of entrepreneurship, we need to put in to perspective three key concepts. These are Entrepreneurship, Entrepreneurs, and Intrapreneurship.
Entrepreneurship: Entrepreneurship is a process of innovation and new venture creation by individual, organization, environment and process- and aided by collaborate network in government, education and institutions.
Entrepreneurs: The entrepreneurs are a catalyst for economic change that uses purposeful searching, careful planning, and sound judgment in carrying out the entrepreneurial process. The entrepreneur works creatively to establish new resources or endow old one’s with new capital for the purpose of creating new wealth.
Intrapreneurship: Intrapreneurship is any of the dreamers who take hands on responsibilities for creating innovation of any type within an organization. A dreamer figures out how to turn an idea into a profitable reality.
