What is entrepreneurship?

What is entrepreneurship?

As you can see, in these days entrepreneurship has got bold. We hear about them and encourage them to influence our society and our economy. But what is entrepreneurship for real? An entrepreneur is someone who has an idea and who works to create a product that people will buy. Entrepreneurship is both the study of how new businesses are created as well as the actual process of starting a new business.

Professor Howard Stevenson is the godfather of entrepreneurship. He  Has an answer for what is entrepreneurship: It is the pursuit of opportunity beyond resources controlled.

Because they are pursuing a novel opportunity while lacking access to required resources. Entrepreneurs face considerable risks.

Lean Methodology allows them to resolve risks quickly and with limited resource, by relying on a “minimum viable product,” that is, the smallest possible set of activities required to test a business model hypothesis.

Difference between Wealthy Investors and Wealthy Entrepreneurs

The road to entrepreneurship is often just like a road in the Kalahari desert with unexpected detours. There are lots of sleepless nights, ideas that don’t work out. Even fundings that don’t come through and customers that never come forward. It can be so challenging to launch a business that it may make you wonder why anyone willingly sets out on such a path. This is an entrepreneur.

Yet despite all these hardnesses, every year, thousands of entrepreneurs begin on this journey determined to bring their vision to fulfill the need they see in society. They open a new window to new businesses, launch startups, or bring a new product or service into the marketplace.

Entrepreneur motivation

So what motivates entrepreneurs to go forth when so many others would run in the other direction? Though each person’s motivation is nuanced and unique. Then consider if you have the specific character traits and attributes that will enable you to move forward as an entrepreneur.

Entrepreneurs at the economy

Entrepreneurs play a key role in any the economy. These are the people who have the skills and anticipate and future needs and bring new ideas to the market. Entrepreneurs who prove to be successful in taking on the risks of a startup are rewarded with profits, fame and continued growth opportunities. Those who fail, suffer losses and become less prevalent in the markets.

What an Entrepreneur Does

Entrepreneurship is one of the resources economists that is integral to production, the other three being land resources, labor, and capital. An entrepreneur combines the first three of these to manufacture goods or provide services. They typically create a business plan, hire labor, acquire resources and financing, and provide leadership and management for the business.

Entrepreneurs commonly face many problems when building their companies. Two of the most challenging things are:  hiring talented people and obtaining financing.

Entrepreneurship is not limited to starting a new business but it’s about facing challenges at each step. It is an important tool for bridging the gap between science and the marketplace. Just like a new enterprise is formed and new products and services are brought to the market.

Some Famous Entrepreneurs

Given this basic introduction to entrepreneurship, we can now turn to some famous examples of entrepreneurs, Who has succeeded despite heavy odds because they had game-changing ideas. But more importantly, they also had the necessary traits and skills that would make them legendary.

For example, both the founder of Microsoft, Bill Gates and Steve Jobs, the founder of Apple were college dropouts. Though their eventual success meant that they had not only truly innovative ideas, they were also ready to strike it out for the longer term and hang on when the going got tough.

Even the founder of Facebook, Mark Zuckerberg, as well as Google’s Larry Page and Sergey Brin, can be considered as truly revolutionary entrepreneurs. What all these legends have in common? The answer is that they have the vision and the sense of mission that they were going to change the world. With hard work, perseverance and a nurturing ecosystem, they were able to self-actualize themselves.

Entrepreneurial thinking

Entrepreneurial thinking can state itself in many ways. Whether it is the hard-working entrepreneur who has developed a lot of business ideas, or the social entrepreneur who tries to empower women in the world or artists using their work to raise awareness of social injustice in the world. It enables people to be flexible, adaptable and see opportunities.

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