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What is Entrepreneurship?
Entrepreneurship is an art; therefore, it can be learned. However, there are several basic characteristics that are a must. First, an entrepreneur must have confidence in their ideas and the ability to work hard enough to make those ideas become a reality. They must be able to do the work themselves if necessary, or at least supervise and delegate tasks. Also, they need to understand value for money and cost control.
The second basic characteristic is that a successful entrepreneur must have a great deal of energy. They must be able to take risks and create ideas, then, make them happen. They also need to be persistent; they must stick to the idea even though it may be hard work.
The third basic characteristic is that of creativity and innovation, which requires everyone to think outside the box. An entrepreneur needs the ability to see the potential in things that most people do not see.
Types Of Entrepreneurship
The first type of entrepreneurship is known as independent entrepreneurship. With independent entrepreneurship, a person may be working for someone else by day, but at night is running their own business. That type of business can be a wide variety of things, from dog washing to driving limousines or from selling used cars to making and selling jewelry. Independent entrepreneurs depend on their income from their employer and buy a product or service from wholesale. Then they resell it in retail form or offer it as a service to others. Independent entrepreneurs have a much smaller investment capital than other types of entrepreneurs.
The second type of entrepreneurship is known as appointed entrepreneurship or corporate entrepreneurship and is usually encouraged by an employer. Appointed entrepreneurs are taking in profits from the business, but may not work directly for that corporation, but find ways to make money while they work. Appointed entrepreneurs can be taking on new projects, overseeing a new project or starting a new project in the company that employs them.
The third type of entrepreneurship is known as crowd-funded entrepreneurship or crowd-sourcing. Crowd-funded entrepreneurs are usually trying to raise money for a new project or start a project that they have invented or plan to invent by using the Internet or Kickstarter in some way. Crowd funding can be done without an application, donation or guarantee. Crowd funded entrepreneurs are relying on people that are willing to give them money in exchange for the right to use their idea, merchandise and so forth.
The Importance Of Entrepreneurship
- Entrepreneurship is a unique way to live because it allows you to pursue projects that you feel passionate about without having an established record of success or failure. It is also a great way to learn about different vocations and gain new skills.
- Entrepreneurship is one of the most overlooked areas in our society today; it is under-appreciated, misunderstood, and even maligned. Even though there are a significant number of people that have been successful at entrepreneurship, people don’t think it’s possible for them to be successful at entrepreneurship. However if you follow these ideas and learn from others who have created their own businesses, you can easily succeed at entrepreneurship.
- The founding of a company, a business, is an extremely important and insightful experience of self-discovery. It is a formalized way in which to express your personality, control the direction of your life and wealth, pursue goals, learn skills and gain new insights.
- When you are an entrepreneur, you’re in control; you decide what is important to you and when it is important to you. You are working for yourself and no one else. It is much better than a corporate job where you are a slave to the whims of your employer or customers. When people get a job, they lose their freedom. When people start their own business, they retain all of their rights, freedoms and liberties while gaining more money and control of their lives.
- Entrepreneurship is a great way to make money and start a business. There are three main types of businesses: consumer businesses, small and medium-size businesses, and large enterprises. Entrepreneurs are managers, leaders, and entrepreneurs in both the consumer and small/medium-sized business types as well as large enterprise businesses. Entrepreneurs take risks to pursue their goals. In this case entrepreneurship also includes taking a risk about the success or failure of your idea or project.
- Most successful entrepreneurs, especially the ones that have created companies worth billions of dollars and built vast empires, developed their ideas over a long period of time. They did not just brainstorm one day and receive instant success. Entrepreneurs are creative people who have the ability to make things happen. You will either be the one that focuses on details or you’ll delegate tasks to someone else so you can focus on other things.
Topics Studied Under Entrepreneurship As a Subject
- Financial management
- Marketing and sales
- Human resource management
- Innovation and development of new products and services
- Entrepreneurship in the media industry
- Developing a business plan for the start-up of a new business
- Strategy formulation
- The start-up of a new business
- Controlling variables
- Entrepreneurial mindset
- Computer applications of the art of entrepreneurship
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