Entrepreneurship refers to the model of developing and managing a business project in order to gain profit by taking a number of risks. Simply put, entrepreneurship is the willingness to start a new business. Entrepreneurial activities differ based on the type of business they are involved in. It is also true that entrepreneurial venture makes a number of new job opportunities.
Entrepreneurship is the practice of starting a new business or reviving an existing business, in order to capitalize on new found opportunities. There are many different ways to start a business. There is no model that should be used by every business, and those who attempt to use a template will find themselves lagging behind those who are innovating. Most ventures fail. For the most part entrepreneurs make a lot less money than if they work for someone else. The way to success is often long and lonely, filled with colossal amount of stress and a giant amount of personal sacrifice. So, why would you want to become an entrepreneur?
There is debate over the description of an entrepreneur. A few experts have a wide definition that encompasses anyone who works for himself. Others include a narrower view point, suggesting that an entrepreneur doesn’t just work interdependently but also, his business involves innovation and leadership.
An entrepreneur sees a chance which others do not completely recognize, to meet an unsatisfied need or to radically improve the performance of an existing business. They have self-assurance, obligation and the adaptability to learn the lessons of the market along the way. Entrepreneur takes an idea, develops a business around it, manages the business, and assumes the risk for its success.
Entrepreneurs – Risk takers
Every choice you make in the business world has some type of risk attached. The key to being a successful entrepreneur in the long run is taking calculated risks that minimize negative and maximize positive outcomes.
Taking risks is closely linked with entrepreneurship. Leaving a steady job to start your personal business is a risk and often, requires a substantial amount of money. If your invention or service has never been on the market before, you also put your reputation at risk. Most people are not good with taking risks, but a study on risk-taking showed that there is a link between willingness to take risks and personal satisfaction.
If you aren’t ready to take risks, you have no business being an entrepreneur. You’ll need to invest some of your personal capital into a growing business — in most cases. You’ll stake your reputation on an unproven idea. You’ll sacrifice a steady paycheck for the first several months to a year — again, in most cases.
Characteristics of an entrepreneur
Most people desire to be an entrepreneur. Becoming your own boss and create your own job is very attractive to most people. Also, a lot of movies glorify people who found a method to make a living on their own. However, not everyone has an entrepreneurial mindset. If you ever desired to be an entrepreneur, you need to question yourself. Here are the key characteristics of an entrepreneur:
• They learn from their mistakes.
• They are action-oriented. They like to get things done and love to turn their ideas into reality.
• They understand what it takes to be successful and often have a high physical stamina to carry their ideas through.
• Successful entrepreneurs take outside help to add-on their skill and their passion attracts people to their ideas, specially workforce, creditors, investors and partners.
• Entrepreneurs excel at identifying business opportunities and they stay focused on opportunities, not problems.
Becoming an entrepreneur
Being your own boss, calling all the shots, hustling to hit your goals — for many people, entrepreneurship is the ultimate career goal. But as awesome as running your own business sounds, it’s also incredibly difficult. Would you like to start a business but don’t know where to start, don’t worry-you are not alone.
In fact, given the new economic reality of our time, more people realized that the “job” they thought was waiting for them doesn’t exist. Entrepreneurship is more about the activities you take, not the person you are. If you take action, you are ahead of the vast majority of people, who speak about entrepreneurship, but never make anything.
You don’t need qualifications, money or even on the whole excellent idea. All an entrepreneur does is work with ideas he knows well and providing services by doing the thing he loves most and that always makes money.
Entrepreneurs are people who start their own business. They’re known for embracing risk, having big ideas, and making major innovations that change how others do business. If you’re applying for a job that calls for an entrepreneurial character, or if you’re attracted in starting a company, you’ll want to review this list of the top four most important skills for entrepreneurs.
Instead, the key qualities are individuality such as creativity, the ability to keep going in the face of hardship, and the social skills needed to build great team.
Though have studied the subject, there are no definitive answers. What we do know is that successful entrepreneurs seem to have certain traits in common. We gathered these traits into four categories:
– Personal characteristics
– Interpersonal skills
– Critical and creative thinking skills
– Practical skills