Entrepreneurship Introduction – Entrepreneurship majorly drives the modern global economy. Entrepreneurship is the primary source of job creation. Entrepreneurship in its broadest sense is any enterprise or effort that adds values to the lives of people.
Entrepreneurship is popularly understood as the setting up of new business ventures. Everything all around has its roots in entrepreneurship in some way. It is the innermost component in the economic growth. It serves as a critical spur for the money making, introduction of new goods and services, as well as the opening of new markets to innovations.
Entrepreneurship is the philosophy in which an individual is an imaginative and innovative agent with an aspiration for ownership and the right to make proprietary decisions, a body of knowledge. Entrepreneurship on the further hand is the procedure of doing something new or creative or innovative to create wealth for individual and value to the society.
An entrepreneurial approach is appropriate business management in general, including the creations of new ventures, managing one’s own business, business with family members, government or public institutions, charitable and non-profit organizations as well as the professional team.
Definitions of Entrepreneurship
“Entrepreneurship is the process of bearing the risk of buying at certain prices and selling at uncertain prices.” Paul Di-Masi
“An individual who bears the risk of operating a business in the expression of uncertainty about the future conditions.” Encyclopedia Britannica
“Entrepreneur is one who innovates and introduces something new in the economy.” Joseph A. Schumpeter
“Entrepreneurial activity involves identifying opportunities within the economic system.” Penrose
“Entrepreneurship in one who endowed more than the average capacities in the task of organizing and coordinating various factors of production.” Francis A. Walker
“Entrepreneur recognizes and acts upon market opportunities. The entrepreneur is essentially an arbitrageur.” Israel Kirzner
“Innovation is the specific tool of our entrepreneurs.” Peter F.Drucker
Traits of an Entrepreneur
- He is the person who develops and owns his own
- He is the moderate risk taker and works under uncertainty for achieving the goals.
- He is innovative.
- He peruses the deviant
- Reflects strong urge to be independent.
- Persistently tries to do something better.
- Dissatisfied with routine activities.
- Prepared to withstand the hard life.
- Determined but patient.
- Exhibits sense of leadership.
- Takes personal responsibility.
- Oriented towards the future.
- Convert a situation into an opportunity.
- Tends to continue in the face of difficulty.
- Also, exhibits the sense of competitiveness.
Characteristics of an Entrepreneur
An entrepreneur must have creative thinking and must be able to analyze problems and situations. He should be able to anticipate changes.
He should guard his business Secrets against his competitors.
He must have clear objectives as to exact nature of goods to be produced.
He must maintain good reactions with his customers, employees, etc. to keep the right relationship. He should have heartfelt stability, personal relations, tactfulness, and consideration.
He should have communication skills means that both the sender and the receiver should understand each other’s message.