By definition, entrepreneurship is the practice of starting a new business/venture or reviving an existing organization. Entrepreneurial actions vary depending on the nature of business. Entrepreneurs seek funding from venture capitalists and NGOs. Usually, such investors expect higher returns on their investments. The very reason they invested in the venture of a greenhorn is because they intend to make as much as possible out of the venture.
It is being increasingly recognized that entrepreneurship is the key to building and sustaining the growth of any economy. The success of Silicon Valley is a case in point. It demonstrates the success of start up ventures. Many entrepreneurs have chased their dreams and with innovative ideas, succeeded in the face of adversities. The local economy and the national economy have benefited from their ventures both in the short term and long term.
In the recent times, we have seen the emergence of entrepreneurs from developing countries such as China, Ireland, Israel and India daring to pursue their innovative ideas and dreams to logical conclusion. In many cases, they succeeded in their ventures. They have created business opportunities for many others such as financiers, accountants, lawyers and restaurateurs, among others.
The success of a few entrepreneurs should not blind us to the fact that for every success there are three failures. Lack of experience and direction has been the major undoing of young entrepreneurs. But, that should not hinder either the entrepreneur or the financier from starting new ventures. If they focus on the core requirements of the business, the chances of failure can be greatly reduced. We must remember that what we see today in the world of technology is the result of such entrepreneurship.