Posted by Amitabh Shukla on June 30, 2009 in Entrepreneurship
What is Entrepreneurship?What is Entrepreneurship?: An entrepreneur is an individual who owns a firm, business, or venture, and is responsible for its development. Entrepreneurship is the practice of starting a new business or reviving an existing business, in order to capitalize on new found opportunities.
Generally, entrepreneurship is a tough proposition as a good number of the new businesses fail to take off. Entrepreneurial activities differ based on the type of business they are involved in. It is also true that entrepreneurial ventures create a number of new job opportunities. A large number of entrepreneurial projects look for venture capital or angel funding for their startup firms in order to finance their capital requirements. Besides, government agencies and some NGOs also finance entrepreneurial ventures.
Entrepreneurship is often associated with uncertainty, particularly when it involves creating something new for which there is no existing market. Even if there is a market, it may not translate into a huge business opportunity for the entrepreneur. A major aspect in entrepreneurship is that entrepreneurs embrace opportunities irrespective of the resources they have access to.
Entrepreneurship involves being resourceful and finding ways to obtain the resources required to achieve the set objectives. Capital is one such resource. Entrepreneurs need to think out-of-the-box to improve their chances of obtaining what they need to succeed. According to management experts, vast majority of entrepreneurs desire to be in control of their own life and they can’t find this beyond entrepreneurship. Studies have demonstrated that people derive great satisfaction from their entrepreneurial work.
A number of entrepreneurs are of the opinion that managing their own business offers far greater security than being an employee elsewhere. They feel entrepreneurship enables them to acquire wealth quickly and cushion themselves against financial insecurity. Additionally, an entrepreneur’s future is not at peril owing to the faulty decisions of a finicky employer. So, while some people feel that being employed is less risky, entrepreneurs feel that they are better off starting a business of their own.
Today, there is the increasing awareness about entrepreneurship. People aren’t confining themselves to one business. They are following one business with another. Such entrepreneurs are referred to as “serial entrepreneurs.” Sometimes these entrepreneurs become angel investors and invest their money in startup companies. As a person gains greater insight into business and entrepreneurship, his chances of succeeding in business improve.
Entrepreneurs are a different set of people. They often see things that others fail to notice. They endeavor to bring about change and foster growth. They believe in themselves. Entrepreneurship propels them to strive and move forward, to get to where they want to be.
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12/21/2009 at 11:43 am
I am a student of business administration,I am hoping to understand the rudiments involved in the entrepreneurial process and how best a young business student can well manager his lean reasources.
In the present day Nigeria how is it possible for one to go into business with little money and still survive the stiff competition in the present Global Economic Meltdown.
12/22/2009 at 12:12 am
happly getting intouch with you ,currently am doing my BA.ED in the university of dar es saalam,i opted entrepreneurship in my task taking,i appreciate your attitudes in this juncture,hopping we are together.
01/13/2010 at 7:50 am
I am a student currently studying Sociology. I am fully involved in enterpreneural projects because of my desire to change the lives of others by creating innovative solutions to solve problems in their businesses.
01/22/2010 at 7:27 am
i am doing B.sc., agriculture…. i fully involved in course of enterpreneur for desire my business