What is Entrepreneurship?

Posted by on June 30, 2009 in 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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Comments

41 Comments

  1. 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.

    Reply

    • Adebayo Taoreed A.

      The necessary thing you need most is understand the kind of biz you are putting your money into i.e do necessary research on the biz then be determined because determination is the father of decision.

      In addition,God is so much wonderful so never do anything behind his conscience of which it’s not possible.also it’s not all about the money included that matter most but your personal commitment to both God and biz. May God guide you in your thought.

      I am also a student of business administration and management.THANKS

      Reply

  2. mohamedi ally

    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.

    Reply

  3. Grace Ihejiamaizu

    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.

    Reply

  4. i am doing B.sc., agriculture…. i fully involved in course of enterpreneur for desire my business

    Reply

  5. Legacy K. (k2legacy2@yahoo.com)

    Hi, Entrepreneurship is a venture to an unknown destination which most of the time is profitable. I had to quit working as a full time accountant and lecturer in university to start my own company and do date I have not regretted. Capital is not the issue rather, the workable objectives coupled with a good work plan.

    Reply

  6. i am doing Bed. Adult education and community education……. one of my course is entrepreneurship in adult education, so i found it very interesting and enjoyable so far… hope will make something out of it.

    Reply

  7. Blaise Ezeokeke

    I am a student of Business Administration in Malaysia under the University of Hertfordshire,UK, program. I am convinced that this age is for business globalisation, and that any prospective enteerpreneur should bear this in mind.

    Reply

  8. Onuoha P Emenike

    iam a financial student of abia state polytechnic aba.i want to advice my fellow entreprenuers to always apply the habit of inssuring their business against lose and damage.

    Reply

  9. i m a student of mitm indore i want to open my buseness in my home city .enterpreneaship techniqe will provide help to me for buseness:

    Reply

  10. Im intreprenuer from USA can want my assistance

    Reply

  11. Ever-increasing enthusiasm about the entrepreneurship, eventually leading to me to be a successful entrepreneur.

    Reply

  12. Many thanks for your exciting articles. I will appreciate your updating me on the specific steps an entrepreneur should take in order to add quality value to his/her business and by so doing create an edge over competition.

    Reply

  13. muktar haruna (analyst)

    im a accounting student in bayero university kano nigeria. entrepreneur is my second best course.

    Reply

  14. money is not the motivation to be successful entrepreneur,success is the motivater,and money is the rewar…

    Reply

  15. I am so impressed with your inspirational article, i have dream to be an enterprenure someday, to employ people so as to reduce the rate of unemployment in my country Nigeria.I would like to read more of your articles so as to prepare my self awaiting the task ahead.OND IN PETROLEUM AND GAS PROCESSING(PETROLEUM TRAINING INSTITUTE).

    Reply

  16. sudipta das

    Many thanks for your exciting articles. I will appreciate your updating me on the specific steps an entrepreneur should take in order to add quality value to his/her business and by so doing create an edge over competition.

    Reply

  17. Oginni yemisi

    I am oginni yemisi from yabatech. studying marketing.l believe the only way forward to economy development is by entrepreneurship

    Reply

  18. Onumaegbu Melody Amarachi

    I am Melody a student of Lagos state university. it is really interesting having ur wonderful contributions and suggestion on the subject matter. (enterpreneurship). I also have a strong desirer of becoming an enterpreneur so as to help in creating job opportunities for others as a way of alleviating porverty in Nigeria. very many people who can be good enterpreneurs have refuse to make an attempt because of fear of failure but they forgot that enterpreneurship is all about uncertainty mostly when it involve creating something that has not been in existence. Entrepreneurship involves being resourceful and finding ways to obtain the resources required to achieve the set objectives. so have a goal, go after it, if failed pls try again because it is part of it. so many good biz names we hear today, failed at one pointing time or the other but they picked courage and today we hear their names and identify with them. have a positive mind, think of helping others. it is our time to make it happen. we shall get there.

    Reply

  19. no entrepreneurship no development.the knomledge should be inculcated along with other norms.

    Reply

  20. TSHENOLO LILIAN BEN

    am a student at limkokwing varsity in botswana,gaborone and am pursuing a degree in tourism management course.one day i would like to have my own business in my own village because its a transit destination.thanks 4 ur informative articles.

    Reply

  21. ritika sharma

    m an mba student. nyc artical as i want some stuff on ent. for my presentation

    Reply

  22. olaniyi james.....(tee jay)

    i am Olaniyi James,i am a student in INTERLINK POLY studing accounting but i have interest in entrepreneur b’cos its help on how to manage ones resources…..

    Reply

  23. francis moses

    am a student taking Bachelor of art in Public Relations and Marketing at St.Augustine University of Tanzania, i really and love being self employed because i have all skills and ability to do that..and am still having a lesson on Entrepreneurship and busness management…right now..this helps people to utilize the resources available.

    Reply

  24. Am Smart A 200lvl student dept business administration and management studies federal polytechnic kaura namoda zamfara state Nig. I am glad to know about the existance of this website. Mr Amitabh shukla cudos to you sir as you continue reseach on enterpreneurship.

    Reply

  25. ELLIOT GOLEDEMA

    IT IS EASY TO START UP A BUSINESS PROVIDED YOU HAVE ENOUGH CAPITAL AND UNDERSTAND ITS CONCEPT MORE ESPECIALLY INVESTMENT APPRAISAL TECHNIQUE. ELLIOT GOLEDEMA-BUSINESS ADMINISTRATION

    Reply

  26. i know entrepreneurship is the primary gaining process it may be undesirable expectation.

    Reply

  27. iam Student studing Entreprenuership, so i would like to help me how to deveolp my study.

    Reply

  28. ADAMU AHMED GIREI

    Academician,i love the site as it would help addressing global unemployment problem and over dependence on goverment as employer of labour.let make it happen as to gether every one achives more.cheers

    Reply

  29. Am a BA student, someone please help who is an intrapreneur and what are his roles in an organization.

    Reply

    • @ kate to my perspective an intrapreneur is an individual who starts something new regardless of risks and rewards but within an organization.
      The role of an intrapreneur.
      An intrapreneur takes the initiative seeing that the organization grows he/she is ready to do any thing so as to save the organization
      An entrepreneur looks for market to see that the organization continues
      An intrapreneur checks for competition, he/she steps in the forefront to have smooth running of the organization.
      And definitely this is the guy who will see that he/she has the right people who are employees, he/she takes the initiative of motivating them.

      Reply

  30. Cruisindada

    I’m happy with this your article,”KUDOS” to you, but i’ve got a question, and the is,’How does entrepreneurship create wealth?

    Reply

  31. Tnx the answer of entrepreneurship! thanks !! GOD bless YOU….

    Reply

  32. For any economy to boost and increase her GDP, Government should not hesitate to empower her citizens in terms of skill acquisitions through western education, vocational training along with soft loans with this young folks with sound mind will venture into ENTREPRENEURSHIP.

    Reply

  33. okafor onyeka ugochukwu

    i am a student of ANSU…..i need someone to lecture me more about entrepreneur.

    Reply

  34. Willam Ssemanda

    Am a student of Business Administration and Management at Uganda Martyrs University in Uganda.I love being self employed therefore need more stills of entrepreneurship as as to succeed in business.

    Reply

  35. i am a student at the institute of rural development planning.
    doing the first diploma in “development planning” (DDP)
    i would like to furthe more in study of project planning and management.

    Reply

  36. i would like to study about business writup or project planning and management

    Reply

  37. kayombo Kalama.k

    Am a STUDENT doing Transport and Logistics,Entrepreneurship is one of my best course becoz it helps to create Jobs and improve lives of many People…esp here in ZAMBIA.THNX SO MUCH to EVERYONE WHO has CONTRIBUTED to this WEBSITE.

    Reply

  38. Goitsemodimo Machola

    am a student of Business Information Systems at Limkokwing Botswana m delighted to have dat piece of advice thanx alot

    Reply

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