Entrepreneurship is a word we have come across many times. Here we go with it today breaking it down, “Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.” Wikipedia
“Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit.” – Wikipedia
What Entrepreneurship means
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.
What is the best definition for Entrepreneurship
Entrepreneurship is the pursuit of opportunity beyond resources controlled. … Merriam-Webster gives adefinition that’s closer to what most of us would probably offer the English learner: an entrepreneur is “a person who starts a business and is willing to risk loss in order to make money.” Pretty basic.
What does Entrepreneurship mean in his own word
“Entrepreneurship. noun.Entrepreneurship is defined as the act of starting and running your ownbusiness or a tendency to be creative and wish to work for yourself in your own ventures. An example ofentrepreneurship is a person who is running his own business.” – yourdictionary
According to Entrepreneur Handbook the Entrepreneurship in it’s modern definition refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business.
From the words of Inc there are three types of Entrepreneur
I personally categories Entrepreneurship into three ranges, and why so this so, if you go round the street asking are you an Entrepreneur? almost everyone would say yes.
Take it this way that everyone is an Entrepreneur, here the category goes
This are the category of people who doesn’t see opportunities, future, live in things around them
This are the category of those who sees opportunities, live, future in things but doesn’t take action.
Wow, but in school we only know of optimist and pessimist what then could the third one Nnaemeka is talking about, Chill and relax we are just taking you outside the box to be able to comprehend with the third category.
This is the category of those who doesn’t only see live, future and opportunities in things but as well takes actions.
An entrepreneur is someone who is willing to work for himself and by himself. There are several different meanings of the term entrepreneurship
Purpose/ Uses of Entrepreneurship
Choosing a career path in order to gain profit for the long haul is the most important reason why people opt for entrepreneurship. Maintaining a reliable source of income is the best and the most important way to create a stable job.
Keeping this in mind, being your own boss and having things in your control are what majority of the people desire. To fulfil this need, entrepreneurs start their own business to control their career.
Demand for innovative ideas
With such advanced technology and the increasing demands of the market for more innovative ideas in the corporate world shaped many individuals into aspiring entrepreneurs.
The sole purpose of providing the corporate world with more innovative ideas in hopes to gain profit led to the increase in new businesses. With maximum people involved in obtaining a respectable place in the corporate world, entrepreneurs became more and more creative by coming up with innovative ideas for the market.
Even though most entrepreneurs had the main purpose to benefit themselves and their business, however, it made a huge impact on the expansion of the corporate world.
Modern Perspective of Entrepreneurship
Along with some other disciplines, the study of entrepreneurship is also paving its way as an important sub-discipline in many universities and colleges. This means that modern youth is extensively interested in pursuing entrepreneurship as a career path.
Due to this reason, several courses have been introduced related to entrepreneurship. Like any other important and popular discipline, entrepreneurship is also growing rapidly. Today, more and more people are in favour of becoming independent in their professional careers and therefore, there are fewer criticisms to be faced by any aspiring entrepreneur.
Social media age
Living in the social media age sure has some advantages if you have chosen entrepreneurship as your career. Modern day entrepreneurs have the perk of expanding their businesses and reaching out to the target audience with the help of social media.
This eventually provides the opportunity for any entrepreneur to pave his way into the global marketplace. Entrepreneurship in the modern world is something any independent individual with leadership quality would opt for.
Modern Day Entrepreneur
With the advent of social media age and advanced technologies, entrepreneurship became more complex. Even though there are several ideas and techniques that may be used during entrepreneurial ventures, this somehow does not make the life of an entrepreneur easy. With multiple marketing techniques, reaching out to the target audience became easy.
However, it also increased the workload of an entrepreneur. With the demanding marketplace, the need of innovative ideas also increased along with the desire to be unique in your business venture. Therefore, in entrepreneurship, the many advantages that may be gained by an entrepreneur are also accompanied by a few disadvantages.
What are the differences between Entrepreneurship and an entrepreneur
We could have heard this two phrases over time, An Entrepreneur refers to a person who organises, manages and operates multiple businesses with different goals and takes financial risks also. … Whereas, an entrepreneurship is defined as the process of starting, executing the business activities with various departments in the business is known as entrepreneurship.
The difference between entrepreneur and entrepreneurship are discussed in the points given below:
An entrepreneur is a person, or a team of individuals, having a vision, which not just generates money, but can also ease the way in which things are done, by providing such products and services that has value to the customer, while taking all the risks, which comes in the way. Conversely, entrepreneurship is an art of turning an idea into reality, which is not only about arranging the resources to give shape to the idea but constantly making efforts in that direction, to earn profit in future and bearing all the risks or rewards.
An entrepreneur is just a person having a unique and practical idea in his/her mind. As against, entrepreneurship is the process of starting and running a business of providing creative products and services.
An entrepreneur is an innovator, as he/she conceives an innovative idea, which is not yet introduced by anyone else in the market. On the contrary, entrepreneurship is the way through which one can make innovations.
An entrepreneur establishes the business venture, in order to convert the idea, into a product or service, which can help many by easing the way work is performed previously. In contrast, entrepreneurship is all about undertaking the business and bearing all the risks that come in the way, to give a proper shape to the entrepreneur’s vision.