Table of Contents
What is the meaning of entrepreneur?
Characteristics of an Entrepreneur
Steps to become an entrepreneur
What is the meaning of Entrepreneurship?
What are the benefits of Entrepreneurship to society?
What skills are needed to be an entrepreneur?
v
What is the meaning of Entrepreneur?
An entrepreneur is a person who develops a new company, carries most of
the risks, and receives most of the rewards. The entrepreneur is widely seen as
an innovator, a source of new ideas, products, services, and
business/procedures.
An
entrepreneur makes money by starting their own business, especially when this
involves seeing a new opportunity and taking risks.
Entrepreneurs play a vital role in any economy, using the expertise and the effort needed to anticipate needs and bring new ideas to the market.
Entrepreneurs who prove successful in taking risks from start-ups are rewarded
with profits, popularity, and continued growth opportunities—those who struggle
to endure losses become less prevalent on the markets.
Another
definition of an entrepreneur who organizes manages, and assumes the risks of a
business or enterprise.
v Characteristics
of an Entrepreneur
People might have thought that an
'Entrepreneur' is a person who is thinking differently; his thinking is
different from a regular person. Ordinary people learn to seek a good job. After that, a sweet home. A car, bank
balance, a piece of land that is it.
Nevertheless, an Entrepreneur is a person who thinks apart from that,
and he is a job giver rather than a job seeker.
An Entrepreneur thinks upon his idea to introduce them into the concrete
business plan, which becomes anything like an e-book, audiobook, an app, online
courses, an educational, technical youtube channel, any manufacturing company,
an instrument, learning app, food product, agriculture products, entertainment
products, etc. There are many more things
that ignite the entrepreneur's mind to start a business.
There
Whether the business plan becomes come true, or after that,
the idea may succeed or not. To become
an entrepreneur, one should have to think out of the box. Entrepreneurs' minds
should be full of various ideas. If one
should not have an idea, he will not become an entrepreneur because people’s minds should be full of ideas and dreams to make an entrepreneur.
To
become a successful entrepreneur, you should have 4 'P' & 2 'S' in your
life. They are patience, perseverance,
persistence, persistency, sedulousness, and stick-to-it-iveness.
The entrepreneur has been used in English to refer to a form of
businessman since at least the middle of the 18th century when it appeared in
the translation of the instructions of the King of Prussia to his generals ('.
. if the country does not abound in forage, you must agree with some
Entrepreneur on the quantity required.'). During the 19th century, a go-between
or an individual involved in some action was often used (as opposed to just a
business).
Economists have never had a consistent definition of
"entrepreneur" or "entrepreneurship" (the word
"entrepreneur" comes from the French verb entrepreneur, meaning
"to undertake").
In the case of an economist, an entrepreneur serves as a coordinating agent in the
capitalist economy. This cooperation takes the form of a transfer of resources
into new potential opportunities for profit. The entrepreneur transfers a range
of tools, both tangible and intangible, to promote capital development.
The entrepreneur can
help clear up the uncertainty when he makes decisions or assumes the risk in a full of confusion. To
the degree that capitalism is a dynamic profit-and-loss method, entrepreneurs
drive product discovery and continually discover information. Developed
companies face intensified competition and threats from entrepreneurs, inspiring them to undertake research and development activities. From a
technical, economic point of view, the entrepreneur disrupts the trajectory
towards a steady-state balance.
Nurturing entrepreneurship can have a
positive impact on the economy and culture in a variety of ways. First of all,
entrepreneurs are building new companies. They invent goods and services, which
lead to jobs, and often create a ripple effect, which leads to more and more
growth. Entrepreneurs are generating
social change. They break tradition with unique innovations that minimize
reliance on existing methods and structures, often making them redundant.
Smartphones and their applications, for example, have revolutionized work and
play around the globe.
Research shows that high levels of
self-employment can slow economic development: entrepreneurship, if not
adequately controlled, can lead to unfair market practices and corruption, and
too many entrepreneurs can build income inequality in society. Overall,
however, entrepreneurship is a crucial driver of creativity and economic
development. Encouraging entrepreneurship is also an essential part of the
economic development agenda of many local and national governments around the
world.
To this end, governments are generally
interested in the creation of entrepreneurial ecosystems, which can include
entrepreneurs themselves, government-sponsored assistance programs, and venture
capitalists. They can also include non-governmental organizations such as
corporate associations, business incubators, and education programs.
v
Steps to Become an Entrepreneur
1.
Search
Out the best business for you to do
Entrepreneurship
is a broad concept, and you can be an entrepreneur in just about every field. However, you are going to have to choose a
sector to work in and start a company. Find
a company that will not just be profitable, but that is something you are
passionate about. Entrepreneurship is a
challenging task, so you want to concentrate your energy on something you care
about.
2.
Need
of education
There
is no need for formal education to become an entrepreneur. However, it is necessary to be educated in
which field you are starting your company, for example, software development,
coding, marketing strategies, etc.
3.
Make
a business plan.
To become a successful entrepreneur, you must have a proper business plan in your
mind. Without the proper plan, the
business will not achieve its goal.
4.
Make
something better (or less expensive) than what is out there
You do not always have to build brand new stuff. You would have many
buyers if you can sell an existing product at a lower price, a better quality,
or preferably both. Better still, a current market exists.
If you ask the question, can anyone be an entrepreneur? Then the answer is that Anyone can be an
entrepreneur, but not everyone will have the same degree of success.
Entrepreneurship has a lot of experience, ambition, and, often, education. However,
there are no preconditions for being an entrepreneur and successful
entrepreneurs from any demographic perspective.
5.
Your idea should be Innovative.
The generation of fresh innovations, start-up of a business, and benefit
from it should be highly creative. Change may be the introduction, more
effectively and economically, of a new product or a process that does the same
thing.
6.
Ability
to take a risk
The launch of every new enterprise implies a significant risk of
failure. Therefore an entrepreneur must be bold and willing, an integral aspect
of becoming an entrepreneur, to assess and take risks.
v
What is the meaning of Entrepreneurship?
Entrepreneurship is the willingness and
preparation to create, organize and operate a company and its uncertainties to profit. The launch of new companies is the most famous example of
entrepreneurship.
In
economics, entrepreneurship linked to land, labor, natural resources, and
capital can generate income. Discovery and risk-taking determine the
entrepreneurial vision and are an integral part of the nation's ability to
compete in a rapidly evolving global marketplace. Entrepreneurship relates to creating and
operating an organization to benefit from taking different chances in the
business sector. In other terms, entrepreneurship can launch a new enterprise.
The entrepreneur is described as someone who has the skill and will, and the right
to profit from creating, managing, and succeeding in a start-up undertaking. The
best example of entrepreneurship is the launch of a new business venture.
Entrepreneurs are also regarded as a source of new ideas or innovators, and
they bring new ideas to the market by replacing old with new inventions. It can be listed as a small or domestic
company by multinational corporations. In economics, the profits generated by
an entrepreneur are combined with land, natural resources, labor, and capital. In short, anybody who has the will and desire
to start a new business and deal with all the risks that go with it can become
an entrepreneur.
There are three types of entrepreneurship;
1.
Small
Business Enterprise-
They are Incense sticks (agarbatti), Handmade
chocolates, Cotton buds, Papad, Disposable plates and cups, Jute bags, Organic
soap, Paper bags, Breakfast Joint, Daycare Services, etc. These individuals run or operate their own
company and employ families or local employees. For them, profit could feed their families and
not become one hundred million companies or take over an industry. They finance their company by taking credit or
loans from friends and relatives.
2.
Scalable
Start-up for Entrepreneurship -
This start-up contractor starts a company
that knows that its vision will change the world. It attracts investors who
think and inspire people who think. The study focuses on a scalable market and
experimental model to recruit the best and best people. It would help if you
had more risk capital to fuel and sustain your project or company.
3.
Large Entrepreneurship Business-
These enormous organizations have
characterized the life-cycle. The majority of these organizations develop and
continue by offering new and imaginative items that spin around their essential
items. The adjustment in innovation, client inclinations, new rivalry, and so
forth construct pressure for numerous organizations to make a creative item and
offer it to the new arrangement of clients in the new market. The current
associations either purchase advancement undertakings or endeavor to develop
the item inside to adapt to the fast mechanical changes.
Some of the example of large scale
industries- Fertilizers, cement, natural gas, steel, metal extraction, metal
refining, energy, mining, electrical, petrochemical, food processing machines,
tourism, finance, sugar, building, automobile, communication devices,
electronics, chemicals, earthmovers, consumer durables (such as tv,
refrigerators, etc.).
v
What are the benefits of Entrepreneurship to
society?
Ø Work development - Creativity produces opportunities. It offers
an entry-level job for professional employees to obtain expertise and training.
Ø Innovation- This is the center for innovation that creates new
enterprises for products, customers, technologies, goods efficiency, etc., and
raises people's living standards.
Ø Effect on Culture and Economic Growth - Once the work base is broad and diversified,
society becomes more vigorous. It encourages structural reforms and services
such as higher tuition costs, increased sanitation, fewer slums, and a higher
homeownership rate. Entrepreneurship also allows the company to achieve a more
prosperous and high level of community existence.
Ø Increasing living standards – Entrepreneurship helps increase a person's
quality of life by increasing his salary. For a particular time, the living
conditions raise the purchase of different products and services by a family.
Ø Research and development assistance - Before opening the market, innovative
technologies and services can be examined and evaluated. An entrepreneur also
frequently offers research and development support for research organizations
and colleges. This encourages science, building, and economic growth.
v
What skills are needed to be an entrepreneur?
1. Curiosity
2. Time management
3. Strategic thinking
4. Efficiency
5. Resilience
6. Communication
7. Networking
8. Finance
9. Branding
10. Sales
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