Entrepreneurship is an activity which leads to the creation and management of a new organization designed to pursue a unique, innovative opportunity for the personal gain of the entrepreneur.
Entrepreneurship involves creating or discovering new ideas or opportunities for the purpose of creating value and forming a new organization to do so. An entrepreneur is a person who practices entrepreneurship.
At its core, entrepreneurship is starting a business from scratch, which includes everything from visualizing conception to managing the company in the long run.
The main secret to becoming an entrepreneur is as simple as doing something.
A lot of people have ideas and visions, but there are few who decide to take immediate action as the vision occurs. Not tomorrow, not next week but today and now. The true entrepreneur is a go getter, not a dreamer.
Entrepreneurship centers on innovation.
Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation and they need to know and to apply the principles of successful innovation.
While there are no specific traits common among all entrepreneurs but there could be a few characteristics which coincide.
Ability to Plan: Entrepreneurs must be able to develop business plans to meet goals in a variety of areas, including finance, marketing, production, sales and personnel. Some Entrepreneurs have got the plans all in their heads.
Communication Skills: Entrepreneurs should be able to explain, discuss, sell and market their goods or service.
Marketing Skills: Good marketing skills, which result in people wanting to buy goods or services, are critical to entrepreneurial success.
Interpersonal Skills: The ability to establish and maintain positive relationships with customers and clients, employees, financial lenders, investors, lawyers and accountants, among others, is crucial to the success of the entrepreneur’s business venture. They are all part of the Team.
Basic Management Skills: Even if entrepreneurs hire other people to deal with the day-to-day tasks of the business, entrepreneurs need to know whether their company has the correct resources.
Leadership Skills: The ability to develop a vision for the company and to inspire employees to pursue it is imperative for success.
Many of history’s top business leaders earned their success thorough entrepreneurship.
While many workers used to focus on becoming corporate leaders, new studies show entrepreneurs are paving the way for the next generation of business innovators.
There are many people who would rather be an entrepreneur and work from home than working for a company or somebody else.
While the goal is always success, accomplished entrepreneurs must be prepared to move on to the next venture or change their concepts to suit the market should one not work out. In the same move they should not lose too much money.
