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In many countries, entrepreneurship is considered to have emerged with the Industrial Revolution and has been popularly associated with innovation. However, entrepreneurship can be traced back to the beginning of human history. Entrepreneurship is understood as a process of creating and managing any business or businesses that aim to satisfy a demanding customer set. A risk taking individual who takes on the responsibility of starting, building and running their own business in order to satisfy that demand.
In this section, we will explore what being an entrepreneur means and how it relates to other topics such as innovation and leadership.
What is Entrepreneurship and how do you define entrepreneur?
An Entrepreneur is an individual who sets up a business or businesses, taking into account all the risks associated with starting a business to meet a particular demand in the market and does so by taking calculated financial risks .
An Entrepreneurship is the act of designing, launching and starting a new business, venture, or project and running the it successfully. It can also be described as the process by which someone becomes an entrepreneur.
What is the importance of Entrepreneurship
The importance of entrepreneurship cannot be overstated. Entrepreneurship provides a way for people to take control of their future and have more control over their life. It is also important for innovation and job creation in the economy as it allows for new products and services to be introduced into the market place which can lead to new jobs being created.
There are many benefits to entrepreneurship including being
- -able to attain financial freedom,
- – control over one’s own time,
- – control over one’s own destiny and
- – being in charge of your own income.
The western countries like the United States Aemrica is ranked number one in the world for entrepreneurship with the Nordic countries of Denmark, Finland and Sweden following.
In India, The entrepreneurial culture is a relatively new phenomenon which is being fueled by the emergence of key trends such as globalization, technology, and liberalization. India’s economy has seen a rapid growth in the last two decade and has been a leading global market for international Venture capitalist to fund Indian for start-ups.
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What are the types of Entrepreneurship?
keywords: type entrepreneur
There are many types of entrepreneurship, but the two main types are social entrepreneurship and traditional entrepreneurship.
1. Social entrepreneurs
Social entrepreneurs are people who want to make a difference in society and strive to do good for others. They often try to solve problems that people in underprivileged communities face. These entrepreneurs often have a cause they care about deeply, and their goal is to create a change for the greater good of the society they live in.
Entrepreneurs starting Non-profit organization who dedicate their lives to improve public health, Working for women and children welfare and old age citizens care often start businesses that serve these underprivilege communities that they care about.
Some of the popular examples of Social entrepreneur in India are:
Padma Shri Award Winner Saalumarada Thimmakka – Saalumarada Foundation
Urvashi Sahni – Founder and CEO of SHEF
Jeroo Billmoria – Founder of Childline
2. Traditional entrepreneurs:
Traditional entrepreneurs are those individuals who want to make money and have a business that can grow into something big. They are more focused on making money than on changing society. Traditional entrepreneurs are individuals who are driven by profits they sight newer opportunities in the market and thrive to explore them and create a profitable business around it.
Traditional entrepreneurs have a mission or a vision, continue to build their business into a large business enterprise. They are the people who take risks and try to make a difference, who seek new innovative ideas and opportunities for growth.
Steve Jobs of Apple and Dhirubhai Ambani of Reliance are examples of traditional entrepreneurs who worked hard and built huge business empire around their vision spanning across continents.
What are the top 4 qualities of entrepreneur must possess?
Entrepreneurs are an important part of the economy. They are the ones who create jobs and help grow the economy. A Successful individual have certain qualities of entrepreneur that make them stand out from other entrepreneurs.
Entrepreneurship is a natural human trait and develops as soon as individuals recognizes however there are other qualities of entrepreneur that an individual must posse to become a successful entrepreneur.
1. Courage
Courage is the ability to do something that frightens one. It is a virtue that allows us to face our fears and push through them.
Courage is a vital quality for an entrepreneur. Entrepreneurs need to have the courage to take risks and to face challenges head on. They need to be able to keep going even when they are facing adversity or failure.
A lack of courage can lead to inaction, which can cause a business or an idea to fail. It is important for entrepreneurs not only have the courage themselves, but also inspire others with their own courage in order for their businesses and ideas to succeed.
In order for an entrepreneur to have courage, they must be able to identify and overcome their own fears, as well as the fears of those around them. They must also have the strength of character to keep moving forward even when they are afraid.
Courage is a necessary virtue for entrepreneurs as they would need immense courage both physically and mentally to start a business from zero and to create something from scratch. They should have courage to take big financial risks, and put on stakes their jobs, relationships, steady lifestyle and peace of mind only then can they leads to success.
2. Creativity
“Creativity is the most important quality for an entrepreneur.”-Eric Ries
Creativity is important for any entrepreneur. It is the driving force behind innovation and new ideas. Creativity can be applied to many aspects of entrepreneurship. The creative process is a continuous and ongoing cycle, involving the selection, development and implementation of an idea or invention.
Creativity is not a single act but a sequence of actions that are usually planned and sequential in nature. The creative process begins with the formation/generation of new ideas as well as the evaluation, selection and adaptation thereof.
Entrepreneurs are always looking for new ways to make their business grow. This is where you need to be creative, innovative and think outside the box when dealing with competition. The need for creativity in entrepreneurship is not just about coming up with new ideas, but also about how to make those ideas work. One needs to be creative in these four areas of business do be successful in the long run.
- Marketing
- Product Development
- Problem Solving
- Innovation
3. Perseverance
Entrepreneurship is not a walk in the park, it requires a lot of persistent hard work, dedication and patience.
Perseverance is the key to success for any entrepreneur. It is the quality of not giving up in the face of adversity or difficulty but regathering one self confidence and continuing the path unflinching. Entrepreneurs need to have a strong will and keep going even when they face challenges.
Entrepreneurs must possess the sense of self-reliance, confidence and the the belief in one’s own ability these are the virtue’s that fuels the spirit of perseverance among young entrepreneurs. Perseverance is needed to push past failures and find success in a tough business.
Perseverance is one of the most important life skills for an entrepreneur. Entrepreneurs need to be persistent and tough enough to remain resilient. through difficult times, as well as persistent and tough enough to keep working harder when the desired results are difficult to achieve and or unsatisfactory.
4. Leadership
Leadership is a very important quality that every entrepreneur must possess because it provides a sense of direction and guidance to the business. It also helps them to see what they should be focusing on and underline priorities which would make the business successful in the long run.
Leadership is the act of guiding and directing an organization, group, or individual. Leadership is the process of influencing people to take action with their skills and talents. Leadership is like running a marathon and not a sprint it is important skill for the longevity and success of the business.
Entrepreneurs are usually not born with leadership skills but they can learn them through different ways such as mentoring, volunteering, or taking a course on leadership. Entrepreneurs should also be aware of the risks that come from not having leadership skills such as lack of direction for the business, no clear vision for the future, and no understanding about how to motivate employees.
The leadership style of an entrepreneur has a direct impact on the company culture. Successful Entrepreneurs should understand their own leadership style and find ways to make it work for them and their team.
Different types of leadership styles:
1) Autocratic – These type of leader are focused on maintaining control over his organization at all times, with little or no input from others.
2) Democratic – Democratic leaders are open to input from others, but they have the final say in decisions that are made
3) Laissez–faire – These leaders allow for complete autonomy for their employees their approach is little hands-off and trusting the employees to accomplish the job in hand.
4)Transformational leadership – These leader are characterized by inspiring their employees to work for shared goals, involvement in their work, concern for their well-being, and rewarding high performance.
Leaders need to be able to motivate, inspire, and guide their team members in order for them to succeed. They also need to be able to think strategically about how best to achieve their goals, as well as delegate tasks effectively so that everyone can contribute.
Some of the Leadership abilities and good qualities of entrepreneur are:
- Ability to articulate a vision for the company
- Ability to develop and maintain a strategy for the company
- Ability to build consensus among team members and stakeholders
- Ability to motivate employees by communicating the company’s goals and values
- Ability to develop compassion and zeal among the team when the going gets tough.
What is the difference between an Entrepreneur and an Innovator?
An innovator is someone who creates an inventions. Innovators often turn to entrepreneurship for exploring the full potential of their inventions and thus transform the world around them. Innovators as Entrepreneurs are often regarded as catalyst of change.
Not every Innovator aspires to become entrepreneur and also vice-versa. Most Innovators have passion for inventing new ideas and products that could change the world and are committed to the process of inventions for their life time. They may pass the buck to entrepreneurs to transform their ideas or inventions in to real life business,
An entrepreneur is someone who takes new ideas either developed by themselves or inspired by someone else and turns them into something that can be used in the real world.
Entrepreneurs are risk takers, they are willing to take a chance on an idea that might not work out in order to bring it to life.
Entrepreneurs are also visionaries; they see something that needs to be done and then do it. They have the ability to create a whole business from scratch.
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