Shortly, Entrepreneurship and Entrepreneur both are closer, one represents a person and other represents the person’s activity. they mean that to build a life on your own terms. No bosses. No restricting schedules. And no one holding you back. an entrepreneur is able to take the first step into making the world a better place, for everyone.
Entrepreneurship is that it is the process of starting a business or an organization for profit or for social needs. We have used the phrase for profit or for social needs to delineate and separate the commercial entrepreneurship from social and charitable.
In fact, entrepreneurship is about the execution of ideas؛ it is the act of creating a business or businesses while building and scaling it to generate a profit, and take their career and dreams into their hands and lead it in the direction of their own choice.
An entrepreneur is someone who develops a business model, acquires the necessary physical and human capital to start a new venture, and operationalizes it and is responsible for its success or failure. they see possibilities and solutions where the average person only sees annoyances and problems.
An entrepreneur is a person who sets up a business with the aim to make a profit. he starts something that can eventually create a full-time, sustainable business with employees. he is the person who organizes, manages and operates multiple businesses with different goals and takes financial risks.
Being an entrepreneur means having a plan and vision but still succeeding or trying to succeed when the plan falls apart and you’re left with only your vision. It also means knowing when to give up, especially if your idea isn’t working due to forces outside of yourself.
Importance of Entrepreneurship
- Entrepreneurs create jobs:
Without entrepreneurs, jobs wouldn’t exist. Entrepreneurs take on the risk to employ themselves. Their ambition to continue their business’ growth eventually leads to the creation of new jobs. As their business continues to grow, even more, jobs are created. Thus, lowering unemployment rates while helping people feed their families.
- Entrepreneurs create change:
Entrepreneurs dream big so naturally, some of their ideas will make a worldwide change. They might create a new product that solves a burning problem or takes on the challenge to explore something never explored before. Many believe in improving the world with their products, ideas or businesses.
- Entrepreneurs serve society:
While some have this notion of the rich being evil and greedy, they often do more for the greater good than the average person. They make more money and thus pay more in taxes which helps fund social services.
Entrepreneurs are some of the biggest donors to charities and nonprofits for various causes. Some seek to invest their money in creating solutions to help poorer communities have access to things we take for granted like clean drinking water and good health care.
Common believes in Entrepreneurs
- They take unknown risks
In fact, entrepreneurs do take unknown risks, but they keep resources and plan as much as they can for dealing with the unknown.
- They start with a revolutionary invention
of course, this is also partially true; not all entrepreneurial ventures are true breakthroughs. Most are identifying and capitalizing on a mix-n-match approach. Google did not invent the internet, McDonald’s did not invent the cheeseburger, Starbucks did not invent coffee. It’s the identification and capitalization of the idea and rapid growth rate that makes the venture entrepreneurial.
- They start with sufficient capital
Capital is the foremost requirement of any entrepreneurial venture. Most entrepreneurs fail to secure sufficient capital from outside sources unless they have somehow proven themselves or have a marketable prototype. Hence, most entrepreneurs start out with insufficient capital with an aim to secure more along the way.
- They venture out only after gaining experience
Most entrepreneurs are young, inexperienced individuals who follow their passion. Entrepreneurs complete extensive research before taking the first step.
Unless an existing business is setting up a new business line on a new concept, entrepreneurs start with very limited or no research. However, they do have good awareness about the potential of their offering, which gives them the confidence to assume the risk.