Understanding The Concepts Of Entrepreneur And Entrepreneurship

Today, our societies are fast developing with so many jobs opportunities. This is thanks to the work of entrepreneurs through their creative ability in bringing up new innovative ideas and turning them in to business ventures, not minding the risks involved.

Someone may ask the questions; who is an entrepreneur?, what is entrepreneurship?. Well, you are about to find out.

What is Entrepreneurship and who is an Entrepreneur?

Entrepreneurship is the ability and readiness of an entrepreneur to developed, organize and run a business enterprise along with any of its uncertainties in order to make profit and to grow in business. The most prominent example of entrepreneurship is the starting up of a new business.

This implies that any one who has  the wiliness and determination to create a new business idea, bearing most of the risks and enjoying most of the profit is an entrepreneur.

An entrepreneur is frequently regarded as an innovator, providing new ideas, services, items, or techniques. Most people become entrepreneurs because they see it as a mandatory journey to take. Their prior experience in the job market or achievement in education makes them to realized that working  for others is not longer suited for them. 

An entrepreneur's principle objectives are:profit and growth. The concept of  entrepreneur is borrowed from the French word "Entreprendre" meaning; one who undertakes (manager). The word was shaped probably from " Ce Lui Prendre", which is translated as those who get things done. 

An example of entrepreneur is Joseph A Schumpeter. He discovered "the creative destruction theory" which state that the entrepreneur does not just invent things but also exploits a novel way which has already been invented.

What are the Major Types of Entrepreneurship Business?

After knowing what entrepreneurship is and also who an entrepreneur is, it will be a wise thing to find out the different forms of entrepreneurship business.

Though entrepreneurship is the general process of developing, starting, and maintaining a business, there are various varieties of entrepreneurship based on people's distinct objectives and visions for the type of business they wish to start. some of the types of entrepreneurship will be discussion below;

Small Business Entrepreneurship: 

Small business entrepreneurship is that type of business with profit that can support the family and also give them a moldiest life style. They don't see large scale profits. this type of business is controlled by family members or local employees. A example isa sole proprietorship business.

Large Company Entrepreneurship:

An advanced professional who understands how to sustain innovation owns this form of entrepreneurial business. They are often part of a large theme of executives.

Scalable Startup Entrepreneurship:

In this type of business, the entrepreneur believes that their company can change the world. They often receive funding from venture capitalists and highly specialized employees.

They look for things that are missing in the market and creates them. they see rapid expansion and bring profit. Examples are ;Google, Facebook, Instagram etc.

Social Entrepreneurship:

This type of entrepreneurship is a business that is not capitalized on profit making.

It is owned and controlled by entrepreneurs who want to solve social problems with their services. Their goal is to make the world a better place  and so they don't work for profit or wealth.

Innovative entrepreneurship:

This type of business is controlled people who are constantly coming up with new ideas and innovations.   They take their ideas and turn them in them into business ventures.  

They often aim to change the way people live for the better. Innovators are highly motivated and enthusiastic individuals who seek methods to differentiate their products and services from the competition. Bill Gates and Steve Jobs are two examples.

Hustle Entrepreneurship:

This type of entrepreneurship deal with people who are willing to work hard and put in constant effort to their business. They often start small and work towards growing a bigger business with hard work rather than capital.

Buyer Entrepreneurship:>

This is concern with entrepreneurs who uses their wealth to fuel their business venture. Their specialty is to  use their fortune to buy businesses that they think will be successful. 

They discover promising businesses and seek to acquire them, after which they make any structural modifications they deem necessary.

Imitators, and Researchers Entrepreneurship

These are also forms of entrepreneurship business. So which type of entrepreneur are you?

Entrepreneurial Practices

To be an entrepreneur in today's world is not a day's job. There are some practices that you most follow.

These practices are the core practices of entrepreneurship which are: the practices of: play, empathy, creation, experimentation and reflection.

• The practice of play:  This is about developing a free imaginative mind, which allows one to see a wealth of possibilities, a world of opportunities and  a pathway to more innovative ways of being entrepreneurial.
• The practice of empathy: The is the ability of an entrepreneur to understand the emotions, circumstances, intensions, thoughts and needs of others.
• The practice of creation: This needs a general openness to the world and is related to unlocking our creative power to create and solve problems.
• The practice of experimentation: This is best described as acting in order to learn from an attempt, and building that learning into the next iteration.
• The practice of reflection help in the orientation of all previous practices.

What Are The Characteristics of a Successful Entrepreneur?

As an entrepreneur, there are some characteristics/features that you posses in order to achieve success in your line of business.

Success in entrepreneurship is not just about one's ideas or money but embodies the following characteristics;

Self motivation:

Self motivation is one of the most significant characteristics of an entrepreneur. You must be able to push yourself if you want to succeed. As an entrepreneur, you are not accountable to anybody else; stick to your goal and keep moving forward even if there is no immediate remuneration.

Understand what you offer:

As an entrepreneur, you need to know what you offer and how it fit in to the market. It doesn't matter if it's a product or a service. That implies you must understand when it is OK to make minor adjustments. you also have to know if you are at the high end, middle or at the tail end. this will enable you to be able to adjust and position yourself as need be.

Flexibility

To a certain degree, you need to be flexible as an entrepreneur. Be willing to change as needed. Stay on top of your industry and be ready to adopt changes and products as they are needed. some times, you also be flexibility in your thinking. this is an essential part of problem solving.

Passion

Successful entrepreneurs are passionate. They feel deeply about their products or services or mission. Passion is what will help you discourage and it will drive you forward. Passion is fuel for successful entrepreneurship. if you find yourself losing your passion, that may be a clue that it is time to move to something else.

Know how to network

Being able to connect with others and recognized partnership opportunities can take you a long way as a business owner. Determine where to go for networking and opportunities, and make a point of learning how to be effective.

Basic money management skills and knowledge

As an entrepreneur, if you want to be successful, you should developed basic money management skills and knowledge. Understand how money works so that you know where you stand, and so that you run your business on source principle.

Related Post:

• What Is The Role Played By Entrepreneurship In Economic Growth?
  
• What Is Legal Personality and Its Meaning In The Business World?

Final thought on what is Entrepreneurship and who is an entrepreneur?

Base on this article, entrepreneurship is all about bringing up new innovative ideas, developing and organizing those ideas in to a business venture, bearing the risk involved and enjoying the profit. while an entrepreneur in that individual that undertake the process of entrepreneurship. 

However, success in entrepreneurship requires some core practices such as the practices of play, empathy, creation, etc. Entrepreneurs are self-motivated, flexible and also well as being passionate about their business.