Entrepreneurship refers to the activity of establishing a business, embracing financial risk for gaining profits. It is defined as the willingness and the ability to develop or design, organize and manage, or ensure smooth functioning of the business organization along with business risk with a motive to gain profit. It is considered the process of initiating, designing or launching, and running a business, which is initially a small business, offering a service, process, or product for hire or sale. The individuals who design, launch, and operate these businesses are called entrepreneurs. From an economic perspective, entrepreneurs are professionals who manage all the threats of the business. Students encounter various challenges while dealing with this assignment.
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Types of entrepreneurship
There are various types of entrepreneurship based on which entities are established. Below are the types of entrepreneurship:
- Small business entrepreneurship: In this class, smaller business employees come, generally a non-government business class.
- Scalable startup entrepreneurship: Scalable startup focuses on becoming a highly profitable organization initially, but it is not that easy. Risks and external capital are required to establish the startup.
- Large company entrepreneurship: These are large and well-operated enterprises or firms that focus on advancing new opportunities. Developments contain creating a new design or launching new products.
- Social Entrepreneurship: Entrepreneurs involved in social entrepreneurship focuses on removing social issues or problems. These companies are both profit and non-profit organizations.
Characteristics of entrepreneurship
Entrepreneurs are professionals who deal with several hurdles or obstacles while running their venture. To become a successful entrepreneur, you must have some defined characteristics:
- Risk-taking ability: Entrepreneurs must be ready to take risks while initiating a new venture. There is an uncertainty of success and failure at the starting age of a new business. Therefore, entrepreneurs must be courageous enough to handle threats and evaluate them.
- Open-minded: While running a business entrepreneurs must consider every circumstance as an opportunity and use it for the company’s growth. They must be attentive to utilize the situation excellently to expand the business.
- Innovation: It is a crucial feature of entrepreneurship. Entrepreneurs should be highly creative so that they can create a new idea, begin a business and gain maximum profit out of it. Entrepreneurs are considered innovators who bring changes to the market by introducing a new product and modifying the process of executing the same things in an effective manner.
- Visionary and leadership: A successful entrepreneur has a clear vision of his venture. To be a successful entrepreneur, you need to turn your idea into reality, a lot of effort, resources, and employees are required. Leadership quality also plays a key role while starting a new business because it helps them guide the workforce to walk on the right path and attain success.
- Flexibility: One of the primary characteristics of entrepreneurship is flexibility. An entrepreneur should be flexible and adaptable to change in order to accept the change according to the situation. You need to adopt changes as per the market requirements to stay at the top of the list of entrepreneurs.
These are the characteristics of entrepreneurship that you must have. You need to gain these characteristics throughout your academic studies by solving complex tasks.