What is Entrepreneurship?

What is Entrepreneurship?

Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new business. In economics, entrepreneurship connected with land, labour, natural resources and capital can generate a profit. The entrepreneurial vision is defined bydiscovery and risk taking and is an indispensable part of a nations capacity to succeed in sn ever changing and more competitive global marketplace.

Entrepreneurship is now a popular college major, with a focus on studying new venture creation.

Start-ups

Starting a business generally requires:

• A business concept or idea involving a product, service, process, or new technology
• People to support the work, whether as employees, vendors, or advisors
• A process by which the product or service will be delivered, or the technology will be developed
• Enough money to support the development of the idea to the point that it generates revenue

Why New Businesses are Started

According to research by Cox Business, the main reasons entrepreneurs go out on their own, rather than staying employed, are:

• Control – to be their own boss
• Ambition – to start something from scratch themselves
• Financial – opportunity to earn more money

In fact, an Intelligent Office study reported that 65% of employees would rather be entrepreneurs than work for someone else.

What Kind of Business to Start

Finding a need or opportunity in the market and filling it is at the core of entrepreneurship and small business success. That doesn’t mean that starting a business similar to one already in existence can’t be successful, however.

In considering what kind of business to start, assess:

• Your interests
• Your background and experiences
• Your financial resources
• Unmet market needs
• Problems you can solve
• Your network and connections

With an estimated 50% of new businesses failing in the first five years, entrepreneurs will also need to be committed, persistent, and adaptable to beat the odds.