What is Entrepreneurship?
Entrepreneurship is an activity which is done by a person to bring out the social change in the world, by innovative technologies, services, products, etc.
In a more formal definition, Entrepreneurship is the activity of setting up a business or businesses, taking on financial risk in the hope of profit.
Hence, entrepreneurship is an act by which a person became independent and lives a life on his/her terms and conditions. Entrepreneurship is about being your boss.
Who is an Entrepreneur?
An entrepreneur is a person who brings about changes for the betterment of society.
An entrepreneur is someone who sees the world from a different angle. An entrepreneur is a risk-bearer, organizer, and innovator.
Entrepreneur as a risk-bearer–
As a risk-bearer, an entrepreneur is the one who buys certain factors of production changes them into a product and sells them at uncertain prices in the future. There is uncertainty about the prices, which is not an ordinary risk that can be insured therefore the entrepreneur is a risk-bearer.
Entrepreneur as an organizer-
As an organizer entrepreneur combines the labor, land, capital other resources to make a product. After selling this product in the market and subtracting all the receipts which remained is the profit.
Entrepreneur as an innovator–
As an innovator entrepreneur is the one who introduces a product, a service or a technology in the existing one to improve the lives of the people.
Example of Entrepreneurs–
Every entrepreneur has a different vision to see the world to find out the best opportunity for them as well as for the improvement of society.
Many successful entrepreneurs influence the world in different ways because as every individual is different, every entrepreneur is different.
Steve Jobs will always be the most famous and successful entrepreneur in the world. He formed an apple computer company. Jobs’ inventions have been a boon in technology. He passed away with a net worth of over $8.3 billion.
Oprah Winfrey is one of the most successful lady entrepreneurs in the world. She is the richest African-American woman. Despite having a past full of thorns she never gave up in life. Now she owns a cable network company named OWN meaning Oprah Winfrey Network. She acquired the name “queen of all media”. She is the only multi-billionaire in American history possessing a net worth of 2.9 dollars.
Elon Musk, who doesn’t know about him. He is one of the most influential South African born American. He launched his first company Zip2 Corporation, in 1995 with his brother, Kimbal Musk and X.com in 1999 which later became PayPal.
In 2002, he founded SpaceX which is a huge success.
These are some of the examples of the most influential entrepreneurs, who are trying to bring a revolution into the world.
Traits of the entrepreneurship–
• Creative thinking– creativity is an important characteristic of an entrepreneur. A creative mind thinks about new ideas. Instead of blaming the situation, they find a solution to a particular problem. They have amazing imagination power. They think that every product, service has a scope of improvement.
• Embrace changes– successful entrepreneurs are very flexible about the changes. They are always ready for the changes and take the advantages out of the situations.
• Hard work vs smart work– Entrepreneurs know when to work hard and when to work smart. They know that neither of the two can substitute each other.
• Use money wisely– Money management skills of the entrepreneurs should be very good. They should know where, when, how much to invest.
• Vision – successful entrepreneurs know everything about their business- why the organization exists, how a product or a service will bring a difference to the existing one, in which market is to be launched.
• Maintain the consistency– successful entrepreneurs are always consistent with their work. They know that success can’t be achieved overnight. They should not give up on the tough situations.
There is a famous saying by an entrepreneur –
“Tough times never last, but tough people do.”- Robert H. Schuller.