Entrepreneurship can be defined as the skills needed for a person to convert ideas into creativity of raw-materials to finished goods or services.The most better way to be successful as an entrepreneur includes:
1.integrity
2.long suffering
3.creativity
4.exchange ideas
5.research.
Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. The exploitation of entrepreneurial opportunities may include:[5]
Developing a business plan
Hiring the human resources
Acquiring financial and material resources
Providing leadership
Being responsible for both the venture's success or failure
Risk aversion
The economist Joseph Schumpeter (1883–1950) saw the role of the entrepreneur in the economy as "creative destruction" – launching innovations that simultaneously destroy old industries while ushering in new industries and approaches. For Schumpeter, the changes and "dynamic disequilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy".[6]
While entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups, charitable organizations and government.[7]
Entrepreneurship may operate within an entrepreneurship ecosystem which often includes:
Government programs and services that promote entrepreneurship and support entrepreneurs and start-ups
Non-governmental organizations such as small-business associations and organizations.
Project entrepreneurs are individuals who are engaged in the repeated assembly or creation of temporary organizations.[111] These are organizations that have limited lifespans which are devoted to producing a singular objective or goal and get disbanded rapidly when the project ends. Industries where project-based enterprises are widespread include: sound recording, film production, software development, television production, new media and construction.[112] What makes project-entrepreneurs distinctive from a theoretical standpoint is that they have to "rewire" these temporary ventures and modify them to suit the needs of new project opportunities that emerge. A project entrepreneur who used a certain approach and team for one project may have to modify the business model or team for a subsequent project.
Project entrepreneurs are exposed repeatedly to problems and tasks typical of the entrepreneurial process.[113] Indeed, project-entrepreneurs face two critical challenges that invariably characterize the creation of a new venture: locating the right opportunity to launch the project venture and assembling the most appropriate team to exploit that opportunity effectively. Resolving the first challenge requires project-entrepreneurs to access an extensive range of information needed to seize new investment.
Factors that may predict entrepreneurial success include the following:[126]
Methods
Establishing strategies for the firm, including growth and survival strategies
Maintaining the human resources (recruiting and retaining talented employees and executives)
Ensuring the availability of required materials (e.g. raw resources used in manufacturing, computer chips, etc.)
Using that the firm has one or more unique competitive advantages
Ensuring good organizational design, sound governance and organizational coordination
Congruency with the culture of the society[127]
Market
Business-to-business (B2B) or business-to-consumer (B2C) models can be used
High growth market
Target customers or markets that are untapped or missed by others
Industry
Growing industry
High technology impact on the industry
High capital intensity
Small average incumbent firm size
Team
Large, gender-diverse and racially diverse team with a range of talents, rather than an individual entrepreneur
Graduate degrees
Management experience prior to start-up
Work experience in the start-up industry
Employed full-time prior to new venture as opposed to unemployed
Prior entrepreneurial experience
Full-time involvement in the new venture
Motivated by a range of goals, not just profit
Number and diversity of team members' social ties and breadth of their business networks.
Some businesses are ideas oreinted,most of the businesses of now are days are all sole proprietorship,partnership businesses are minimal.
Entrepreneurship is the process of designing, launching and running a new business which is often initially a small business and the people who create these businesses are called entrepreneurs.
Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit".[3] While definitions of entrepreneurship typically focus on the launching and running of businesses due to the high risks involved in launching a start-up, a significant proportion of businesses have to close due to "lack of funding, bad business decisions, an economic crisis, lack of market demand .
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