What is Entrepreneurship (Definition, Process, Types, and Key Features)
Many dream of the wealth that is associated with becoming an entrepreneur but fail to recognize the hard truth; most businesses do not always succeed in the first year. Entrepreneurship is not something easily figured out; it takes years of understanding and acquiring more knowledge about it. Research has shown that older entrepreneurs tend to have a higher success story but that doesn’t mean only the old one succeeds, it only implies that entrepreneurship is all about how smart and wise one can be. The young ones are in a haste to make money so harsh and wrong decisions can be made but the old would be calculative in any decision they make. Another fact that needs to be recognized is that comparing two businesses because they deal with the same services. Engaging in such an act is wrong and can easily crumble the business. Even dealing with the same goods and services does not mean both parties will have a similar growth rate or profit. Definition of Entrepreneurship Entrepreneurship can be defined as starting up an enterprise or business to satisfy consumers or solve their problems. It is mostly said to be a vision-meeting hustle, and in turn, the hustle pays the dues. Creativity in entrepreneurship is a driving force, and for that reason, the person needs to be smart and come up with brainstorming ideas. Nevertheless, risk-taking is important for the you to progress as an entrepreneur and establish long-lasting satisfaction for consumers. The spirit of Entrepreneurship can be pursued forward with the help of technological advancement giving rise to eager entrepreneurs ready to go into the market and sort for their target audience. Even with the economy not being stable most entrepreneurs still find an innovative way to make things work. One of the main focuses of entrepreneurship is innovation: the reason for this is to ensure that new services and products can be created to meet the demand of the market as well as that of the people. If you want to become an entrepreneur, you must be prepared to learn, adapt, and also connect passion in the process of doing so bearing in mind that when goals are set it works well. Process Of Entrepreneurship a)Generating Ideas: In this process, ideas are generated in different kinds of ways. It can be by brainstorming, doing research, or asking family or friends. This step is where the idea is cooked before bringing it to the limelight. Extensive research is meant to be carried out to gather every necessary information, also the information should be accurate because that would be the foundation of the business. b)Market Analysis: The main aim of this step is to carry out an overall check on the services and products that would be rendered. Market analysis would allow you to know what the consumers would like, dislike, or products in trend. Failure to include this step can lead to a distraught in business (misinformation and unsatisfied customers). The basic ways to understand how the market works are by; stating reasons carrying out the analysis, then going ahead to find out people that would be the target audience when that is done observe fellow business colleagues in the same business and understand how their business works. After getting this information make some more findings then go ahead to utilize every finding made. The flaws of another business can be the strength of one business. c)Planning: Having a detailed plan after getting the analysis would help in setting goals. Failing to plan is planning to fail because the plan would serve as a navigator. d)Funding: An entrepreneur needs capital to start up, In this step gathering of funds or resources is done. Most times they can reach out to banks for loans or solicit from family members but it is always advised that whatever capital is used for a startup should be budget-friendly in case the venture doesn’t turn out as expected any loss suffered would not affect the business. e)Unveiling of the business: After planning, the next step that follows is the unveiling, telling people. This can be done through social media and physical gatherings. At times people contact social media managers to help handle the online presence of their business to give it the visibility needed. f) Growth Analysis: Growth analysis involves checking for the progress level of a business or venture. It helps keep ventures in check to monitor how well the business is doing. Many do not know that this step is important, thereby neglecting it which is why most businesses do not do so well. As an entrepreneur monitoring how well the growth of the business is progressing should be a top priority and when a decline is identified, it would allow the solution to be sorted out immediately. Key Features People who run business ventures can easily point out the distinct attributes of entrepreneurship. Those things considered to be the structure or form, listed below are a few of them. Risk-taking: Taking risks notwithstanding the outcome can be helpful at times and is considered necessary. An entrepreneur has to make risky decisions to attain some goals. The risk taken can sometimes be personal or finance-related. Even without knowing the outcome just pursuing that opportunity because it was seen as a potential. It is important to know that risk-taking allows for exploring new ideas and also encourages learning new things. Resourceful Nature: This is the ability to make use of available opportunities to overcome problems. Entrepreneurs would sort out resources that can be used at that point in time and make use of them in a creative way that would yield positive outcomes. The opportunities can come in the form of materials or networking. One added advantage to an entrepreneur is the ability to think outside the box and be smart. Market Approach: This feature allows the entrepreneur to access market value. To carry this out, the selling price of the item that is the same would have to
