Write three definations and give the characterstics of enterpreneurship
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1. 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.
2. Entrepreneurship has been described as the "capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make a profit".
3. In the 2000s, the definition of "entrepreneurship" expanded to explain how and why some individuals (or teams) identify opportunities, evaluate them as viable and then decide to exploit them, whereas others do not and in turn how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth.
Characteristics of entrepreneurship:
1. Passion and Motivation
Although there are many traits that make an entrepreneur successful, perhaps the most important are passion and motivation.
2. Not Afraid to Take Risks
Entrepreneurs are risk takers, ready to dive deep into a future of uncertainty. But not all risk takers are successful entrepreneurs. What differentiates a successful entrepreneur from the rest in terms of risk? Successful entrepreneurs are willing to risk their time and money on unknowns, but they also keep resources, plans and bandwidth for dealing with "unknown unknowns" in reserve.
3. Self-belief, Hard Work and Disciplined Dedication
Entrepreneurs believe in themselves and are confident and dedicated to their project. Their intense focus on and faith in their idea may be misconstrued as stubbornness, but it is this willingness to work hard and defy the odds that make them successful.
4. Adaptable and Flexible
Being passionate and dedicated is important, but being inflexible about client or market needs will lead to failure. Remember, an entrepreneurial venture is not simply about doing what you believe is good, but also making a successful business out of it. Successful entrepreneurs welcome all suggestions for optimization or customisation that may enhance their offering and satisfy client and market needs.
5. Product and Market Knowledge
Entrepreneurs know their product inside and out. They also know the market. Most become successful because they create something that didn't already exist or they significantly improve an existing product after experiencing frustration with the way it worked.
6. Strong Money Management
It takes time for any entrepreneurial venture to become profitable. Until then, capital is limited and needs to be utilized wisely. Successful entrepreneurs plan for present and future financial obligations and set aside an emergency fund.
7. Effective Planning (Not Over-Planning) Skills
Entrepreneurship is about building a business from scratch while managing limited resources (including time, money and personal relationships), which requires planning. However, trying to plan for everything and having a ready solution in place for all possible issues may prevent you from ever taking the first step.
8. The Right Connections
Many people seek comfort in commiseration—friends, colleagues and neighbors are happy to complain about "the global slowdown,” poor demand, or unfair competition—but that won't improve the bottom line. Successful entrepreneurs reach out to mentors with more experience and extensive networks to seek valuable advice.
9. Exit Preparedness
Not every attempt will result in success. The failure rate of entrepreneurial ventures is very high. Sometimes, the best solution is to call it quits and try something new instead of continuing to dump money into a failing business. .
10. Ability to Question Themselves – But Not Too Much
You may ask yourself, am I an entrepreneur? The very question may make you doubt the answer. Even if you don't have the flair of Steve Jobs or the hair of Elon Musk, if you have the courage to ask yourself intimidating questions—"Can I do this? Do I want to do this?"—you have the stuff to be an entrepreneur.
2. Entrepreneurship has been described as the "capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make a profit".
3. In the 2000s, the definition of "entrepreneurship" expanded to explain how and why some individuals (or teams) identify opportunities, evaluate them as viable and then decide to exploit them, whereas others do not and in turn how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth.
Characteristics of entrepreneurship:
1. Passion and Motivation
Although there are many traits that make an entrepreneur successful, perhaps the most important are passion and motivation.
2. Not Afraid to Take Risks
Entrepreneurs are risk takers, ready to dive deep into a future of uncertainty. But not all risk takers are successful entrepreneurs. What differentiates a successful entrepreneur from the rest in terms of risk? Successful entrepreneurs are willing to risk their time and money on unknowns, but they also keep resources, plans and bandwidth for dealing with "unknown unknowns" in reserve.
3. Self-belief, Hard Work and Disciplined Dedication
Entrepreneurs believe in themselves and are confident and dedicated to their project. Their intense focus on and faith in their idea may be misconstrued as stubbornness, but it is this willingness to work hard and defy the odds that make them successful.
4. Adaptable and Flexible
Being passionate and dedicated is important, but being inflexible about client or market needs will lead to failure. Remember, an entrepreneurial venture is not simply about doing what you believe is good, but also making a successful business out of it. Successful entrepreneurs welcome all suggestions for optimization or customisation that may enhance their offering and satisfy client and market needs.
5. Product and Market Knowledge
Entrepreneurs know their product inside and out. They also know the market. Most become successful because they create something that didn't already exist or they significantly improve an existing product after experiencing frustration with the way it worked.
6. Strong Money Management
It takes time for any entrepreneurial venture to become profitable. Until then, capital is limited and needs to be utilized wisely. Successful entrepreneurs plan for present and future financial obligations and set aside an emergency fund.
7. Effective Planning (Not Over-Planning) Skills
Entrepreneurship is about building a business from scratch while managing limited resources (including time, money and personal relationships), which requires planning. However, trying to plan for everything and having a ready solution in place for all possible issues may prevent you from ever taking the first step.
8. The Right Connections
Many people seek comfort in commiseration—friends, colleagues and neighbors are happy to complain about "the global slowdown,” poor demand, or unfair competition—but that won't improve the bottom line. Successful entrepreneurs reach out to mentors with more experience and extensive networks to seek valuable advice.
9. Exit Preparedness
Not every attempt will result in success. The failure rate of entrepreneurial ventures is very high. Sometimes, the best solution is to call it quits and try something new instead of continuing to dump money into a failing business. .
10. Ability to Question Themselves – But Not Too Much
You may ask yourself, am I an entrepreneur? The very question may make you doubt the answer. Even if you don't have the flair of Steve Jobs or the hair of Elon Musk, if you have the courage to ask yourself intimidating questions—"Can I do this? Do I want to do this?"—you have the stuff to be an entrepreneur.
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