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What is Entrepreneurship?

What is Entrepreneurship?

Entrepreneurship is known as the act of taking financial risks in a particular business or businesses, hoping to make some profit. A broader point of view says that it is an act of handling business and associated risks in it initial stages to set the business up. Individuals involved in this process are called Entrepreneurs.

Entreprenership


It is the capacity and the willingness of an entrepreneur to work and tackle the financial risks that come along in order to make profit. Any form of a  business – small or big, requires a major start up for setting up and managing the tiny risks and obstacles that come along. This is when a lot of businesses fail. A majority of businesses fail due to lack of funding, economic crisis, bad and untimely business decisions, lack of demand and many a times, a combination of all of these that appears suddenly. 

It is the duty of an entrepreneur totake the responsibility of the launching and the ongoing of his business. Entrepreneurship is all about managing individual or groups and identifying a knocking opportunity and making the most out of it. Entrepreneurs deploy the required resources in order to exploit them effectively and on time. The following are included in the exploitation of entrepreneurial opportunities:
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  •       Development of a constructive business plan
  •          Hiring the most essential resources
  •          Acquiring financial and material resources and utilizing them at the right time
  •          Mastering the skills required for leadership
  •          Acting responsible when it comes to both – success or failure.


There is well defined ecosystem that helps greatly in the operation of entrepreneurship.

  • Government programs that motivate start ups and support entrepreneurs.
  •  There exist non governmental organizations like small business associations that mentor and advice new entrepreneurs.
  • Small business advocacy organization incorporate the government with them in order to increase the support rendered to the entrepreneurs. 
Enterprenuership in my point of view is finding pain in the market and providing its solution with ideas and innovations.

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