Entrepreneurship meaning

Entrepreneurship meaning

Entrepreneurship can be widely described as value creation or extraction of value. In this concept, entrepreneurship is viewed as a shift, which may involve values other than simply economic ones.

There are many definitions of entrepreneurship. One such definition can be as stated, “Process of planning, starting and managing a new business, which is initially regarded as a small business”.

Entrepreneurship can also be referred to as the “capacity and ability to create, coordinate and manage a business venture along with all of its profit-making risks”.

Entrepreneurship involves risk taking ability to start and to support your own business and to proceed further to achieve the ultimate goal of the business and to make the business succeed in the market.

The term "entrepreneurship" was expanded in the 2000s to include a specific mentality resulting in entrepreneurial projects such as social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.

An entrepreneur is a person who is capable of finding and leveraging opportunities to turn innovations or developments into goods and services. The entrepreneur should identify the invention's commercial potential and coordinate the money, expertise and other tools that turn an idea into a commercially viable innovation.

Although concepts of Entrepreneurship usually concentrate on starting and running companies, due to the high risks involved in starting a start-up, a large proportion of start-ups have to close because of "lack of capital, poor business decisions, an economic downturn, lack of market demand or a combination of all these."

Enterprise practices vary significantly depending on the type of company involved and the innovation involved. Entrepreneurship differs in scale from solo projects, part-time projects to large-scale companies with a team that can generate multiple jobs.

In addition to similar activities on the part of new businesses, the word 'Entrepreneurship' often encompasses creative activities on the part of existing companies. Yet, the term is still narrow in the sense that it tends to focus on economic value creation.

Entrepreneurship is the process by which either a person or a team discovers an opportunity for business and acquires and deploys the resources required for its exploitation. 

Jean Baptiste was the French economist who has given an Entrepreneurship definition which is “transferring economic wealth from lower areas to higher productivity and higher yields”.

Until the late 19th and early 20th centuries, entrepreneurship was generally overlooked historically, and empirically until a dramatic revival in business and economics since the late 1970s.

An entrepreneur, according to Schumpeter, is a person willing and capable of turning a new idea or invention into a profitable innovation. 

Entrepreneurship uses what Schumpeter called "the gale of creative destruction" to replace completely or partially inferior technologies across markets and sectors, producing new goods at the same time introducing new business models.

The concept "entrepreneurship" has grown to include how and why other individuals (or teams) perceive opportunities, evaluate them as viable and then attempt to exploit them.

Entrepreneurship concepts were often used to describe how people could take advantage of these opportunities to develop new goods or services, start new firms or industries, and build wealth. The entrepreneurial cycle is unclear, since it is only possible to recognize opportunities after exploitation.

According to the Cambridge English Dictionary, Start-ups are very vulnerable in the business world. Creativity can be considered as the first step of Entrepreneurship. 

There is a lot of thought process required before executing a plan for starting a business. Entrepreneurs show optimistic trends in seeking new markets and recognizing unmet customer needs, and a risk-taking pattern that makes them more likely to leverage business opportunities.

Many entrepreneurial "high value" companies approach venture capital or angel funding (seed money) to raise capital to develop and grow the company.

Many organizations exist to help potential entrepreneurs, including specialist government departments, business incubators (which can be for-profit, non-profit), science parks, and non-governmental organizations, which comprise a variety of non-profit organisations, charities, trusts, and business lobbying groups (e.g. chambers of commerce).

‘Entrepreneur’ word has first appeared in the French dictionary which was published in 1723. In 2008, an annual "Global Entrepreneurship Week" program was introduced to "expose people to the benefits of entrepreneurship" and encourage them to "participate in business-related activities."

The word "entrepreneur" is often conflated with, or used interchangeably with, the term "small business." Although most entrepreneurial ventures begin as a small business, in the strict sense of the word, not all small businesses are enterprises.

Many small businesses are sole ownership operations consisting solely of the owner — or they have a limited number of employees — and many of these small businesses are selling an established product, process or service and are not seeking expansion.

Entrepreneurial companies, on the other hand, deliver an creative product, method or service and the entrepreneur typically seeks to grow the business by adding staff, finding foreign markets and so on, a method funded by venture capital and angel investments.

Referring to the above saying we can say that In this way the word "entrepreneur" can be associated more closely with the word "startup." Effective entrepreneurs have the opportunity through careful preparation to lead a company in a successful direction, adjust to evolving circumstances and consider their own strengths and weaknesses.

Entrepreneurship has been referred to as intrapreneurship within an established company or large corporation, which can include corporate projects where major companies are spin-off subsidiaries.

All Together we can say that Entrepreneurs are people who are prepared to take the risk and exercise initiative, taking advantage of business opportunities by preparing, assembling and distributing resources, often by innovating to develop new goods or services or improve existing ones.

Entrepreneurship refers to the process of forming a new business and bearing all of its risks with a view to profit making. Entrepreneurship is an act of being a businessman. 

Entrepreneurs are those who make this process successful by planning, creativity and by seeing opportunities and defining the solutions where the average citizen sees only challenges and annoyances.

Entrepreneurship requires an entrepreneur working to bring about change in the world and define the opportunity to make a way for others to help them.