Entrepreneurship

When many people think of the word “entrepreneurship”, the same faces spring to mind. The big hitting innovators, inventors or business people who have made millions and found fame through business enterprise. Bill Gates, Richard Branson. Donald Trump. And, in more recent years, people like Facebook’s Mark Zuckerberg. Inspiring as a lot of these people are, though, they are just the top of the tree, and in fact anybody who sets out with an idea, innovation or just some great business acumen to take control of their own success can be considered an entrepreneur.

Entrepreneurship is an art that involves making money by being resourceful, smart, creative and ambitious. This art has led to the creation of new organizations and even the complete makeover of many existing businesses.

Entrepreneurs are people who love to think outside of the box to be successful. With a desire to be in control of their own matter, entrepreneurs get results from anything they do and every journey they set forth Entrepreneurs are thus different from the average businessman. They make full use of modern technology and market trends to become exceptional.

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Do you need a Special Genetic Code for Entrepreneurship?

Becoming an entrepreneur might seem like the best idea from far away but if you take a closer look, you will see that being an entrepreneur is not as easy as it seems. It requires a mix of creativity and passion with just a hint of leadership and business discipline in order to be great.
A lot of research has been done to find out if entrepreneurs have a specific gene that makes them who they are. Although there are certain shared traits that have been discovered, there they are not enough to prove that entrepreneurs have a special gene that makes them who they are. Of course there are many factors that make them who they are but if people thought it was genetics, think again.

  • Entrepreneurs Are Opportunists

    Businesses usually face problems every day. This is due to the external environment. Most usually ride this “wave” and endure. They try to brace the company for what is to come rather than finding a way out or better, finding opportunities. Entrepreneurs are such that they find opportunities that others would not find. They find solutions that others can’t create. They always find a silver lining and hence make some good out of chaos.

  • Entrepreneurs Are Ready To Take the Plunge

    The management expert, Peter Drucker, and the economist Frank Knight, both believe that entrepreneurs are daring people who are willing to take the plunge whenever they even a little bit of an opportunity. Taking risks to make a profit proves to be better than enduring the chaos in most cases. Successful entrepreneurs know how to take risks and learn from any failures.

  • Entrepreneurs Have the ‘Just Do It’ Attitude

    Passionate entrepreneurs are always in control of any situation. By taking risks and seizing opportunities, entrepreneurs are quite practically go-getters with a ‘Just Do It’ attitude. It is this attitude that enables them to make a profit from their ideas. They rarely listen to the idea of people who say “it’s a bad idea”. They control what they want to and do what they feel is right. In the end, they “just do it”.

  • Entrepreneurs Sketch their own Vision

    Everybody has ideas and it’s not a bad thing. However, ideas are no longer what set people apart but rather the ability to decide what is a good and bad idea. Smart entrepreneurs however know that once you have a good idea, you need to make it real despite anything. Entrepreneurs that become leaders are such that they bring out the best in the people around them and make them work both smarter and harder.

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Taking on the Entrepreneurship Challenge

Some entrepreneurs seem to have dropped out of college to start out their own successful business -Bill Gates of Microsoft or Mark Zuckerberg of Facebook are prime examples. A survey done by Ernest and Young, shows that most entrepreneurs usually start their journey at a young age.
From being bossed around to being the boss; that is the aim of an entrepreneur. Entrepreneurs can be classified into three categories:

  1. Those who dream of an idea and creates concepts
  2. Those who pick up new concepts from others and make a profit from them
  3. Those who create new concepts and make a profit from them

Building a Reliable Team

Entrepreneurs know that if you want to be successful, you need to find the right people. They know that you need to find people who share the same ideas as you and can pitch in to the development of the idea. Entrepreneurs can easily create a reliable team with people who share similar traits.
Entrepreneurs may be thought of as people who do not conform to anything, but that does not mean they can work without a team. With their leadership qualities, they can influence and direct others. They inspire confidence by encouraging creativity among their team members rather than criticizing them.

Dig Deeper and Exploit the Market

You will often see potential entrepreneurs thinking and pondering about ways to make an idea work. They think about the current market and how to make the most out of it. They know that they can create, modify or extend a product to make a lot of profit. Henry Ford was one such entrepreneur who saw the market and created affordable automobiles.

Not only did he create a new market but he was also one of the first people to introduce the assembly line production system that you see in every factory today.

Build Your Own Organizational Culture

You cannot cage passionate entrepreneurs. They just won’t use traditional ways of thinking in commerce nor will they “follow the leader”. They will take their ideas and qualities and take the world head on. They create their own culture and value system that shows the world who they are and what their aim is. This fact can be seen in their decisions and in the team that they make.

Entrepreneurs – They either stick with it or experiment

After the initial success, entrepreneurs either grow old with their company or they start another venture. Young entrepreneurs generally tend to experiment with their ideas and try to make their next big idea, the next big thing. They start a company and sell it – making huge profits as they go along.
You can either play it safe and choose to be bossed around, or you can let your ideas make you money. The choice of being the entrepreneur is up to you.

The importance of entrepreneurship

Entrepreneurship is hugely important to the advancement and stability of civilized society. This is not just because it has given us all of the significant inventions and ideas we now rely on, but because it is part of the fabric of communities. Imagine a town where nobody ever started a business. It would have nothing interesting to offer at all! In the current economic climate entrepreneurship is even more important, because it will take enterprise and innovative thinking to revive the economy and create jobs.

The current rise of entrepreneurship

With economic times tough, many people are finding themselves disillusioned with the idea of doing a job for someone else. The lack of security in the current climate leaves many professionals changing employer every couple of years, and feeling increasingly less loyal to the businesses they work for. It is hardly surprising, therefore, that over the past few years there has been an increasing interest in entrepreneurship and business. TV shows like Dragon’s Den and The Apprentice (which focus on invention and business skills) are hugely popular, and books and websites offering advice to would be business owners are everywhere. More and more talented people are deciding to take the plunge and launch a business rather than sticking it out in the employment jungle, and business is becoming an ever more attractive option to younger people starting out.

Technology and entrepreneurship

As well as the economic and social reasons why entrepreneurship is growing in appeal, modern technology has opened up new opportunities to would be entrepreneurs and made it easier for them to execute their ideas. In the age of social media and mobile internet, businesses can now support their marketing and productivity with technology in ways previously not possible (or prohibitively expensive), allowing entrepreneurs to support all kinds of enterprises. Because mobile and home working are now both easy and commonplace, and communication on a global basis is simple and often free, start up businesses can operate with very low overheads, making certain types of businesses accessible and viable for people with very little capital.

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Types of entrepreneurs

Innovators and inventors

There are several different styles of entrepreneurship, and the one that has probably the biggest impact on the world we live in comes from the innovators and inventors. While the most successful of these also have to demonstrate impressive business sense to make their products and ideas household names, the real value to what they do is in what they sell, and not how they sell it. These people range from the people who conceive of all those quirky “As Seen on TV” products to the late Steve Jobs.

Business moguls

Other entrepreneurs take ideas that already exist, and use their business skills to make them successful. On the top end of the scale, this would be people like Branson, Trump and Hilton, who certainly didn’t invent the ideas of hotels, casinos, airlines or anything else they have in their respective empires, but who have made themselves big names and plenty of money out of running them through great entrepreneurship. The majority of entrepreneurs you meet in the “real world” also fall into this category. It is worth noting however, that the most successful of these, while they do not come up with an entirely new product or business model, tend to still be innovative in their thinking, coming up with new ways to promote what they do and maximize profit.

Funding and support for would be entrepreneurs

Launching a new venture can be a huge challenge, and even the greatest entrepreneurs had to start somewhere, with that first successful enterprise. For this reason, there is a variety of support available for people looking to start a business, both in terms of financial help and softer resources. Ways of getting funding for a venture vary from conventional business loans, usually obtained from a bank on presentation of a viable business plan, through to capital obtained from private funds in return for a share of the business (usually termed venture capitalism). Often when a business is funded by investors in this way they bring other things to the table, along with the cash. This can include new contacts, or guidance from more experienced business professionals.

Education and entrepreneurship

Some entrepreneurs start out straight from school, having decided that business was the path for them early on. It is frequently pointed out that many of the world’s greatest entrepreneurs either never attended or dropped out of college without graduating. This makes some sense, because without potential employers to impress with their qualifications, many of these people felt it made more sense for them to start young and get on with the process of making money, rather than studying. It can still be beneficial for young would be entrepreneurs to further their education, given that a strong background in business and financial skills (or technical skills in certain areas) can prove essential, so many colleges do provide courses specifically for those interested in entrepreneurship. These can provide good opportunities to get advice from experienced entrepreneurs and make new contacts as well as passing on invaluable skills, so can be a great option for would be entrepreneurs who want to “learn the ropes”.

Entrepreneurship is one of the most important and interesting areas of modern business, and has turned some of the most unlikely seeming people into successful household names. It is no surprise that more and more people from all different backgrounds are considering a career as an entrepreneur, and with modern technology and the support available, there is plenty of opportunity for those with the right skills and ideas to succeed in entrepreneurship.

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