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Entrepreneurship Defined: What It Means to Be an Entrepreneur

Types of Entrepreneurship

Posted by: Oddy Uniwraps Blog

For me to be an entrepreneur means to think out of the box, to be able to go alone and think differently against the norms and path that society has chosen for us. You are willing to do difficult things to accomplish amazing things. You are ready to change the world, commit your time and energy to it.

So what does it mean to be an entrepreneur? It means that instead of focusing on why something cannot happen, you focus on all the things that are needed to make it happen. Let’s know a little bit about entrepreneurship.

Entrepreneurship is a process of actions of an entrepreneur who is willing to do the new things, develop, organize, and manage each and everything with any risk in order to gain profit. Starting a new business is the best example of entrepreneurship.

There are a lot of people who think differently but being an entrepreneur is not only about unique ideas but bringing ideas in action, to plan and to be able to interpret the outcomes while calculating the risk involved.

The two (C’s) are the most important foundation needed for any entrepreneur to be successful which is courage and confidence, without enough courage, you will never be able to initiate, bring ideas into reality, and go on with what you have started. The second is confidence, that you need to have a lot of confidence in what u want out of your project and the people working for you on it, but how would you build that confidence in you? Simple to make a plan which is brilliantly executed has the very high success rate that you think of the possibilities of it getting failed.

Failure is the second most important thing to be an entrepreneur, now you would think how? It is to accept failures and not letting it overpower your mind, it is to overcome it, learn about what went wrong, start again with what you have started, and always dreamt of, it is to not loose on things.

The third most important thing to be an entrepreneur is attitude, never back down, no matter how difficult the situation is, you have to manage in the lowest possible facilities you have and grow from scratch again. To be an entrepreneur is not easy and that’s what you need to keep in mind when you think about entrepreneurship. There are four types of Entrepreneurship and all are different.

Types of Entrepreneurship

1.    Small business entrepreneurship

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Small businesses are- Travel agents, internet commerce, consultants, grocery stores, electricians, plumbers, storefronts, and carpenters. They are the type of entrepreneurs who hire the local employee and most of them are barely profitable. The aim of these entrepreneurs is to feed the family and make a profit not to earn much amount of money, or build a $ 100 million business. They fund their business via business loans, friends and families.

2.    Salable startup entrepreneurship

These entrepreneurs start a company knowing from starting the day. The aim of these startups is to change the world and they attract investment from a venture capitalist. Their job is to find the scalable and repeatable business model. They want to achieve more in their life, unlike small businesses.

3.    Large company entrepreneurship

Most of these startups grow through sustaining innovation. Vast organizations have limited life cycles. Most become through managing development, offering new products around their center items. Changes in client tastes, new advancements, new competitors, and so on can create pressure for more problematic development – requiring large organizations to make completely new items sold to new clients in new markets.

Existing organizations do this by either procuring creative organizations or attempting to manufacture a troublesome item inside. Unexpectedly, large businesses size and culture make problematic advancement and difficult to execute.

4.    Social Entrepreneurship

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Unlike scalable startups, the goal of social entrepreneurs is to make the world a better workplace, not to create to wealth for the founders or not to take market share. Social entrepreneurs are the innovators who focus on solving the problems related to products and services.

Importance of Entrepreneurship

 

Benefits of Entrepreneurship to an organization

1.    Development of managerial capabilities

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The first and biggest benefit of entrepreneurship to an organization is that it helps in identifying and developing managerial capabilities of entrepreneurs. An entrepreneur studies deeply about any problem, find the alternatives to problems, compare that alternative on the basis of cost, and finally choose the perfect alternative.

It enhances the skill of decision making in any individual. These capabilities are used in creating new technologies and products resulting in higher performance.

2.    Creation of Organizations

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Entrepreneurship results in the production of associations when business when entrepreneurs assemble and coordinate with each other, human and money related assets and direct them towards the accomplishment of destinations through administrative abilities.

3.    Improving standards of living

Entrepreneurs do a lot of hard work to become a successful entrepreneur. Entrepreneurship helps in making a wide range of goods and services available to the society that results in a higher standard of living.

Mobile phones, Computers, Luxury cars, and rapid growth of shopping malls etc are pointers of high living standards and this can only do due to the efforts of entrepreneurs.

4.    Means of economic development

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Creations, development of managerial skills, use of innovative ideas or strategies, the creativity of doing better in the given resources, etc, are all essential factors for the economic development of a country.

So, whether the startup is smaller or larger, it needs more efforts to become successful. An entrepreneur’s life will be simpler since he works for himself with full dedication. The secret behind the success of a successful entrepreneur is confidence, dedication, and hard work.

It needs a lot of hard work and giving your at most time to the idea or project you have, every entrepreneur story is not that happening that we see on books and films, it takes a lot of efforts to really make things work and to finally be successful in it.

 

Author

Atul Garg

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