Understanding what entrepreneurship is and knowing its key concepts are central to being a successful entrepreneur. This is largely because you can’t be successful at what you don’t know or understand. Being an entrepreneur is more than how people perceive it, and this is the more reason you must fully comprehend its imports from the beginning so that you can make a success of it.
Generally speaking, entrepreneurship means different things to different people; and this is what makes the concept to continue to evolve over time. Due to the constant changes and evolution of entrepreneurship, it now assumes various dimensions and presents itself in different forms and sizes.
The bank Managing Director may be an entrepreneur just as the work-at-home-mum may be an entrepreneur, and the roadside shoemaker may be an entrepreneur just as the lab scientist may be an entrepreneur with a mindset to patent his discovery and earn economic recognition for it.
But there is always a bottom-line to the entrepreneurship business or to being an entrepreneur. There is always a special idea that drives the individual and makes him to anticipate economic and financial rewards for his endeavours, while guiding against risks on the road to achieving economic and financial independence.
So specifically speaking, entrepreneurs are business innovators. They develop a business idea and create a business model. They create a new service or product that constitutes a solution to people within a given community or society. They are also risk-takers since they have to guide their innovation against collapse and external exploitation, and they pilot their scheme to the point of sustenance and profit-making.
Although entrepreneurship represents starting a new business in a broad sense, it may also diversifying into a new business or expanding the operations of an existing business. To this extent, a good entrepreneur must possess a political acumen to steer activities and manage people and resources, while possessing the hind- and foresight to manage direct and indirect events.
So you could become an entrepreneur if you’re able to perceive a community problem and create lasting solutions that confer economic rewards to you on a long term. This may involve developing a business plan, creating a unique business model, raising finance to facilitate your plans, acquiring human and material resources, directing the pace and speed of things to realize your goals, and managing risks associated with the success of your startup.
So entrepreneurship is the conceptualization of business ideas and managing business initiatives to the achievement of preset economic rewards. To this extent, there must of necessity be the creation of a physical economic process, the satisfaction of needs or resolutions of identified problems, the assumption of evolving risks, and the gain of financial rewards to complete the entrepreneurial wheel.
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