Entrepreneurship

Entrepreneurship is the process of discovering new ways of combining resources. It has traditionally been defined the process of designing, launching and running a new business.

Entrepreneur

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise.It refers to a person who organizes and manages any enterprise especially a business usually with initiative and risk

The word entrepreneur originates from the French Word "entreprendre", which means " to understand". In the business context, it means to start a business. An entrepreneur is typically in control of a commercial undertaking, directing the factors of production.

The Merriam- Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages and assumes the risk of the business or enterprise.

Similarly, an entrepreneur doesn't work as an employee but an employer runs a business and faces all the risks. He/she is ready to face all the possible challenges, seeks the opportunities,identifies the sources and make the investment.

Major tasks of an entrepreneur

Being an entrepreneur means there’s always more work to do, and not enough time to do it. That’s why the most successful business owners delegate certain tasks to freelance contractors who specialize in providing valuable time-saving services for a fee.

• Identification of new goods.
• Writing and social media.
• Graphic design and web development
• Application of new ideas for production.
• Discovery of the new market.
• Diversification of market.
• Administrative assistance
• Identification of raw materials from the new location.

Qualities of a good entrepreneur

• Capacity to think ideas, to seek, understand and analyze.
• Strong patience, continuation, etc.
• Commitment towards tasks, process, and mission.
• Strong will power to translate imagination into reality.
• Open mindedness.
• The desire to be expert.
• A consent flows of ideas.
• Courage to confront with all the possible risks.
• Understanding about boundless nature of business respective to caste, creed, sex etc.

Advantages of Entrepreneurship

Motivation

An organization should encourage employees to innovate by providing the right working environment. Some conditions that foster innovation are encouraging new ideas, providing access to resources, supporting trial and error and failure, and multi-disciplinary teamwork.

Increment of Production

It helps to mobilize the existing resources and people also get employment. Due to this, human resources and natural resources will be utilized and economic activities in society increase. The entrepreneurship culture helps to increase the production.

Sharing resources

Entrepreneurs can try out their ideas directly. Consider the business owner who starts a printing business. He orders printers, toner and copies paper from other providers, negotiating deals to manage his costs. He also provides a valuable service to customers.

Means of Change

Entrepreneurship is a means of change. Every entrepreneur comes with something new or creative so do the other entrepreneurs. This is how the news things or ideas or production keep on coming. This ultimately brings direct or indirect change in this society on different aspects.