WHAT IS ENTREPRENEURSHIP?

There are many meanings of the term ‘entrepreneurship’. After attentively discussing all the available ones, we can conclude that entrepreneurship is a system of operating business in which opportunities existing within the scope of a market are exploited.

Self-employment necessitates that any available opportunities within the economic system should be utilized in the creation and functioning of new organizations. A potential entrepreneur should show the interest to seek out investment opportunities in the market, so that they can run the enterprise successfully based on the identifiable opportunities.

Thus, going through the above responsibilities of an entrepreneur, the term ‘entrepreneurship’ has been finally defined as a function which covers multiple functions such as −

●      Building organizations.
●      Providing self-employment
●      Utilization of available resources
●      Innovation applied to the novel concept
●      Bringing together multiple factors of production in a tangible manner.
●      Identifying and exploiting business opportunities within the available market.
 

WHO IS AN ENTREPRENEUR?

Entrepreneurs are business people who can detect and sense the availability of business opportunities in any given scenario. They will then utilize these opportunities to create new products by employing new production methods in different markets. They will also function in different ways by using various resources who will give them profit.

It is important to note that although most entrepreneurial businesses start small, the owners of such businesses need not be small scale owners. They could in fact be big business owners, who first try and test the waters before investing big time in the business. Small business owners dread risk, but successful entrepreneurs are very innovative and know how to operate profitably in a business environment, even if the risk is very high.

In fact, innovation is the life blood of any kind of entrepreneurs; this is one of the tools that helps them gain an advantage over established players in the market. Entrepreneurs are, thus, defined as “individuals or groups of individuals who carry out entrepreneurship activities that are based on their innovative approaches to solving real-word problems”.