Last Updated on April 30, 2019
What is Entrepreneurship?
Entrepreneurship can be defined as the activity to establish, manage, and organize your own business along with any of the risks for the purpose of making a profit. The idea of running your own business with all possible risks in the way sounds scary to some people. You cannot guarantee that your business idea would surely work or you may also end up losing money in the initial years.
However, entrepreneurship, if handled right, can lead to miraculous results and can turn you into a billionaire just after a few years of your business. If you take into account all the possible aspects and risks of entrepreneurship before starting your business, the chances are that you will somehow manage the shortcomings in your way because of your prior knowledge.
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What Does an Entrepreneur Do?
Basically, entrepreneurs run their own business by starting with an idea, working on it, developing it, designing it, producing it, marketing it, and eventually selling it. The thought of setting up a business may appeal to some people but starting from scratch and running your own business takes an enormous amount of effort, dedication, and struggle. If you are planning to start your own business, be prepared to handle various ups and downs on regular business because this is what entrepreneurship is all about.
Role of Entrepreneurship in Economic Development
Entrepreneurship has grown as an emerging trend in the 21st century. It has innovatively reshaped the industries and economies throughout the globe. In the present years, the diverse landscape of entrepreneurship has witnessed a great shift in its trends regarding social as well as economical advancements. The importance of entrepreneurship cannot be denied in this era. Many young people are preferring to become an entrepreneur instead of finding a job.
Entrepreneurship has gradually turned out to be the lifeblood of an expanding economy. It is generating several jobs, promoting new products & services, and introducing a lot of upstream value-chain activities. The days of the 9 to 5 job mentality are thankfully vanishing. More and more people are trying to make this planet a better place rather than spending their entire life in some brain-numbering work with the aim of funding the enjoyment at some other place.
Characteristics of Successful Entrepreneurs
Successful entrepreneurs have many traits in common with one another. The amazing skill set and qualities of entrepreneurs differ them from the ones who prefer to have a stable job. Entrepreneurs are full of creativity and enthusiasm for making their dreams a reality. Entrepreneurs are usually good decision-makers, self-starters, confident and optimistic. They welcome change and are open to new ideas that cross their path.
These individuals highly focus on making their ideas work thus overcoming any kind of obstacle in their way. They identify potential risks, design strategies, and accomplish their targets. They do not ask others if their idea is worthy of success or not and make their idea recognized in the world with utmost discipline and confidence.
So, this was a quick introduction about what is entrepreneurship, its importance, work that entrepreneurs do, and the qualities of successful entrepreneurs. If you want to know more about this topic, do let me know in comments. I’ll wait for your feedback. 🙂