What dose Entrepreneurship mean ?
Entrepreneurship is the act of creating a business or businesses through building and expansion it to make a profit.
Entrepreneurship Competencies:
Entrepreneurs have to be good at the following:
1- Finding an idea
2- Evaluating an ideas
3- Seeing problems as opportunities
4- Identifying the key people
5- learning from relationships
6- Awareness where to look for answers
The word entrepreneur finds its origin in a French word “entreprendre”, which means “to undertake”. An entrepreneur is an individual person who sets up and founds and runs a small business with purpose to make a profit.
Despite the fact that the word entrepreneur is intertwined with many disciplines, this word has to do with the business sector. But not every businessman is necessarily to be an entrepreneur; the businessman aims to make profit, but the entrepreneur is the one who seeks innovation, development, risk, and profit.
Innovation is a key of entrepreneurship. Innovation, creativity and risk taking are important parts of being an entrepreneur. It includes creating a new item or idea. Which start from producing a new product to distributing to developing new organizational structure.
The goal of entrepreneurship
Personal goals:
Achieving personal ambition
development of talent and creation
Freedom from employment
Increase income and profit
Public goals:
Increase economic growth.
Provide job opportunities.
Diversity in areas of community service.
Increase efficiency and productivity.
Features of Entrepreneur:
-Has a strong motivation for achievement.
-Creative and innovative.
-Investor of opportunities.
-Excellent leadership skills.
-Director of risks.
The role and importance of entrepreneurs:
-Creating new resources and generating investment opportunities.
-Find new markets and new customers.
-Providing and developing business technology.
-Raise efficient use of available resources and discover unconventional sources of new products.
Types of Entrepreneurs
There are four major types of entrepreneurs including :
-Socio Cultural Classification: In this sector, the entrepreneurs can be divided into four categories.
Immigrant Entrepreneur is an individual who has a recent arrival in a country and start up a business to survive in the country.
Ethnic entrepreneurs have common connections and interactions among people who share common national backgrounds or migration experiences.
Minority entrepreneurs are those who don’t belong to majority population. For example : any entrepreneur of Japanese origin in US would fall into this category.
Women Entrepreneurs as the name suggests. Women who has set up a new business.
–Motivational Classification: In this sector, entrepreneurs can be put into three categories
First-generation entrepreneur is the one who starts a fresh business by himself, does not have any family business prior to establishing his new venture
Self-actualizer entrepreneurs are the ones who want to self-actualize themselves
Family business entrepreneurs are those who inherit their family business and expand it further in the future
Entrepreneurial Experience Classification: On the basis of Entrepreneurial Experience Classification, the entrepreneurs can be classified into two broad categories, Novice and Habitual Entrepreneurs.
Novice entrepreneurs: individual who don’t have any experience in the past
Habitual entrepreneurs: are the those who have the experience of owning at least two or more different firms.
Technical experience Classification: A technical experience entrepreneur is known as the founder and current owner manager of business based on technology .
3 ways to enter the world of entrepreneurship
There are three basic ways to start a new business and become an entrepreneur
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You have technical expertise
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You have an idea
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Have a wish
Example of successful stories for entrepreneurs:
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Sabri Ulker
is the owner of the world’s most famous confectionery and pastry company Ulker, born in 1920.
It was a dream that every child, whether rich or poor, would get a piece of biscuits and sweets to enjoy, after he lived in a young age suffering a cruel war. He worked in the primary stage in a biscuit factory during the summer vacation and after years joined the Faculty of Commerce and Economics. At the time World War II took place. Most children forgot the taste of biscuits and candy. He decided to return the flour and bought a small shop that did not exceed 100 m. The company, which started with three workers, today has reached more than 30,000 workers and employees. Sabri Ulker became one of the giants of the Turkish economy.
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Ralph Lifschitz
an American citizen, was born in 1939 in New York State. Ralph Lauren lived a rather miserable childhood where he was ridiculed by his classmates because of his family name, where children always ridiculed his name. He and his brother decided to change his family name to Lorraine instead of Lefchitz.
He was interested in fashion since he was young. Lauren graduated from high school in and later left the university for military service. While working as a sales assistant at “Brooks Brothers”, Lauren decided to check whether the men were ready to wear wide, bright neckties. In that period, he had a custom of dark-colored neckties, but Lorraine wanted to draw a line of his designs, A large number of new and light-colored crevices, which impressed many customers. In 1967 he decided to realize his dream and achieved sales of $ 500 thousand dollars. The following year he founded the Polo brand.
References:
Fernandes, P. (2018, February 19). Entrepreneurship Defined: What It Means to Be an Entrepreneur. Retrieved October 20, 2018, from https://www.businessnewsdaily.com/7275-entrepreneurship-defined.html
Ferreira, N. M. (2018, August 21). What it Means to Be An Entrepreneur. Retrieved October 20, 2018, from https://www.oberlo.com/blog/what-is-entrepreneurship
Staff, I. (2018, March 21). Entrepreneur. Retrieved October 20, 2018, from https://www.investopedia.com/terms/e/entrepreneur.asp
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