Entrepreneurship
Entrepreneurship
refers to the act of starting a business or managing a part of a business like
a self-contained enterprise. Entrepreneurs are often innovators or people who
are able to see deficits in the existing industry and manifest ways to fill
those deficits, be it through a product, service, or combination of the two.
The identification of high growth markets, a strong business or management
background, possessing a written business plan, reinvesting profits, and assembling
strong teams are often predictors of success. Many employers look for people
with entrepreneurial qualities. This means they want self-starting problem
solvers with good team building skills and in-depth knowledge of both markets
and management.
Entrepreneurs in Practice
Entrepreneurs,
or people with an entrepreneurial mindset, often have leadership and
team-building abilities. Professionals involved in entrepreneurship include
those who are starting a business, those taking companies or divisions of companies
in new directions, and those professionals who facilitate those efforts. As
such, most successful entrepreneurs are outgoing, socially involved,
well-educated in business and/or their field, and have strong personalities. In
practice, entrepreneurship involves starting a new business, building an
existing business, or running a new subsidiary of an existing business. This
latter concept is also called Intrapreneurship.
Entrepreneurship Risk Factors
Of
course, not all entrepreneurship efforts prove successful. Exhibiting low
business acumen or otherwise failing to add real value to the identified
problem constitutes a strong predictor of entrepreneurial failure. Other risk
factors include trying to wear too many hats at once, not creating long-term
solutions, misusing resources, and failing to build a strong team.
Isaac Kamkai
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