Entrepreneurship is basically related to the process of developing and establishing new values by providing the required time and effort. It acknowledges and accepts some important risks like social, financial, and achieving the rewards in the form of monetary and satisfaction. Moreover, it is the capability of a person to manage and organize his own business by using all the characteristics of leadership to make decisions that can maximize the profit of the business. It not only includes the act of creating a business entity but also relates to development and expansion.
Entrepreneurship studies the behavior of entrepreneurs and dynamics set for the business. The characteristics of entrepreneurship are linked with the development of a vision about what an organization should be. The main reason behind the success of entrepreneurship is its interest. Risk is an important factor in this whole process. The entrepreneur should not worry about the risk from the future. It is necessary for him to invest more time in a company. In the new digital era, entrepreneurship has become a popular concept and serves a role in the enhancement of the economic growth of a nation by taking the opportunities connected with investment.
Entrepreneur In a Sentence
“An entrepreneur is a person who establishes his own new business by willing to face any risk and in return enjoy the reward he gains.”
Entrepreneurs are considered innovators because they introduce new ideas for the goods and services of the company to enhance its reputation in the market. They organize and manage the business by assuming the upcoming risks. Entrepreneurs are the main contributors to the economy. A good entrepreneur possesses various characteristics in order to become a successful businessman, which are passion, optimism, creative thinking, focus, vision, action-orientation, problem solver, and confidence level.
A successful entrepreneur will gain more profit from a developed business. He can make innovative changes and promote new technologies. If a business idea fails in the creation of a product that is insufficient in the market, the role of the entrepreneur is to use innovative technologies to make the product and the service accessible. He allocates the responsibilities of his employees and is responsible for the organization of an environment and the structure of the business, which maximizes the potential of the employees. He always seeks out opportunities that can enhance the sales of his business and improve the living standard.
Entrepreneurial thinking is a skill that consists of the ability to recognize the opportunities available in the marketplace and explore the correct ways to capitalize them. It is a skill to see things from a different point of view so that they can be easily created and improved. The advantages of entrepreneurial thinking include a comfortable, positive work environment and satisfaction of the needs of the employee.
Entrepreneurial thinking helps a person to overcome the increasing competition in the market and to rise. It can also change the attitude of the entrepreneur for the organizations and enables him to adapt to the new change in the environment like the change in the competitive market and demands of consumer demands. This thinking can enhance the confidence and enthusiasm level of the entrepreneur.
The entrepreneurial process divides into five phases:
- Idea Generation
It is the first phase in which the individual generates the new idea and this idea is based on the needs as well as issues of the people. A good entrepreneur is one who has knowledge about the needs and common problems of the people.
- Opportunity Evaluation
In this phase, entrepreneurs do a complete evaluation of the business opportunity, especially risk assessment.
When the entrepreneur evaluates all opportunities and the problems, then the next step is planning. This is a very important phase because if the planning of the entrepreneur is good, he will not face problems, but when he does not focus on planning, he and his business will face many problems.
- Company Formation
Once the entrepreneur is a sufficiently fascinating opportunity and makes a plan, then the entrepreneur will go through the main process of choosing the right type of business entity and creating the project as a legal entity.
After launch, the entrepreneur is focused on the performance of the company and works hard to maintain the sustainability of the performance of the company.
The entrepreneurial journey is a combination of the volitional as well as an emergent process of changing potentiality into actuality that is opportunity realization. The most important thing in the entrepreneurial journey is to build a great culture. In the beginning, it is hard and the whole entrepreneurial team faces many difficulties but after some time, the strong culture of the company provides many benefits to the entrepreneur as well as his company.
Moreover, entrepreneurs are the leaders who take risks and also gain many benefits from the market opportunities by planning, organizing, and developing new resources. They create many new products and services that are very helpful in improving the living standards of people. They also provide opportunities to people who have limited resources and face many problems.
Entrepreneurship refers to the concept of managing or developing a new business venture to profit from the different risks of the business world. These entrepreneurs have a variety of new ideas that are very helpful to their business. They should pay attention to the qualities of the company products or services because it has a positive impact on the revenue. The journey of an entrepreneur is full of difficulties, but he gets many benefits such as popularity, good profit, etc.
The entrepreneurial spirit is an attitude to thinking, that actively seeks out change. It is a mindset that embraces innovation, service, and continuous importance. Entrepreneurs have the potential to change a situation that is full of problems. They always focus on those common problems that are very harmful to the individuals and they want to solve all those problems. The entrepreneurial spirit is very important because it helps companies grow. Entrepreneurs are always motivated because motivation is very useful to maintain the sustainability of the performance of the company.
The company’s performance is very important for the entrepreneur because if the performance is not good, the company or the entrepreneur suffers from different challenges. The entrepreneurial spirit encourages the employees of the company. Employees of the company need motivation because motivation is very helpful to increase the revenue of the company. The following are five key traits of the entrepreneurial spirit that the entrepreneurs should focus on to ensure success. These traits are very important for every entrepreneur because all these traits are very helpful to get success:
- Financially Resourceful
Process of Entrepreneurship Development
Entrepreneurship development is a process of enhancing the knowledge of entrepreneurial skills through structured training programs. This process deals with the study of the dynamics of businesses, entrepreneurial behavior, and business development or expansion. The main purpose of the entrepreneurship development program is to increase the knowledge and skills of existing entrepreneurs. The following process of entrepreneurship development is very important for entrepreneurs.
- Learn About The Business Idea
The entrepreneurs learn about the business that why is very important and they also learn that how different business fulfill the needs of the people.
In this process, entrepreneurs evaluate the overall outlook for the business world. They focus on the opportunities and risks of the business.
- Business Plan
After evaluation, the entrepreneur creates a plan for a new business that improves the living standard of the public.
- Financial Resources
Financial resources are very important for entrepreneurs because, without these resources, they cannot start their own businesses.
- Framing Out The Management Structure
In this step, the entrepreneur frames out the hierarchy of the company.
- Plan For The Future
Every entrepreneur wants that his business runs smoothly. So, for this purpose, he should make a plan and implement this plan on his organization that is very helpful for its future.
Need of Entrepreneurship
Entrepreneurship provides benefits not only to entrepreneurs but also provides benefits, other people. It is very important because it has the ability to improve standards of living and create wealth. It provides new opportunities for people. Entrepreneurs also help with innovation, wherever new or improved products or services enable new markets to be developed. Entrepreneurship is very important for a company. It has a great impact on the economy of the country.
If companies get good revenue at the international level, the economy is strong, and if the business suffers from different issues, then the economy also suffers. Entrepreneurship increases employment, leads to higher earnings, paid by higher national income in the form of higher taxes and higher wages. The company’s revenue can be used by the government to invest in other struggling sectors as well as in human capital. There are many more benefits that entrepreneurship provides to people. It helps to create social change and improve the quality of life and morals, as well as greater economic freedom and the right to self-governance. In today’s era, entrepreneurship is essential because it creates new things that play a vital role in human life.
Factors Affecting Entrepreneurial Growth
Entrepreneurial growth is very important for a company because if the company does not grow, it does not achieve its goal. Entrepreneurial growth can be in different terms of innovators, radicals, business developers, expanders, customers, etc. There are many factors that affect entrepreneurial growth. Growth is very important for every company because the new products, services, and technology of the company enable new markets. These factors affect the growth of the company both positively or negatively.
The positive influence constitutes facilitative as well as conducive conditions for the emergence of the company. The negative impact is inhibiting the environment for the emergence of the company. Many famous companies get many benefits from these factors but some face problems. So, the entrepreneurs should be focused on these factors because these are very essential to improve the company revenue. These factors also help to improve the position of the company in the business world. Some important factors that affect entrepreneurial growth are:
- Entrepreneurial Management
Entrepreneurial management is the concept of utilizing creative and innovative abilities to efficiently open and manage the startup of the firm. It is used to solve all those problems that the employees face in the company. Entrepreneurial management plays a significant role in the company because it creates the structure of the organization for the more efficient performance of the company. It has many responsibilities of the organization such as solving the problems of employees, providing proper resources, making strategies, etc.
Entrepreneurial management develops different strategies for the different departments of the company that is necessary for the company’s position in the business world. It also focused on the risks of the company because risks have a great impact on the revenue of the company. The most important risk is competition in the business world. These risks may reduce or enhance the revenues, so the entrepreneurial management focuses on the other companies’ strategies to get competitive advantages. Management of entrepreneurship should focus on the quality of products as well as services because quality is very necessary for the customers, and most of the customers in the world are focused on the quality of the product.
2. Entrepreneurial Market
Once the entrepreneur manages to identify a market, then he should test his product or services on a trial base and feedback about the product because feedback helps to improve the quality of the product. Analyzing the entrepreneurial market is very necessary for the company because it has a great impact on the revenue of the firm. It provides many benefits such as it increases the number of customers of the company that helps to improve the position of the company in the business world.
There are different methods of marketing and these methods are very useful for entrepreneurs. One of them is online marketing. Entrepreneurial marketing maintains the relationship with the customers that is very important for the company. Marketing is a way of communication with clients that is vital. Communication in the business is very necessary because it is used to exchange different ideas that help to increase the creativity of the entrepreneurs. The entrepreneurs should take feedback from the customers once a month because it helps to make a strong relationship with the customers and also increase their creativity.
3. Entrepreneurial Environment
It is the most important factor that affects the growth of the company. The environment of the company is very important for the leaders and the employees. The environment of the company is based on different factors such as political, social, and economic. If the environment is good, it motivates the employees to do good work, but it is not good, it affects the employees as well as the company. Motivation is a process that is very important for the leaders and the employees of the company because it improves the performance of the company.
Employees are the pillars of the company so, the company should be focused on the environment. It should maintain the environment of the business and also should avoid discrimination. Due to the high level of competition, the environment has a great economic and social significance to the development of entrepreneurship. In today’s era, modern business is treated as an economic and social institution as well as is affected by the political, economic, and social forces. So, the entrepreneurs should be focused on the environment of the company and they should create a friendly environment for the employees. In this way, the employees in the company feel relaxed and it helps to increase the creativity of the company.
4. Entrepreneur Fund
Entrepreneur fund provides early-stage as well as growth financing alongside active support to the entrepreneur and his company. Entrepreneur funds are the finances that are collected at different places. The government provides a lot of funds to many companies because these companies improve the country’s economy. Entrepreneurs arrange the funds before starting a new company because financial resources are very important for every individual who wants to start his own company. Firstly, the entrepreneur focuses on the areas of investments because it is very important for the entrepreneur to know about that where he wants to invest, and then, he collects the funds.
Entrepreneurial funds play a significant role in the growth of the company. Funds play a vital role in the business world because if the company is economically strong, it has a good position in the business world. There are different types of entrepreneurial funds that entrepreneurs use. These are personal saving, crowdfunding, venture capital, bank loans as well as angel investors. In business, there are three most important things, i.e., time, effort, and money. If the entrepreneur focuses on these three factors, he gets many benefits in the business. Every businessman should collect more funds that help to increase the growth of the company.
5. Entrepreneurial Culture
Entrepreneurial culture is based on the attitudes, values, as well as the power of the group or a member who works in the organization. The entrepreneurial culture has a great impact on the company and its employees. If the culture is good, the growth of the company increases, but if the culture is not good, then the company and the employees face many problems. It is most significant for an organization because it is a mechanism that institutionalizes the most important element of the company that is the values of its founders.
The culture of the company depends upon the founders. If the founders are responsible, the employees are also responsible, but if the founder is not so, the employees and the company face different issues. Culture serves to greet new employees of the company. There are different steps that the entrepreneurs should focus on because it will be very helpful to create a culture for the company. The first step is to communicate with the employees and provide some freedom to speak about their new ideas. They should provide rewards to the employees for their best performances and also get feedback from the employees.
Creativity and Innovation in Entrepreneurship
Creativity and innovation both are the most important aspects of entrepreneurship because they help to enhance the value of entrepreneurship. Innovation is the best thing that is used to improve the condition of the company. If the company uses the latest technology, it saves time, money as well as effort that is very beneficial for the company. It also provides competitive advantages to the company. Some benefits of innovation are given below:
- It improves the productivity of the company
- It helps to be more competitive
- It reduces the expenses of the company and increases revenue.
- It helps to build the value of an organization
- It is used to established new relationships and partnerships.
Creativity is also very important for entrepreneurship because it helps to solve problems with new ideas. Creativity is very helpful in the decision-making process because if the entrepreneur makes a decision on the basis of new ideas, it is very helpful to increase profit and reduces expenses. In today’s era, creativity is crucial for the business when the market is dependent upon the innovation of technology. So, the entrepreneurs should focus on creativity and innovation if they want to improve the standard of their company.
Various Types of Entrepreneurs
In today’s era, entrepreneurship is very famous because of its many benefits to the founder as well as many other people. It introduces many opportunities that improve living standards. There are many types of entrepreneurs in the world. These entrepreneurs get many benefits as well as provide benefits to many people. Each and every type of entrepreneur is important because all provide different services to the people and they all have different goals. They are very important because they boost the growth of the economy by introducing new and beneficial innovations and products.
Different entrepreneurs have different goals and have different values through which they increase the competition. Most of the entrepreneurs are hardworking and they do creative thinking and these qualities are very beneficial for them because it provides many benefits. However, all types of entrepreneurs should be focused on creativity and innovation because it helps to make them more successful businessmen. The various types of entrepreneurs are:
1. Serial Entrepreneurship
A serial entrepreneur starts different businesses one after another. These are the individuals who have one or more businesses at the same time and they recognize different opportunities. Serial entrepreneurs are creative and have new ideas to work on them, and this creativity is very helpful for them. There are many serial entrepreneurs who are successful because they are visionaries. They have different skills and they are always focused on learning. They know what they learn and what is the importance of learning new concepts about the business. They have a clear vision of their business.
Serial entrepreneurs are smart, passionate, and adapt quickly to innovation in a general sense. They use different strategies to improve their standards in the business world. They always pay attention to the quality of the products and the services that they provide to customers. There are many qualities of serial entrepreneurs that help to provide them success. These qualities are given below:
- They are good at time management
- They have the ability to set concrete goals
- Strong Discipline.
- They focus on creativity as well as innovation
- Serial entrepreneurs are strong as well as stable leaders.
2. Digital Entrepreneurial
Digital entrepreneurship consists of creating a business on the internet. In this business, the company provides products and services online to its customers. There are many platforms on the internet that provide many online services to people. These platforms are blogs, YouTube, etc. In today’s era, all people depend upon the internet so, digital entrepreneurship is providing many benefits and also gets more profit. Digital entrepreneurs are very successful in the present era because of the pandemic. If anyone wants to be a successful digital entrepreneur so, he should focus on the following qualities. These qualities will be helpful for every type of entrepreneur.
- Develop a strategic vision because it is very important for the entrepreneur to know about the strategy.
- The entrepreneur should have motivation because it is very important for attracting employees and also increase the level of productivity.
- Passion is the most important quality of the entrepreneur. In today’s era, only those businessmen are successful who are passionate about their work.
- The entrepreneur should have confidence in his business because confidence is very important in the business world.
- The entrepreneur should have the ability to make good decisions about the company.
- Innovative Entrepreneur
An innovative entrepreneur is a person who discovers new things. He is someone who creates many innovative products and services and he does not take any fair risks. Success allows the entrepreneur to add value to his business so that he can increase his profits. If an entrepreneur doesn’t innovate well, his business will decline. In business, innovation is very important because it helps businesses stay ahead of the competition.
Through globalization and a fast-changing market, businesses have become much more competitive than ever before. There are many qualities of innovative entrepreneurs that play an important role in their success. There are many people who want to become successful innovative entrepreneurs. Thus, they should be focused on their qualities because it will be very helpful for them. Some of these qualities are given below:
- They should have the skills to manage all things of the business. They should know how to manage the assets as well as the expenses of the company.
- They should have a lot of knowledge about the business and know about the business environment and its impact on the company.
- They should have the ability to listen to different people because it helps to improve their creativity. They always listen to people because they want to increase their knowledge about the business world.
4. Disciplined Entrepreneurship
Disciplined entrepreneurs have the creativity to solve peoples’ problems in one way or another. Discipline is made up of the different tools a businessman uses to cope with life’s problems and challenges. Disciplined Entrepreneurship offers many new concepts that are very important for every business, including a comprehensive, proven step-by-step approach to creating innovatively integrated, and highly successful products. This type of entrepreneurship focuses on the iterative process that marches the entrepreneur toward the optimal path. These entrepreneurs are always focused on the problems of the company and they want to solve all these problems with a good solution.
The main goal of disciplined entrepreneurs is to grow the company and fulfill the need of the world. They are very punctual and always take care of time. They always think about the business at an international level, but these entrepreneurs do not focus on the employees, they are always focused on themselves but they should focus on the employees because these are a very important part of the company. The business totally depends upon employees so, it is very important for the leader to know about the needs of the company’s employees.
5. Imitative Entrepreneur
Imitative entrepreneurs are those entrepreneurs who run their enterprises by imitating successful innovations. They always copy innovative entrepreneurs and they do not create new things. They are very good leaders they know how to deal with employees as well as clients. They are always positive and creative but they do not innovate new things. They always see the other companies’ innovations, copy them, and provide them to the customers. They are very successful because they have some unique qualities. There are many people who want to become imitative entrepreneurs so, they should follow the following qualities.
- They have no direction towards unsuccessful innovations.
- They imitate the successful works of the innovative entrepreneurs in their activities and get benefits.
- They are intelligent and they have different skills that help to imitate the new work.
- Due to limited resources, they do not spend money on research, inventions, as well as experiments.
6. International Entrepreneurship
It is the type of entrepreneurship that attracts customers in the domestic market. This type of business provides products as well as services at the international level. There are many characteristics of international entrepreneurship such as the ability to embrace change, the ability to establish a vision, the desire to achieve, high tolerance for ambiguity, knowing the importance of individuals, and a high level of integrity. International entrepreneurship is very beneficial for the company because it is very helpful to improve the economy of the country.
International business improves the position of the company at the domestic level. International entrepreneurs are very famous because they provide their products and services to their customers globally. They are very good leaders because they only focus on their goals. Many companies want to provide products and services at the international level. They should focus on the goals and they must have a clear vision because a clear vision is very important for every businessman.
The most important skill in international entrepreneurship is communication because communication is the only skill that improves the company’s position in the domestic market. International entrepreneurship provides many opportunities all around the world and increases yearly income.
7. Individual Entrepreneur
Individual entrepreneurship is carried out by one individual independently based on the property. Individual entrepreneurs engage the economic or professional activity on their account. In business, there is one leader and there is no employee, the leader does everything. The individual entrepreneur is focused on his own goals because he has limited resources. Due to a lack of resources, such entrepreneurs do not think about the leading of large companies. The individual entrepreneurs are very confident in their skills and are self-assured.
They have risk-taking ability that is very important in the business world. They should be focused on timetable and punctual because if they are not punctual, they will face many problems in the future. Therefore, many individual entrepreneurs who face problems should be focused on the needs of people and provide a good quality product at a low price. This strategy is very helpful to improve the image in the business world. There are many strategies that are very helpful for individual entrepreneurs and these are very helpful to reduce the expenses of the company.
8. Internet Entrepreneur
Internet entrepreneur is the founder of the internet-based business. In today’s era, there are many people who are internet entrepreneurs. They provide both products and services to their customers at the national or international level. They use different platforms on the internet and they are very successful because due to the pandemic, every person is dependent upon the internet. Internet entrepreneurship is very beneficial because companies easily maintain their relationship with their customers. They use many strategies to improve their revenue. The main purpose of these entrepreneurs is to fulfill the need of the people.
Internet entrepreneurs are those individuals who are aware of the culture as well as the technology of the internet and apply their knowledge to sell products or services through the internet. Many platforms of social media are used to sells products such as YouTube, Instagram, Facebook, and different websites, etc. There are many apps are present in the world that provides many services to people. Internet entrepreneurs improve the living standards of individuals. Internet entrepreneurship improves the economy of the country and solves many problems. During the pandemic, internet entrepreneurship is the best.
9. Urban Entrepreneur
Urban Entrepreneurship has two principals, one person is who starts the new business with the limited resources and the second is the one who grows the business. Urban entrepreneurs are those who start the business to solve the public problem with the limited resources. They use local resources to maintain their business for the public. The main purpose of urban entrepreneurship is to improve the economy of the country and provide jobs to the people of the country.
They solve the real problems and provide benefits to the people and the government. They solve the issues by creativity, so creativity and innovation are very important in Urban entrepreneurship. They are known about how to balance the two things. There are many entrepreneurs who are well-known about the balance so, they face different challenges and these challenges have a great effect on the company.
10. Trading Entrepreneur
These entrepreneurs are those types of entrepreneurs who undertake trading activities. They create a desire and interest of buyers towards their products and services. They do both domestic and overseas trade. They only focus on profits and the results of the selling products. They identify the potential of the market and also determine the desire for the products of the customers and the problems that the people face, such as agents and wholesalers. They are very flexible because they know how to adapt the change. They use different trading tools that are very helpful to increase revenue.
They are independent and have confidence in their abilities that is very important for every entrepreneur. If the entrepreneur has no confidence in his qualities, in the future, he will face different problems. They have a plan of what they want to apply to their business in the future. Planing is the best tool in the business world because it improves the vision of the people. They are the best planners because they know they need and problems of the customers so, they create new plans that are very helpful for them.
It is the activity of intentionally addressing an environmental or social problem through the different entrepreneurial ideas with a high level of risk, which has a net positive effect natural environment as well as at the same time, it is financially sustainable. The main purpose of green entrepreneurship is to improve the natural environment that is necessary for humans. Nature has a great impact on the mindset of humans. It provides many services to people that have a positive impact on the environment. These types of businesses provide pure water, raw materials that improve the greenery of the world.
This type of entrepreneurship is very important all around the world. Green entrepreneurs are very important for the economic development of the country. Green entrepreneurs can make an important contribution to removing unemployment, poverty as well as environmental problems. They play the most important role in environmentally friendly practices as well as environmental tasks than other entrepreneurs. It provides many benefits to the country because it plays a vital role in the improvement of the economy of the state. So, the government should provide proper resources to such companies because it will provide many advantages in the future.
Women Entrepreneur Network
The network of women entrepreneurs is one of the largest marketplaces where women have the opportunity to do business. This network shows the power of being a woman. All around the world, women organize and plan new businesses. There are many famous women entrepreneurs who lead their businesses with high-quality products and services. These are very responsible leaders with a focus on their employees. In today’s era, women want to become entrepreneurs but are unable to do so, so the government provides resources to women to do their business.
Women entrepreneurs are those who take risks and are innovative and adaptive. Most of the women in the world become an entrepreneur with the small business. Women entrepreneurs play a very important role in the business, because many famous women have built their own companies, and these companies have a good image in the corporate world. This network is very important because it helps the women in a way that establishes their identity in society. It builds confidence in women and makes them economically strong.
Famous Female Entrepreneurs
In today’s era, many people think that the business world is the men’s world, but according to history, women play a vital role in the business world. There are many women in the world who are entrepreneurs, they own their companies and solve the problems of people with creative ideas. There are many famous women who are entrepreneurs. They influence other women through their success. They motivate women who face problems in society. Many famous and successful women entrepreneurs have helped change people’s misunderstandings.
The business field is the best field for women because of the strengths women have shown. They work hard and are always punctual. They are more focused on their goals as compared to the men entrepreneurs. There are many women who are popular in the business world. Following are some of the most famous women entrepreneurs who have changed the world and the living standards of the people of the world. These women give direction to other women who want to become entrepreneurs:
- Susan Wojcicki (CEO of YouTube)
- Indra Nooyi (CEO of Pepsi)
- Folorunsho Alakija (VC of Famfa Oil)
- Sara Blakely (Founder and Owner of Spanx)
Young Women Entrepreneurs
Young women entrepreneurs bring a lot of diversity to the business environment. They do many new things with their creativity. They are also perfectionists and dynamic. They always want everything to be perfect. They are very important because they are creative, confident, and innovative, and they create employment opportunities for people. They work hard because they want financial freedom.
Women entrepreneurs tend to plan and proceed so they can save time and money in the process. Many young women entrepreneurs operate their own businesses. The first young entrepreneur to come up with a new and creative idea at the age of 16 was Riya Karumanchi. At the age of 17, she was the founder of SmartCane. The SmartCane is a device created for the blind to support spatial orientation as well as navigation.
Many female youngsters create new businesses, and they have the ability to change the world with their creative ideas. The young female entrepreneurs include Hillary Yip, Miracle Olatunji, Ave Couloute, Hannah Grace, and many others.
Examples Of Entrepreneurship Business
Entrepreneurship is a vast domain for setting businesses. It is a type of full business approach in hope of profit and success. People try to incorporate different business ideas to meet unmet customer needs. Businesses with entrepreneurship are flexible to schedule but it needs a lot of effort and hard work to uplift the business. People who want to pursue their professional life in entrepreneurship have a strong mindset to grow and try new methods for creating opportunities for success.
Entrepreneurship is integrated with different types such as:
- Small entrepreneurship
- Social entrepreneurship
- Scalable entrepreneurship.
In each type of entrepreneurship, people have some similar characteristics which are necessary to continue entrepreneurship, which include the ability to take the risk, identity opportunities in failure, never give up, qualities of leadership, open-mindedness, and ability to convince others. There are different examples of entrepreneurship; some of the best and in-demand examples are:
- Administrative entrepreneurship
- Opportunistic entrepreneurship
- Incubative entrepreneurship
- Public and private entrepreneurship
- Individual entrepreneurship
- Mass entrepreneurship
- Cultural entrepreneurship
Entrepreneurship and its rules have been implemented in real life by different famous and successful entrepreneurs. Those successful entrepreneurs do not change the concept of business and profit-making mechanism but they also set an example to be productive and innovative with the inducement of new ideas and concepts in the business marketplace. Entrepreneurship ecosystems are beyond limitations while it is integrated with the major part which are culture, market, finance, capital, support, and policy. There are millions of success stories in different types of entrepreneurship scales that encourage a person not to restrict but to grow.
Nicole Junkermann Entrepreneur
Who is Nicole Junkermann?
Nicole Junkermann is an international investor and entrepreneur. Her major focus is not identifying the growth opportunities, which made her the most successful entrepreneur at the global level. She was born in Germany but she lives in London. Nicole Junkermann owned a strong business network through her entrepreneurial skills. Not only in the US but she has also a productive business network all across Asia, and Europe.
Nichole has a deep grip on various businesses. However, her contribution and active participation through dedicated entrepreneurial skills helped to uplift the progress and profitability of Infront sport and media. She made the company the top-ranked business in the sports and media marketplace.
Nicole Junkermann Entrepreneurial Skills
Nicole is a fantastic role model for millions of people who want to pursue entrepreneurship. Through her enriching and dedicated skills, she set an example for women that they can do and achieve everything in this world through hard work, dedication, passion, spirit, and self-belief. Her first achievement was when she became part of NJF Holdings, but she did not stop her willingness to grow more.
Her knowledge and determination to step forward caused her to experience extraordinary success in her life. She believes in achievements and nonstop efforts. Her strategic thinking and effective decision-making make her the successful and best investor globally. Her skills of being well communicated and connected with society helped her to grow more and more. Due to this skill, she was able to convey her idea for technology transformation to the world.
Famous Filipino Entrepreneurs
Entrepreneurship marked its value all around the world. In each region of the world, there are several examples of successful entrepreneurs such as Filipino entrepreneurs who set an amazing example for progressive entrepreneurship all over the world. The majority of the adult population of Filipino are engaged in establishing new business through productive and innovative ideas.
About 38% Filipino population is engaged in self-employment while 6% adult population is established, business owners. Some of the most successful and famous Filipino entrepreneurs are listed below:
- Socorro Rome
She started her career in entrepreneurship as a sales girt in a book store. At the age of 19, she established a national book store in Escolta with her husband. She started her business only with P200. Initially, she sued to sell school supplies.
- Tony Tan
The owner of Jollibee restaurant started her business only with 350000 and she opened two branches in Cuba and Quiapo. Her ideas were supported by her friends and with their collaboration, she has become a successful entrepreneur in Filipino.
- Edgar Sia
He started entrepreneurship with laundry and photo-developing businesses at the age of 19. Then at the age of 26, he decided to own a restaurant.
- Cressida Tueres
She started her business with a food selling idea, her food was liked by her friends thus they supported her idea to start a food franchise which is now called Greenwich Pizza.
- Joe Magsaysay
He started to work in a small fast food restaurant but after some years, he became the major of five stores then he decided to start his own business known as Potato Corner which has more than 550 branches all around the world.
Successful Black Entrepreneurs
Not only white people or a specific group of people are being successful in entrepreneurship and enhancing their living standards, but it has also an extraordinary engagement with the black community. Being part of social controversy for hundreds of years, blacks have marked a particular space in entrepreneurship. Here are some most famous and successful black entrepreneurs.
- Asmau Ahamed:
She is the founder of Palm Perfect. She started her career as a chemical engineer but she decided to transform her career destination towards innovation, thus she decided to develop an application that can facilitate users for perfect makeup appropriate to their skin tone.
- Adelanwa Adesanya
He was an engineer but decided to turn up his career path to entrepreneurship because he wanted to improve the health care system for cardiac attacks with the help of technology. His company mainly operates to provide digital analytics which helps hospitals to implement home-based health care systems for patients which aims to improve health care standards outside of hospital settings.
- Cashmere Nicole
She started her business after her marriage when she was a mom. Now, she owns a cosmetic company that aims to focus on long-lasting and stain-free makeup products for different skins tones.
4. Walker Deibel
He is a serial acquisition entrepreneur, advisor, and bestselling author. He acquired seven companies over ten years and is the co-founder of many businesses. He is a renowned businessman and advisor and is also a former SEC licensed stockbroker. He wrote many books, but his most famous book is called “Buy then Build.” Many people have learned many lessons from this book about the business. He wrote about his experiences in his field. He is a very successful entrepreneur with a clear vision. He writes about many strategies for entrepreneurs that are very helpful.
According to the book, investors should evaluate all types of companies and their net worth before making a plan. The last step an investor should take is an investment. This planning is very important because it gives direction and makes the whole process easy. According to Walker Deibel, entrepreneurs should be focused on creativity and innovation because both are important parts of the business and play a very important role in the business world.
Entrepreneurial Spirit Examples
The entrepreneurial spirit is the approach or attitude of someone who wants to change something and resolve problems with creative ideas. People who are natural entrepreneurs have certain qualities that make them good entrepreneurs. For example:
Natural leader: Some people like to lead other people around. They have the ability to deal with new people.
Confident: These entrepreneurs are very confident in their skills and their products. Their communication skill is also good because communication is very important in the business world.
Motivated by challenges: They know how to deal with challenges and solve employee problems. They are very motivated and also motivate their employees.
Always look at the opportunities: The people who have the entrepreneurial spirit always look at the new opportunities because they want to start their own business.
Solve problems: They have the skills to solve the problems of people with new and creative ideas. They always focus on the problems and want to solve them with innovative ideas.
Steve Jobs Success
Steve Jobs was an American inventor or entrepreneur. He was the chairman of the Apple computers. Steve Jobs was the most successful businessman, he was the co-founder of Apple. He was very successful because of the innovative ability that qualified him to design perfect products, for the people. He was very hardworking and creative. At the beginning of his career, he faced many problems because he had dropped out of college. He had a lot of information but more importantly, he had a creative mind.
Jobs was very famous for the new products that provide many benefits to the people. His products attracted immense marketplace demand from customers. In today’s era, he has a great image because of his innovation. Today, Apple Company is the best and famous company only because of Steve because he created many devices that are very helpful for the company. Apple’s rapid growth, as well as development during Jobs’ stewardship, was because of his creativity. He achieved many things in his life. Some achievements of Steve Jobs are given below:
- Igniting the personal computer revolution
- Opening Apple stores in different states
- Introducing the mouse as well as the graphical user interface
- Making personal computers stylish.
- Revolutionizing the sale of music
- Bringing portable music players to the masses.
- Shepherding the age of computer animation.
Richa Kar is a famous woman entrepreneur. She is an Indian who is the owner of the online brand Zivame. The entrepreneurial journey of Richa Kar was not smooth because, in Indian culture, women have no freedom to do business. Many women in India want to become an entrepreneur but they do not get the opportunity to do business. Before entering the business world, Richa had a secure job because she was an engineer. After some time, she focused on the idea of her business. She tracked the online business because it is secure for women. She inspired herself by Victoria’s Secret which is an American company. Then she focused on the revenue of the company.
Richa believed that she could start her own business, so she started her online company. In the beginning, she faced many challenges because of society. However, after some time, she developed her company that is a very famous company in today’s era. She has a clear vision that helps in her business. The main purpose of her company is to help women openly shop for intimate wear. Now, this company and Richa Kar influence the other women of India in different ways that are beneficial for the country.
The One Page Business Plan for The Creative Entrepreneur
The one-page business plan is the version of traditional predations plans that are very important because they focus on the core aspects of the business. Many entrepreneurs get information from this book because it is based on all strategies that are necessary for the business.
A business plan is a strategic tool for all types of entrepreneurs because it provides a specific direction to the people. It is the fastest and easiest way to make a good business. Many small businesses make a good plan to get success. This book divides into five sections that are very important for every business plan. These sections are given below:
The first is a vision that is most important because it is the image of the business that what the entrepreneurs want to do and what are the goals.
The mission is to explain the business, how it works, and how it improves living standards. It captures the value of the company’s product or services.
Objectives are the specific steps that the company needs to fulfill its goal. There are four main objectives of a company such as earning profits, gaining customers good quality of products and services as well as regular innovations.
Strategies are very important in the business plan. Five strategies provide many benefits to the company including cost leadership strategy, differentiation strategy, focused cost leadership strategy, focused differentiation strategy, integrated cost leadership.
- Action plan
Actions plans are the communication devices that represent all the characteristics of the company.
Business Ideas for Young Entrepreneurs
There are many new business ideas for young entrepreneurs; these are very beneficial for them. If anyone wants to want to become an entrepreneur, the following are some good ideas:
- Handmade gifts
Young people can start their business of homemade gifts. It is very beneficial because many want to get homemade gifts. So, the demand for homemade gifts is very high in the marketplace.
- Social marketing
Social marketing is very beneficial for youngsters. It is a very cheap and successful business. Online business is very important for people because it provides many advantages for entrepreneurs and other people.
- Invent Something
The youngsters who want to become an entrepreneur should focus on creativity. They should invent something new that is very beneficial for the people and fulfill the need of the people.
Dark Side of Entrepreneurship
The dark side of entrepreneurship includes depression, anxiety, and stress. There are many entrepreneurs who face many problems such as mental disturbance. There are many relationships that are suffering because of entrepreneurship. There are many people who leave their loved ones because they want to become successful entrepreneurs. They have a lack of time for their families. Criminals are affecting the entrepreneurs because they want money. They have security threats and their life is not saved because many people want to kill them.
Entrepreneurs cannot face big problems or failures because they invest a lot of money or time in their business. The entrepreneurs have a lot of stress in their lives of competitions. They have to prepare always for anything because problems will come at any time. There are many entrepreneurs who are addicted to the different types of drugs. So, entrepreneurs should focus on the dark side of entrepreneurship because it helps to solve the upcoming problems.
Entrepreneur vs. Businessman
|An entrepreneur begins with some new and creative ideas in the business field.
|A businessman can work with existing ideas.
|An entrepreneur is a market leader
|A businessman is a market player
|By nature an entrepreneur is intuitive
|By nature a businessman is calculative
|An entrepreneur creates a new market
|A businessman establishes a good plan to run an existing market
|An entrepreneur works with an atomistic approach
|A businessman works with a holistic approach
- How can I choose the best business?
If you do not have any business idea in your mind the best way is to look into your experience, expertise, and educational background, It will help you to find the best domain for a business.
- What are skills needed for entrepreneurship?
There are many skills you need to focus on as an entrepreneur but the most dominating skills are curiosity, strategic thinking, effective decision making, and networking.
- Why Patience is important for entrepreneurship?
Patience helps you to the stray firm on your decision and planning. Future in entrepreneurship is not easy because it is time taking process and for achieving the success you need to put consistent efforts with higher dedication.
- How can I be a successful entrepreneur?
For a successful entrepreneur, you need to focus on your goals and follow other successful entrepreneurs as an example. It will help you to align your path to success.
- What is the cause of failure in entrepreneurship?
The major causes of failure in entrepreneurship are having an idea but not know the right way to proceed with it, lack of vision, and poor planning.
- Does entrepreneurship have high scope for opportunities?
Yes, entrepreneurship has high scope in terms of career because it does not only creates new opportunities for business but also increases employment opportunities for people.
- What challenges may I face as an entrepreneur?
You may face some of the major challenges which include customer satisfaction, market research, effective business planning, and better management.
- Why should I need to peruse as an entrepreneur other than any other profession?
You should choose entrepreneurship rather than any other career oath because it has wide exposure to expansion and innovation.
- What mistakes should I avoid as an entrepreneur?
As an entrepreneur, you need to avoid some major mistakes which include spending more resources and money, thinking that you don’t have any competitors, and non-rational decisions.
- I am a good leader can I be a good entrepreneur?
Yes, if you are a good leader you can also be a successful and better entrepreneur because a productive and efficient entrepreneur is who leads the team and make the effective decision according to abilities and opportunities.