What is Entrepreneurship?

What is Entrepreneurship
Entrepreneur's Hustle Mug

What is Entrepreneurship? According to the Internet entrepreneur and Venture Capitalist, Reid Hoffman, “An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.” Even though the previous definition of entrepreneurship is quite entertaining, it is also extremely accurate.

Entrepreneurship Definition, What is Entrepreneurship?

Entrepreneurship is the process, the engagement and the willingness to organize and execute business ideas. Action, vision, and passion are words that underlie in every entrepreneurship endeavor.

An entrepreneur is someone who plans and operates any business venture in an attempt to make the profit. He or she invests valuable time, money and resources into their enterprise where there is no guarantee of favorable returns or making of profit. Therefore, a major factor of entrepreneurship is risk-taking. Entrepreneurs are vital to economies. They are catalysts, solution providers, and employers. Once successful, entrepreneur’s profits and rewards may be significant, they make up the richest people in most countries worldwide.

What’s the Right Approach to Be a Successful Entrepreneur?

An entrepreneur is a person who is driven by a goal, a desire to create or materialize an object or a service to make it available to the global population and secure his material wealth in the process. For this, he is willing to go to great lengths and spare either time or effort. In most cases, entrepreneurs have a particular detailed idea about what they want to accomplish. Many believe people are born with entrepreneurial traits, but it’s possible for anyone to be an Entrepreneur. The holy grail of entrepreneurship consists of action and execution.

There are different classifications of entrepreneurs that require different capabilities and qualities. They are classified based on their approach to starting up and managing their enterprises. If you want to develop your entrepreneurial capacity, you slowly incorporate new qualities into your life before making any big career changes. Entrepreneurship involves creating or discovering new business ideas or opportunities to create value and forming a new organization to do so. An entrepreneur is a person who practices entrepreneurshipThe characteristic qualities of entrepreneurs include

Self-confidence

Being confident in your skills as an entrepreneur can make or break your success in this career. If you don’t trust your own decisions and capabilities, what makes you think your team will trust you? The lack of self-confidence will take its toll on the morale of your colleague, and demotivate them from helping you attain your vision.

Leadership quality

The process of defining a leader is quite difficult. Being a leader entails interpersonal and managerial skills. Though, it is the unique experience to take charge of certain people and offer them guidance with the goal of achieving one’s set objectives. A leader needs to be able to drive, plan, evaluate and coach employees and staff.

Technical or Knowledge Skill

If you are turning out a product, you should maintain the required skills to deliver that product. Knowledge gained in operating in similar workplaces or a professional skill will stand you in good stead. It is essential to keep on updating your knowledge by reading books and attending seminars to keep ahead of your competitors.

If you are interested in starting a business or project to make money, start by coming up with a good business plan. Take some time to think about the business you are interested in. Carefully calculate all the risks involved the investments you’ll have to make, the amount of work required and the profitability of the industry you are thinking about going into. Also be prepared to make mistakes, learn and develop and be persistent in trying and working hard.

After all, you have to remember that in the entrepreneurship world, SKY IS NOT THE LIMIT, IT’S ONLY THE BEGINNING. LIFT OFF!

Photo by Garrhet Sampson on Unsplash