– Rujuta Joshi
The capability and willingness to develop a business and manage organize & run it in a manner that it reaches success and provides profit to its makers is called entrepreneurship. Entrepreneurship is a risk taking and indispensible part in a nation’s run to succeed. A nation benefits greatly from entrepreneurs as they increase the economy of the nation and take it to the international level.
The entrepreneur is someone who has the ability and desire to establish, administer and succeed in a startup venture along with risk entitled to it, to make profits. An excellent example of entrepreneur is a person who starts up a small business but take it to the next level.
Entrepreneurs are source of new ideas and innovation. New business idea is brought in the market by such entrepreneurs and some of this succeed so much that they reach an international level. Where the public sees problems the entrepreneur finds an opportunity to solve that problem. They might start something as a side business bur with hard work and dedication make it successful. They take a small idea and make it a big notion for the world to see, it may be everyday things or simple solutions you never thought of.
They have the skills of communicating, negotiating, working as a team, leadership etc which help them be more amiable to people but at the same time have an authorities hold on them.
Types of entrepreneurship-
- Small business-
These types of entrepreneurs just aim to fulfill their daily needs rather than make millions of dollars. Small business like travel agent, bakers, salons etc. they hire only few people to run their small business like locals or family members. Profit for them will be to earn enough money to manage their expenses and not making billions of dollars. Such businesses get funds from local banks, friends and relatives. The local grocery shops or retail shops you may see are all examples of small business.
- Scalable Startup-
When a person gets an idea that he think can ease living or revolutionize it they come up with a startup. They make a model of their idea and show it to interested inventors. If the investors like it they invest in tit to make it more realistic and the entrepreneur combines a team to work with him and develop the prototype. They need skilled and smart people who can help them make the model much better. Such entrepreneurs may require more capital to make their idea successful. They require lot of dedication, teamwork, hard work and research to make a name and grab investor’s attention. Their idea might even make up a million dollar company.
- Large company-
This companies s are already established businesses with turnovers of millions. They also act as investors for small business and buy their product to sell by their company’s name. They have to keep in touch with all new inventions, ideas products that are revolving in the market and incorporate the in their companies to grab attentions of clients and customers. They mostly grow by offering products that revolve around their main idea. They have a staff of hundreds some of them skilled and some not. They have different departments for different jobs and employee people such. Small companies too can become large after years of hard work and dedication.
- Social entrepreneurship-
NGOs or such organizations can come in this category. They aim to solve social problems and issues and do not have any profits. They get the money to do so by donors or owners of such company.
Characteristics of entrepreneurship
To make an entrepreneurship successful there are some steps that need to be followed, some principle you need to know:
- Any business is risky at times, you never know the the giant leap of faith you will take will prove to be fruitful or not. You require enough amounts of courage and the ability to look into the future to take a risk. You should also be able asses any loss if the risk you took didn’t pay off and deal with it accordingly in a calm manner.
- You need to be innovative and think outside the box. The market has much competition, for your company to take off and earn benefits you need to stand out from the crowd and make your product both attractive and feasible to the common public through innovative ideas.
- An entrepreneur should always have the quality of a leader. Since they are the one who will start the business and recruit people to work for it , they should have the ability to make them understand what to do and how to do the work. Since a business requires lots of resources and employees an entrepreneur should be able to guide them towards success.
- An entrepreneur should be open to ideas from other people and his employees. They might have a new scheme or proposal that you might not have thought of earlier and may help in climbing the success ladder.
Importance of entrepreneurship-
- They help in creating jobs. A business is always growing, with growth they will require new employees to work for them thus creating a job opening. Some even required unskilled workers to run their industry and thus help in employing people and removing unemployment.
- If it wasn’t for entrepreneurs we won’t have had services like a computer or websites like Amazon and flipkart to help us out. Entrepreneurship gives new ideas and products to the society making living easier.
- They add to the national economy. New business brings international money into the nation increasing the wealth of it. By decreasing unemployment they help contribute to the society and increase the level of living.
Entrepreneurship is the base of any nation’s economical and social welfare. It helps the citizens by providing new ideas and products thus giving an easy living and by creating jobs for the unemployed. It benefits the nation by bringing money and making international fame. All the great business man we see today all started with a small idea but reached heights we never imagined. Entrepreneurship is the past, present and future of our country.