What is entrepreneurship?
Entrepreneurship is an idea to undertake some formulated scheme in order to start a business venture by keeping in mind the risks and rewards of the following venture. It can also be simply described as the process of creating, designing, and running a business from scratch and hoping to take to the pinnacle of success after facing a lot of risks and clearing a lot of obstacles. People who are using innovative ideas to start small businesses are simply known as entrepreneurs. They can be institutional, cultural, social, feminist, project-based, millennial, nascent, or ethnic entrepreneurs. Entrepreneurs must be cautious about the assumption of risk factors, must have the ability to develop the management skills of the employees, must be proficient enough in market research, should be innovative, should accelerate the pace of economic development, and must be flexible to overcome the resistance into changes.
Types of entrepreneurship
- Small Business Entrepreneurship: Under this, an entrepreneur starts and runs a privately owned business venture with limited resources and fewer employees, and is solely responsible for all the losses and profits.
- Scalable Startup Entrepreneurship: scalable startup entrepreneurs work with a vision to bring change in the world by hiring the brightest human resources and effective business model. Rapid expansion is their ultimate purpose which attracts venture capital and creates many high-paying jobs.
- Large Company Entrepreneurship: Big companies or corporate organizations witness skyrocketing growth through incessant innovation in products and services according to the changes in customer tastes & preferences.
- Social Entrepreneurship: Individuals involved in it are the innovators who focus merely on creating or developing products/services that meet social needs and solve society-related problems. Unlike scalable startups, their purpose is to make the world a better place to live in. social entrepreneurship can be nonprofit, for-profit, or hybrid.
Topics covered in entrepreneurship assignment
- Law. It is important to know the basic laws of a country. An entrepreneur needs to learn the law so that he/she can build the business keeping in mind all the laws and values. There are certain legal rules of being an entrepreneur that should be kept in mind for the success of the business.
- Finance. An individual going through an entrepreneurship process is always resource-constrained. To deal with the constraints, an entrepreneur needs to look for ways of funding into the business venture and also to learn about the rules through which these funding operate.
- Operations management. Operations management deals with innovation and unique methods to become successful in the same market. An entrepreneur should have the skills of making its product and service unique and more innovative to make the customer’s first choice.
- Entrepreneur marketing/planning. This involves planning, marketing concepts, strategies, etc. It identifies market opportunities.
- Strategy. The strategy is the approach to working for the future by knowing about its previous place and the present place. It is done for the success of the organization to know its strength and weakness.
- Planning. Similar to strategy but here, planning is done among the team members for the benefits of the organization.
- Leadership. People’s issues are considered to be the downfall of any organization therefore leadership holds the core of the business venture till it lasts.
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