What is Entrepreneurship

       Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. An entrepreneur is an individual who manages this process. For example, they might be responsible for finding investors or customers.

    There are many different sub-disciplines within entrepreneurship, including corporate entrepreneurship (working with established businesses), social entrepreneurship (meeting social objectives of disadvantaged peoples) and environmental entrepreneurship (reducing the effects of climate change).

    The majority of entrepreneurs all work in small businesses that employ less than 100 people. They tend to invest their own money into these businesses rather than borrowing cash from banks.

        There are many different factors that lead to entrepreneurship. Research suggests there is a genetic component, with around 25% of people being born with the necessary personality traits for successful business ownership. Other factors include incentives from governments and family encouragement. Business schools also play an important role by providing education in all aspects of starting and running a small business.

    Being an entrepreneur can be incredibly rewarding but it isn’t without its challenges. Many entrepreneurs fail as their businesses close down after just two years of operation. Reasons include poor cash flow management, lack of funding, competition and general market fluctuations.

         Although the potential financial rewards mean that most entrepreneurial ventures are started for profit, this doesn’t always happen and social entrepreneurship is becoming increasingly popular. One example of social entrepreneurship is Business Breakthrough. It was set up by Sir Alan Sugar, who made his name as an entrepreneur through business program The Apprentice.

        As well as giving financial rewards, some entrepreneurs benefit through more personal means. For instance, setting up a company can help them achieve their ideal work-life balance or provide a creative outlet for their talents and ideas.

     Entrepreneurship has grown significantly over the last decade with many governments introducing programs to encourage small business creation. This can be seen in the increase in university courses focused on the subject and successful entrepreneurs being celebrated across various forms of media, including television shows like Dragon’s Den.

         However there are still some negative opinions about entrepreneurs with detractors sometimes labelling them as ‘job-stealers’.

         Being an entrepreneur means taking some risks and potentially sacrificing financial security. While it can offer great rewards, entrepreneurship is not for everyone. Most importantly, being an entrepreneur requires courage, drive and perseverance.

         Entrepreneurs are constantly finding new ways of working, scaling their business and reaching untapped markets. The possibilities are endless with many people now choosing to take the plunge into self-employment through online platforms such as Elanic which offers a simple way for people to buy or sell anything they no longer need or want.

         As it can be hard to secure funding for new ventures, 65% of entrepreneurs in the UK work without taking any salary at all.

         And according to research, entrepreneurship is more common among people with degrees than those who do not have such qualifications. Although this has been challenged by some studies that suggest graduates are just better at spotting business opportunities.

         Of course, it’s best for young people to get a degree if they want to be entrepreneurs – but it’s not essential. After all, Richard Branson didn’t even finish his high school education and he built a multi-billion pound empire in the airline industry. So you could say: never let your lack of formal qualifications hold you back!

       Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. An entrepreneur is an individual who manages this process. For example, they might be responsible for finding investors or customers.     There are many different sub-disciplines within entrepreneurship, including corporate entrepreneurship (working with established businesses), social…

Leave a Reply

Your email address will not be published.