In this busy and growing world, every person is struggling hard to earn money whether it’s through working in an MNC or in small cooperates but still most people are not satisfied with their jobs in today’s world, and to find satisfaction people start dreaming to become an entrepreneur – now the first question which arises is what is entrepreneurship?
What is entrepreneurship?
In most cases, people describe entrepreneurship by using words like “small business” or “innovation” or by describing it as working for themselves. Others paint a picture of an audacious Silicon Valley founder who boldly takes risks and relentlessly overcomes obstacles.
Some people view entrepreneurs as free-spirited rebels who make their way into the business. Despite these things, they don’t paint a complete picture of what entrepreneurship is.
Entrepreneurship is the ability and willingness to develop, organize and run a business enterprise, along with any of its challenges to make a profit. The most notable example of entrepreneurship is the starting of new businesses.
Entrepreneurship and Innovation: A Relationship
Entrepreneurs are often viewed as innovators or even pioneers of emerging industries. Often, innovation is not a new technology, such as an autonomous vehicle, but a creative application or process. Even though Amazon is now one of the world’s largest companies, it began by selling books online instead of in brick-and-mortar stores.
By developing a ride-hailing app, Uber disrupted the taxi industry rather than launching a fleet of cabs. Successful entrepreneurs strive to continually improve processes, reduce costs, and improve products in addition to bold, disruptive innovations. Innovation is associated with entrepreneurs since it gives the founder’s company a competitive edge and allows entrepreneurs to express their creativity.
How to define Success?
Being your boss gives you the freedom to define success as you see fit. Entrepreneurs traditionally measure their success based on their income, personal wealth, or some other financial metric.
Entrepreneurs may measure their success by creating a product that employs dozens or hundreds of people, or by creating financial security and prosperity for their families. An owner may also measure success based on the company’s societal impact. This concept is often called social enterprise. Social enterprise revolves around “addressing a basic unmet need or solving a societal or environmental problem through a market-driven approach.”
