What is entrepreneurship?
Entrepreneurship refers to the process of discovering improved methods of combining resources to create value. Entrepreneurship involves designing, launching, and effectively running a new business venture despite the risks of making a profit. The different types of entrepreneurship include millennial, feminist, cultural, social, institutional, nascent, project-based, and ethnic.
An entrepreneur is an individual who develops, designs, and manages a business. Commonly, an entrepreneur is an innovator of new business propositions. Some of the essential attributes of successful entrepreneurs are efficient management skills, good leadership skills, and strong team building capabilities.
To be an entrepreneur, one needs to be a risk taker with a perceived uncertainty perception. An entrepreneur also needs be coachable and willing to accept advices from investors and other experienced persons. Besides, to be a successful entrepreneur, one needs to be able to identify and create opportunities that satisfy a need in their society. Entrepreneurs need to be proficient communicators (through the use of verbal and nonverbal cues) to carry out the daily operations of the business (Parker, (2018).
People choose to be entrepreneurs for several reasons. First, inability to handle a regular job. The monotony and repetitive routine that comes from working a regular job is unfulfilling for most entrepreneurs. Also, the struggle with authority drives some people into entrepreneurship. Some people struggle with having superiors directing them while working. Therefore, they view becoming their own bosses as the way to work happily and effectively.
Moreover, some become entrepreneurs to change the world and create employment opportunities for others. With the rise of unemployment, several entrepreneurs have made the decision to create employment opportunities and consciously change the situation of the world. Also, entrepreneurs tend to be people who have unconventional ideas, passionate about learning, and creative. These traits make them unfit for employment. Thus, being an entrepreneur is the only solution to their character (Parker, (2018).
Overall, entrepreneurship is a necessity for the wellbeing of any society. Entrepreneurs help improve the living standards of people through their various business ventures and ideas. Successful entrepreneurship requires patience, persistence and immense self-discipline.
Reference
Parker, Simon C. The economics of entrepreneurship. Cambridge University Press, 2018.