what is actually an enterprenur?

Enterpreneur:-

        An entrepreneur is a person who decides to start a new business, endures the potential risks, and relishes the rewards. Entrepreneurship can be denoted as the process used by the entrepreneur in establishing a business.

Example

Tom has been working on a mobile application that he wants to sell to online businesses. He noticed a gap in making payments and decided to try and look for a solution. Recently, he shared his application but was turned down by some of the people he approached. Luckily, he succeeded in convincing 3 people and now has clients.

In this example, Tom is the entrepreneur and what Tom has gone through is idea generation, innovation, working on the application to make it a reality and seeking clients. The steps he took would be his entrepreneurship. The 3 clients represent his rewards and those who declined his product present the risk of investing and getting nothing in return.

An entrepreneur is a person who encompasses the desire to solve a societal problem while benefiting from it. Entrepreneurship has enabled economies to thrive and created jobs for many people. Entrepreneurs enjoy the benefits of their success while balancing the risks that come about in the line of business. However, without risk, there can be no return and thus, entrepreneurship in itself is a worthwhile endeavor.

Real life time examples:-

Eddie hopes that his entrepreneurial gamble will pay off as well as the gambles of other well-known entrepreneurs, such as:

•Bill Gates, founder of Microsoft. There are probably not many people that have not been touched by one of his products, such as Microsoft Windows, Microsoft Office and Internet Explorer.

•Steve Jobs, co-founder of Apple computers, which produces Macs, iPods and iPhones, as well as Apple TV.

•Mark Zuckerberg, the founder of Facebook.

•Pierre Omidyar, founder of eBay.

•Arianna Huffington, founder of the Huffington Post, a well-known online news site.

•Caterina Fake, co-founder of Flikr, which hosts images and videos on the Internet.

Common traits for entrepreneurs

•Enjoy freedom and flexibility

•Are inventive

•Are goal orientated and ambitious

•Think creatively

•Are fearless

•Problem solvers

•High self initiative

•Understand basic finance principles. 

What is entrepreneurship?

Essentially, entrepreneurship is the process of developing, organizing, and running a new business to generate profit while taking on financial risk. In a broader sense, entrepreneurship is the process of transforming the status quo by solving the most pressing problems and pain points in our society, often by introducing an innovative product or service or creating new markets.

Entrepreneurship is now a popular college major, with a focus on studying ideation, new venture creation, and profit driven models.

An entrepreneur is someone who has an idea and who works to create a product or service that people will buy, as well as an organization to support that effort. An entrepreneur takes on most of the risk and initiative for their new business, and is often seen as a visionary or innovator.

Entrepreneurs come in all shapes and sizes, including small business owners, content creators, startup founders, and anyone who has the ambition to build a business and work for themselves.

Common traits for entrepreneurs

• Enjoy freedom and flexibility
• Are inventive
• Are goal orientated and ambitious
• Think creatively
• Are fearless
• Problem solvers
• High self initiative
• Understand basic finance principles

7 Types of entrepreneurs

Entrepreneurs are as diverse as they are dynamic. Here are seven different types of entrepreneurs.

• The Independent
• The Freedom Seeker
• The Creative
• The Opportunist
• The Hustler
• The Digital Nomad
• The Legacy

Pros and cons of entrepreneurship

While aspiring entrepreneurs have the potential to earn massive fame and fortune by starting a successful business, entrepreneurship is not without its hazards. Here are some of the pros and cons.

Pros of Entrepreneurship

• Work flexibility. Entrepreneurship means self employment, which comes with the ability to set your own schedule and work where you want.
• Ability to follow your passion. If your innovative idea is related to your passions or hobbies, entrepreneurship enables you to make a career out of what you love.
• Total control. Because they own their own businesses, entrepreneurs have complete control of their entrepreneurial ventures, with the ability to make decisions quickly.
• Creativity. Without the burdens of bureaucracy common in large, mature companies, entrepreneurs can solve problems creatively and experiment often.
• Unlimited earning potential. As famous entrepreneurs like Mark Zuckerberg or Bill Gates show, a startup entrepreneur with a successful business idea can make millions or even billions of dollars.

Cons of Entrepreneurship

• Financial risk. Becoming an entrepreneur means putting money on the line for your idea. If it doesn't work out, you'll be responsible for dealing with disappointed investors and outstanding bank loans.
• Long hours. Between brainstorming new ideas, wooing potential investors, and managing the day-to-day operations of their businesses, many entrepreneurs work long and hard to make their dream a reality.
• Greater responsibility. As the leader of your own business, everyone will be looking to you for vision and direction, which can cause tremendous personal stress.
• High competition. Just because your business idea is innovative doesn't mean you won't face stiff competition, whether from established firms in your industry or other entrepreneurs looking to beat you to the finish line.
• Unreliable income. While successful entrepreneurs may see a big payday, it won't happen overnight. In the meantime, expect lean times as you invest all of your income into growing your business.

What is the entrepreneurial mindset?

Becoming a successful entrepreneur starts with bringing an entrepreneurial mindset to your business venture. The entrepreneurial mindset a set of skills, beliefs, and thought processes entrepreneurs bring to the task of building a new business. The main elements of this mindset are:

• Curiosity. An effective entrepreneur questions everything, learns all they can, and is open to new and radical ideas, even if they contradict your most basic assumptions.
• Independence. There's no precise roadmap to success as an entrepreneur. Turning a new idea into a successful business requires risk taking and an ability to plan your next move without hand-holding from others.
• Resiliency. Succeeding as an entrepreneur means not only enduring pressure and failure, but also learning and growing from those experiences.
• Persuasiveness. To raise money and grow their team, an aspiring entrepreneur needs to be able to confidently sell their business idea to what is often a skeptical audience.
• Focus on helping others. Entrepreneurs create value by solving problems for the  are focused on creating a positive impact, rather than making money.

What is entrepreneurship?

Essentially, entrepreneurship is the process of developing, organizing, and running a new business to generate profit while taking on financial risk. In a broader sense, entrepreneurship is the process of transforming the status quo by solving the most pressing problems and pain points in our society, often by introducing an innovative product or service or creating new markets.

Entrepreneurship is now a popular college major, with a focus on studying ideation, new venture creation, and profit driven models.

What is an entrepreneur?

An entrepreneur is someone who has an idea and who works to create a product or service that people will buy, as well as an organization to support that effort. An entrepreneur takes on most of the risk and initiative for their new business, and is often seen as a visionary or innovator.

Entrepreneurs come in all shapes and sizes, including small business owners, content creators, startup founders, and anyone who has the ambition to build a business and work for themselves.

Common traits for entrepreneurs

• Enjoy freedom and flexibility
• Are inventive
• Are goal orientated and ambitious
• Think creatively
• Are fearless
• Problem solvers
• High self initiative
• Understand basic finance principles

Conclusion:-

To be successful in sustainable business practices often requires entrepreneurship and innovation. This chapter provides an overview of entrepreneurship and innovation as it relates to sustainable business. The discussion is most relevant to sustainable businesses focused on offering new products and services in response to societal concerns. The importance of entrepreneurship and innovation also applies to companies that change how they produce products and services. The latter companies can use innovative practices and entrepreneurship to establish their brand name and to be market leaders in doing things that create shared value for society and their companies and also, over time, contribute to changes in practices in their industry.

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