Entrepreneurship is all about a person’s ability to successfully start, develop and complete a new venture or enterprise.
Normally entrepreneurship this refers to a business, but not always.
Entrepreneurial ventures may for instance be a charity or community service.
They may also be a government project.
Entrepreneurial ventures or projects have some characteristics that set them apart from other ventures or projects:
- The entrepreneur provides a controlling link between various components of a venture (eg. Government, finance, customers etc)
- Some aspect(s) are new (They are not simply repeating what others in the same situation have done before)
- They offer more risk but the possibility of greater success
- Motivation, excitement and anticipation of success is often higher amongst those involved
Entrepreneurs from all around the world start their own businesses. How did they decide what business to operate? How can you learn about the business opportunities available to you? What kind of goals should you set for yourself?
Are You Considering Being an Entrepeneur?
When considering becoming an entrepreneur, it is important to distinguish between an idea and an opportunity. A colleague once said “an opportunity is something you can do that someone else is prepared to pay for’.
When you take the plunge into entrepreneurship, you may be putting all of your worth at risk. Your life may become unbalanced, with increased working hours which take away time spent with your family and leisure time. The stress levels you may find yourself under may be much higher than when you were an employee.
The cycle of entrepreneurship can be discovered in businesses of all sizes – some entrepreneurs start up business in a garage or shed or from a spare room in their house. Large business may also have entrepreneurs running the company. The true entrepreneur will see an opportunity then create a business structure, to pursue this opportunity. In order to realise the opportunity though, they:
- Draw up a plan (considering the points above);
- Assume all risk and responsibility for the plan;
- Move quickly once the plan is formulated;
- Gather the resources required to launch their plan.
In reality though there are several processes that an entrepreneur will go through before even so much as formulating the plan. They will understand the financial management and business strategy are dynamic and interrelated and that this relationship is very complex. They have the courage to take the personal risks required in order to implement their plans – the sorts of risks that most ordinary business managers wouldn’t dream of taking. These sorts of risks often involve their personal assets (credit cards, house, car their lifestyle and sometimes even as drastic as losing their families! This is what differentiates an entrepreneur from an average business manager – some have a ‘larger than life’ belief in what they want to achieve and are willing to pursue their ideas, almost irrelevant of the risks involved. However entrepreneurship should not be reckless; a good entrepreneur though will understand that ‘management’ is their most valued discipline and although there will always be risks, with good management methods, knowledge and practices and by following a set pattern of business rules they can minimise their risk. Reckless business behaviour therefore in the true entrepreneur is replaced by astute methodology.
Learn More about Entrepreneurship with our 100 course - click here for further details.
Our staff have over the years written a large range of book and ebooks, many of which are are available through our school's online book store.
To visit the book store and browse some of these titles, click below: