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Entrepreneurship Examples. In discussing entrepreneurship and writing articles on the subject, I have found that it aids understanding when we begin by agreeing on exactly what the word means to us.
Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently controlled.
The American Heritage Dictionary defines an entrepreneur to be a person who organizes, operates, and assumes the risk for business ventures.”
These are rather abstract concepts for a person just beginning to consider whether they ought to start a business rather than take a job, or leave a secure job for a chance at greater self-fulfillment.
Let us try to refine our understanding of entrepreneurship by asking some more specific questions.
Is everyone who runs a business an entrepreneur?
Many would not consider the newspaper carrier, shoeshine person, and grass cutter entrepreneurs, though these are often the youthful pursuits of those with an entrepreneurial bent.
Does it matter whether the business is merely part-time?
Whereas some part-time activities are basically hobbies, or undertaken to supplement income, some entrepreneurial ventures can be tested in the marketplace on a part-time basis.
The path to an entrepreneurial venture might begin by earning a salary in the business one expects to enter, while learning more about it, and waiting for the opportune time to go out on one’s own.
This time can be used to develop a support network, professional and personal, and generating ideas to bounce off people whose opinion one respects.
At what scope does self-employment become a venture?
The primary objective of many self-employed people is merely to employ themselves (and others if necessary) at a moderate to good salary; some are even willing to eke out a living to do what they enjoy.
This approach is often referred to as a lifestyle business, and is generally accompanied by little, if any, plan for growth.
These questions are intended, not to develop a precise definition of entrepreneurship, but to help us understand our attitude toward its many forms of expression.
We may each answer these questions differently, yet all answer appropriately within our own frame of reference.
Entrepreneurship is more an attitude than a skill or a profession.
Some of us may prefer a corporate or public service career path, but many would choose an entrepreneurial opportunity that feels right.
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Would you consider a person who inherits a business an entrepreneur?
From the point of inheritance on, it is their own money and financial security at risk.
They could possibly sell the business, invest the proceeds in blue-chip stocks, and live off dividends.
Some might consider managing a personal stock portfolio for a living as an entrepreneurial venture.
Would a person who inherited a small or marginal business, then took it to new dimensions be considered an entrepreneur?
The inheritor could have tried merely to keep it going, or even to pace the business decline to just carry them to retirement. In a family-held business, long-term success is often a central goal.
Are franchise owners entrepreneurs?
Many feel that, for those who have access to the large up-front investment, franchises are sure things.
For many, operating a franchise is similar to investing in blue chips, a relatively sure thing with generally unexciting returns.
Entrepreneurship Examples. Your job no longer comes with a guarantee.
Yes, that is right, you might have been taught that if you work hard, study for a professional occupation, and score high grades, your future is set.
Nothing can harm you. You get a job with your beautiful education and a good salary, and after 40 to 50 years of working, you retire happy and do anything you want.
Let us look at the facts: Millions of people are laid off work yearly.
Some industries, like the record industry, were completely obsolete overnight.
Thousands of skilled senior executives and middle managers are losing their jobs. Some students even find themselves unemployed when they finish their courses.
Income and retirement isn’t looking too good either.
Nowadays both husband and wife have to work to maintain a descent lifestyle.
Statistics show that 95% of all people at age 65 are either dead, or dead broke, and that it is only 6% of the population that is financially independent and only 1% of those can be considered wealthy.
In the 90s people turned to small business as an opportunity to create the best economic return available.
Most people who venture into their own business are the so-called Baby Boomers – people between the ages of 30 and 50.
These Boomers represent a third of the population and they are leading the way to make entrepreneurship the Super Career of the 21st century.
Buying a franchise was also seen as a viable option. A franchise is a safe business structure as it has proven systems in place for generating and keeping business.
Women who are disillusioned with climbing the corporate ladder started a new trend in creating home businesses which they can work around their already busy schedules as mothers.
For these entrepreneurs who are looking to start a small business from home, Affiliate Marketing offers many attractive characteristics, including low capital risk and the ease of operation.
Unlike traditional small businesses, Affiliate Marketing requires no expensive legal, financial or accounting services, low maintenance or overheads, no employees, advanced education or start up money.
In most cases the only requirements for success in Affiliate Marketing are: A strong desire, integrity, attitude and action.
Entrepreneurship Examples. Entrepreneurship And The Business Environment
Everywhere you turn nowadays, you always hear about venturing into entrepreneurship.
But what is entrepreneurship exactly? It is actually defined as the process wherein a group or an individual makes an effort to pursue opportunities to satisfy needs and wants through uniqueness and innovation.
Some people have the misconception that entrepreneurs are gamblers in the sense that they take risks and invest in industries that have no record of success. The truth is, these entrepreneurs take calculated risks that have the potential to provide them with huge returns.
The key factors you need to remember about entrepreneurship are opportunities, innovation, and growth.
An entrepreneur sees opportunities in environmental trends and changes that nobody has seen before and pursues this opportunity with whatever resources he has at hand.
The second theme in entrepreneurship is innovation which involves transforming and revolutionizing existing products or services to cope up with the changing global environment.
The third theme is growth; this involves the continual efforts of an entrepreneur to expand his business locally and internationally.
An entrepreneur is on the constant look out on how to create new approaches to make his business grow and become a huge success.
These themes are the key factors which businesses are founded upon.
The largest corporations you find today did not start out big, rather they started out as small enterprises by visionaries who want more than what is offered to them.
You can see from the history of some of the most successful business today that the founders of these businesses have taken great leaps of faith and incredible amounts of risks in order to be what they are today.
Wherever you turn, you see the results of entrepreneurship.
But it is most obvious in internet commerce because this is a new industry.
People that were unheard of before are becoming some of the riches names in the world and it is all because they have taken risks and have succeeded.
So whether we realize it or not, it is the entrepreneurs who drive the global environment nowadays. They are the ones who are always seeking out opportunities and taking risks to improve our world and profit from it in return.
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The business environment and even the technological advancements that are available today would not have been possible if these entrepreneurs did not come out of their comfort zone to invest in the development of these businesses.
As you can see, having the entrepreneurial spirit is definitely necessary for businesses to reach greater heights and provide better and faster products and services to their clients.
It is no wonder then that a lot of business enterprises are hiring young and dynamic individuals with a vision and who are not afraid to take calculated risks to ensure the survival of the business tomorrow.
Conclusion. How are your business skills? Business is tough to do and, unless you can put your heart and soul into it, you cannot succeed. Please read this entire Blog if you want to learn How To Develop Entrepreneurs Skills.
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