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Entrepreneurship Example. 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.”
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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 Example 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 Example, 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.
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Entrepreneurship Example. 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.
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Entrepreneurship Example. Entrepreneurship And The Business Environment
Everywhere you turn nowadays, you always hear about venturing into entrepreneurship.
But what is Entrepreneurship Example 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.
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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.
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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.
Entrepreneurship Example. Entrepreneurship: The Dreaded 16 Letter Word!
Entrepreneurship! This 16 letter word has so much power and yet projects so much fear. It is a dreaded word for some and a liberating journey for others. For me it is a liberating journey. Yes, it’s challenging. It definitely gets tough sometimes.
There are days when you are going to feel like you are on your last leg of hope and then there are days when you are gliding on the clouds. It is indeed a roller coaster of emotions.
But these varying cycles of emotion I wouldn’t trade for the world. Sometimes I do have to remind myself of my faith, my hope and who I belong to, but even those days are counted as joy.
My entrepreneurship journey started a little more than two years ago. I had enjoyed more than 13 years in corporate America in the hospitality industry and nine plus years in academia.
When I decided it was time to plunge into the deep waters of entrepreneurship I was completing my first year as an associate dean of online learning for a local university. It was a dream job.
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I was quickly progressing toward my dream of becoming a university president. And just like that my heart began to change. And while I certainly felt like I was making a difference in the world of education.
My heritage, my legacy, my footprints in the sand were calling me. I knew I was born to do more, to be more, and to impact the world in a different way. I was never good with the status quo.
I was never one to blindly accept what someone said. I was a born leader. This leadership ability had been proven in every administrative and management position I’d held up to that point.
Looking back, if there was only one thing that I wish I had done a little differently, it would be preparing financially a little more. But then again, I don’t know if I would have ever felt really prepared for the leap.
This is what I do know. Everything happens the way it should. There is a purpose for all things under the sun. Even my being not financially prepared happened perfectly.
What is entrepreneurship?
So here’s how I define entrepreneurship. Entrepreneurship is when you step out on your own, completely trusting in your faith and your own abilities to bring in an income. It doesn’t necessarily mean you are not working for someone, because we are always going to work for someone.
Perhaps, not in the conventional 9 to 5 sense, but someone will always be demanding something. You may be a contractor. For example, one of my jobs, is as an online professor for a couple of schools.
I work on contract. But there are timelines and schedules that I have to keep up with. And keep in mind you are always working for your customers, customers are very demanding and rightly so.
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As a consumer myself when I spend my money I expect to receive the value of that money. I also own an online fashion boutique for women. I am also a career coach. The point is you are always working for someone, even if its your customers.
But here’s the kicker. Entrepreneurship means that you are the creator, marketer and promoter of your business or businesses. Whether you succeed or fail is truly in your hands.
When we work for an organization, we leave the overarching responsibility of profitability and success to the CEO, the owners, and the corporate office. They make the decisions that will affect the bottom line of the corporation.
When you are an entrepreneur, you are all of those things. The CEO, owner and corporate office. Your everyday decision affects your bottom line. I guess that’s probably why it could be a bit scary.
So why do we do it? Why do some of us take that leap?
Why should you take that leap?
It is definitely an individual decision. It is not something that should be done lightly and on a whim, but I still say it’s worth trying. The experience and lessons learned on this journey are more powerful than you can imagine.
If you are a student of life this is one of the greatest lessons to be learned. Through this journey I learned so much about myself. I’ve found strengths and weaknesses that had not been discovered.
I’ve found lost courage and determination like no other. I’ve even found a hidden stubbornness that has evolved and continues to grow.
There are definitely pros and cons to taking the plunge. I think it may be a little different for some, but for most, the same basic pros and cons apply. Here’s my list:
Pros
I am self-employed
My income depends on how much effort is put into the business
My time is my own. It does not belong to anyone else. No one dictates my time to me. I don’t have to clock in or clock out or report to anyone. I can work till 3am in the morning and have my days free or I can work all day and all night. It really depends on how successful I want to be.
My success is completely dependent upon my actions.
Cons
I work for myself. No one to tell me what to do or guide me or give me a job description.
My income depends on how much effort I put into my business.
Long days and long nights
At first vacations are hard to come by
It can be a lonely journey
May lose fickle friendships and relationships
I think the pros and cons are pretty self-explanatory. Many great things about entrepreneurship are also the things that make it not so great. It is certainly not a cake walk. I’ve found that if you have the guts to step out into this world you already know that.
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Some of my clients ask me how do you know if you’re ready or what are the qualities and traits of an entrepreneur? I am sure these qualities and traits will evolve over time, but I think these are definitely the very basics.
Qualifications and traits of entrepreneurs
Confidence in your abilities
Determination to win and not let failure deter you
Relentless faith
Research driven
Willingness to try until you succeed
I think these foundational traits will take you far. If I had to offer any suggestions for budding entrepreneurs I would suggest the following:
Prepare yourself mentally, spiritually, emotionally and financially
Take some time to prepare yourself for this journey. Do your research in the market you are interested in pursuing. Do your research on entrepreneurs who are successful as well as those who have failed.
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Most times they are one and the same. Ask questions. Prepare yourself mentally for the journey and don’t expect an easy payday. As much as possible, save money for the first year.
Imagine you will be out of work for the first year and save enough to cover you. However, this can also backfire. I think not having enough kicks you into third gear.
Don’t procrastinate
Prepare yourself, but don’t procrastinate. Fear is operating when you are just waiting for that perfect time. There is no perfect time. Entrepreneurship is risky.
If there was a perfect time it would be called something else. Understand you will never feel completely prepared. It is that emotion, that uncertainty that will keep you grinning.
Be willing to ask questions
Don’t reinvent the wheel. Know that somebody somewhere has already tried what you are attempting. Google is a great resource, use it often. People are a great resource. Never underestimate their experiences.
Keep in mind that you can actually learn the most from those who failed. They can certainly tell you what not to do.
Never envy your seemingly successful colleagues
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Taking the time to watch others stops your progress. Always support and help as many as you can. You never know when that hand will be coming back to you.
Dr. Tonya White Johnson is an inspirational author, speaker, entrepreneur, and career coach. She specializes in personal and leadership development.
You may contact her at [https://ift.tt/vC07X9p] for your free 20 minute consultation. You may also listen to her podcasts at [https://ift.tt/dKMuRHh]
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