Introduction to Entrepreneurship

A lot of industry observers have pondered on the beginning of entrepreneurship and entrepreneurship-related study and take this field as a career path. The prime fact is to note that the majority of scholars who argue for the origin of entrepreneurship are either historians or economists. So, let's come to the point as what this word means? The word, Entrepreneurship comes from the French term "Entreprendre" along with the German term "Unternehmen"; where both of them has the same meaning which is "those individuals who are undertakers", i.e., who think beyond the margin-line and has mentality regarding innovative production, new material usage, creation of new market realms as well as job-role creators. These individuals have the attitude of taking risks with uncertainty and have the potential to grow revenue from their ideas and effectively create something new for achieving specific goals.

Entrepreneurs are such individuals who have the potential to grow and do innovative thinking and put them into action. They're the economic change agents with prior knowledge, initiative mindset, and skills to drive trend as well as workforce, materials and other related assets for producing a socially viable product - that can bring change, freshness to the society and its consumers.

Purpose and Roles of Entrepreneurs

The significant roles that an entrepreneur takes into action are:

  • Introduction of new product or engineering.
  • Gathering idea and resources for introducing new methods of production.
  • Identification of opportunities and issues faced by society or consumers of a product.
  • Develop new market realms for revenue and job opportunities.

Prime Characteristics of an Entrepreneur

  • Optimism: An entrepreneur has to have the mindset to explore various opportunities to put his idea into actions.
  • Vision: One has to realize and act according to the market demand as well as focus on the socio-economic aspects and the future of the business he/she is planning to start.
  • Goal Setting: An entrepreneur must have some realistic goals to achieve.
  • Knowledge: An entrepreneur should have sound knowledge and understanding of what he is planning to do as well as have a broader view of business technicalities.
  • Independence: He/she has to work independently for decision making.
  • Desire to succeed: One has to plan goals so that he/she can seek productive opportunities.
  • Initiative taker: An entrepreneur has to take the firm initiative to make a plan work under limited resource (where the resource can be workforce or materials/goods).
  • Problem solver: One should have a creative mind in solving complex problems for society.
  • Good pitching power: One sound can pitch his idea in clear words and persuade others.
  • Sound human relation: An entrepreneur should have to be a good motivator, team-builder and ultimately a leader.

Entrepreneurship Types

Entrepreneurs are of various types. There are a lot of subcategories and many unknown categories as well. Since innovation has no limit and henceforth the types might increase. But, to the base, there are some fixed categories of entrepreneurs. These are:

  • Entrepreneurs based on Ownership:
    • Public sector Entrepreneurs
    • Private sector Entrepreneurs
  • Entrepreneurs based on the mindset:
    • Empirical Entrepreneurs
    • Cognitive Entrepreneurs
    • Rational Entrepreneurs
    • Aggressive Entrepreneurs
    • Adoptive Entrepreneurs
  • Entrepreneurs based on enterprise scale:
    • Large-scale entrepreneurs
    • Small scale Entrepreneurs
  • Entrepreneurs based on nature of entrepreneurship:
    • Gap Fillers
    • Risk bearers
    • Radical Innovators

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