ENTREPRENEURSHIP

By the way what does it mean??

Entrepreneurship means different things to different people. Some imagine tech geniuses with Silicon Valley startups, while others picture small business owners opening up their shop doors on Main Street. Ultimately, entrepreneurship encompasses these and many other business ventures that share a commitment to turning an idea into a profitable business.

People who are thinking about starting their own business should understand that successful entrepreneurship involves much more than having a great concept, said Elizabeth Amini, CEO and co-founder of Anti-Aging Games LLC, a company that develops online games to train memory and focus, and an adjunct professor at the University of Southern California's Marshall School of Business.

"Most people think being an entrepreneur is all about coming up with an idea, but that's just one part," Amini told Business News Daily. "It's also important to know, right from the start, how you will reach interested customers in an effective and affordable way."

PROPER DEFINITION

The word entrepreneur originates from the French word, entreprendre, which means "to undertake." In a business context, it means to start a business. The Merriam-Webster Dictionary presents the definition of  an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise.

The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.

In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.

TYPES OF THIS INTERESTING TERM

Ethnic Entrepreneurship

The term ethnic entrepreneurship refers to self-employed, business owners who belong to racial or ethnic minority groups in the United States and Europe. A long tradition of academic research explores the experiences and strategies of ethnic entrepreneurs as they strive to integrate economically into mainstream US or European society. Classic cases include Jewish merchants and tradespeople in large U.S. cities in the 19th and early 20th centuries as well as Chinese and Japanese small business owners (restaurants, farmers, shop clerks) on the West Coast. In recent times, ethnic entrepreneurship has been studied in the case of Cuban business owners in Miami, Indian motel owners in the U.S. and Chinese business owners in China towns across the United States. While entrepreneurship offers these groups many opportunities for economic advancement, self-employment, and business ownership in the United States remain unevenly distributed along racial/ethnic lines.Despite numerous success stories of Asian entrepreneurs, a recent statistical analysis of U.S. census data shows that whites are more likely than Asians, African-Americans, and Latinos to be self-employed in high prestige, lucrative industries.

Institutional entrepreneur

The USA-born British economist Edith Penrose has highlighted the collective nature of entrepreneurship. She mentions that in modern organizations, human resources need to be combined in order to better capture and create business opportunities. 

The sociologist Paul DiMaggio (1988:14) has expanded this view to say that

 "New institutions arise when organized actors with sufficient resources [institutional entrepreneurs] see in them an opportunity to realize interests that they value highly"

Entrepreneurs who are these people?

There are no specific traits that every entrepreneur shares, but many do possess a few common characteristics. In another Business News Daily article, Jenny Ta, founder and CEO of social commerce platform Sqeeqee, said successful entrepreneurs are typically confident and self-motivated. They are tenacious but understand their own limitations. Instead of following the status quo, entrepreneurs have a healthy disrespect for established rules, and often set out to do things that others may not have the courage to. They are also willing to fail and start over again, taking the lessons they've learned to create something new and improved.

MJ Gottlieb, co-founder of consulting firm Hustle Branding and author of "How to Ruin a Business Without Really Trying" (Morgan James Publishing, 2014), said it takes a special kind of person to become a successful entrepreneur.

 

Gottlieb  said:

"An entrepreneur is someone who can take any idea, whether it be a product and/or service, and have the skill set, will and courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market, but make it a viable product and/or service that people want or need."

Expertise for aspiring entrepreneurs

If you're ready to enter the world of entrepreneurship, here are a few important tips to keep in mind.

Failure nah!!!!! they cant break me!

Rather than admiring the small percentage of businesses that grow to become successful, study those that end up failing. Gottlieb said this research will greatly increase your chances of success, because most companies have made common mistakes that have led to their demise. He said that having the humility to learn from the mistakes of others before making them yourself is the secret to success.

Whats your aim??

 Because entrepreneurship entails so much hard work, it is critical to ensure you're following the right path,It is said. "If this is something you really want, then think long-term, and be persistent . The vast majority of great entrepreneurs failed multiple times before they finally found the business idea that took off and brought them success."

Problem solution

Entrepreneurs should always be in search of problems to solve, and not the other way around, said Ajay Bam, a lecturer in entrepreneurship and innovation at the University of California, Berkeley's Haas School of Business. In other words, "they should not start with a solution looking for a problem."
Passion

Successful entrepreneurs are driven primarily by a need for achievement and the desire to make a meaningful difference, Bachenheimer said. "The most important traits are passion and persistence, but these must not be confused with arrogance and stubbornness."

Supervision never ignore it!!!!

 Amini advised would-be business owners to find mentors who are successful, as well as to read books, network with people they admire and look into great educational programs to help them throughout the process.