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Entrepreneurship is the capability, responsibility and willingness to make a journey successful. This journey can be a journey of business or it can be a journey of a life, or it can be a journey to reach till our aim. Professionally, we can say entrepreneurship is a process by which one designs a business plan. After designing a business plan, one needs to launch it and it should be run successfully. But if we focus on the inner meaning of Entrepreneurship then we can say it is all about the specific characters, traits and attributes which is going to make a person an entrepreneur.
In Reid Hoffman’s words
An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.
Entrepreneurship is the restless innovation of a person to take his or her business to the peak. To become an entrepreneur there should be an endless hunger to make things better.
An entrepreneurial mindset is very important in every step. The word “entrepreneur” comes from the French verb enterprendre, meaning ‘to undertake’. And every enterprise is created by an entrepreneur. “To undertake” means taking full responsibility to run the whole company or enterprise. The entrepreneur’s restless efforts make the business fruitful and his or her endless innovative ideas make it progressive. An entrepreneur’s new ideas guide and inspire others. Without this idea, efforts and devotion it is impossible to build a successful enterprise.
Tony Robbins famously said
If you do what you’ve always done, you’ll get what you’ve always gotten.
There are different types of enterpreneurship, as listed below:
Administrative Entrepreneurship is all about administrative techniques and functions. In today’s competitive atmosphere, there will be a lot of tricky situations an entrepreneur might have to face. An entrepreneurial mindset will show us smart and tactful ways to handle the unexpected and challenging situations. In today’s competitive market environment, to make an enterprise successful and sustainable we need Quality Management, Job Redesign and a Participative Management. An organized Administrative Entrepreneurship increases efficiency of an organization and make it successful.
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Opportunistic entrepreneurs are very efficient in their jobs. They run little business and believe working by themselves. If a designer invents a new design and it gets very famous very quickly, then he may try to find a good partner to build up a good business which will be successful and go on for many years. If one good chef got famous for his wonderful recipes, he moves quickly to capitalize on it. He gives his full effort to make it even more attractive to his customers. He places good menus and special food for special occasions and festivals. He delivers food door-to-door to make it easier to get and his all efforts make his business become successful. This success may be for a long time or it may be for a short time or it may become one of favorite restaurants for people for many years. Opportunistic entrepreneurship creates enterprises that seize on opportunities and become successful
Acquisitive entrepreneurship learns from others’ competencies. Acquisitive entrepreneurs does is limited in knowledge. They have the thirst to acquire new knowledge. They have the urge to learn new techniques. This thirst for knowledge keeps the enterprise sustainable. No failure can stop them till they reach their ultimate goal.
Incubative entrepreneurship innovates new ideas, uses new ideas and ventures to keep them within their own enterprise. It ensures one organization, its material gain and in a very productive way. Take the examples of Microsoft and Nokia. They always incubate new products for competitive markets.
This kind of entrepreneurs adopts technology and methods from existing enterprises and run their businesses in the same way. A developing company finds this a very good way to keep them sustainable. In under-developed countries there are a lot of companies who imitate new combinations and ways of production.
There are a lot of enterprises associated with private sectors. This kind of entrepreneurship is called Private Entrepreneurship. They support various services of the government through private and public sectors. This encourages an enterprise in their entrepreneurial ventures. A mutual understanding between private and public sectors makes the process quick and balanced.
Governments undertake a number of enterprises which are basically private enterprises. This kind of entrepreneurship is called Public Entrepreneurship.
Any enterprise undertaken by an individual is known as individual entrepreneurship. It is a personal undertaking.
Mass entrepreneurship comes in a favorable climate of motivation. It encourages people to build a great range of enterprises. A favorable climate of motivation creates small or medium enterprises. In 2014 the Chinese premier Li Keqiang proposed Mass entrepreneurship. They had the intention to make better environment for enterprises. Various factors worked for this, like: delegation of power to lower-levels of the government, simplification of administration, improvement of capital market and different types of crowd-sourcing/funding models.Mass entrepreneurship is the way by which employment gets a boost and leads to reduced unemployment. For example, let’s take the example of China - it was mass entrepreneurship by which China became the world’s 2nd largest economy. Proper reform of China made it a hotspot for more enterprises. The people got so inspired that they just started their own businesses.
In modern days entrepreneurship is getting becoming more and more attractive to more people. There are lots of people who want to get free from their jobs. People have learned to take risks, they wants to utilize their innovative ideas, become their own boss rather than work under someone else. Like everything entrepreneurship also has advantages and disadvantages, one can become a successful entrepreneur when he or she is ready to take advantage of successes and is willing to handle its disadvantages as well.
In Vivienne Harr’s words
Stick with it, even on the bad days.
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Being an entrepreneur, comes with its own advantages. Read on.
When we work under a company or boss we face lot of conditions. One needs to complete all the work within a limited timeframe. To fulfill the requirements of the boss or enterprise, one has to follow all rules and regulations of the business. But when we are our own boss, we are completely free to fulfill our own demands and we can even set our own schedules.
Every employee works for a fixed amount of salary. No matter how much profit or loss the company makes. It can be a big amount of profit or it can be a small amount of profit, but employees seldom get any part of it. But when you are owner of an enterprise you are get maximum benefit from the profits made by your enterprise.
Entrepreneurship is a very exiting journey. A great entrepreneur faces many phase in this process. In every phase there will be challenges to the determination of the entrepreneur. A successful entrepreneur takes it in his stride.
Entrepreneurs set their own time schedules. This does not mean that he / she work lesser - but entrepreneurs work harder for their own enterprise than any other employee.
Entrepreneurs plan their work. They invest their money, effort, skills and ideas to build up their own enterprise. This devotion brings more advantages to the entrepreneur than any other.
In every step there will be learning for the Entrepreneur. As the entrepreneur is directly taking the responsibility and handling every situation, it is very easy for them to learn directly.
An entrepreneur does not suffer from job dissatisfaction, low rewards or a boring work profile. All-round care and dedication towards their work brings huge satisfaction.
It is a real fact that every enterprise needs a lot of time and full dedication. It is not an easy task. Entrepreneurs have the responsibility of the whole enterprise and the commitments related to it.
Entrepreneurship demands 100% dedication, but in return no one can say that it will bring 100% success. There is no guarantee.
To make an enterprise long lasting, it is very important to stay competitive. Without creating a unique identity and standing out from other companies, it is impossible to sustain the enterprise for a long time. Without differentiating from other enterprises, it cannot be profitable for long. But differentiating and competing with other companies is a very tough task.
Entrepreneurship needs endless efforts and has no time limits.
It is true that entrepreneurs get big profits. But this is uncertain. Sometimes the amount can be huge and sometimes it can be zilch.
If we think about successful entrepreneurships we can find a lot of famous entrepreneurs who not only made their enterprise, but they have successfully crafted big industries.
BILL GATES: Bill Gates had great interest in computer software programming, using this he has made worlds largest PC software company.
HANS CHRISTIAN ANDERSON: Hans Christian Anderson born poor grew up poor, but earned fame and money by his enchanting fairy tale. He never forgot those days when he lived below the poverty line.
JOHN D ROCKERFELLER: John D. Rockefeller born as a son of a traveling sales man, but later he became world’s wealthiest person.
ANDREW CARNEGIE: Andrew Carnegie started his work from a factory as a worker, in spite of his rough life he became superintendent for the Pennsylvania Railroad Company and created several other businesses of his own.
J.K. ROWLING: Today J.K. Rowling is estimated to have a net worth of $1 billion. But to earn this she has no magic stick. Once upon a time, being a single mother she stayed in welfare and was struggling to make ends meet.
All leaders attained their goals through sheer grit, determination and hard-work. From small business to big ones, it also takes great leadership. It is the difference in leadership which takes some businesses down, and takes others to the top.
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