What do you know about entrepreneurship?

What is Entrepreneurship?

Entrepreneurship is the knowledge and study of how to create new business as well as operations to start a new business.

 

 

 

 

 

 

The entrepreneur is someone who has new ideas and works to produce products and services that people buy, by building his company to support these sales

(BusinessDictionary.com, 2018)

 Starting a business generally requires : 

A business idea or product that includes a new service, product, technology or process.

People support my work as employees, consultants or sellers.

Process in which products, services or technology are delivered or developed.

Provide enough money to support the idea to get to the point of getting revenue

.  ( Shopify, 2018)

 

 

Why New Businesses are Started?

 

 

According to research by Cox Business, the main reasons entrepreneurs go out on their own, rather than staying as an employee, are: 

Limitation – to be their own boss

Energy – to start something from scratch themselves

Fiscal – opportunity to earn more money

At the point, the study showed that 65% of employees prefer to be entrepreneurs rather than working for someone else

.  ( Shopify, 2018)   

 

Finding a need or opportunity in a market to start a new business is at the heart of entrepreneurship and the success and expansion of small businesses. This does not mean that starting a pre-existing business in a market means that it does not work.

In considering what kind of business to start, assess

Your interests

Your background and experiences

Your financial resources

Unmet market needs

Problems you can solve

Your network and connections

With an estimated 50% of new businesses failing in the first five years, entrepreneurs will also .need to be committed, persistent, and adaptable

(Shopify, 2018)  

 

 

 The difference between an entrepreneur and a businessman:

The entrepreneur  It is someone who brings a new idea or develops an existing idea to run his company as an entrepreneur.

A businessman is someone who uses the old ways of running a business and starts his work on an idea or an old concept.

(Busenitz and Barney, 2018)

 The 6 differences between them:

  On the originality of an idea -1

A businessman can make a business out of an unoriginal business or product idea. He enters into existing businesses, such as franchising and retailing. He chooses a hot and profitable business idea regardless of whether it is his original idea or borrowed from someone else.

On how he treats employees- 2

A business owner is an employer and a manager. He hires employees and workers to help his business grow. An entrepreneur is a friend and a leader. He finds peers and PEOPLE, whom he will never treat as machines. He invites them to help them grow.

On how he treats customers -3

A business owner usually sees customers as his source of sales and revenues. For him, customers are the lifeblood of his business. An entrepreneur sees customers as his source of duty and fulfilment. For him, customers are his own lifeblood.

On how he sees the competition- 4

A business owner tries hard to beat his competitors and win the competition. He also considers cooperation rather than competition to achieve certain goals. An entrepreneur tries hard to beat his worst competitor – himself.

On what he thinks of money- 5

Losing capital is one of the biggest worries of businessmen. Most business owners rely on a good economy to start, operate and attain success in business, especially in the retail, franchising and financing industry. Entrepreneurs do not worry a lot about capital  since they can always start from scratch. Some entrepreneurs don’t really care about wealth at all.

On how he deals with time- 6

A businessman He always checks the clock and doesn’t want any work or output to be delayed out of the schedule. He is fast and always on the go. An entrepreneur works like an artist or a scientist in a lab. His product is his masterpiece. That is why he can be slow and could spend a longer period of time to finish his product. 

   (Authoritywebsiteincome.com, 2018)

 Examples of inspiring entrepreneurs:

1-Steve Jobs

The firstfounders  of the personal computer (laptop) and the owner of the broadest brand in the computer industry (Apple). He is considered one of the most famous entrepreneurs where his idea began in 1976

 

 

 

2- Bill Gates

The most famous man in the world and the founder of’ Microsoft’ Corporation. He began to realize his dream pioneer in 1975. 

 (Inc.com, 2018 )

 

At the end:

 the field of entrepreneurship is not easy, it is full of difficulties, and we see many successful examples of the entrepreneur who have encountered difficulties to achieve the success they are today.’ You don’t learn to walk by following rules. You learn by doing and falling over’. — Richard Branson  

 

References:

1-  Authoritywebsiteincome.com. (2018). Authority Website Income – Showing you how to build a profitable authority site! I will show you everything but my password. [online] Available at: https://authoritywebsiteincome.com/ [Accessed 2 Nov. 2018].

  2-  Shopify’s Ecommerce Blog – Ecommerce News, Online Store Tips & More. (2018). Rev Up Your Revenues: 10 Trending Products to Sell in 2018. [online] Available at: https://www.shopify.com/blog/best-products-sell-2018 [Accessed 2 Nov. 2018].

3-  Businessdictionary.com. (2018). Online Business Dictionary – BusinessDictionary.com. [online] Available at: http://www.businessdictionary.com/ [Accessed 2 Nov. 2018].

4-  Gilbert-Saad, A., Siedlok, F. and McNaughton, R. (2018). Decision and design heuristics in the context of entrepreneurial uncertainties.