What is Entrepreneurship?
Entrepreneurship is when you develop, manage and grow a business venture. It starts with a business idea which if developed and managed in a right way can turn into a multi-million dollar company. In a fast paced world with advancements in Science & Technology, highetend competition in the field of Education, build-up in the world economy and world becoming a global village, it is one of the most on-demand career paths. Not many people were familiar with the job profile ‘entrepreneur’ until the stories of start-up businesses like Google, Facebook and Instagram got around. Today a total of 83% of the Indian workforce wants to be an entrepreneur while the global average is 53% according to a Randstad Workforce Monitor Survey.
Becoming an Entrepreneur, is just as competitive as becoming an IAS Officer, a Doctor and an Engineer. To take an easy path on becoming an entrepreneur, taking up a graduation or post graduation course (MBA) on Entrepreneurship is recommended. Entrepreneurship comes in a plethora of kinds.
Types of Entrepreneurships
Scalable Startup Entrepreneurship
It is undoubtedly the most known kind of entrepreneurship. This is a kind of entrepreneurship when a person believing that their idea can change the world starts a business venture normally known as a start-up. A start-up usually starts with a very small group of people working on an idea or a business model. Venture capitalists invest in start-ups to help them grow as a business. Silicon Valley is the capital for many scalable startups. Google, Facebook, Instagram, Snapchat among many other businesses fall under this category.
Small Business Entrepreneurship
Small Business Entrepreneurship just as the name suggests, is a small venture in which the Entrepreneur is not looking for a large-scale profit. It is usually oriented to serve the local consumers. The Business is usually grown with the help of family and friends. It is also aimed for nothing more than supporting one’s family and providing them with a certain lifestyle. In this kind of entrepreneurship, a single person owns and runs the business. Hairdressers, grocery store owners, local cafes owners can be considered as Small Business Entrepreneurs.
Large Company Entrepreneurships
Large company Entrepreneurship is when an existing company creates a new product or service. The rapid change and advancement in technology generates a lot of competition and pressure among large companies to bring something new to the table. This results in companies bringing in new innovations. This also helps them to sustain their otherwise defined life-cycle. Sometimes companies even buy other innovation enterprises so as to bring new products/services.
As mentioned in the name, this type of entrepreneurship mainly focuses on solving social problems. The sole purpose and aim of this kind of entrepreneurship is to aid in the eradication of social problems. They don’t aim for any profit and work towards the betterment of the society. Many Non-profit organizations bringing innovative ways to working towards climate change, racial discrimination, providing education for all and gender equality fall under this category.
It is a type of Entrepreneurship, where an entrepreneur uses their wealth to acquire a business which they feel has the potential to be successful. They usually aim to grow the business and inflate the profit. Buyer Entrepreneurship carries less risk factor as a person generally buys a well-established business. After acquiring a business, they make all the necessary managerial changes and decisions to apply their vision to the company.
The whole foundation of entrepreneurship is set on innovation. People come up with innovative ideas and work towards its development and growth. This kind of entrepreneurship solely focuses on innovation, and how an entrepreneur can bring that innovation to be something that brings change in the world.
In this type of entrepreneurship, people take an existing innovation/idea/product and develop a product/service similar to it with some improvisation. It is a widely accepted concept among companies. Most of the time, companies work on righting the mistakes of other companies. Imitators work on improving and upgrading whatever the developer company has lacking in the product.
Importance of Entrepreneurship
Economic Development of a country- Entrepreneurship is one of the most important professional sectors contributing to the GDP of any nation. Every year many businesses take birth as a result of which there is a lot of growth in the country’s economy.
Employment- With new businesses comes new jobs. Entrepreneurship generates a number of employment opportunities. From entry level positions to C-suite positions and even training, workshop and skill development programs for the unskilled.
Upgraded Standard Living- Entrepreneurship done well, produces a lot of economic growth resulting in a good and steady income for many. This automatically leads to improved the standard of living of all those associated with the business.
Innovation- Entrepreneurship lives off innovation, adding a lot of value to technology and science. Ideas, innovations and developments led by entrepreneurs is why we are enjoying the luxury of so many things today.
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