What is concept of Entrepreneurship, types and importance

What is the concept of Entrepreneurship

What is the Concept of Entrepreneurship

Entrepreneurship is the ability to run, develop, or organize a business that creates a profit within all of its uncertainties. The concept of entrepreneurship or definition of entrepreneurship is not so simple to bind in few words so we have to understand the Characteristics of Entrepreneurship.

Characteristics of Entrepreneurship

Product knowledge-

A business owner should know the requirements of the market, understand the psychology of customers, consumer buying behaviors, understanding customer acquisition strategies. Being able to point this thing is part of entrepreneurship.

New Idea-

A new idea is a concern with innovation, creativity, and implementation in business. The traditional methods of business are outdated, now business demands entrepreneurship skills. 

Risk factor-

Entrepreneurship is an Ability to take a risk, every entrepreneur should be ready for risk 24×7. Starting a new business always involves a risk of failure, so every entrepreneur needs to be understood that Failure is beginning not an end.

Profit:

The main objective of entrepreneurship is profit. The profit increases the liability, credentials, and status of the owner as well as employees.

Economic Activity:

Entrepreneurship is the ability to run a business that creates a profit within all of its uncertainties. an economic activity, as it involves designing, launching, and running new business enterprises in order to earn the profit, by ensuring the best possible use of resources.

Clear Vision

A clear vision must be set to run new business with appropriate profit as well as growth.

Leadership quality

In the Entrepreneurship, good Leadership qualities enhance the business, handle the risk factor cleverly, and increase profit.

Flexible-

Flexibility and changes are need for a business that converts every circumstance into an opportunity.  The situation, maybe good or bad the businessperson should convert it into the profitable side of the organization.

What is the concept of Entrepreneurship, types, and importance  

Entrepreneurship Success?

Entrepreneurship Success does not achieve suddenly but started with your school days. This is the tragedy of our education system; the system will train us for employees and not for a good entrepreneur. The concept, types, and importance of Entrepreneurship must be a part of our basic education.

That’s why your experience is more important to start a business, but this is a fact that you have to spend your important energetic years (up to the age of 35) to collect experience.

When experience is with you, also there are responsibilities of family.

The age of 35 to 50 is the age of the comfort zone. After 50 why are you start a new business?

Take a look at common stages of life

• Age of 18- you have to pass HSC
• Up to the age of 25 complete your graduation and PG.
• 26 to 30 settle in a job and get married.
• Take a loan of 30 to 40 lakhs for your own home.
• Now start your happy married life-Your first child, the second child, and their school fees (start form playgroup with fees above 50000).
• Now you are bounded for another 25 years for your Childs future, home loan, car loan if possible and regular expenses.
• You are now 50 years old, where is time for your own business?

Importance of Entrepreneurship

Entrepreneurship includes various questions such as

 What is entrepreneurship? 
How it is important?

How to understand the concept of entrepreneurship?

An entrepreneur is really the person who is always ready to find a solution to a problem in the world.

Whether they’re creating jobs or a new product, they constantly take action to ensure world progress. 
In the process of understanding what is entrepreneurship, let’s look at why entrepreneurs are important in society.

Entrepreneurs generate jobs:

Their ability of entrepreneurs to grow their business creates new jobs. They create a platform to provide training, job, and expertise to an unskilled worker.

Research, innovate, and development:

The entrepreneurship farm required continuous Research, innovation, and development to withstand in the market and this will help society to improve the lifestyle. The various technologies are developed by small business. With every new day, a new problem arises and the entrepreneurs find the solutions.  

Society and Community Development:

The will power and ability to do something create new innovation that changes society. The job creation improves the social life of persons. The "Padman"-Arunachalam Muruganantham is the best example of the contribution of entrepreneurs to society and community development.

Support the national economy

The new business create the new market, increase the money flow, need new services, raw material, transportation, now employees, paid taxes which supports the growth of the national economy.

Types of Entrepreneurship.

It is classified into the following types:

Small Business Entrepreneurship-

These are the local businesses which are run by a person with his family members with limited resources and income. Such as cloth shop, grocery shop, consultant, carpenter, tea stall, plumber, fruit cellar, electrician, etc.

Startup Entrepreneurship-

The inventor is to be an entrepreneur and attract investors to start a business.

Large Company Entrepreneurship-

The customer prefer new competitive, improved, and latest products. Large companies such as LG, Tata, Microsoft offering new and innovative products.

Social Entrepreneurship-

Social entrepreneurship focuses on creating new innovation which solves the society and community problems. 

Also there is various types of Entrepreneurship according to budget, working environment, and type of business, some of them are

Administrative Entrepreneurship

Opportunistic Entrepreneurship

Acquisitive Entrepreneurship

Incubative Entrepreneurship

Imitative Entrepreneurship

Private Entrepreneurship

Public Entrepreneurship

Individual Entrepreneurship

Mass Entrepreneurship

Scalable Startup Entrepreneurship

Entrepreneurship

Technopreneurship

Cultural Entrepreneurship

International Entrepreneurship

Ecopreneurship

Agripreneurship

Transpreneurship

Commercial Entrepreneurship

E- Entrepreneurship

Domestic Entrepreneurship

Trading Entrepreneurship

State Entrepreneurship

Joint Entrepreneurship

 Entrepreneurship Success needs: 

But my friends, we read a number of stories of an entrepreneur, who will start their business in the ’20s or less?

While on the other hand, many of my friends do hard work on entrepreneurship and hardly anyone of them succeeded.

It’s not because they were lazy, less intelligent or slackers, its because they didn’t really understand what entrepreneurship is all about.

A lot of people are developing apps and calling it a startup which is completely false. A startup is a lot more than an app.

Just go out in the market and sell something, if you have no products to sell then sell other people’s products for a commission.

I’m sure you will not make money doing this but you will learn a lot of things from this experience.

You will understand how hard it is to ask for money from strangers in exchange for your product.

If you really want to be an entrepreneur, then you must focus on learning how to sell.

Entrepreneurship concept, types, and importance

   An entrepreneur understands this concept:

• Starting a business is more difficult than a job.
• Most of the business fail in the first years. So, The chance of success is very less.
• If you want to succeed you want to be financial, emotionally and skill-wise to be fully prepared for the journey of entrepreneurship.
• The craze, glamour, and excitement of becoming a businessman are finished within the first year and then your success depends on your intrinsic motivation, skills, and ability to stay in the market.
• Marketing is the key to success.
• Failure is beginning not an end.

Entrepreneurship is not to:

1.     Being able to think of new ideas.

2.     Being able to speak publicly.

3.     Attend startup events.

4.     Attain entrepreneurship programs.

5.     Reading startup books and stories.

6.     Listening to the interview with a successful entrepreneur.

7.     Approaching investors.

8.     Learn something from Google Search and YouTube.

Entrepreneurship Success requires

Entrepreneurship success depends on:

·        Knowing the requirements of the market.

·        Understanding the psychology of customer

·        Consumer buying behaviors.

·        Understanding customer acquisition strategies.

·        Value creation.

·        Making sales calls.

·        Acquisition costs, operating costs, lifetime value of a customer.

·        Delegation and management.

·      Discover the creative fields you are passionate about and explore them non stop.

·     Learn project management how to create a plan to execute taking in mind resources - time, money, knowledge, HR

·        Understand the added value of teamwork and exercise collaboration and multidisciplinary dialogue

·        Write your personal journal and fine-tune it

·        Be an explorer and always add humor

·        Volunteer to your community

·        Learn about money

Apply the concept of Entrepreneurship

 Now the main question is, how do I learn the strategies mentioned above?

The answer might seem oversimplified but here it is:

• Not everyone has wealthy parents or connections when we start off. Hence you need to realize that you have a very limited set of options and you need to start with what you have.
• Your first business won’t make you rich but it will teach you a lot which will lay out the foundation for your future success.
• Focus on creating value for your customers.
• The problem with most entrepreneurs today is that they are self-obsessed.
• In reality, as an entrepreneur, you should obsess over your customers.
• You should obsess over the value you provide to your customers.
• People won’t care how good looking you are, they just care about the product they buy from you.
• It’s impossible to become an expert “swimmer” without getting wet!
• One of the best routes is to learn directly from a mentor who is already running a successful business doing what you want to do.
• If you can't find a mentor, become an employee for a company that is in the business you want to start. That way, you will get a taste of how the business works without having to risk any capital upfront.
• I would say maybe 1 year of working time is enough to learn what you can.
• You will learn a lot from being on the inside of an already established company. You will also have the chance to build your network and you never know who you will meet along the way.
• Example: I wanted to learn about the paper manufacturing business. Search for a job in a paper mill company.  
• Then learn all about the business from the process, suppliers, and inventory management, how to handle everyday challenges, marketing, training new employees, business practices, etc…
• I knew everything I needed to know to run my own business

Entrepreneurship Problems

Entrepreneurship Problems:

• Selecting such a product which has no market need.
• After starting a new business, suddenly ran out of cash. 
• Selecting the wrong management team. 
• Got out-competed.
• It does not match pricing or cost issues. 
• The product is not user friendly. 
• The product without a business model. 
• Poor marketing. 
• Ignore customers.
• However, these are not only factors responsible for failure but a good entrepreneur avoids them in advance. Otherwise, he will know them only after failure.

Entrepreneurship quotes

Entrepreneurship quotes

“I have not failed. I’ve just found 10,000 ways that won’t work.”

- Thomas Edison

 ”Genius is 1% inspiration, and 99% perspiration.”

- Thomas Edison

 “Your most unhappy customers are your greatest source of learning.”

- Bill Gates

 “Fear is the disease. Hustle is the antidote.”

 –Travis Kalanick

“Ideas are easy. Implementation is hard.”

– Guy Kawasaki, co-founder Alltop

“Your most unhappy customers are your greatest source of learning.”

-Bill Gates

“Make every detail perfect and limit the number of details to perfect.”

– Jack Dorsey

 “A person who never made a mistake never tried anything new.”

– Albert Einstein

 “I never took a day off in my twenties. Not one.”

– Bill Gates

 “It is always the start that requires the greatest effort.”

– James Cash Penney

 “If hard work is the key to success, most people would rather pick the lock.”

– Claude McDonald

 “Success is walking from failure to failure with no loss of enthusiasm.”

– Winston Churchill

“Don’t worry about failure; you only have to be right once.”

– Drew Houston

 “Fail often so you can succeed sooner.”

– Tom Kelley

Entrepreneur Ideas

An entrepreneur is ready for any type of business. Here are a few business ideas

• Selling tea and coffee, five times profit.
• Ice cream making and Selling, Triple the profit.
• To sell fish. Half the profit.
• Bringing mangoes from farmer and sell to wholesaler and retailer.
• Vegetables, that is, buying wholesale vegetables in the morning and selling them at retail
• Get in the car with Vadapav. 50% profit even if sold cheaply.
• Dosa making -Twenty dosas of each Rs 20 are made by one kg. flour of cost forty rupees.
•  Make poli bhaji at home and deliver it to the customer's office delivery box.
• Make four or five types of chutney at home and sell it directly to a food mart or retail it yourself.
• Take an old leather sewing machine and make a seat cover and sell it. Gets good margins.
•  Garlic cloves are available in the market at wholesale. When you bring it home, add salt in hot water and add garlic cloves. Sell ​​small and big envelopes to hotels and vegetable sellers.
•  Make and sell ​​LED bulb stalls.
• Start yoga class.
• Starts play school.
• Learn how to do pest control. This business runs a lot in the summer.
• Learn plumbing work. 'Easily earn' a thousand rupees every day.
•  Go to the forest and collect some medicines and sell them to Ayurveda doctors.
•  Collect cow urine, pack it in a bottle and sell it.
•  If you are in a village, collect milk and sell it in the city.
• Start printing press.
• If you have gym experience, you can get a lot of fees by guiding celebrities as jam coaches in the city.
• Laundry, of course, employs laundry workers. Washing clothes, dry clean clothes are taken from outside man. Anyone is doing this business these days.
• Radium business is also very good but the machinery is required.
• Online Teaching.
• App creator
• Service based business
• Dog walking
• Food delivery.
• Consultant based business.
• Flipper.
• Translator.
• Affiliate marketing.
• Blogger.
• Vlogger.
• Write a blog.
• Accountant.
• Designer.
• Freelancer.
• Gig Economy.
• Real estate agent.
• Life coach.
• Marketing businesses.
• Stock Broker.
• Reseller business
• Photographer.

The mentality of a person to take risks, appropriate product, and market knowledge, understand the concept of Entrepreneurship is the key to success in business.