Introduction to Entrepreneurship 2016

Introduction

The concept of entrepreneurship has a wide range of meaning. On the one extreme, an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for himself or herself is considered to be an entrepreneur. The word entrepreneur originated from the French word, entrepreneur, which means “ to undertake “. In a business context, its means to start the business. The Merriam-Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risk of a business or enterprise. There is no such thing as a typical entrepreneur. Some entrepreneurs are quiet and hard-working while others are more outgoing and flamboyant. The key to being a successful entrepreneur lies in the ability to take an idea and then, through the process of innovation, develop it in such a way that it becomes a marketable product or service.

There are many different ways to define an entrepreneur. They are the most multi-talented and diverse people out there as they are the project manager, an accountant, a salesman and so on. They monitors and controls the business activities. According to MJ Gottlieb, co-founder of Hustle Branding, an entrepreneur is someone who can take any idea, whether it can be a product or service, have the skill set, and have 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 or service that people want or need. Therefore, an entrepreneur can be defined as a person who exercises initiative by organizing a venture to take benefits and decides what, how and how much the product or service needs to be produced. They need to have a good understanding of their markets and find out what their customer want and modify their products in line with market requirements.

Entrepreneurship is a discipline requiring skills and skills can be developed. Entrepreneurial skill is a combination of technical skill (communication, problem solving, organizational skills, etc.), management skill (planning and goal setting, decision making, etc.) and personal skill (self-control, innovation, leadership, etc.). In order to be successful in business, entrepreneurs need to have a certain set of qualities such as open risk taker, visionary, observant, team oriented and so on. Entrepreneurial skills are important to an entrepreneur such as communication skill and personal qualities like creativity and initiative are useful to everyone neither in their working responsibilities nor daily existence. Other than that, technical and business skills also help those who choose to be self-employed or to start their own venture. Therefore, entrepreneurial traits should be applied in the business by entrepreneurs in order to get successful.