“Entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived opportunities”
When people pursue opportunities to achieve personal goals and to realize personal ideals, entrepreneurship comes into being. Entrepreneurship is what drives human lives to change for the better because entrepreneurs put their theoretical innovations into practice. Indeed, entrepreneurship is the result of combining personal creativity and business innovation. Under the drive of business innovation and entrepreneurship, intelligence and innovation are, therefore, invigorated to brighten human lives. All blockbuster products and services are first born of creative ideas. Also, at a time when traditional jobs are disappearing, you will be more likely to recognize and profit from new opportunities. Here are some suggestions for fostering ingenuity.
Successful new products are usually associated with `idea-centric’ creativity. The greater the number of creative and relevant ideas put forward, the more likely it is that successful new products will emerge. And real-life experiences often help to anchor and focus creativity for maximizing the number of actionable new product ideas that can be generated.
The Essence of Entrepreneurship
“Entrepreneurs” are often thought of as persons who start new business ventures. Innovation is the specific instrument of entrepreneurship.
Today many people like to become an entrepreneur and also they have innovative idea which can change the world.
For example, India, the largest democracy of the World, with about a sixth of the World’s Human Resource, boasts of huge pool of people aged over twenty and under thirty – the age at which most entrepreneurs start off. India also has it’s strengths in it’s diversity, it’s faith in equality and freedom. In short India has a huge potential for innovation and entrepreneurship. It’s just a matter of channeling the resources appropriately, before it is unleashed.
The world is facing the twin challenges of youth unemployment and environmental degradation – this presents an exciting opportunity to engage young people as social and environmental entrepreneurs, building a society that can live within planetary boundaries.
Colleges play a far greater role in the society than just being centres of knowledge transfer and exchange. College may be likened to a workshop where characters, and therefore societies and in-turn nations, are carved. Attitudes and Habits, good or bad, picked up in college, stick with you for life – by default. They hold the power to make or break a nation. It is therefore, required of colleges and other educational institutions to cultivate the habit of innovation, within themselves and in their students. Colleges need to promote and reward innovation
Barriers to Innovation:
Management’s resistance to innovative ideas is one of the main reasons so many entrepreneurs just give up.
1. Short Term Focus: They are only concerned about short term performance .Besides most significant innovations take a long time to come to market, and the leader is likely to be long gone before that happens.
2. Leadership (or lack thereof). They really don’t understand that leaders take responsibility for both long term and short term performance, and hence aren’t really leaders.
3. Surviving against Intense Competition. There won’t be a tomorrow if the company can’t compete today, and hence all available resources need to be focused on carving out a sustainable competitive position in order to generate — eventually — the extra resources for investing in innovation.
4. Fear of failure / fear of uncertainty. They don’t know how to manage / lead in the domain of innovation, and are trapped by their own competence related to management in mainstream operations. They stay within their own comfort zone.
5. Lack of bandwidth. The company doesn’t (yet) have a system for supporting innovation and the management simply doesn’t have the bandwidth to take on the challenge.
6. Lack of confidence in the innovator. They have many activities competing for limited resources and — like venture capitalists — choose to invest in innovators in whom they have confidence. Perhaps the innovator who seeks but fails to gain support doesn’t have the knowledge, skills and attitudes that generate confidence in the minds of the management.
CREATIVITY
Creativity is marked by the ability to create, bring into existence, to invent into a new form, to produce through imaginative skill, to make to bring into existence something new. Creativity is not ability to create out of nothing (only God can do that), but the ability to generate new ideas by combining, changing, or reapplying existing ideas. Some creative ideas are astonishing and brilliant, while others are just simple, good practical ideas that no one seems to have thought, of yet. Creativity requires passion and commitment.
The action and result of imagination and ingenuity; the ability to create through the relation of previously unrelated ideas or things; the application of a person’s mental ability and curiousity to discover something new.
Innovation: The introduction of something new; the development of new processes, methods, devices, products, and services for a useful purpose.
Entrepreneurship: The pursuit of opportunity without regard to resources currently controlled; the process of creating value through unique resource combinations to exploit opportunity; the implementation of innovation; the utilization of the skill sets, qualities and characteristics inherent in, or acquired by, entrepreneurs.
CHARACTERISTICS OF AN ENTREPRENEUR
The entrepreneur has an enthusiastic vision, the driving force of an enterprise.
The entrepreneur’s vision is usually supported by an interlocked collection of specific ideas not available to the marketplace.
The overall blueprint to realize the vision is clear, however details may be incomplete, flexible, and evolving.
The entrepreneur promotes the vision with enthusiastic passion.
With persistence and determination, the entrepreneur develops strategies to change the vision into reality.
The entrepreneur takes the initial responsibility to cause a vision to become a success.
Entrepreneurs take prudent risks. They assess costs, market/customer needs and persuade others to join and help.
An entrepreneur is usually a positive thinker and a decision maker.
An entrepreneur has inspiration, motivation and sensibility.
ADVANTAGES OF ENTREPRENEURSHIP
Enormous personal financial gain
Self-employment, own bossing, offering more job satisfaction and flexibility of the work force
Employment for others, often in better jobs
Development of more industries, especially in rural areas or regions disadvantaged by economic changes, for example due to globalization effects
Income generation and increased economic growth
Healthy competition thus encourages higher quality products
More goods and services available
Development of new markets
Freedom from the dependency on the jobs offered by others
Ability to have great accomplishments
Reduction of the informal economy
Emigration of talent may be stopped by a better domestic entrepreneurship climate
Serious tax advantages
DISADVANTAGES:
• Salary: Starting your own business means that you must be willing to give up the security of a regular paycheck.
• Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off.
• Work schedule: The work schedule of an entrepreneur is never predictable; an emergency can come up in a matter of a second and late hours will have to be put in.
• Administration: All the decisions of the business must be made on your own; there is no one ranked higher than you on the chain of command in YOUR business.
• Incompetent staff: Often times, you will find yourself working with an employee who “doesn’t know the ropes” as well as you do due to lack of experience.
• Procedures: Many times during your entrepreneurial life, you will find that many policies do not make sense, nor will they ever make sense
CONCLUSION:
Entrepreneurship is no longer seen as being solely applicable to people to start enterprises but to people involved in any endeavor. It is therefore important to introduce entrepreneurship into the school system as a means of changing attitudes and creating wider awareness in the society, so that people can play a more positive role in developing their own well being. It is essential to motivate the youths to become self-employed even when they are studying in schools and colleges. In fact, entrepreneurship development is one of the most integral parts of human development, and in recent time there is an urgent need to find a place in the curriculum of all institutions and colleges. Since education is an integral part of society, society would like to benefit from its outcomes like good academic performance and personalities which contribute for the betterment of society. A constructive way of contributing to society is by developing entrepreneurial skills.Tweet
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I’m impressed with how thorough your breakdown is. I’d especially like to second your comments on entrepreneurs being willing to forgo the security of a paycheck.
Compensation is usually very small when you’re just starting out. I’ve found that most people who want to start their own business give up as soon as they realize that they can’t count on a direct correlation between the hours they put in, right at the start, and the return they get.
It’s too bad, because when you keep pushing the snowball, it keeps getting bigger. You just have to get past that slow building stage.
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Very nice and I needed this,
Thanks
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