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Concept of Entrepreneurship – Which One Suits you Better?

(Last Updated On: April 16, 2021)

The concept of entrepreneurship is not new, considering 19th-century entrepreneurship as risk-taking, facing uncertainties, and establishing an enterprise. It gave the human being a way of new hope, a passage to solve problems, and thinking out of the box. The concept of entrepreneurship gave the human being a solution to a problem.

Concept of entrepreneurship

However, since the beginning of the 20th century, the entrepreneur was also acceptable as an inventor. As such, entrepreneurial perceptions have changed over time and space. Yet, finding opportunities from the weaknesses and threats is a basic concept of entrepreneurship.

Related: 35 facts I wish I knew earlier about being an entrepreneur

Entrepreneurship is the job of setting yourself up and starting a business rather than working for someone else in his or her business. Although entrepreneurs have to deal with more obstacles and fear than frequent or paid workers, the salary may be much higher.

Definition of entrepreneurship today

Entrepreneurship is the process of creating something new and acknowledging the risks.
Reflects strong emotions from being independent.
Persistently tries to do something good.
Focused on the future.
Face to face face to face
Converting a situation into an opportunity
Unsatisfied with routine activities.
Ready to endure hard life.
Scheduled but patient
She is a person who develops and owns her own initiative
Display the feelings of leadership
Also, show the sense of competition
Takes personal responsibility
She is working under uncertainty for a moderate risk taker and raunchy achievement.
She is innovative
She peruses deviant pursuits

Today is an entrepreneur four aspects

An entrepreneur is involved in awards.
Requires necessary risk estimates
The process involved in the creation.
Devotion to time and effort is required.

concept of entrepreneurship

In the modern point of view, entrepreneurs are involved with the enterprise, management control, instruction, innovation, various new improvements, and product changes.

In a nutshell, the following ideas of entrepreneurship are as follows:

Concept of managerial skills

The scholars who support this genre have become entrepreneurial in their ability to managerial skills. J.S. Entrepreneurship has been seen as a skill for inspection, control, and direction of the mill.

Similarly, a well-known economist, Marshall considered entrepreneurship as the ability to carry risk with management skills.

Concept of risk tolerance

This is the premier and most popular concept. According to French economist Richard Kantian, “entrepreneurship is an act of taking unlimited risks.”

It has revealed that the entrepreneur has to carry a variety of risks to establish a new entrepreneur and manage it. These risks are related to time changes and price fluctuations.

Frank and Knight’s ideas have considered entrepreneurship as the uncertainty of power concerns. Further, it has created a slight difference between risky and uncertainty.

According to them, “uncertainty risks risk, which cannot be predicted or insured. The entrepreneur’s ability to carry risk and provide a guarantee against uncertainty.”

Consequently Oriented Concepts

According to this concept, entrepreneurship is called outcome-oriented in the modern age.

Now, it is not very important, what efforts have been made to achieve the goal or how hard it has worked, what is more, important than that? In the business world, being successful in achieving goals is recognized as an entrepreneur.

Innovative ideas

Joseph Schumpeter is the propounder of innovative concepts. His idea is that “entrepreneurship is the advanced economy, the person whose parents do something new in the economy.”

In 1934, he turned this concept into innovation. Peter F. Drucker also supports this concept. He said in the scene that “Entrepreneur of Innovation is a definite tool.”

In this concept, the idea of ​​entrepreneurship, new production methods or strategies, new products, new markets, new marketing methods, new raw materials products, new packaging, and new mixing of the method has been considered as the adaptation of innovation.

Therefore, it is regarded as a modern entrepreneurial concept.

Creative and leadership concepts

Among the supporters of this concept, J. Shumpert has considered entrepreneurship as a creative activity. According to Richman and Koppen, “entrepreneurship is the work of progressive leadership.”

Likewise, Frederick Harbinson states that “the quality of the entrepreneurial organization’s resource development, human capacity development, performing creative activities and coordinating new thinking.”

Creativity creates new ideas, which he believes can be linked to economic use through effective leadership. Creativity activities also expand due to the high level of entrepreneurship.

Professional Concepts

Modern management experts take entrepreneurship as a professional idea. They feel that entrepreneurship can be improved through education and training.

As managerial training can be learned through education and training, the entrepreneurial spirit can be improved through education and training. For this reason, the government and private organizations conduct various training programs to develop entrepreneurial skills.

concepts of entrepreneurship
concepts of entrepreneurship

Concept of personality, identity, or role transformation process

According to Professors Uday Park and Nadkarni, “Entrepreneurship is not only about accepting new tasks and behaviors, but also transforming personality and establishing new identities through it.”

The idea of ​​organization and coordination

According to JB Say, who is a strong supporter of the project, “Entrepreneurship is an economic component that organizes and coordinates different sources of production.” Jay Spinnick has been considered an entrepreneur with “the ability to organize an enterprise.” 20 types of entrepreneurs (informative explanation).

Business based concepts

Under this concept, entrepreneurship is expressed as a business-oriented entrepreneurial spirit, which motivates them to be entrepreneurs, to think in business, to formulate plans and programs, and to establish initiatives.

High Achievement Capacity

This theory is accepted among McClelland’s important theorists. He notes that “entrepreneurship is the concept of high achievement capacity, for which the ability to create innovation and the ability to make decisions at risk is essential.” According to the idea, he mentions two characteristics of entrepreneurs:

Ability to perform tasks with the latest methods.
Ability to make decisions during uncertainty.

Besides, he was taken over to believe that the motivation for achieving high level makes an entrepreneur a man.

Tips to grow concept of entrepreneurship

Entrepreneurs will have to deal with more obstacles and fear than frequent or paid workers, but the salary can be much higher. Good entrepreneurs have the interest and vision, the ability to start a business and start investing.

Organization and Delegation

Although many new businesses start as one-man shows, successful entrepreneurs are characterized by rapid and steady growth. This means hiring other people to do special tasks. Because of this, entrepreneurial work requires extensive organization and delegation. It is important for entrepreneurs to focus on what goes on in their company, but if they want their companies to succeed, they must hire the right people for the right things and work them through less interference from their work.

Many areas of expertise

Interest and vision cannot make up for the total lack of all applicable skills. As the head of a company, whether or not its employee is an entrepreneur, able to wear many hats and so effective. For example, if he wants to start a business that produces mobile games, he must have specialized knowledge in mobile technology, the gaming industry, game design, mobile app marketing, or programming.

Financial and emotional investments

An entrepreneur will have to invest in his company. This investment may be less meaningful, such as the time he spends or the skill or reputation he brings with it, but it may include significant investments in assets with a clear value, be it cash, real estate, or intellectual property. An entrepreneur who can not invest in his company or else the other can not expect to do so and can not expect to be successful.

Interest and vision

The first factor of interest is for entrepreneur success. Since the entrepreneur closes according to performance over the time spent by special efforts, an entrepreneur will work in such areas in his interest. Otherwise, he would not be able to maintain a high level of work ethic, and he would probably fail. This interest must also be translated into a vision for the company’s growth.

If the day-to-day operations of a business are attractive to an entrepreneur, it is not enough to succeed unless it can turn this interest into a vision for growth and expansion. This vision can be powerful enough that they can communicate to investors and employees.

Risk and reward

Entrepreneurship requires risk. This risk measure equals the amount of time and money you invest in your business. However, this risk also remains directly correlated to the reward involved.

An entrepreneur investing in a friendship pays for someone else’s business plan and earns a respectable income, while an entrepreneur who manages groundbreaking innovations endangers everything in his idea that a revolutionary market will work. If such a revolutionary mistake goes, he can lose everything. However, if he is right, he may suddenly become extremely wealthy. It is one of the determinants of entrepreneurship.

The Myths of the entrepreneurs

Myth 1: Entrepreneurs are dockers, not thinkers
False 2: Entrepreneurs are not born
Meditation 3: Entrepreneurs are always inventive
Myth 4: Entrepreneurship is an academic and social misfit
Incorrect 5: Entrepreneurs must “Profile”
Incorrect 6: All entrepreneurs need money
Mistake 7: All entrepreneurs need luck
Wrong 8: Ignorance is the joy for entrepreneurs
Meditation 9: Entrepreneurs seek success but experience high failure rates
Myth 10: Entrepreneurs are extreme risk-takers (gambling)

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