1. How does entrepreneurship differ from self-employment?
The following are the major differences between entrepreneurship and self-employment with respect to Innovation Scope and Stage.
Entrepreneurship – Growth and Development
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2. Why is “income generation” rated as only the initial level of entrepreneurial activity?
Income-generation refers to activities which are often taken up on part time or casual basis and are practiced for the purpose of raising additional-income.
The scope of income generation is very narrow. All income generating persons may or may not be entrepreneurs. However, income-generation will become the initial-stage of entrepreneurial growth when it acts as an encouragement for the person to become self-employed and there by ultimately leading them to entrepreneurship.
Thus we can say rate 'income generation' as only the initial level of entrepreneurial activity.
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3. Why are entrepreneurs called creative destroyers of tradition?
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Entrepreneurs are called creative destroyers of tradition due to the following factors:
.
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4. How can we say that every individual is a potential entrepreneur?
Entrepreneurship is defined as the process of using human resource to innovate ideas, products and services and putting them to social use. Since every individual is endowed with a certain resource, we can say that every individual is a potential entrepreneur.
However, due to the fact that not every individual gets an opportunity to fully develop their human resource to realize their potential, we see that there are fewer entrepreneurs in the society than non-entrepreneurs.
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5. What steps should the entrepreneur take before launching a venture?
The entrepreneur should take the following steps before launching a venture.
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6. How can an entrepreneur raise the expectancy of his success?
Entrepreneurs can raise the expectancy of their success by acquiring the following abilities.
Irrespective of the size of the venture, big or small, they should acquire efficient management of
Efficiency of these resources is a key factor for the success. However, the required level of expertize in managerial ability in production, marketing, finance and personnel vary as per the size and nature of the enterprise. It also calls for managerial growth and sustenance.
By acquiring these abilities, prospective entrepreneurs can raise the expectancy of their success.
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7. How does entrepreneurship development contribute to wealth generation?
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8. What factors were responsible for explosion of enterprise activities in India?
The following are the four major factors responsible for enterprise activities in India.
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9. Explain the process of entrepreneurship development.
The process of entrepreneurial development consists of creating an entrepreneurial person by
The main methodology can be best classified into simulatory, support services and sustaining. This is best explained through the following diagram.
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10. Name the stimulatory activities in the entrepreneurship development cycle.
The following are the simulatory activities in the entrepreneurship development cycle.
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11. Explain the factors that contribute to the creation of an environment conducive to entrepreneurship development
Four major factors that contributed to creation of an environment conducive to entrepreneurship development are.
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12. Identify the support services in entrepreneurship development cycle.?
The following are the support services in entrepreneurship development cycle.
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13. Entrepreneurs should have the ability to scan the environment. Why?
The entrepreneurs should have the ability to scan the environment because of the following reasons.
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While the definition of entrepreneurship has stayed constant for decades, the possibilities for wannabe entrepreneurs have definitely evolved. Think about it: 100 years ago, what options did an entrepreneur have? If you didn’t have the skill to make something, and didn’t have the capital to buy something, you were out of luck.
The options available to entrepreneurs today have exploded. Thanks to technology like Shopify and, yes, Oberlo, the barriers to enter entrepreneurship have been removed. That’s a big reason why, according to Google, usage of the term looks like this:
This post takes a closer look at what it means to be an entrepreneur. You’ll also hear from some modern-day entrepreneurs who explain how they took the leap, and how you can too.
Post Contents
What is Entrepreneurship?
Entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit.
However, as a basic entrepreneurship definition, it’s a bit limiting. The more modern entrepreneurship definition is also about transforming the world by solving big problems. Like initiating social change, creating an innovative product or presenting a new life-changing solution.
What the entrepreneurship definition doesn’t tell you is that entrepreneurship is what people do to take their career and dreams into their hands and lead it in the direction of their own choice. It’s about building a life on your own terms. No bosses. No restricting schedules. And no one holding you back. Entrepreneurs are able to take the first step into making the world a better place, for everyone in it.
What is an Entrepreneur? Entrepreneur Definition
An entrepreneur is a person who sets up a business with the aim to make a profit.
This entrepreneur definition can be a bit vague but for good reason. An entrepreneur can be a person who sets up their first online store on the side or a freelancer just starting out.
The reason why they’re considered entrepreneurs, though some disagree, is because where you start out isn’t where you’ll end up. An entrepreneur is someone who starts a side hustle that can eventually create a full-time, sustainable business with employees. Same with the freelancer. If you’re focused on creating a profitable business, you fit the entrepreneur definition.
However, the entrepreneur meaning involves much more than being a business or job creator. Entrepreneurs are some of the world’s most powerful transformers. From Elon Musk sending people to Mars to Bill Gates and Steve Jobs making computers part of every household, entrepreneurs imagine the world differently.
And the entrepreneur definition rarely ever talks about the enormous impact entrepreneurs have on the world.
Entrepreneurs see possibilities and solutions where the average person only sees annoyances and problems.
Understanding what is an entrepreneur can help more people recognize the value they contribute to the world.
What Is the Meaning of Entrepreneurship?
The meaning of entrepreneurship involves an entrepreneur who takes action to make a change in the world. Whether startup entrepreneurs solve a problem that many struggle with each day, bring people together in a way no one has before, or build something revolutionary that advances society, they all have one thing in common: action.
It’s not some idea that’s stuck in your head. Entrepreneurs take the idea and execute on it. Entrepreneurship is about execution of ideas.
Entrepreneur Meaning from Real Entrepreneurs
Let’s take a look at what real entrepreneurs have to say about the meaning of entrepreneurship, and how they would define it.
What’s the entrepreneur meaning? Altimese Nichole, Founder of NicholeNicole shares, “Many are excited to become an entrepreneur but get discouraged when reality hits. Entrepreneurship means staying committed to your goals beyond your feelings of excitement. Stay the course and keep your “why” in mind. ”
What’s the meaning of entrepreneurship? Founder and CEO of NeuroFlow shares “Entrepreneurship means being the one that is willing to take a leap, work hard enough to sacrifice everything else around you, all in the name of solving problems because no one else is capable or possesses the desire.“
The entrepreneur meaning is a bit different for Jolijt Tamanaha, Director of Marketing and Finance of Fresh Prints, who shares “Entrepreneurs make their way down a never-ending list of problems with grit, passion, and energy. While intense, being an entrepreneur means you get to live life learning an incredible amount and maximize your impact on the world because you have to tackle the hardest problems.”
What’s the entrepreneur meaning for Nicole Faith, Founder of 10 Carat Creations? Here’s how she breaks it down, “Being an entrepreneur means having a plan and vision but still succeeding or trying to succeed when the plan falls apart and you’re left with only your vision. It also means knowing when to give up, especially if your idea isn’t working due to forces outside of yourself.”
What’s the entrepreneur meaning? According to James Sandoval, Founder and CEO of Measure Match, says, “Being an entrepreneur means diving headlong into a [likely very risky] venture of your own making, working hard, long hours, often alone, to carve out a path to success and never, ever giving up.”
Mike Kim, co-founder and COO of KPOP Foods, shares what the entrepreneur meaning is really all about. He shares, “Entrepreneurship is not for the faint hearted. I am a US Army veteran. I have been in combat and I have endured many difficult situations. However, I can honestly say starting a company has been just as challenging, albeit in different ways. While no one’s life may be in imminent danger, the battles you face on your entrepreneurial journey can last years with no repose. Creating a successful business requires massive amounts of action, perseverance, and conviction. If you understand this and choose to proceed, you’ll find the experience rich in rewards. ”
Importance of Entrepreneurship
What is entrepreneurship really about? And why’s it so important? An entrepreneur is the person who sees a problem in the world and immediately focuses on creating the solution. They’re the leaders that strike out on their own to improve society. 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.
Why Do People Become Entrepreneurs
What is entrepreneurship’s appeal? With over 400 million entrepreneurs, entrepreneurship has an international appeal. Every entrepreneur has their own ‘why’ that drove them to dive into being their own boss. Whether entrepreneurs need more freedom or to make the world a better place, they all take control of their life by living life on their own terms. Here are a few of the reasons why people become entrepreneurs:
Examples of Entrepreneurs
Walt Disney cofounded the Walt Disney Company one of the leading motion picture studios. He was also the visionary of theme parks like Disneyland and Walt Disney World. His brand started with the creation of the Mickey Mouse character and eventually expanded to include characters like Snow White, Cinderella and more. As an entrepreneur, he had to overcome adversity with challenges such as people stealing his work, commercial failures and more. However, he kept pushing through staying committed to his vision.
Mark Zuckerberg created several products before building Facebook. He created an instant messaging tool that his father used in his dentistry practice to communicate with his receptionist. Zuckerberg also created music software that Microsoft and AOL were interested in buying even though he was only a teenager. Within the year he first founded Facebook, he had already had 1 million users. Today, Mark Zuckerberg has a networth of $68.3 billion.
Sara Blakely first started her Spanx brand in 1998. She was one of the first creators of women’s leggings. Her brand specializes in shapewear and also includes bras, panties, hosiery and more. She’s also the inventor of arm tights which allows women to wear their summer clothing year round. At one point, Blakely was the youngest self made female billionaire.
Startup Entrepreneurs Share Entrepreneurship Tips
Let’s take a look at the top entrepreneurship tips shared by startup entrepreneurs, and how you can overcome the challenges that may come your way.
Startup entrepreneur Dez Stephens of Radiant Health Institute shares, “The ONE piece of advice I’d give someone who wants to be an entrepreneur is to start your business with no debt and no overhead. That’s how I started my company six years ago and it greatly increased my inevitable success.”
One of the best entrepreneur quotes comes from serial entrepreneur Swati Davidson who shares, “Trust your intuition. The reason is simple: In order to beat your competitors and grow rapidly, you’ve got to be able to spot those key opportunities and then take action, even when risky. This requires “instinct” and the confidence to act up on it. Some call it luck, but it’s not. It’s having the courage to trust your gut.”
Startup entrepreneur Keval Baxi of Codal Inc. shares “One piece of advice that I’d give to someone who wants to be an entrepreneur is to be reliable. If you say you’re going to do something, do it. Leaders and managers that don’t follow through fail to gain the respect of their team, and don’t encourage accountability. Make sure that your team knows that you’ll be there when you’re needed.”
Startup entrepreneur Chrys Tan of Chrys Media says, “The one piece of advice that I would give to an entrepreneur would be to embrace failure. Failure is guaranteed when you are an entrepreneurs, whether it is the failure of meeting a number of targeted sales or even the failure of a business. But if you know that experiencing failure is guaranteed when running a business, you wouldn’t fear failure but embrace failure instead. When you embrace failure, you take on more risks and you move past failures faster as well.”
Entrepreneur Quotes
Let’s take a look at some of the popular entrepreneur quotes to inspire you.
“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” – Peter Drucker, entrepreneur quotes
“From my very first day as an entrepreneur, I’ve felt the only mission worth pursuing in business is to make people’s lives better.” – Richard Branson entrepreneur quotes
“A person who sees a problem is a human being; a person who finds a solution is visionary; and the person who goes out and does something about it is an entrepreneur.” – Naveen Jain entrepreneur quotes
“An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.” — Entrepreneur quotes from Reid Hoffman
“It’s not about ideas. It’s about making ideas happen.” – Scott Belsky entrepreneur quotes
“There’s lots of bad reasons to start a company. But there’s only one good, legitimate reason, and I think you know what it is: it’s to change the world.” – Phil Libin entrepreneur quotes
“Being an entrepreneur is a mindset. You have to see things as opportunities all the time. I like to do interviews. I like to push people on certain topics. I like to dig into the stories where there’s not necessarily a right or wrong answer.” – Soledad O’Brien entrepreneur quotes
For more quotes about entrepreneurship that will motivate you, check out our post for best inspirational business quotes for entrepreneurs.
Entrepreneur Ideas
A startup entrepreneur can build almost any type of business. Here are a few business ideas to get you started:
What Are Entrepreneur Skills?
There are many skills required to start a business. Especially during the early stages of starting a business, entrepreneurs usually have to juggle multiple tasks at one time. That’s how they end up learning new entrepreneurial skills. The most popular entrepreneur skills are marketing, business development, customer service, leadership, execution, resilience, focus, determination, talent acquisition, continuous learner. Want to find more popular entrepreneur skills? Check out these business skills.
Conclusion
In this article, you learned what is entrepreneurship, what is an entrepreneur, discovered the entrepreneur definition from first-hand accounts from popular startup entrepreneurs. We hope that you’ve learned what the meaning of entrepreneurship is for some of the entrepreneurs out there. If this article will show you anything, let it show you that many entrepreneurs care about a cause so intensely that they build an empire to solve some of the toughest problems. If you’re looking to make your mark on the world, solve a big problem or advance society, consider entrepreneurship. You could just be the person to change the world. All it takes is taking your best entrepreneur ideas and acting on them.
What is the meaning of entrepreneurship to you? Comment why you became an entrepreneur below.
Want to Learn More?
The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering economic growth and development. Entrepreneurship is one of the most important input in the economic development of a country. The entrepreneur acts as a trigger head to give spark to economic activities by his entrepreneurial decisions. He plays a pivotal role not only in the development of industrial sector of a country but also in the development of farm and service sector. The major roles played by an entrepreneur in the economic development of an economy is discussed in a systematic and orderly manner as follows.
(1) Promotes Capital Formation:
Entrepreneurs promote capital formation by mobilising the idle savings of public. They employ their own as well as borrowed resources for setting up their enterprises. Such type of entrepreneurial activities lead to value addition and creation of wealth, which is very essential for the industrial and economic development of the country.
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(2) Creates Large-Scale Employment Opportunities:
Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of underdeveloped nations. With the setting up.of more and more units by entrepreneurs, both on small and large-scale numerous job opportunities are created for others. As time passes, these enterprises grow, providing direct and indirect employment opportunities to many more. In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country which in turn clears the path towards economic development of the nation.
(3) Promotes Balanced Regional Development:
Entrepreneurs help to remove regional disparities through setting up of industries in less developed and backward areas. The growth of industries and business in these areas lead to a large number of public benefits like road transport, health, education, entertainment, etc. Setting up of more industries lead to more development of backward regions and thereby promotes balanced regional development.
(4) Reduces Concentration of Economic Power:
Industrial Development Bank Definition
Economic power is the natural outcome of industrial and business activity. Industrial development normally lead to concentration of economic power in the hands of a few individuals which results in the growth of monopolies. In order to redress this problem a large number of entrepreneurs need to be developed, which will help reduce the concentration of economic power amongst the population.
(5) Wealth Creation and Distribution:
It stimulates equitable redistribution of wealth and income in the interest of the country to more people and geographic areas, thus giving benefit to larger sections of the society. Entrepreneurial activities also generate more activities and give a multiplier effect in the economy.
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(6) Increasing Gross National Product and Per Capita Income:
Entrepreneurs are always on the look out for opportunities. They explore and exploit opportunities, encourage effective resource mobilisation of capital and skill, bring in new products and services and develops markets for growth of the economy. In this way, they help increasing gross national product as well as per capita income of the people in a country. Increase in gross national product and per capita income of the people in a country, is a sign of economic growth.
(6) Improvement in the Standard of Living:
Increase in the standard of living of the people is a characteristic feature of economic development of the country. Entrepreneurs play a key role in increasing the standard of living of the people by adopting latest innovations in the production of wide variety of goods and services in large scale that too at a lower cost. This enables the people to avail better quality goods at lower prices which results in the improvement of their standard of living.
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(7) Promotes Country’s Export Trade:
Entrepreneurs help in promoting a country’s export-trade, which is an important ingredient of economic development. They produce goods and services in large scale for the purpose earning huge amount of foreign exchange from export in order to combat the import dues requirement. Hence import substitution and export promotion ensure economic independence and development.
(8) Induces Backward and Forward Linkages:
Entrepreneurs like to work in an environment of change and try to maximise profits by innovation. When an enterprise is established in accordance with the changing technology, it induces backward and forward linkages which stimulate the process of economic development in the country.
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(9) Facilitates Overall Development:
Entrepreneurs act as catalytic agent for change which results in chain reaction. Once an enterprise is established, the process of industrialisation is set in motion. This unit will generate demand for various types of units required by it and there will be so many other units which require the output of this unit. This leads to overall development of an area due to increase in demand and setting up of more and more units. In this way, the entrepreneurs multiply their entrepreneurial activities, thus creating an environment of enthusiasm and conveying an impetus for overall development of the area.
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