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Entrepreneurship: Concept, Description and Importance


What is entrepreneurship?


Entrepreneurship is the ability and willingness to develop, organize and run a business, along with any of its uncertainties in order to make a profit.

The most prominent example of entrepreneurship is starting a new business.

Entrepreneurship concept


Entrepreneurship is the process of creating a company or business while building it and scaling it to make a profit. But as a basic definition of entrepreneurship, this definition is somewhat restrictive.

The more recent definition of entrepreneurship is also about transforming the world by solving big problems.

Like bringing about social change or creating an innovative product that challenges the status quo of the way we live our lives on a daily basis.

What the definition of entrepreneurship doesn't tell you is that entrepreneurship is what people do to take their career and dreams into their own hands and lead them in the direction they want.

It's about building a life on your own terms. No heads. There are no restricted schedules. And no one is holding you back.

Entrepreneurs can take the first step in making the world a better place for everyone, including themselves.


Entrepreneurship description


More specific definitions have described entrepreneurship as the process of designing, launching and managing a new business, which is often initially a small business, or as "the ability and willingness to develop, organize and manage a business together with any of its risks of making a profit."

The people who create these businesses are often referred to as entrepreneurs.

While definitions of entrepreneurship usually focus on starting and running a business, due to the high risks involved in launching a startup, a large percentage of startups have to close because:

  • lack of funding
  • Bad business decisions
  • Politics and government
  • Economic crisis
  • Lack of market demand
  • Combination of all of that

In economics, entrepreneurship associated with land, labour, natural resources, and capital can generate profit.

Entrepreneurial vision is defined by discovery and risk-taking and is an indispensable part of a nation's ability to succeed in an ever-changing and more competitive global market.

The importance of entrepreneurship


Entrepreneurs are often seen as a national asset that must be cultivated, stimulated and rewarded to the greatest extent possible.

Great entrepreneurs have the power to change the way we live and work.

If their innovations are successful, they may improve living standards, and in addition to creating wealth through entrepreneurial projects, they also create jobs and contribute to the growth of the economy, so we wrote here some points:

1. Creating job opportunities

 Entrepreneurship generates job opportunities. It provides entry-level employment, required to gain experience and training for unskilled workers.


2. Innovation

 It is the innovation hub that provides projects of new products, market, technology, quality of goods, etc., and raises people's living standards.


3. Impact on the community and community development

The community becomes larger if the employment base is large and diversified.

It brings about changes in the community and enhances amenities such as increased spending on education, better sanitation, fewer slums, and a higher level of home ownership.

Therefore, organized entrepreneurship helps in achieving a more stable and high quality community life.


4. Increased standard of living 

Entrepreneurship helps to improve a person's standard of living by increasing income.

Standard of living means the increase in consumption of various goods and services by the family for a certain period.


5. Supports Research and Development

 New products and services need to be researched and tested before they are brought to market.

Therefore, the entrepreneur also distributes funding for research and development with research institutions and universities.

This promotes research, public construction and development in the economy.

See: Entrepreneurship, Creativity and Innovation

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