Entrepreneurship: being in business for yourself
Definition of Entrepreneurship
Entrepreneurship is a multi-aspects perception (Bula, 2012). The term exists from 1732 years ago when Richard Canillton the first economist defines it in the description of any individual who is willing to carry out different forms of arbitrage which involve taking financial risks of a new venture (Minniti and Levesque, 2008). According to Drucker (1986), he is confident that entrepreneurship is not art or science but a practice based on the acquaintance, and it is not about just making money but about being innovative and creative. Several researchers found that the concept of entrepreneurship is still a field with unclear borders, and it lacks a clear conceptual framework. However, according to Fritsch (2013), startup commerce hastens structural alterations, strengthens innovation, and enables a variety of goods and problem solving, which in turn facilitates the enhancement of growth and competitiveness. Also, startups have an inconsistent effect on economic growth as small businesses may have more massive growth potential than large companies (Almus and Nerlinger,2000).In this observation, a 1% increase in the business startups leads to a 24% improvement in the GDP in the subsequent year, reduction of unemployment by 13% thus, increasing exports by 3 %. Nevertheless, I can define Entrepreneurship as the act of seeking investment as well as development, production opportunity, and managing a business enterprise to make profits.
Skills Required in Entrepreneurship
However, many may think that venturing into a business enterprise does not need any power because it seems very simple. Still, in contrast, for better results and returns, a business entrepreneur should possess specific skills which motivate him /her in running the business. To begin with, an entrepreneur should have Business management skills which will assist in decision making, planning, budgeting, human relations, financial management, and marketing strategies. Secondly, some technical skills are also viable for an entrepreneur in running a business premise: professional business management, monitoring situations within the premise, ability to speck new developments in the market; writing, active listening, and interpersonal skills of the entrepreneur. Lastly, the entrepreneur should possess personal skills from inside to assist him or her in leadership, innovation, and the capability to manage adjustments, self-confidence in carrying out the projects in the business as well as risk-taking to help in venturing more and more without fear. Overall, as an entrepreneur, I should be in store for myself so that I can learn and understand where things are going right and correct where possible.
References
Almahry, F. F., Sarea, A. M., & Hamdan, A. M. (2018). A review paper on entrepreneurship education and entrepreneurs’ skills. Journal of Entrepreneurship Education.
Cohen, D., Hsu, D. K., & Shinnar, R. S. (2019). Enhancing Opportunity Identification Skills in Entrepreneurship Education: A New Approach and Empirical Test. In the United States Association for Small Business and Entrepreneurship. Conference Proceedings (No. 1, pp. 23-34). United States Association for Small Business and Entrepreneurship.
Giones, F., & Brem, A. (2017). Digital technology entrepreneurship: A definition and research agenda. Technology Innovation Management Review, 7(5).