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Entrepreneurship
Entrepreneurship is the practice of starting new organizations, particularly new
businesses generally in response to identified opportunities. Entrepreneurship
is often a difficult undertaking, as a majority of new businesses fail.
Entrepreneurial activities are substantially different depending on the type of
organization that is being started. Entrepreneurship ranges in scale from solo
projects (even involving the entrepreneur only part-time) to major undertakings
creating many job opportunities. Many "high-profile" entrepreneurial ventures
seek venture capital or angel funding in order to raise capital to build the
business. Many kinds of organizations now exist to support would-be
entrepreneurs, including specialized government agencies, business incubators,
science parks, and some NGOs.
Characteristics of entrepreneurship
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.
Entrepreneurship education seeks to provide students with the
knowledge, skills and motivation to encourage entrepreneurial success in a
variety of settings. Variations of entrepreneurship education are offered at all
levels of schooling from K-12 schools through graduate university programs.What
makes entrepreneurship education distinctive is its focus on realization of
opportunity, where management education is focused on the best way to operate
existing hierarchies. Both approaches share an interest in achieving "profit" in
some form (which in non-profit organizations or government can take the form of
increased services or decreased cost or increased responsiveness to the
customer/citizen/client).Opportunities can be realized in several ways. The most
popular one is through opening a new organization (e.g starting a new business).
Another approach is to promote innovation or introduce new products or services
or markets in existing firms. This approach is called corporate entrepreneurship
or intrapreneurship, and was made popular by author Gifford Pinchot in his book
of the same name. A recent approach involves creating charitable organizations
(or portions of existing charities) which are designed to be self-supporting in
addition to doing their good works. This is usually called social
entrepreneurship or social venturing. Even a version of public sector
entrepreneurship has come into being in governments, with an increased focus on
innovation and customer service. This approach got its start in the policies of
the UK's Margaret Thatcher and the USA's Ronald Reagan. Learn Entrepreneurship,
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