An “entrepreneur” is a creative innovator who, acting on initiative, seeks and maximises opportunity, takes the required risk, and energetically takes it to a worthwhile conclusion, in other words one who recognises economic needs and combines other production factors in order to fulfil those needs.
“Entrepreneurship” is the process through which individuals and teams create value by bringing together a unique collection of resources to take advantage of opportunities, to create value and grow by fulfilling wants and needs through innovation and uniqueness, no matter what resources the entrepreneur currently has.
It’s all about a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced. Entrepreneurship results in the creation, enhancement, realisation, and renewal of value, not just for the owner, but for all participants and stakeholders. At the heart of the process is the creation and/or recognition of opportunities, followed by the will and initiative to seize these opportunities. It requires a willingness to take risks – both personal and financial – but in a very calculated fashion in order to constantly shift the odds to your favour, balancing the risk with the potential reward.
Today, entrepreneurship has evolved beyond the classic start-up notion to include companies and organisations of all types, in all stages.
Thus, entrepreneurship can occur – and fail to occur – in new firms and old; in small firms and large; in fast and slow growing firms; in the private, non-profit, and public sectors; in all geographic points; and all stages of a country’s development.
In essence, we can therefore conclude that:
- Entrepreneurship involves a process.
- Entrepreneurs create value where there was none before.
- Entrepreneurs put resources together in a unique way.
- Entrepreneurship is opportunity driven behaviour.
No comments:
Post a Comment