The Essence of Entrepreneurship

In the last few decades the world is increasingly recognizing the need for Entrepreneurship. Now, it is too late to debate on the importance of it. Unquestionably entrepreneurship is one of the crucial questions of the time from individual to the global level.

From many definitions given to term I picked the following from Hisrich for this article.

Entrepreneurship is a process is creating something with value by devoting the necessary time and effort assuming the accompanying financial, physiological and social risks and receiving the resulting rewards of monetary and personal satisfaction

In general it is a process of producing and selling creative answers in a form of product or service for the question deep in peoples’ heart even if they do not know they have that question.

Let us look at the some of the term included in almost all the definitions:

Opportunity Seeking: Looking to achievable desired future, which is dependent on the person, the environment, access to resources and timing. It involves identifying an opportunity, pursuing it beyond your current resources and believing it can be achieved.

Creativity: -creating something new of value. The creation has to have value to the entrepreneur and value to the audience for which it is developed.

Hard work: entrepreneurship requires the devotion of the necessary time and effort. Only those going through the entrepreneurial process appreciate the significant amount of time and effort it takes to create something new and make it operational.

Risks taking: depending on the field of effort of the entrepreneur, the risks take a variety of forms, but usually center around financial, psychological, and social areas, which brings the rewards of being an entrepreneur: Independence, followed by personal satisfaction are the most important ones.

Entrepreneurship can be learned.

It is one of the common myths in the area that entrepreneurs are only born with entrepreneurial talent. We all are born with hundreds of unique talents. The question is to find that, and use it to solve problems. we could learn how to find our talent and develop it, how to see and evaluate opportunities and risks associated with them, then act persistently.

Anyone can become an entrepreneur if he/she has a keen curiosity to learn and a desire to overcome the challenges inherent in learning new and exciting things.

Peter Drucker, the father of modern management puts it beautifully.

Most of the things you hear about entrepreneurship education is untrue. There is no magic; there is no mystery and this has nothing to do with genes. This is a science, it can be learnt.

Entrepreneurship is about freedom

Few things in life are as empowering as being able to determine what work you will do, when, where and with whom you will do it. Entrepreneurship is about hard work and dedication, and still is fun. Nothing feels better than focused effort and accomplishment.

Entrepreneurs learn from mistakes they enjoy their creative ways of beating the challenges. It is about being true to our visions and our passions.

As entrepreneurs we design the business we love and work hard to provide our customers, employees and community with the best we have to offer.

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Source by Biniam Getaneh

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