Who are entrepreneurs?
We always tend to link entrepreneurs to the people who are employees. That’s not right. An entrepreneur is a person who is willingly going out of the line taking a risk to build up his/her own business. They are mostly innovators, risk-takers, or people involved in business procedures. They play a vital role in the economy in bringing up innovative ideas.
When a person sets up his/her business, the entire process is called entrepreneurship. It is only successful when there is a risk, and profits are made, the name is made, and continued growth. It will fail if it is not prevailing in the long term and results in losses.
Ways to become an entrepreneur
- Ensuring stable financial position
- Know your niche and create the best skillset
- Be aware of the content across various industries
- Know your problem and the solution
- The capability of solving that problem
- Networking is the key
- Have inspirational models
Attributes of an entrepreneur
As an entrepreneur, one should carry these traits in them to move forward. Below mentioned are a few of them:
- Cash savvy
- Much focused
- Smartness of business
So, as this field is wide with a variety of types, the main four types are given in brief below:
- This idea is based on opening up a setup while building up a huge amalgamation or opening up franchises. The investment is their own. If they make profits, well and good; if not, investors come in place. Examples- a single restaurant business
- Scalable startups- they attain a lot of media attention, and they are less common. They are known as the seeds of an idea, which is a minute plan to execute. Investors or funders come in place until it becomes big. Example- Silicon Valley Companies
- Large company- by the name itself, these are exiting established companies. These big companies tend to have branches with their new innovative ideas. Example- employee coming up with an idea and asks for funds from the CEO.
- Social entrepreneurship- this entrepreneur creates a benefit for the community. They focus mainly on helping societies with products and services. They don’t care about profits but think about it as a social service. An example would be an NGO.
Classification of entrepreneurs
Entrepreneurship in economies
There are several pros and cons to supporting entrepreneurship businesses. For startups, entrepreneurs create new businesses. They create goods, seek employment, and flourish more and more. An example would be the emergence of IT companies in India; associated businesses like call centres, electrical and hardware providers too benefited from them.
Moreover, they cater to the GDP of the country. Existing business would do their job, but new markets can create more and more profits with new ideas. This, in turn, leads to employment opportunities and earnings towards government taxes or projects. In addition, entrepreneurs break obsolete rules by performing new methods.
Wrapping up Reaching up to that level is difficult. One should have an insight into the market trends and be focused. It requires a lot of planning, research, hard work, and consistency. If you follow this, you can run a business by simply sitting at home.