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Entrepreneurship is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities.
Entrepreneurship is often a challenging undertaking, as a vast 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. Angel investors generally seek returns of 20-30% and more extensive involvement in 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 and is usually the driving force of an enterprise.
• The entrepreneur's vision is usually supported by an interlocked collection of specific ideas unavailable to the marketplace.
• The overall blueprint to realize the entrepreneur’s vision is clear, however, details may be incomplete, flexible, and evolving.
• The entrepreneur promotes his or her vision with enthusiastic passion.
• With persistence and determination, the entrepreneur develops strategies to change his or her 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.
Advantages of Entrepreneurship
Every successful entrepreneur brings about benefits not only for himself/herself but for the municipality, region or country as a whole. The benefits that can be derived from entrepreneurial activities are as follows:
1. Self-employment, offering more job satisfaction and flexibility of the work force.
2. Employment for others, often in better jobs.
3. Development of more industries, especially in rural areas or regions disadvantaged by economic changes.
4. Encouragement of the processing of local materials into finished goods for domestic consumption as well as for export.
5. Income generation and increased economic growth.
6. Healthy competition thus encourages higher quality products and services.
7. More goods and services become available.
8. Development of new markets.
9. Promotion of the use of modern technology in small-scale manufacturing to enhance higher productivity.
10. Encouragement of more research studies and development of modern machines and equipment for domestic consumption.
11. Development of entrepreneurial qualities and attitudes among potential entrepreneurs to bring about significancant changes in rural areas.
12. Freedom from dependency on jobs offered by others.
13. The ability to create great accomplishments.
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