"Entrepreneurship is the creation or extraction of economic value."
The process of starting and managing a new business venture or enterprise.
Business Planning: This involves developing a roadmap for the success of the business, including setting objectives, defining strategies, forecasting revenues and expenses, and identifying potential challenges and opportunities.
Market Research: A key element in developing a successful business. It involves gathering and analyzing data on target markets, competitors, consumer preferences, and other relevant factors.
Marketing: Consists of activities such as product development, promotional campaigns, customer relationship management, and branding aimed at creating and maintaining a loyal customer base.
Financial Management: This involves maintaining accurate financial records, managing debt, cash flows, investments, and risk management.
Operations Management: Encompasses the activities involved in producing and delivering a product or service, including procurement, supply chain management, production planning, quality control, and logistics.
Human Resources Management: Involves recruitment, retention, training, and development of employees, human resources policies and procedures, and legal compliance.
Leadership and Management: Includes developing leadership skills, creating a strategic vision, leading by example, and motivating employees to achieve the objectives.
Innovation and Creativity: Crucial in developing new business ideas, processes, and products. It involves thinking outside the box and exploring new solutions that can disrupt the market or solve problems in new ways.
Communication and Collaboration: These skills are essential to succeed in any business. Entrepreneurs need to communicate effectively with customers, employees, investors, and other stakeholders. Collaboration with different stakeholders can lead to new business opportunities, enhanced productivity, and better outcomes.
Legal and Regulatory Compliance: Understanding the laws and regulations related to starting and running a business is crucial for compliance, avoiding legal issues, and ensuring business continuity.
Sustainability and Social Responsibility: This involves building an environmentally and socially responsible business, taking into account the impact of operations on the planet and the society.
Globalization and International Business: An important aspect of entrepreneurship is the ability to operate and compete effectively in a global economy. This includes understanding different cultures, legal and regulatory frameworks, marketing, and supply chain management in different countries.
Small Business Entrepreneurship: This type of entrepreneurship involves starting and managing a small business, typically with a limited number of employees.
Social Entrepreneurship: Social entrepreneurship aims to create social impact and bring about positive change in society. It focuses on solving social problems and can involve non-profit organizations, social enterprises or profit-driven entities that have a social mission.
Lifestyle Entrepreneurship: Lifestyle entrepreneurship is about creating a business around a specific lifestyle. The entrepreneur aims to integrate their passion, skills, and expertise into their work to create a fulfilling career that fits with their lifestyle and values.
Corporate Entrepreneurship: This type of entrepreneurship is about creating new business opportunities within an established organization. It focuses on innovation, creativity, and strategic thinking to drive growth and competitiveness for the organization.
Scalable Startup Entrepreneurship: Scalable startup entrepreneurship involves creating a new business venture that has the potential for rapid and significant growth. These startups often focus on technology, innovation, and disrupting existing industries.
Online Entrepreneurship: Online entrepreneurship involves starting and managing a business online, such as e-commerce, digital marketing, or online learning platforms.
Franchise Entrepreneurship: Franchise entrepreneurship involves buying a license to use a trademarked business model and brand name. This type of entrepreneurship provides a proven business model that has been successful in other locations.
"With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones."
"An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards."
"The process of setting up a business is known as 'entrepreneurship'."
"The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures."
"More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, which is often similar to a small business, or as the 'capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit.'"
"A significant proportion of start-up businesses have to close due to 'lack of funding, bad business decisions, government policies, an economic crisis, a lack of market demand, or a combination of all of these.'"
"In the field of economics, the term entrepreneur is used for an entity which has the ability to translate inventions or technologies into products and services."
"In this sense, entrepreneurship describes activities on the part of both established firms and new businesses."
"While definitions of entrepreneurship typically focus on the launching and running of businesses..."
"Entrepreneurship is the creation or extraction of economic value."
"With this definition, entrepreneurship is viewed as change..."
"An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards."
"The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures."
"A significant proportion of start-up businesses have to close due to 'lack of funding, bad business decisions, government policies, an economic crisis, a lack of market demand, or a combination of all of these.'"
"In the field of economics, the term entrepreneur is used for an entity which has the ability to translate inventions or technologies into products and services."
"More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business..."
"A significant proportion of start-up businesses have to close due to 'lack of funding, bad business decisions, government policies, an economic crisis, a lack of market demand, or a combination of all of these.'"
"With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business..."
"The people who create these businesses are often referred to as 'entrepreneurs'."