The principle of entrepreneurship has a wide range of meaning. On the one extreme an entrepreneur is an individual of extremely high aptitude who pioneer change, possess the traits observed in only a very small portion of the population. On the other side of the definition, anyone who wishes to work for himself or herself is look at to be an entrepreneur.
The word entrepreneur originates from the French word, entreprendre, which signifies “to undertake.” In a business context, it means to commence a business enterprise. The Merriam-Webster Dictionary presents the description of an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise.
Schumpeter’s Opinion of Entrepreneurship
Austrian economist Joseph Schumpeter’s definition of entrepreneurship placed an importance on innovation, such as:
- new products
- new production procedures
- new trading markets
- new types of organization
Wealth is created when such innovation results in new demand. From this point of view, one can define the function of the entrepreneur as one of incorporating numerous input elements in an innovative method to generate value to the client with the wish that this value will exceed the cost of the input components, thus generating outstanding results that result in the creation of wealth.
Entrepreneurship vs. Small Business
Numerous people use the phrases “entrepreneur” and “small business owner” synonymously. Though they may have much in common, there are considerable variations among the entrepreneurial enterprise and the small business. Entrepreneurial ventures differ from small businesses in these points:
- Quantity of Wealth Creation – rather than merely generating an income stream that displaces regular employment, a effective entrepreneurial venture produces considerable wealth, usually in excess of several million dollars profit.
- The pace of Wealth Creation – even though a prosperous small business can create several million dollars of profit over a lifetime, entrepreneurial wealth creation often is fast; for instance, inside 5 years.
- Risk – the risk of an entrepreneurial venture must be a lot; or else, with the incentive of certain income several entrepreneurs would be going after the idea and the opportunity would be flooded.
- Innovation – entrepreneurship often involves considerable innovation past what a small business could possibly exhibit. This innovation provides the venture the competitive benefit that results in wealth creation. The innovation might be in the product or service itself, on in the business processes used to deliver it.
Become an Entrepreneur
Possessing a team of like-minded people is one of the keys to success and is essential in any business. The results you achieve will be directly related who you surround yourself with. You may be in business for yourself, but you cannot do it by yourself, you need a team. A team that you can rely on. Engineered Lifestyles has the experience and can provide you with the team you need for success!
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