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    What Is Entrepreneurship?

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    saroj basnyat
    Entrepreneurship involves launching and running new businesses to earn a profit by utilizing resources. It requires innovating new ideas and implementing them in business operations. There are two main types of entrepreneurship - small and medium enterprises (SMEs) that focus on local markets and services, and innovative driven enterprises (IDEs) that seek global markets and require more capital. Entrepreneurship is important as it creates jobs, drives economic change by introducing new products and services, and adds to national income by creating new wealth and markets.

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    What Is Entrepreneurship?

    Uploaded by

    saroj basnyat
    21 views2 pages
    Entrepreneurship involves launching and running new businesses to earn a profit by utilizing resources. It requires innovating new ideas and implementing them in business operations. There are two main types of entrepreneurship - small and medium enterprises (SMEs) that focus on local markets and services, and innovative driven enterprises (IDEs) that seek global markets and require more capital. Entrepreneurship is important as it creates jobs, drives economic change by introducing new products and services, and adds to national income by creating new wealth and markets.

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    Entrepreneurship involves launching and running new businesses to earn a profit by utilizing resources. It requires innovating new ideas and implementing them in business operations. There are two main types of entrepreneurship - small and medium enterprises (SMEs) that focus on local markets and services, and innovative driven enterprises (IDEs) that seek global markets and require more capital. Entrepreneurship is important as it creates jobs, drives economic change by introducing new products and services, and adds to national income by creating new wealth and markets.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    21 views2 pages

    What Is Entrepreneurship?

    Uploaded by

    saroj basnyat
    Entrepreneurship involves launching and running new businesses to earn a profit by utilizing resources. It requires innovating new ideas and implementing them in business operations. There are two main types of entrepreneurship - small and medium enterprises (SMEs) that focus on local markets and services, and innovative driven enterprises (IDEs) that seek global markets and require more capital. Entrepreneurship is important as it creates jobs, drives economic change by introducing new products and services, and adds to national income by creating new wealth and markets.

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    What is entrepreneurship?

    The process of designing, launching and running new business which typically
    begins with small business i.e startup companies offering services, products, and
    process for profit. It is capacity and willingness to develop, organize and manage a
    business along with certain risks to make profit. Entrepreneur is characterized by
    innovation and risk taking and it is the part of nation’s ability to success in an ever
    changing and increasingly competitive global market. Entrepreneurship is an act of
    seeking investment, opportunities, developing a business in order to achieve
    production function arranging inputs like material, capital, introducing new
    technique and identifying the sources.
    There are two fundamental types of entrepreneurship i.e SME (small medium
    enterprise) and IDE (innovative driven enterprise). SME are small companies, they
    focus on local markets, services to local opportunities i.e dry cleaner, restaurant.
    This are important for economy of certain region because they serve a need. Usually
    owner of firm maintain the enterprise. Graph between cash flows shows linear.
    Whereas IDE looking for global market to serve.it requires more cash and cash flow
    shows exponential growth. It focus on broaden market. Requires more risk
    Entrepreneurship is an economic activity as it involves designing, launching and
    running new business to earn profit by utilizing best possible resources.
    It involves innovative idea and implementing them in business.
    The entrepreneurship is undertaken to have profit in business. Profit is like reward
    for risk taken and effort made.
    Launching new ideas may be uncertain so it can lead to loss in business.
    Importance:
    Creates job: Entrepreneur’s ambition to do business effectively eventually leads to
    the creation of jobs.
    Create change: They create new product or more effective process that may solve a
    problem.
    Add to national income: New ideas and improved product or services from them
    allows to create new market and wealth to rise economy.
    What are five big mistake the entrepreneur makes?
    1. Expecting success right away:
    Early expectation leads to disappointment. Any business need time to grow
    and take even more time to make profit.
    2. Selfishness :
    Trying to do everything on own sets towards failure of business. Doing
    everything on our own may draw the focus away from task that actually need
    your expertise and attention.
    3. Doing business only for money without passion:
    Ignoring own passion and start business for money is foolishness.
    4. Not being adaptable:
    Entrepreneur should learn to adapt.one should test the various product and
    solutions, Explore new options.
    5. Ignoring social media:

    How to avoid above five biggest mistakes?


    1. Understand what truly motivates:
    One should be motivated by meaning and purpose rather than money.
    2. Don’t do everything yourself:
    One should focus on specific major project at once. If one focus on their
    expertise and build a team that will be suited for long term.
    3. Stay positive:
    Don’t be hard to self as encountering challenges and setbacks.one should
    understand that they are all parts of process.one should avoid negative
    thoughts.
    4. Stay close to customer:
    Staying close to customer is most important than to relied on partners to drive
    the growth.
    5. Find the right speed:
    The task in business that must be researched and checked can move slowly,
    and sometimes it should move fast when opportunities knocked. Learning the
    process and make a right decision is needed.

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