Age of Entrepreneurship is "NOW"

What is meant by entrepreneurship?

Age of Entrepreneurship is "NOW"

Entrepreneurship is both the study of how new businesses are created as well as the actual process of starting a new business – the term is used interchangeably. An entrepreneur is someone who has an idea and who works to create a product or service that people will buy, by building an organization to support those sales.

Entrepreneurship is now a popular college major, with a focus on studying new venture creation.

Start-ups

Starting a business generally requires:

• A business concept or idea involving a product, service, process, or new technology
• People to support the work, whether as employees, vendors, or advisers
• A process by which the product or service will be delivered, or the technology will be developed
• Enough money to support the development of the idea to the point that it generates revenue

Entrepreneurial Characteristics

There are various characteristics of successful entrepreneurship

In today's age of entrepreneurship, Akhori and Mishra have consider the following attitudes as closely related to entrepreneurship

• Tendency to take moderate risk: there are tendency among entrepreneurs to set goals that have certain among of risk , not a common goal pursued many others. They take up things and tasks that have certain amount of risk attached to  it. They tempt toward new ideas, activities, time etc

• An eye for economic opportunity:  Entrepreneurs are highly perceptive and keen in locating business opportunities for economic exploitation in a given situation, be it a festival,social, or a recreation of many events. This tendency differentiate them from non entrepreneurs.

• Imaginative: Some people have a tendency to use imagination for perceiving the not so apparent aspect of a given situation .

• Believe that they can change the environment: Entrepreneur believes that the have capacity to change the environment. They do not leave every thing on luck or force that are beyond their control. 

• Enjoy freedom of expression: Entrepreneurs enjoy the freedom of expression and action. They do not like getting instructions.

• Analyzing situation and planning action: They are the one who perform all activities starting from analyzing  the situation to actually perform the activities intended to take benefits from those situation.

• Satisfaction from successful completion of task: Entrepreneurs always value performance specially outstanding performance. They have a tendency to get satisfaction from such feedback abut their performance. They like to complete their task against all odds by mobilizing resources and availing help from all available sources.

What Kind of Business to Start?

Finding a need or opportunity in the market and filling it is at the core of entrepreneurship and small business success. That doesn’t mean that starting a business similar to one already in existence can’t be successful, however.

In considering what kind of business to start, assess:

• Your interests
• Your background and experiences
• Your financial resources
• Unmet market needs
• Problems you can solve
• Your network and connections

With an estimated 50% of new businesses failing in the first five years, entrepreneurs will also need to be committed, persistent, and adaptable to beat the odds.