Entrepreneurship is the willingness to take risks and develop ideas in order to create viable businesses. It is the capacity and willingness to organise and manage a business venture.
As an entrepreneur, you develop a business from the ground up. You are responsible for coming up with an idea and turning it into a profitable business. By taking the necessary risk and putting up the capital to start a business venture, entrepreneurs often take advantage of new business opportunities.
Entrepreneurship is what drives many economies towards growth.
The role played by the entrepreneur includes developing a business plan, hiring the human resources required, while also developing suitable financial systems to ensure success. The entrepreneur may also operate within an entrepreneurship ecosystem which provides support and programs and services that promote entrepreneurs. By making the decision to exploit such opportunities, entrepreneurs are able to service parts of the market that have been ignored and earn profits which they otherwise might have not made.
The word “entrepreneur” was first used in 1723. It embodies qualities of leadership, initiative and innovation. These qualities are accompanied by the willingness to identify opportunities which others may have missed in the market.
The term “entrepreneurship” was coined in the 1920s. Entrepreneurship is based on creative destruction, which ultimately leads to economic growth. It’s a system which promotes innovation and drives economic growth through the creation of jobs. The path towards entrepreneurship isn’t always easy – this is probably the reason why not too many people successfully pursue it.
With the right amount of support and development, entrepreneurship can grow and effectively improve the economic prospects of many countries. Governments who provide sufficient support and capital towards entrepreneurship are actively encouraging empowerment of its citizens. With the right systems and tools in place, this could result in a stronger currency.