Enterprise and entrepreneurship
Enterprise and Entrepreneurship
- An entrepreneur is someone who spots a business opportunity and takes calculated risks to set up a business to capitalise on it.
- This process of spotting opportunities and setting up businesses is known as entrepreneurship.
- An entrepreneur usually contributes capital and takes on the financial risks of the venture.
- Entrepreneurship is key to an economy as it leads to innovation, employment, and contributes to growth.
Entrepreneurial Characteristics
- Entrepreneurs often exhibit certain traits, such as: creativity, risk-taking, innovation, and determination.
- They are often good at identifying business opportunities which others do not see.
- Being resilient and adaptive are important traits, as not all business ventures will be successful straight away.
- Entrepreneurs must be ready to learn from failure and try again.
Enterprise Skills
- Enterprise skills are the skills needed by an individual to handle the challenges of setting up and running a business.
- These skills include: problem-solving, initiative taking, organising, time management, financial management and communication.
- It's not just entrepreneurs who need these skills. Employers often value employees with enterprise skills.
Business Opportunities
- A business opportunity is a potentially profitable situation which an entrepreneur can leverage to start a business.
- Opportunities arise due to changes in market trends, technological advancements, and unmet market needs.
- Successful entrepreneurs are constantly on the lookout for new business opportunities.
From Idea to Business
- Converting a business opportunity into a successful business requires planning, research and execution.
- A well-thought-out business plan can help guide the process and is important for securing investments.
- Thorough market research is essential to understand the demand, competition, and market dynamics.
- Successful execution will need the entrepreneur to manage resources efficiently, make strategic decisions, and adapt to changes.