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What is entrepreneurship?
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Entrepreneurship is the process of identifying opportunities, gathering the resources needed to take advantage of the opportunities, and creating a new venture for the purposes of providing needed products/services to customers and achieving a profit.
An entrepreneur recognizes problems as opportunities and takes it upon themselves to solve them. Still another view of entrepreneurship is that it is the process of discovering, evaluating, and exploiting opportunities to come up with a new business venture. So, if you have innovated something or have come up with something new (in the context of business)… you are an entrepreneur.
Entrepreneurship and small business represents the best of the driving forces that have sustained the US economy, jobs, and wealth preservation while other segments of the economy have struggled with outsourcing, commodity inflation, and international competition.
As such, the real learning that comes out of entrepreneurship is not actually how to run a business; it’s how to build a network that helps you reach your goals. Consider: Today roughly 45 million Americans, about 30 percent of the labor force, run their own businesses. With an unemployment rate heading northwards of ten percent and an economy that is not yet stabilized, now is the time to consider starting your own business.
Yet we know that some communities are far more successful than others in entrepreneurship and that such communities are also thriving economically even during times of economic downturn. And, in the past decade, millions around the world have been pulled out of poverty by economic growth, effective development aid, and sheer hard work. To be successful, you must introduce a new product or service that offers an economical solution to an unsatisfied customer need or that satisfies a customer need better than existing alternatives.
The best way to ensure that a start-up business has adequate capital is to start slowly and let the funds build up through operations. However, in order to be successful, you need adequate funding and significant knowledge about your business. This is because in good times entrepreneurs create opportunity-based businesses due to excess of cash flow, and in bad times entrepreneurs create necessity-based businesses due to lack of cash flow.
Today the Internet is the great equalizer with many great opportunities if you want to start small. One of the things I love to do is starting up websites and blogs and making them successful. By starting on a part-time basis, the cost of start-up is much lower, and as an added benefit, you get the opportunity to see if it is really what you want to do before you go into it full time.
In closing,
Entrepreneurship is a wonderful profession as you get to be in charge of your own destiny and help others at the same time.
Visit my website at: theaffiliatemarketingdirectory.com
To all your entrepreneural succuss,
Pat Sharp
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