A
Definition of Entrepreneurship and the Entrepreneur
The issue of graduate unemployment has tasked the
ingenuity of many university teachers and administrators. Many graduates remain
unemployed and sometimes unemployable.
In recent times however, the government has come to
recognize the importance of entrepreneurship in
economic development: that industrial and economic development is fostered not
by few large-scale industries, but by numerous entrepreneurial ventures or rural small-scale enterprises, which have the capacity to
provide employment and aid growth in an unprecedented manner.
Industrialized nations like the US and Japan owe
their development to the activities of fast growing small-scale enterprises rather than the few
large-scale companies that operates in their economics.
The
Conceptual Model of Entrepreneurship Development, Education and Failure
Characteristics
of entrepreneurship
Entrepreneurs are people who perceive profitable
opportunities and are willing to take any risk in pursuing them and have the
ability to organize a business.
Because the starting years of an entrepreneur are usually the most
trying years of his business venture, he is usually unknown until he gets a
break.
He is regarded as a man that has been abandoned to
fate, and the very notion of “entrepreneur” dreads those around him. But if he
weathers the storm, he becomes a Bill Gate, an Aliko Dangote and a Fred Smith.
What
is Entrepreneurship? Definition and Meaning
Definition of entrepreneurship – The term entrepreneurship is the process of performing the roles of an entrepreneur. It involves the process of business planning, operating and taking risks of a business venture.
Entrepreneurship encompasses various activities
which are carried out to ensure the survival and growth of the business.
Entrepreneurship
has four phase process:
• The Conception Phase: This is when the aspiring social entrepreneur perceives a business idea.
• The
Gestation Phase: This is the phase the idea/opportunity is been
evaluated.
• The Infancy
Phase: This is the beginning stage of the business.
• The
Adolescence Phase: This is when the business matures.
Entrepreneur and entrepreneurship are more often
associated with small and medium-scale enterprises even though not
restricted to them.
Modern
Concept and Need of Entrepreneurship in a Developing Society
The primary goal of a developing society is to
achieve economic development. Economic development is the process of structural
transformation of an economy towards a modern, technologically advanced economy
are based on services and manufacturing.
Thus, entrepreneurship evolution has been recognized
all over the world as a veritable tool for accelerating the development process
of nations. It is however obvious that entrepreneurship theories is depicted as
important for economic development.
The role and concept of entrepreneurship in economic
and social development programmes can be summarized as follows:
WHAT IS THE IMPORTANCE OF ENTREPRENEURSHIP?
1. Generate Employment: It create jobs through the formation of new enterprises especially small and medium-scale enterprises. Entrepreneur provides jobs for themselves and others.
Entrepreneurship has encouraged self-employment for many youths today. The spirit
of entrepreneurship has really occupied the minds of most people today who
believe in themselves and in the good of self-employment instead of relying on
the almost non-existent government jobs.
2. Increases Productivity through Innovation: Entrepreneurs
have the potential to raise productivity through various forms of innovation. Through
their innovation and creativity in entrepreneurship concepts, many people have
started transforming existing business sectors, and creating new sectors.
3. Ensures Increased Resources Utilization: Entrepreneurs harness resources that might otherwise remain idle and put them into productive use.
4. Encourage Individuals Potential to Create Wealth for themselves in the Society: Successful business people like the Bill Gate, Aliko Dangote, Richard Branson and the Warren Buffett started as SMEs, before their various businesses became conglomerates and were being studied as some best examples of the concept of entrepreneurship.
It uplifts the dignity of labour-people deriving joy
in working for themselves and seeing their businesses into conglomerates and
deriving joy and being a source of employment to others.
How
to Decide if Entrepreneurship is for You
Becoming an entrepreneur is more like becoming a
parent, and you must first decide and be prepared for it.
• Am I good at
Leadership Positives?
As a business owner who will be having employees
under you, you need to prepare because you are now a leader. You must be
prepared in making decisions concerning your life and your business.
• Am I Passionate about my Business?
It is normal, the first stage of starting a business
is always stressful. It will get to a point that you will question yourself if
you had made the right decision. It’s not advisable to start on the path of
corporate entrepreneurship except you have the zeal to scale through.
• What’s my Risk Tolerant?
There is always no guarantee for success in business, but that does not mean you
should not give it a shot. Even with enough passion to startup a business, you
will still experience some pitfall or obstacles where you will doubt your
ability to push further.
These are what you should know about the, “Entrepreneurship
concept”, by now you should know where you stand as either as an entrepreneur
or aspiring entrepreneur.
Source:
Kadstep
blog:
http://kadunastep.com/the-basic-concept-of-entrepreneurship-definition-phases-and-characteristics/
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