Some Facts About Entrepreneurship Business Skills Jobs – Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business offering a product, process or service for sales or hire.
It has been defined as the “ability to develop, organize, and manage a business in order to make a profit.
While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of businesses have to close, due to a “…lack of funding, bad business decisions, an economic crisis – or a combination of all of these”
From the year 2000, the definition of “entrepreneurship” has been expanded to explain how and why some individuals come together to identify opportunities, evaluate them, and then decide to exploit them, whereas others do not, and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth.
Traditionally, an entrepreneur has been defined as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk”. Rather than working as an employee, an entrepreneur runs a small business and assumes all the risk and reward of a given business venture, idea, or goods or service offered for sale.
The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.” Entrepreneurs tend to be good at perceiving new business opportunities and they often exhibit positive biases in their perception and a pro-risk- taking attitude that makes them more likely to exploit the opportunity.
From the year 2010s, entrepreneurship is been studied in colleges and universities as part of their disciplines of management or business administration.
Did you know that Eric Schmidt, Sergey Brin and Larry Page are the founders of Google, which is an example of entrepreneurship, and innovation, as of the 2010s, Google is a huge corporation, but in the late 1990s, it started out as an entrepreneurial venture in a garage.
Did you also know that Mark Zuckerberg is the founder of Facebook and He also started that while He was a student.