Entrepreneurship refers to process whereby a business is established and it can be a startup organization. Here, the process starts with the chalking out of a plan of the business taking the help of resources in which human resource is included. This process of starting a business works in an ecosystem of entrepreneurs.
There are various factors that influence entrepreneurship. Entrepreneurship can be considered as a process where a businessperson indulges in a business, whereby focusing on certain aspects such as leadership, effective government policies, human resources, financial capital, culture, support services, early customers, network, infrastructure and education. While some people consider it to comprise success stories others consider it as a process where an individual takes all the risk and obtains a product at a certain price after which the person sells it at a price fixed in the process. Entrepreneurship can of different types – social entrepreneurship,
political entrepreneurship, entrepreneurship related to small businesses, scalable startups, and large companies.
There are various types of entrepreneurs namely, on-base hitter, fact finders, follow-through entrepreneurs, implementers, home-run sluggers, serial entrepreneurs, builders, opportunists, specialists, innovators, skeptical entrepreneur, copycat entrepreneur, research entrepreneur, determined entrepreneur, and accomplished entrepreneur
To be a successful entrepreneur, an individual needs to make use of the opportunities presented in the market through planning, allocation of the resources and through innovation. There are certain things that an entrepreneur needs to keep in mind. One refers to the idea of success to an entrepreneur. The other thing is developing a good relationship with not only the businessperson possessing the same position but also the ones who have achieved success already and can guide the startup company. Another way is through utilizing the phone and making friends. This is done to extract information about the current market situation. The entrepreneur also needs to be confident in expressing its view and making others understand it. The skill of speaking publicly is very much needed. A coach is also necessary for assisting a businessperson to deal with the challenges that crop up in a business and help in planning. Another thing that entrepreneurship involves is that the entrepreneur works from not only the office but also ventures out to face the real world.
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