Entrepreneurship is obviously the starting of a new business. It’s actually a capacity and willingness to generate new business with proper management and handling skillful ideas by taking the risk to make a profit.
Though Entrepreneurship is a somewhat controversial meaning in itself. It refers to the small or big business established in own ideas and investments directly leading to the improvement of organizational profit and enhancement of strategic renewal of an existing business and creating a social recognition too which directly fulfills the needs of society.
Likewise, according to Google, ‘someone who organizes a business venture and assumes the risk for it / One who creates a product on his own account/businessperson; contractor / a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. / a person who starts a business and is willing to risk loss in order to make money’.
Here we can say, Entrepreneurship means someone who willing and starts a business venture and assumes to make a profit whereas he/she develop, organize and manage a business along with any risk of its loss too.
In Fact, entrepreneurship is not an easy tenure because it needs more different resources such as land, labor, natural resources, and capital to establish any kind of business. Businesses should be designed as social needs and the target groups as well. Without any study of social phenomena, the upcoming business can not get success so much so that business is not an easy task to earn money or profit easily. There is hope for success and profit but there are obvious possibilities of loss also. Within that system, one has to keep balance competition within an industry or create an entirely new industry through the new innovation and it is an essential part of a nation’s ability to succeed in an ever-changing competitive global marketplace.
Reality of Entrepreneurship
Further, it is not sure to become a successful entrepreneur in the course of entrepreneurship but if one has a basic strategic management plan in business, only he\she can get success in the path otherwise it is impossible if they lack the necessary attributes. Likewise, the entrepreneur needs to be a leader who can inspire employees as well as being a visionary person with a sense of mission as it is important that the entrepreneur motivates enough and they need to have excellent organizational and people management skills also to bond with the other stakeholders to ensure the success of the business, which means the success or failure of the business directly reflects on the entrepreneur herself\himself. Likewise, there are some processes in the course to become an entrepreneur such as to find out the various business opportunities, to take the benefit from creative thinking, to the risk of profit and loss by the opportunities evaluation, to use the local resources by using the inherited skills, to take benefit by making useless things or service an useful and worthy in the market, to learn by failures and one has to use needs-based skill for business but should borrow such skills with other experienced an individual or an entrepreneur.
The overall development of a society and a country is possible only through entrepreneurship. As mentioned above entrepreneurship emphasizes the use of local resources, focuses on skill development which directly affects the local economy and social development. Here we can discuss the advantages of entrepreneurship. The state goes in profit by taxation by the increment of new business and it creates jobs and employment for local bodies, on the other hand, the life of people would be easier in the sense that by the daily useful goods such as Mobile, TV, catering services, ready-made fast foods, land, and home sales services, etc. thus entrepreneurship creates relationship with big companies, as a result, local business can expand its business and creates more employment as well as saving the foreign currency also.
Though entrepreneurship is not so easy for beginners in Nepal because of its geographical features, the local entrepreneurship can balance its overall development as a sense of that it uses skill and the local resources as well. As we are talking about entrepreneurship, an entrepreneur must have qualities like self-confidence, patience, targeted aim, decision making power, a proper plan, efficient creativeness, and risk-taking power, etc.
In the field of information technology, There are various successful and powerful entrepreneurs in this world but some of them are in the field of information technology where they have established their business as a social basic needs of this era. For instance, Bill Gates, founder of Microsoft and Mark Zuckerburg, founder of Facebook are truly considered revolutionary entrepreneurs of this era as they not only have the necessary traits and attributes including innovative ideas but they have long term strategies to overcome the tough times also. As a result, they are known as a legendary entrepreneur today. And they are the most inspirational personality for all of us forever.
Your most unhappy costumers are your greatest source of learning.Bill Gates