Entrepreneurship is the activity of setting up the small business or one can want to develop willingly a managed and organized business, the whole process is called Entrepreneurship. Or in other language we can say that Entrepreneurship is the procedure of taking risk about business starting, that one can be success or can be fail there is no guarantee of victory in business and especially in small business. The people or businessman who takes this kind of risk named entrepreneurs.
Entrepreneurship is important for initial business, because Entrepreneurship and small business has need to face the business risk which related to every new task, and Entrepreneurship meaning is basically launching the new business to make profit and gain success on a level of high risk of failure of business. There are many reason can occur which lead Entrepreneurship as failure-
- Economic condition
- Funding lack
- Poor business plan
- Lack of human resources
- No responsibility regarding duty and business
- Poor leadership
Entrepreneurship is totally depends upon entrepreneur, who is most important part of business. Management of the initial business and proper organized enterprise has the main key of successful business; the entrepreneur is not like the employee but actually he is only the one who works on the behalf of risk and tries to control small enterprise with wisdom and patience.
Starting own business with a new idea is a pure task of risk, whether you can have much profit or you can be disappoint, so if you want to do Entrepreneurship then make sure that choose the best leader for your enterprise. The entrepreneur controls the resources related with business like human, material and financial, in the lack of these resources your business can be exploiting and you will lose the opportunity. Entrepreneurship is the activity of a team or an individual which identifies the risk factor regarding the business and try to develop and increase own business as well as promotion is prior for indicial business, no matter the business is on small or huge level, the entrepreneur has the such qualities like-
- Proper business plan that can develop the business
- Ability to work in pressure and punctuality
- Good communication skill and can hire the deserving human for business
- Leadership quality.
- The entrepreneur has the guts to accept both failure and success
- Responsibility and discipline is prior key
There are several programs which are runs by government in many countries to encourage Entrepreneurship; Entrepreneurship is the name of innovation and risk, so the business can be on small level or medium or high but the risk factor remains similar in starting. There are many firms which are establishing the profitable and non-profitable Entrepreneurship ideas and combining the business ideas and activities with community goals and environmental as well as the humanitarian. Now there are many research centers and universities available where students can learn ideas Entrepreneurship and as well as the discipline and management of business and administration of enterprises. You may read what is leadership in this article.