Entrepreneurship. Google describes the term as the activity of setting up a business or businesses, taking financial risks in the hope of earning profit. Wikipedia terms it as the process of designing, launching and running a new business, which is often initially a small business. To be reliable, the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit seems to be an accurate definition of what entrepreneurship entails. It defines the act of being an entrepreneur, or “the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits. It is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. To give a broader definition of entrepreneurship, one could say that it “shifts economic resources out of an area of lower and into an area of higher productivity and greater yield”. Entrepreneurs create something new, something different—they change or transmute values.
An individual requires four basic criteria to become an entrepreneur.
- Existence of opportunities
- Identifying information regarding the opportunities
- Ability to take risks
- Organizing people and resources.
Successful entrepreneurs have an aptitude to lead a business in a constructive direction with suitable planning, to accustom to change and recognize their own strengths and weakness.
Entrepreneurship can range in scale from solo, part-time projects to large-scale undertakings that involve a team and which may create many jobs. “Entrepreneur” is used interchangeably with the term “small business”. Though many of the entrepreneurial endeavors initiate as a small business, not all small businesses are entrepreneurial in nature. Small businesses are mainly consisting of the owner or many include a small number of employees and many of offer an existing product, process or service and infrequently aim at growth. Entrepreneurial ventures are distinguished by the offer of an innovative product, process or service. There is an aim to scale up the company and bring about growth.
Entrepreneurship in today’s world is viewed as a key to economic development. It facilitates industrial development, regional growth, and employment generation. Entrepreneurship is a journey. All successful entrepreneurs from Jamshedji Tata, Bhavish Aggarwal, N. R. Narayana Murthy, N. S. Raghavan, Kris Gopalakrishnan, Nandan Nilekani, Vijay Shekhar Sharma, Dhirubhai Ambani and others all went through this process. The process comprises of three parts – the entrepreneurial job, the promotion, and the operation. Entrepreneurial job consists of the generation of an idea and preparation of feasibility report.Entrepreneurship garners various benefits such as development of managerial capabilities, creation of organizations and employment opportunities, improvement in the standards of living andeconomic development.
In the rising hustle of the modern world, entrepreneurship has become a growing trend. One can distinguish numerous cases of successful entrepreneurs amongst the youth. Be it Pranav Yadav, the CEO of Neuro-Insight, a neuro-marketing firm that has designed and developed brain mapping technology to understand and improve the quality of commercials on TV or Arjun Rai, the CEO of OdysseyAds. Today’s young Indians are quite keen and never settle for ‘just ok’. Their aspiration for the best has surprised everyone.
With such excellent examples, the trend of entrepreneurship is indeed a defining trait in the modern world. It not only builds up an individual and brings forth profit, it shapes the society.