How Do You Define Entrepreneurship?
Many individuals define entrepreneurship as going after opportunities without worry, fear, or limitations. Entrepreneurship can be defined as the desire of one to make a difference in their lives and lives others by giving something of value to oneself and others. Entrepreneurship is a way for individuals to grow and improve their local communities. Many people have come to realize that small business and entrepreneurship help to shape and grow local communities. Also, entrepreneurship helps to shape and grow the local government based on the development of laws and policies.
There are five major parts of the entrepreneurship process in the commercial world of today:
- Recognition of opportunity. In entrepreneurship, there is the great recognition that many opportunities exist in the world to create value. Some examples of such valuable opportunities are as follows: a. needs that have to be met; b. new public policy being created; and c. consumer tastes changing.
- Individuals developing concepts. There are always ways for individuals to create opportunities of great value. For example, a shift in customer tastes can open the door for a new product to be developed that will fulfill that shift in tastes.
- Determination and acquisition of needed resources. With starting a business, one needs to ensure that they have the needed resources to start that business. Here are a few of the resources needed for one to acquire, in order to have a successful business: a. some money; b. the right information and data; and c. human resources.
- The proper launch and growth of the business venture. In entrepreneurship, once an individual recognizes a business opportunity and the necessary resources have been gathered. It is time to launch your new business venture. But, the entrepreneur now has to maximize their resources in order to grow and make the business profitable. To maintain the profitability of the business, an entrepreneur has to do the following:
- Invest in the business continually;
- Continue to strategize, on a regular basis, on how to keep the business growing;
- Ensure to have good human resource policies to acquire and maintain good employees; and
- Develop methods and techniques to deal with inevitable conflict.
- Have to continue to harvest and grow the business venture. The entrepreneur must ensure that the business can outlast them once they have exited the business. Exiting of the business can occur in the following ways:
- Owner can take the business public;
- The business can be sold to another company;
- Assets being liquidated; and
- Having one’s heirs take over the business.
Everyone has their own definition and concept of what is true entrepreneurship. But, overall, entrepreneurship is the capability of individuals to start and grow their own business. Entrepreneurship has helped many communities and villages around the world become economically sufficient. Entrepreneurship has helped individuals to become economically self-sufficient, create personal stability, and true personal value.
Donya Zimmerman is a business consultant, mediator, and legal professional with over ten years of experience. Donya is also a public speaker and aspiring author. She has a few books in the works that will be published and released in the latter part of 2015. The books will focus on entrepreneurship, small business, and daily devotionals. She is owner of Family & Community Mediation and Business Consulting (FACMBC) based in Baltimore, Maryland and has been in business since 2013. Services provided by FACMBC: Mediation and Conflict Resolution Services; Business Registration Assistance (Limited Liability Company, Corporation, S-Corp, Limited Liability Partnership, etc.); Business Plan Drafting Assistance; Business Certification Assistance (MBE, WOSB, 8A, 501(c) (3), Hub Zone, etc.); and Business Organization Assistance. She is also a contributing writer to the Maryland Daily Examiner Newspaper. Donya Zimmerman has made article contributions to the Simply Inspirational Women in Business Journal for 2014 published by Dr. Cheryl Cottle.
If thinking about starting your own small business or non-profit organization do not hesitate to contact me because I can show you how to do so. Contact information: firstname.lastname@example.org; www.facebook.com/FACMBC; www.twitter.com/FACMBC; https://dzimmerman36.wordpress.com; http://www.linkedin.com/in/dzbusconsultantandmediator