By Mitchelle UzorkaÂ
What people consider an entrepreneur can vary. Some scholars strictly differentiate between entrepreneurs and small business owners. Others acknowledge that a small business owner may also be an entrepreneur—they are not mutually exclusive. Someone may start a venture that is not a completely new idea, but that introduces a product or service to a new region or market.
According to an article in Forbes, “In the for-profit world, an entrepreneur is someone who creates and runs a new business where one did not exist before.
Entrepreneurs have many different talents and focus on a variety of different areas, taking advantage of many opportunities for entrepreneurial ventures. An entrepreneurial venture is the creation of any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established.
Factors Driving the Growth of Entrepreneurship
When we look at the most successful entrepreneurs, there’s a wide diversity of schooling, backgrounds, and upbringings among them. However, there are some common traits and skills that many of these successful entrepreneurs have demonstrated or developed prior to their success.
•The Right Target Market;
The one factor that applies as much now as it did decades ago is the market: it’s necessary to find the ideal target market for your idea, service, or product if you have hopes of selling it and making any money. However, while a market for an idea must still exist to ensure its success and profitability, finding and accessing that market has become much easier in recent years, as well.
With all of the social networks out there, digital publications, and online groups and forums, finding and reaching a targeted market has never been easier or cheaper. So, while there must be a large enough target market that is interested in your idea to ensure its profitability, if that market is out there, reaching them should be much easier today than it would have ten years ago.
• Education;
Education can play a large role in leading a student down an entrepreneurial or more traditional corporate path. Unfortunately, the formal education system has, for many decades, trained students to prepare for specific occupations, and therefore, produced those with aspirations of becoming corporate employees, rather than entrepreneurs. However, that, too, has changed drastically in the past decade.
If you’re hoping to equip your child for an entrepreneurial future, you would be better served by seeking out an entrepreneurial program that is specifically designed to give them those skills, experience, and resources.
• Creativity and Ideas;
Having creativity and new ideas obviously play a huge part in a person’s entrepreneurial journey, as entrepreneurship often sparks out creative innovation. In order to foster creativity in a child or teen, it’s best to encourage them to brainstorm ways to make current products or services better, faster, cheaper, or somehow different.
• Economic and Business Environment;
The economic and business environment of the country also affects the development of entrepreneurship or entrepreneurial.
Availability of basic infrastructural facilities, industrial areas and estates, raw material, labour, transport, communication, Insurance and financial facilities, price level, trade cycles, economic stability, and investment position in the country are such motivating elements that influence the development of entrepreneurship or entrepreneurial.
• Responsiveness to Opportunity;
Opportunity can leave quickly. With the internet, the spread of information and ideas has led to deeper, faster competition to be the first mover. The ability to respond to the market and new business opportunities can be the difference between a successful entrepreneur and a failed business model.
To be responsive, an entrepreneur must have the flexibility of mind and resources necessary to see and take advantage of new and upcoming possibilities. Learning from your mistakes and those of others to implement change can keep businesses afloat. Calcifying rigidity, on the other hand, can turn a start-up into dust.
