CONCEPTS OF ENTREPRENEUR AND ENTREPRENEURSHIP 

“It isn’t the consumer’s job to know what they want” – Steve Jobs, Co-founder, of Apple. The world knows that it’s an age of new ideas and ideologies where everyone is welcome to showcase their services and products that could make human life easier. 

INTRODUCTION 

An entrepreneur is one who creates new ideas and services that are set up in form of a business or a venture, playing a significant role in the economic development of the country. He/She constantly aims at achieving his/her goal of becoming the one who possesses knowledge, skills, inventiveness, drive, and spirit of innovation.

CONCEPT OF ENTREPRENEUR

  • The very word “entrepreneur” has originated from a thirteenth-century French verb, entreprendre, which means  “to do something” or “to undertake.”
  •  By the sixteenth century, an entrepreneur was being used to refer to someone who undertakes a business venture,
  •  coined by one of the most popular French economists, Jean Baptiste Say.
  • They’re the one who take their career into their own hands and are ready to bear the storms of business fluctuations.
  • They’re ready to risk it all to make their dreams come true.

CHARACTERISTICS OF AN ENTREPRENEUR 

  • They’re passionate and business-savvy enthusiasts who look forward to give all.
  • They’re the decision-makers, who constantly make crucial and vital decisions for their organization 
  • They’re the ideal figure for all the people working in an organization 
  • They’re the risk takers and are  always down to do anything that can make a difference 
  • They’re the innovators who bring up new ideas and ways to make profits 
  • They never give up. Whatever the ups and downs, they face it fiercely and overcome it.

DIFFERENCE BETWEEN AN ENTREPRENEUR AND ENTREPRENEURSHIP

  • An entrepreneur is someone who tracks down the need of society and tries to meet the same, with his/her innovative ideas and services 
  • Entrepreneurship on the other hand means an organization that has been established by the entrepreneur for the motive of generating revenue and profits.

TYPES OF ENTREPRENEURSHIP 

  • SMALL BUSINESS ENTREPRENEURSHIP 
  • SCALABLE STARTUPS
  • INTRAPRENEURSHIP
  • SOCIAL ENTREPRENEURSHIP 

SMALL BUSINESS ENTREPRENEURSHIP 

  • Small business entrepreneurship is the idea of opening a business without turning it into a large conglomerate or opening many chains.
  • These are the small corporations, business partnerships, and startups which have fewer employees and less revenue in comparison to the other bigger businesses 

SCALABLE STARTUPS 

  • These are the business establishments that aims to become an extremely high-growth and profitable company.
  • These ventures are based on a unique idea of promoting technology and services to people.
  • This startup model requires external capital and investments in order to create demand and company expansions.
  • A business that can scale up successfully should also benefit from economies of scale, where production costs are spread across more units, resulting in higher profit margins.

INTRAPRENEURSHIP OR LARGE COMPANY ENTREPRENEURSHIP 

  • This is the type of entrepreneurship where the man is an acting entrepreneur in a well-established venture or business 
  • The vital aims are to create new business within the organization. 

SOCIAL ENTREPRENEURSHIP 

  • These are the startups and establishments that are driven for the social cause
  • It is the process of recognizing and resourcefully pursuing opportunities to create social value.
  • In this organization, the entrepreneurs are innovative, resourceful, results-oriented, and strive for the best, thinking in both the business and nonprofit areas to develop strategies that maximize their social impact with increasing popularity.

SCOPE OF ENTREPRENEURSHIP IN INDIA

  • There’s a massive scope of entrepreneurship in a developing country like India as unemployment in the country is the key issue.
  • Quoted by one of the greatest entrepreneurs in the world, Jeff Bezos  “I predict that the 21st century is going to be the Indian century” clearly states what coming next in the world.
  • India has recently reported as the third largest nation with rapidly growing startups and new businesses with more than 70,000 registered startups globally.
  • Some of the finest examples are, Meesho, Nyakaa, PharmEasy, Udaan, and many more that have proven the potential of the people in the nation.

REASONS TO CHOOSE ENTREPRENEURSHIP AS A CAREER 

  • The young generation is ambitious and desire to achieve a luxurious lifestyle.
  • Everybody wants to live like a boss and being an entrepreneur is all about it.
  • Generating more businesses and ventures will create a lot of job and employment opportunities for people
  • The government is supporting passionate youngsters and entrepreneurs who wants to create a difference.

CONCLUSION 

An entrepreneur is not only the term of being the “Risk taker” or the one who “Does something” but has gradually developed itself into a much more way of living with a professional and ambitious lifestyle where one is his/her own decision maker. Pouring the world with endless opportunities and innovations, being an entrepreneur is all about making the human life easier and comfortable to live.