If you have an entrepreneurial inclination, then you may want to know what exactly an entrepreneur and entrepreneurship means. Here I am going to expose you to the meaning of both entrepreneur and entrepreneurship terms.
Entrepreneurs are individuals with the potential to create new businesses that solve general or specific problems of target customers. Entrepreneurship is the ability of an entrepreneur to recognize an investment opportunity, create value and act on that opportunity.
A person who has the quality of identifying a market problem can produce a solution and isn’t fearful to accept challenges is exactly an entrepreneur. Someone merely can’t be called an entrepreneur who is not able to exploit the factors of production to maximum advantage. Factors of production here refers to capital, land, and labor.
An entrepreneur does more than generating wealth for herself. She solves the employment issue to a great extent, employing people in various jobs created in her business venture. She doesn’t allow economic power to go in few hands and plays a dominant role in the growth and development of her economy.
Entrepreneurs formulate and direct their own efforts and mobilize other people towards the achievement of business objectives. Entrepreneurs involved in the manufacturing or production space produce quality goods at the lowest of costs.
Entrepreneurs are better planners and hence are able to run their enterprises efficiently and smoothly. They also ensure the optimum use of resources.
Entrepreneurship is nothing but an activity of an entrepreneur to form a startup business. It is the process utilized by an entrepreneur to give birth to a new business enterprise.
Entrepreneurship is concerned with the production and distribution of goods/services and earns a profit while satisfying the customer needs, thus economic activity. It involves performing tasks in new and better ways, hence an innovative or creative activity.
Entrepreneurship is such an act that destroys usual ways while introducing and implementing new ways of doing things. In short, entrepreneurship is the act of an entrepreneur.