Entrepreneurship 101 Courses: Meaning, Types, Characteristics & Importance

Entrepreneurship is an ability and willingness to run, organize and develop a business enterprise that comes with several uncertainties with the motive to create profit. According to Economics, Entrepreneurship is connected with land, labor, natural resources, and capital that could help generate profit. The entrepreneurial vision is defined by discovery and risk-taking. It is an indispensable part of a nation’s capacity to succeed in a constantly changing and highly competitive global marketplace.

Who is an Entrepreneur?

An entrepreneur is an individual who holds the desire to establish, administer, and succeed in a startup venture while considering all the risks entitled to it. Depending on the business, an entrepreneur hires a workforce and assigns tasks. Society finds entrepreneurs as individuals who identify new ideas and opportunities to bring a significant change. They bring new innovation to the market and replace the existing traditional methods, improving the quality of life.

Types of Entrepreneurship

There are majorly four types of Entrepreneurship-

Small Business Entrepreneurship- Businesses like grocery stores, plumbers, carpenters, hairdressers, travel agents, electricians, etc., fall under this category. They run their own businesses and hire their family members or local people as employees. The motive of these entrepreneurs is to feed their families only and not take over an industry or develop a new idea.

Large Business Entrepreneurship- These companies are meant to bring new ideas and products to the market. They grow and sustain with the development of their main products, and they tend to bring a change in the technology, customer preferences, etc. These companies increase competition in the market and make a new demand while targeting a new set of customers. To cope with the rapid technological changes, the existing organizations with similar motives either buy innovation enterprises or attempt to construct and create their own product with some better advantages internally.

Scalable Startup Entrepreneurship-

These startup enterprises start a business with the vision to change the world. They communicate with investors who encourage such ideas and help businesses grow. The research focuses on a scalable business and experimental model with the motive to hire the best and brightest employees. They collect and require more venture capital to fuel and back their project or business.

Social Entrepreneurship-

Businesses focus on developing a product or service that resolves social needs and problems. The motive of such ideas is to work for society and not to make profits.

Characteristics of Entrepreneur

Becoming an entrepreneur and starting a new venture is not easy. There are many people with ideas out there, but people with following traits are considered to be ideal entrepreneurs-

1. Visionary and leadership quality

2. Flexible

3. Objective and solution-oriented

4. Risk-taker

5. Market analysis and new innovation

Importance of an Entrepreneur

Entrepreneurs tackle the rising customer demands and create innovation accordingly. The entrepreneurs hire people for their ventures which generate employment and also help improve the standard of living. The entrepreneurs support a country’s research and development and so the economy. Every country welcomes new entrepreneurs and provides the capital to develop new ideas and promote inventions.

The bottom line

Every year many entrepreneurs come to the market with innovative ideas. But only a few succeed because of the lack of knowledge, and many don’t know how to start a business, develop and market ideas, hire employees, or manage business finances. All because our schools never teach us about such topics, but still, if you have the desire and believe that your idea could change the world, you can take help from Epee Education. Epee is an e-learning platform that bridges the gap between academics and the real world. Epee offers entrepreneurship 101 courses that help you learn the risk associated, complexity, manage finances, hire employees and everything you should know before starting an enterprise. So, don’t wait for more; work on your ideas and bring a change!

We hope this information helps you; if you want to know more, stay connected with us.

Originally Published At: https://epeeeducation.wordpress.com/2021/07/15/entrepreneurship-meaning-types-characteristics-importance/