Entrepreneurship

What Is Entrepreneurship?

Entrepreneurship is the process of developing, organizing and running a new business to generate profit while taking some financial risks. It is the process of transforming the status quo by eliminating problems and meeting the most pressing needs in society, usually by offering an innovative product and service or creating new markets. In today’s world, entrepreneurship has become a highly preferred field in terms of generating new ideas, solutions and profit.

What are the 4 Types of Entrepreneurship?

Generally, types of entrepreneurship are divided into four:
● small business
● scalable startups
● large company or intrapreneurship
● social entrepreneurship
Small Businesses:
It is possible to say that small businesses are generally local stores. They can only make money when they are successful without high fees. Generally, local dry cleaners, pizzeria, dessert shops, kindergartens and similar places are grouped under the name of small business.
Scalable Startups:
Companies grouped under the name of “scalable startups” are generally places that aim to start small and grow rapidly. It is possible to say that it is rarer than small businesses. When such ventures are developed, they tend to attract attention from many people. These small-scale concepts win investors who allow them to grow and scale up.
Large Company or Intrapreneurship:
Some entrepreneurs see in themselves the power to produce a new product and service, despite working in large companies. These intrapreneurs use an entrepreneurial mindset to use the resources available to them from their current employers. They continue to solve potential problems for current and future customers. This model gives entrepreneurs the opportunity to get started with the support of a larger supporter.
Social Entrepreneurship:
Social entrepreneurs often try to create the changes they want to see in the world. To be more specific, they aim to solve current problems by raising social issues or launching campaigns without making money or profit. Among the problems that these organizations usually want to fix are racism, pollution and discrimination.

Why Is Entrepreneurship Important?

Especially on a country-by-country basis, entrepreneurship exerts considerable impact on the economy of a country. Entrepreneurship increases the employment rate in the country by creating new products and services, which is of great importance for countrywide economic development.
Due to the rise of entrepreneurship, the unemployment rate of the country is decreasing because new business areas are increasing. At the same time, it is possible to say that entrepreneurship can also be seen as an opportunity for people to reveal their creative side.
Besides, social entrepreneurs are the pioneers of bringing new things to the society, so it can be said that the culture, customs and traditions that the society is acclimated to can be broken through entrepreneurship. In this manner, social changes gradually affect national and global changes. Therefore, the importance of social entrepreneurship should be appreciated.

What are the Entrepreneurship Skills?

It has already been said that entrepreneurs have a huge impact on the economy. Based on this, it can be said that entrepreneurs should have the ability to use their intelligence in a myriad of areas. Apart from this, it is substantial for entrepreneurs to have strong communication skills, focus easily, be open to learning new things easily, and use business methods effectively.

What are the Benefits of Entrepreneurship?

As mentioned before, entrepreneurship has many positive effects on individuals, society and countries. One of the biggest benefits that affects both society, individuals and the country is that it provides job opportunities. As entrepreneurship increases job options, individuals can find a job, as the unemployment rate in the society decreases, the infrastructure of a healthier society is created and the economic development of countries is facilitated.
Also, entrepreneurship often creates competition, and increased competition in an economy is advantageous because firms and individuals will provide ways to better develop their operations. Firms are encouraged to increase their productivity through competition.
Through entrepreneurship, innovations are created locally and globally. The public can benefit from these innovations. Since social enterprises are intellectual innovations, they are in the category of innovations that the public benefits.

What Are The Challenges Of Entrepreneurship?

It has been mentioned that entrepreneurship has many advantages and benefits. It cannot be expected that entrepreneurship is an easy field next to such profits. First, entrepreneurship has a lot of ups and downs. Entrepreneurs’ profits can fall and rise suddenly, their losses as well. This is a competitive circumstance to deal with.
Besides, even if entrepreneurship can make a profit later on, it can be costly at first that not everyone can afford. Small businesses in particular may struggle with many payment cases such as invoices and fees.
Moreover, job interviews are among the events that scare not only candidates but also entrepreneurs. Scrutinizing the resumes of employees to be hired for their companies can be a challenging task.
Time management can also turn into a challenge for entrepreneurs. Entrepreneurs often do not have time for themselves as they often have to produce a lot of things and work hard, so this can be exhausting for them.