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Business and Entrepreneurship

Updated:2018-1-19 17:46:08    Source:www.tannet-group.comViews:491

Entrepreneurship is the process of designing, launching and running a new business, which is more often than not, initially a small business, offering a product, process or service for sale or hire. Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit". The definitions of entrepreneurship typically focus on the launching and running of businesses.

Accordingly, the people who create these businesses are called entrepreneurs. The term entrepreneur is defined as an individual who organizes or operates a business or businesses. Entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms.

Entrepreneurship may operate within an entrepreneurship ecosystem which often includes:
1. government programs and services that promote entrepreneurship and support entrepreneurs and start-ups;
2. non-governmental organizations such as small-business associations and organizations that offer advice and mentoring to entrepreneurs (e.g. through entrepreneurship centers or websites);
3. small-business advocacy organizations that lobby governments for increased support for entrepreneurship programs and more small business-friendly laws and regulations;
4. entrepreneurship resources and facilities (e.g. business incubators and seed accelerators);
5. entrepreneurship education and training programs offered by schools, colleges and universities;
6. financing (e.g. bank loans, venture capital financing, angel investing and government and private foundation grants).

Relationship between small business and entrepreneurship
The term "entrepreneur" is often conflated with the term "small business" or used interchangeably with this term. While most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurial in the strict sense of the term. Many small businesses are sole proprietor operations consisting solely of the owner, or they have a small number of employees, and many of these small businesses offer an existing product, process or service, and they do not aim at growth.

In contrast, entrepreneurial ventures offer an innovative product, process or service, and the entrepreneur typically aims to scale up the company by adding employees, seeking international sales, and so on, a process which is financed by venture capital and angel investments. Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning, to adapt to changing environments and understand their own strengths and weakness.

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