Entrepreneurship is a complex term that’s often defined simply as running your own business. The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit.They are often synonymous to the the word ‘innovative’.
The Entrepreneur, by their very nature, has a risk-taking personality. This means they are more prepared to innovate, to accept, introduce or adapt new ideas and ways of doing things. This innovation drives economies forward and leads to efficiency and breakthroughs.
Why is entrepreneurship are important for the economy? Simply because Entrepreneurs can change the way we live and work. If successful, their innovations may improve our standard of living.
In addition to creating wealth with their entrepreneurial ventures, they also create jobs and the conditions for a prosperous society. They also contribute to our community development. They invest in community projects and provide financial support to local charities.
What are the advantages of entrepreneurship?
The entrepreneur gets the chance to participate in a venture that they enjoy. This increases the chances of success in the venture since the individual is passionate and dedicated to work for the venture.
Entrepreneurship offers flexibility to the entrepreneur, allowing them to participate in family and social activities. But in the flip side, it has its own disadvantages.
Schedules are highly unpredictable and the entrepreneur will be required to respond to changes in the market or customer requests almost immediately. This may at times force one to work longer hours.
Here are some example of entrepreneurs:
- Bill Gates, founder of Microsoft. There are probably not many people that have not been touched by one of his products, such as Microsoft Windows, Microsoft Office and Internet Explorer.
- Steve Jobs, co-founder of Apple computers, which produces Macs, iPods and iPhones, as well as Apple TV.
- Mark Zuckerberg, the founder of Facebook.
Have you noticed? They are all undergraduate individuals who became successful to their fields, simply because they are risk-takers.
Starting a business is risky, and even more so when you’re using your own money. Sometimes you can spread the risk by convincing investors to come along on your new venture or by forming an entrepreneurial team.
Doing business is a already a challenge. But if you don’t want to stay with your 9-to-5 job, you have the choice whether to start a business or do something else. At the end of the day, you can’t avoid risk if you are going to start a new business and innovate.
If you want to know more about entrepreneurship, come and visit the upcoming 9th Philippine Business and Entrepreneurs’ Expo this July 20 to 22 at the Megatrade Hall 1 of SM Megamall in Mandaluyong City.
Ex- Link Management and Marketing Services Corporation is the produces and organizes this event. For more information, you can call us at telephone number (+632) 633-0153/ 535-1150/ 643-3887. You can also SMS (+63) 920-981-4376/ (+63) 920-924-2532, or email firstname.lastname@example.org for more details.