Shark Tank reality show was a blockbuster based on the concept of entrepreneurship, and it was recently challenged by talented entrepreneurs with business ideas to explain the company’s vision and mission. It’s a prevalent entrepreneurial spirit. In contrast, the actual arrival of entrepreneurship came into existence in the second half of the nineteenth century. The growth of entrepreneurship can be seen in two sections pre-independence and post-independence entrepreneurship.
Entrepreneurs during the pre-independence times can be traced back to even as early as Rigveda. During the post-independence time, the government took three essential measures in the industrial revolutions. Maintain the proper distribution of economic power between the private and public sectors. To encourage the tempo of industrialisation by spreading entrepreneurship from the existing centres to other cities, towns and villages.
What Exactly Is Entrepreneurship?
Entrepreneurship is the capability and quickness to prosper, categorise and run a business enterprise, along with any of its uncertainties to make a profit. Small business entrepreneurship, social start-up entrepreneurship, large company entrepreneurship and social entrepreneurship are regarded as entrepreneurship.
Who Is An Entrepreneur?
An entrepreneur is the one who setups a new business, holds up a lot of risk-bearing and enjoys the most of the reward. An entrepreneur bears a lot of financial risk in the hope of profits. A person who has passion, product service knowledge, management skills, self-confidence etc., can become an entrepreneur.
Importance Of Entrepreneurship?
Entrepreneurship accelerates economic growth and creates new products that create jobs. While helping increase people’s standard of living, it also contributes to encouraging social changes through innovative means. In addition to this, Entrepreneurship also prospers and improves existing enterprises as there are entrepreneurs who generate new ideas and help in the research and industrial growth. Other factors such as reducing urban-rural migration and being a vital contributor to GDP are also included in the importance of Entrepreneurship (Teshabaeva et al., 2022).
Entrepreneurship: Myth’s Busters
Contrary to popular belief, entrepreneurial abilities and traits can be gained through appropriately structured learning. The common misconception about entrepreneurs is that all they need is money. Yet, it has been noticed that having too much money lowers risk-taking possibilities, care resources, and grasping opportunities. Yet another conceptualised thought about entrepreneurship is that it is a set of different features and attributes. In contrast, in reality, it is a collection of issues that needs to be solved for the success of the said business (Secundo et al., 2020).
Future Of Entrepreneurship
A drastic fall in global economies has been seen due to the hit by the covid 19 pandemic, causing health issues, job uncertainty, and rising unemployment. But as a Ray of hope, some positives have been seen emerging. Small businesses started in e-commerce, resulting in increased reliance and advancement of technology. Workplace flexibility includes the ability to work from home. It is the trend of entrepreneurship, and the entire global entrepreneurial model is rapidly shifting. The digital era will shape the future, and with more enthusiasts young generation, the world is all set to step into an exciting new era of entrepreneurship. The coming future is welcoming the trend of entrepreneurship as the start-ups might generate slightly over €1 trillion in value by 2030. If they continue on the old path, a 50% increase in start-up activity could generate an additional € 500 million. It suggests that future trends in entrepreneurship will not come soon and will shape a new generation of enthusiastic thinking with their business ideas (Focus, 2020).
Perks Of Being An Entrepreneur
An entrepreneur has a rewarding career as having work-life autonomy, and an entrepreneur knows how to maintain balances. One of the biggest perks for an entrepreneur is that any individual who is an entrepreneur can work from anywhere; there is no such one fixed place for an entrepreneur to work. An entrepreneur learns about the leadership experience and the various ways of controlling an enterprise. An entrepreneur is a person who is a problem solver by nature, and the way an entrepreneur solves the problem with honest hard work shows pride and satisfaction. In addition, it helps build a beneficial client network (Breen, 2020).
A change, seeking opportunities, taking and accepting risks and responsibilities are the components of Entrepreneurship. Being an entrepreneur necessitates a lot of responsibilities, hard work, and dedication to face barriers for beneficial outcomes. In a simplified way, Entrepreneurship is an attitude and a mindset where an individual does things in their own and specific manner to stand out from the rest of the world.