“We are never in lack of money; we are lack of people with dreams, who can die for those dreams.”
That is a well-known quote of Jack Ma: Chinese business magnate, investor, and politician and also a co-founder of Alibaba Group. This multinational technology conglomerate claims to be the World’s largest retailer and e-Commerce Company. According to Ma, he has perceived the importance of people with dreams.
In other terms, people with a vision and people who want to see changes in the World. The word “Change” stands for entrepreneurship. By considering all facts together, Entrepreneurship can define in numerous ways.
According to Bruce Bachenheimer, A clinical professor of management and executive director of the Entrepreneurship Lab at Pace University Entrepreneurship can be defined as a broader concept than the creation of a new business venture, At its core, it is a mindset; a way of thinking and acting. It is about imagining new ways to solve problems and create value.
With relevant to the definition an Entrepreneur can define as a person who can take any idea, whether it be a product and/or service, and have the skillset, will and courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market but make it a viable product and/or service that people want or need.
Even Jack Ma is also a great entrepreneur who made his way out of others differently.
Meantime, who are the people who come under the category of “Entrepreneurs”? Entrepreneurs come up in all types of industries. Some are trying to build a personal brand where some are trying to build a physical product. It is dynamic since everyone can be an entrepreneur. Types of entrepreneurship and examples.
In simple terms, an entrepreneur is a person who sees a need or gap and does his / her best to fulfill that gap while bearing a considerable risk, which is more than the monetary risk. This has become a trend in today’s business world. According to the Global Entrepreneurship Monitor, over 100 Milion new businesses are launch each year, where the statistical analysis stands as 11000 businesses per hour or three new businesses per second.
Entrepreneurial Mind Set is an essential element that will enhance the spirit of becoming an entrepreneur. It requires skills and attitudes. Optimism and Enthusiasm are considered as the main attitudes to be within an entrepreneur. Also, they should have their insights to take the risk of change, a leap jump.
An entrepreneur should be a person who could find answers to unanswered problems. Moreover, it does make sense of being clueless about the future, still having the courage to take the risk, not extreme but calculated. So it is almost about Trial and Error.
Not central tendency. It does not always have to be a new idea. To be added to the Mind Set, can an entrepreneurial mindset be nurtured? Absolutely. Knowledge can give, and experience can be shared.
With all the hardships and risks, entrepreneurship also reasons for a good healthy environment around the entrepreneur. It highly gives pros on freedom. The entrepreneur might have to work for long hours continuously, but still, he has the freedom to decide what to do and when to do. It will last the consequences but never pressured for deadlines.
Entrepreneur can create an inclusive working environment along with the culture and say goodbye to uncomfortable situations with the boss or a co-worker. An entrepreneur is a person who is capable of turning his internal value into real-life money. More to the line, Entrepreneurs have the real-time advantage of money even though they have to bear a risk at the time of inception. If the business goes well in the market, there is more than enough money.
Types of Entrepreneurship
Entrepreneurship is a wide subject area which has vast theories, approaches, and types in it. Different authors and researchers have come up with different perspectives regard to types of entrepreneurship. There are five types of entrepreneurship.
- Administrative Entrepreneurship
- Opportunistic Entrepreneurship
- Incubative Entrepreneurship
- Imitative Entrepreneurship
- Acquisitive Entrepreneurship
Administrative Entrepreneurship is where the novel ideas come to the existence for the sake of the administration of an organization. The ways of controlling and theories of research and development would be different and novel than traditional approaches. The next type is about Opportunistic Entrepreneurship, where they grab the right time internally and externally. It might reduce the cost and increase the quality.
Incubative Entrepreneurship is the occasion of initiating new venture developments within the original company. It consists of high business risks. Innovative initiation or internalization of externally already made up technology or idea is known as Imitative Entrepreneurship. An accelerated growth’s own method of entrepreneurship is Acquisitive Entrepreneurship. In that internal management will acquire the technical capability of the finest competitor.
Apart from above, there are few more types in modern World such as;
- Social Entrepreneurship
- Woman Entrepreneurship
- Young Entrepreneurship
Examples of Entrepreneurship
Mohammed Yunus, a well-known and finest example for a social entrepreneur who was the initiator of the Grameen Bank concept.
With his presence, social entrepreneurship can define as a need fulfillment of a society or environment as a thought of being responsible for the society. Wealth, Income, Profit, Market share, Reputation will not matter for a social entrepreneur, but the well-being of the society does.
When the HTC brand comes to the World of smartphones, a great woman was able to rank her name at the top list of woman entrepreneurs.
When the initiator of a novel idea is a female by gender, it is categorized as “Woman Entrepreneurship.” The co-founder of HTC; Cher Wang, is the woman who’s behind the HTC. Other than that, Oprah Winfrey, Germany’s first female leader Angela Markel are also well-known women entrepreneurs who have power and influential phenomena all over the World.
A boy who came with an idea of manly scented candles at the age of 14, is one of the youngest entrepreneurs in the World who named as Hart Main. Moreover, “Benelab,” a search engine that generates donations, which was founded by Jack Kim, who is also a young and social entrepreneur.
These ventures, ideas have become the living examples for entrepreneurship. The ability to see the unseen. People who saw differently than others have taken over the world means of ‘Entrepreneurship. ‘As a matter of that, entrepreneurship has a vital role in society.
With risks and opportunities, entrepreneurs built their kingdom and are their sovereign. With everything together, some tips to be noted regarding entrepreneurs, every entrepreneur with a massive success, has also had hundreds of failures. Anyone can be an entrepreneur with hard work, determination, and also a positive mindset. They make dreams come true, and they live in their dream.
“If you don’t build your dream, someone else will hire you to help them build theirs.”