What is Entrepreneurship?
Entrepreneurship is the undertaking of the organization, operations, and implicated risks of creating a new business venture with the goal of reaping high profits. For the most part, entrepreneurs are highly motivated individuals that are willing and determined to embark on this venture, making their business successful because they are driven by a vision. Robert L. Schwartz states that an entrepreneur "can visualize something, and when visualizes it he sees exactly how to make it happen." Because an entrepreneur is self-employed, they oversee the operations of the business by being managers, accountants, and marketers; they do anything it takes in order to make their business thrive in today's competitive environment.
How to Succeed in Entrepreneurship?
For entrepreneurs to succeed, they must be hard-working, creative, good interpersonal skills, willing to take risks, and highly motivated. Additionally, individuals must learn to deal with failure and learn from their mistakes so that they can succeed in future business ventures. Entrepreneurs should be persuasive when selling their idea to investors and their products or services to customers; for this, they must personally be convinced of their idea. As the only employee it is necessary to carry on the multiple functions of the business and also make networks with other businesses so that chances of success are increased.
Career Opportunities in Entrepreneurship
An entrepreneur has many options to choose from such as starting a new business, buying an existing business, becoming a services or consulting firm, buying a franchise, starting a business at home, or creating a business based on the idea of an existing one. In all cases, the entrepreneur should investigate the costs, advantages, and disadvantages for choosing one of these routes.
There are no designated salaries for entrepreneurs. These will vary with the option that the entrepreneur chooses, the industry that they will enter, and more importantly that efforts and time they put into making their business successful.