Entrepreneurship is excitingly relevant in 2021. Covid-19 have changed business and labour radically and drastically. The world needs jobs and skilled people! Big companies are staggering.
Business and entrepreneurs must create skills and jobs. Skill development and acquiring is vital because entrepreneurial skills should have been sharpened and cultivated already.
What is an entrepreneur?
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. (Investopedia)
Economists have never had a consistent definition of “entrepreneur” or “entrepreneurship.” The word “entrepreneur” comes from the French verb entreprendre, meaning “to undertake.” See an excellent paper: Investopedia Entrepreneur
5 Takeaways on the importance of entrepreneurship
1. Entrepreneurship Accelerates Economic Growth. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development. A large number of new jobs and opportunities are created by entrepreneurship.
2. Entrepreneurship Promotes Innovation. Through the right practices of research and development, entrepreneurs bring new innovation that opens the door of new ventures, markets, products, and technology.
3. Entrepreneurship Can Promote Social Changes. Entrepreneurs change or break the tradition or cultures of society and reduce the dependency on obsolete methods, systems, and technologies.
4. Entrepreneurship Promotes Research and Industrial Development. Along with producing new business ideas and thinking out of the box, entrepreneurs also promote research and development.
5. Entrepreneurship Develops and Improves Existing Enterprises. We often think of entrepreneurs as inventing totally new products and ideas, but they also impact existing business. Najm Mohamed Read the full essay: Duke SANFORD Importance of Entrepreneurship
9 Different types of entrepreneurship
A. Small business entrepreneurship. Most businesses are small businesses. People interested in small business entrepreneurship are most likely to make profits that support their family and a modest lifestyle.
B. Large company entrepreneurship. Large company entrepreneurship is when a company has a finite amount of life cycles. This type of entrepreneurship is for an advanced professional who knows how to sustain innovation.
C. Scalable start-up entrepreneurship. This kind of entrepreneurship is when entrepreneurs believe that their company can change the world. They often receive funding from venture capitalists and hire specialized employees.
D. Social entrepreneurship. An entrepreneur who wants to solve social problems with their products and services is in this category of entrepreneurship. Their main goal is to make the world a better place.
E. Innovative entrepreneurship. Innovative entrepreneurs are constantly coming up with new ideas and inventions. They take these ideas and turn them into business ventures.
Covid-19 brought the tenth type: Emergency entrepreneurship
F. Hustler entrepreneurship. People who are willing to work hard and put in constant effort are considered hustler entrepreneurs. They often start small and work toward growing a bigger business with hard work rather than capital.
G. Imitator entrepreneurship. Imitators are entrepreneurs who use others’ business ideas as inspiration but work to improve them. They look to make certain products and services better and more profitable.
H. Researcher entrepreneurship. Researchers take their time when starting their own business. They want to do as much research as possible before offering a product or service.
I. Buyer entrepreneurship. A buyer is a type of entrepreneur who uses their wealth to fuel their business ventures. Their specialty is to use their fortunes to buy businesses that they think will be successful.
Read more of the descriptions: indeed Types of entrepreneurship
15 characteristics you can develop to become a successful and prosperous entrepreneur
1. Creativity. To improve your creativity, develop habits that support the creative system. Think about what makes you feel creative, such as music, meeting people, reading or some other activity.
2. Passion. To become a more passionate entrepreneur, focus on the meaning of your work. Remember that you contribute to finding solutions that will help many people.
3. Motivation. To increase motivation, you can start by setting small goals. Small goals can help you reach larger ones and encourage you to aim higher.
4. Product or service knowledge. To increase the positive impact of this knowledge, you should continually learn about your market, understand what people need and know the features that differentiate you from competitors.
5. Ability to network. To improve your networking skills, you must try to build genuine relationships. You likely have a business goal in mind, but approach people with the objective of a human connection, just like making new friends.
6. Self-confidence. To improve your self-confidence, you can use the technique of visualization. Visualize yourself as the person you want to be and visualize your business at a stage you would be proud of.
7. Optimism. To develop your optimism, you can consider challenges as opportunities to grow instead of problems that could stop you. Keep the end goal in mind, and don’t dwell on past issues.
8. Vision. To improve your entrepreneurship vision, you can implement a daily action plan. Prioritizing your tasks can keep you from feeling overwhelmed and help you stick to your vision.
9. Goal mindset. To become more goal-oriented, you can start by identifying what you want to accomplish and clarifying your vision of the future. Then, set a goal with a timeline to guide your actions.
Vision of the future
10. Risk-taking. To increase your risk-taking abilities, you can start considering your journey as a learning process, including the possible failures. You must keep your goal in mind and commit to persevering.
11. Persuasiveness. To improve your persuasion skills, learn about your listeners and adapt to their personality. You can share a story to reach them on an emotional level and show your passion.
12. Decision-making. To improve your decision-making skills, you can inform yourself to understand better the problems you try to solve.
13. Tenacity. To improve your tenacity, you can write down your goals and read them every day.
14. Money management. You can improve your basic money management skills by preparing a budget and committing to it and investing available funds rather than spending them.
15. Adaptability. To increase your adaptability, you can approach all activities with an open mind and stay ready to change your ways if necessary.
Read the detailed characteristics: indeed Entrepreneur Characteristics
11 Famous entrepreneurs over time
Walt Disney. One of the biggest entertainment moguls of all-time. With an unrelenting spirit and commitment to his vision, Disney was undoubtedly an entrepreneurial all-star.
Oprah Winfrey. I think Oprah Winfrey has one of the most amazing modern rags-to-riches stories of all time. Her incredible success is even more impressive considering her rough upbringing.
J.K. Rowling. She is a household name for fans of the beloved Harry Potter book series. J.K Rowling was at her rope’s end before her misfit gang of witches and wizards saved her.
John Paul DeJoria. He’s known for his Paul Mitchell hair products and for Patron Tequila, but he started off at the bottom. He was selling his hair products door to door while living out of his car.
Madam CJ Walker. She started her own line of beauty and hair products specifically designed for black women. She saw a market that wasn’t being met and created a solution to a problem no one else seemed interested in solving.
Thomas Edison should also be mentioned for his big achievements
Steve Jobs. You can’t really make a self-respecting “famous entrepreneurs” list without throwing him in. Often referred to as “The Grandfather of the Digital Revolution,” Jobs forever changed the consumer electronics industry.
Andrew Carnegie. He had a rough life growing up. Carnegie worked his way up to becoming a superintendent before creating several of his own businesses. He followed the belief that “the man who dies rich, dies disgraced.” Carnegie donated nearly 90 percent of his wealth to various charities.
Benjamin Franklin. Only an entrepreneur would conduct some of the wacky experiments Benny was always up to. Franklin is credited with creating the lightening rod, bifocals, and the Franklin stove. Franklin was a man of a thousand hats.
John D. Rockefeller. One of the world’s wealthiest individuals of all time. He showed early entrepreneurial promise selling candy and doing odd jobs for neighbours. He went on to become the founder of the Standard Oil Company.
Hans Christian Anderson. Hans Christian Anderson’s fierce determination and self-starter mentality make him another great example of a famous entrepreneur. After leaving school, Anderson began to publish his writing. His fairy tales became immensely popular many of which have inspired Disney animation classics.
Bill Gates. He showed an interest in computer programming at a noticeably young age, spending all of his free time creating programs. Gates went on to create Microsoft and develop the Windows operating system. Bill is also known for his philanthropic activities. He donates large amounts of money to charitable organizations and scientific endeavours.
10 Rich entrepreneurs in 2020
Jeff Bezos is the founder & CEO of the e-commerce giant Amazon. With a net worth of $131 Billion, he tops the list of richest entrepreneurs.
Bill Gates is the founder of the PC software firm Microsoft corporation. With a net worth of $97 billion, Gates is at number 2 on the list.
Warren Buffett is one of the most successful investors of our time. With a net worth of $82 billion, he is at the number 3 spot on this list.
Bernard Arnault is the chairman & CEO of the fashion conglomerate LVMH, the world’s largest luxury-goods company. A net worth of $76 billion, he happens to be Europe’s richest person and number 4 on this list.
Carlos Slim Helu owns America Movil, Mexico’s biggest mobile telecom company. With a net worth of $64 billion, he is at #5 on this list.
Elon Musk should also be mentioned here
Amancio Ortega is the co-founder of Inditex which runs the popular fashion chain Zara. With a net worth $63 billion he is at number 6 on this list.
Larry Ellison is the co-founder of the software company Oracle. With a net worth of $62 billion, he is at #7 on this list.
Mark Zuckerberg is the famous co-founder & CEO of the social network Facebook. With a net worth of $62 billion, he is 8th on this list.
Michael Bloomberg is the co-founder & CEO of the media giant Bloomberg. Bloomberg is also a financial services & software company. With a net worth of $ 55 billion, he is at number 9 on this list of richest entrepreneurs.
Larry Page is the co-founder & CEO of Alphabet Inc., the holding company of Google. Google also runs a bunch of popular digital services like YouTube, Maps, Drive, Cloud, Gmail etc. A net worth of $ 50 billion, he is at #10 on this list.
Vishal Gupta reported on Bizain.com
Entrepreneurs are particularly important to any country’s economy. Entrepreneurship can be learned through intense skill acquiring courses online. They become truly successful once they’ve hit the 7 to 10-year mark. Statistics show that successful small businesses are built over years, not months, according to Forbes. Freshbooks
“Do not focus on numbers. Focus on doing what you do best. It’s about building a community who want to visit your site every day because you create value and offer expertise.” Cassey Ho
“Don’t try to do everything by yourself, but try to connect with people and resources. Having that discipline and perseverance is really important.” Chieu Cao
“Your ability to attract, evaluate, and forge strong working relationships with co-founders and early employees. Investors often mean the difference between failure and success.” Clara Shih
“If you tune it so that you have zero chance of failure, you usually also have zero chance of success. The key is to look at ways for when you get to your failure checkpoint, you know to stop.” Reid Hoffman
“If something is important enough, or you believe something is important enough. Even if you are scared, you will keep going.” Elon Musk
“The greater danger for most of us lies not in setting our aim too high and falling short. It is in setting our aim too low and achieving our mark.” Michelangelo
“Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.” Mark Twain
“Be patient with yourself. Self-growth is tender, it’s holy ground. There’s no greater investment.” Stephen Covey
“There is only one way to avoid criticism: Do nothing, say nothing, and be nothing.” Aristotle
“It’s not about money or connections. It’s the willingness to outwork and outlearn everyone when it comes to your business.” Mark Cuban
“The question isn’t who is going to let me; it’s who is going to stop me.” Ayn Rand
“Screw it, let’s do it.” Richard Branson