Date Posted: 11/15/2012 10:15:11 PM
Posted By: jullieflavia Membership Level: Gold Total Points: 2188
Entrepreneurship is the process of creating incremental wealth by assuming major risks in terms of commitment and equity of providing valuable products. It involves the process of bearing risks involved in buying and selling of goods and services.It is the process of combining the factors of production or resources so that wealth is created. It is also the process of seizing an opportunity and pursuing it regardless of the resources required to turn this opportunity into wealth.Entrepreneurship is also the process of identifying gaps or opportunities within the environment, mobilizing resources to create a product, good or service, that seeks to meet the need created by the gap while assuming the accompanying financial, physical, psychological and social risk and consequently receiving the necessary rewards, monetary or personal satisfaction.Entrepreneurship involves the following:1. Scanning through the environment to find what is needed in the market.2. Inquiry or asking questions on what is needed in the market, who need them, at what time and in what quantity and quality.3. Entrepreneurship also involves innovation, that is, developing existing ideas that should be aimed at changing what is in the market.4. Entrepreneurship involves invention, that is, coming up with a new idea or business that is aimed to change the preference in the market.5. Entrepreneurship involves mobilization of resources in order to make sure that the available and needed resources are made ready as required.6. Entrepreneurship also involves creation of new markets and new methods of creating good and services.7. Entrepreneurship involves calculated and uncalculated risks. When you get to a new business, you can estimate or calculate the expected risks and sometimes fail to estimate the risks.8. Entrepreneurship involves wealth creation. Most people get to create wealth both for themselves and the country at large when they enter in entrepreneurial practice.9. Entrepreneurship also involves systems, procedures and rewards. A well planned for business in a systematic way is necessarily going to get back the rewards at some time.
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