Hi, there today in this post we will talk about Entrepreneur. Perhaps this is a generic term but still has so much confusion among the youths and internet users.
Actually a day before I am scrolling down my Quora notification and I found that there is a lot of confusions among the users with this word.
In all questions they were just asking about Entrepreneurship, below is the snippet I have taken from Quora. These are the generic question asked by the users in the forum.
And I have attended the seminars on the Entrepreneur and do research on this to just make sure users about this Millionaire confusion.
First of all, let's see a general concept of Entrepreneur so that before reading this post you may have an idea about the topic.
So, Entrepreneur refers to an innovation of new business by someone which makes that deals easy as compare to prior situation. It means the Entrepreneur is a business which came into existence seeing the opportunity of Growing.
This is a clue lets talk and have some experts eyes on it:
Who are Entrepreneurs? How they become Millionaires?
As above I told you that any new business which came into existence seeing an opportunity lead the birth of a new Entrepreneur.
An entrepreneur is a person who takes the financial risk to give birth to a new business or to his dream in the field of business in the hope of profit (Which makes his/her a Millionaire).
- By TechAditya
Lets, see an example of an Entrepreneur and I bet you, your confusion/doubt will be clear.
There was a boy named Phanindra a.k.a. Phani working in the Banglore. It was the time of holiday due to the occasion of Diwali. He planned to spend his holiday with his family at Hyderabad.
Just because of Banglore notorious traffic he couldn't book his bus ticket on time and unfortunately he missed his bus and also missed the chance to with his family.
He gets Frustrated, and he came back to his room. This moment gave him a life-changing idea.
And later he shared his Idea with his friend and after facing too many problems he gets succeeded on 18th August 2006. They finally get 5 seats to be sold by them by a travel agent.
So like this, a person had come with an idea and shared with friends after investing their savings. Finally, a day come their idea turns them into Millionaire.
Types Of Entrepreneurship
According to Steve Blank post which he published on his website. He started with a question Who is a really Entrepreneur?
He categorized Entrepreneurship into four distinct categories which are-
- Small Business Entrepreneurship
- Scalable Startup Entrepreneurship
- Large Company Entrepreneurship
- Social Entrepreneurship
Let's know about each one of them in brief
1. Small Business Entrepreneurship
This type of Entrepreneur is basically a small business foundation/startup which aims target livelihood.
These type of Entrepreneur doesn't think to go beyond they invest only that much money that earned through profit.
Actually, one who opens a small shop whether it is Grocery, Crafts, basically they make in small amount and sell them just for a little profit.
2. Scalable Startup Entrepreneurship
They are those Entrepreneurs which aims to build a large company they go beyond the thinking of Small Business Entrepreneurship.
Their worth target is in millions they do business more than $100+ million. Scalable Entrepreneurship always in search of a profitable business.
Suppose, an Entrepreneur finds the best craftsman and he provides a house to them. They make crafts and the mind of an entrepreneur starts working on it.
Once they realized that the business can be more profitable they start finding an investor, they circulate their idea with them. If they like they spend money.
After getting an investor when they get expected profit they try to return the investor money with the promises that they made with them for this they can sell company stock or even they can sell the company too if required.
3. Large Company Entrepreneurship
Large Company Entrepreneurship has a great set of mind work they don't focus on a single work. They establish too many branches or section and wait for the best result.
They only go with the best revenue gained in a different section of the company.
At the time of 1980, that time there was rapid growth seen in the personal computer market. So IBM also decided to compete in this market.
Dont forget to see this post also -
IBM knows very well that their present processing system didn't compete for this market so they founded their company branch.
In that small branch, there was a team of 12 Engineers with designers. This division had been formed for generating substantial revenue and profit for the company.
So this is the working tactic of Large Company Entrepreneurship who focused on the marketing strategy to get substantial revenue and profit.
4. Social Entrepreneurship
Social Entrepreneurship has been done in keeping the social problem in mind. these type of Entrepreneur generally work for the welfare of the nation.
They don't get any salary for this but they can transform the lives of million peoples.
We can see, the Rickshaw pullers in our country they worked hard for their livelihood. But they don't earn that much profit.
So Irfan Alam from Bihar focused on this problem and came up with a new idea which works very great and today he has changed the lives of 10 million Rickshaw puller.
The Concept Of Entrepreneurship
Well, after knowing What is an Entrepreneur? Types of Entrepreneurship we head over to the concept of Entrepreneurs.
On which concept, all the Entrepreneurs works? What is their working strategy? everything will be covered in the concept.
So, the concept is very simple of an Entrepreneur. Most of them were had a dream to become an Entrepreneur and some of them just become by the problem faced by them.
We should now be cleared that Entrepreneur is nothing but a world of Business which can be of any type.
As for better understanding, we have taken the example of RedBus founder. So figure out how he becomes an Entrepreneur. He may never think of this that in future he will be the boss of a company.
So they actually don't have any concept they made their concept and stating their concept is not easy as all Entrepreneur doesn't have the same concept but one thing is common their concept arises from a problem.
But generally, an Entrepreneur wants to invest money if they have otherwise they invite investor or take help from the bank.
And they want to make substantial revenue and profit through their business. The entrepreneurship is based on the concept of an idea involved in working that is key.
The Importance of Entrepreneurship
To understand the importance of Entrepreneurship we first understand our need which becomes easier, our development, country growth, and the most important country GDP.
{ For India } So, just go a few years back had any source through which you can get food, bus ticket, railway reservation, online services, etc.
No there were not many services in comparison to today. This lead to being possible just because of Entrepreneurship.
Now you can guess by yourself that How much Entrepreneurship is important. People faces problem they came up with an idea, implemented it and now that the result that we are getting all services.
Also, Entrepreneurship plays a vital role in the country growth actually we can say that country GDP depends on this. How we will discuss in another post.
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Conclusion
To understand Entrepreneur we must put all the four types of it into a single room and try to find out the common thing in them. You will find that they were rebounding, flexible, determined and excited – the four most common characteristics of any class of entrepreneurs.
If an Entrepreneur has all the four characteristics then he would definitely achieve success in their life.
An Entrepreneur must have these followings characteristics : he must have teamwork strength, he must be thoughtful, he has a good conversation skills, he has decision making strength etc.
Hope you guys love this post if you have any question or any doubt in any line or want to ask anything just comment below or message me through contact page.
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