Need for Entrepreneurship

What is Entrepreneurship?

Entrepreneurship as a discipline does not have any real definition. Some scholars accept the study as business formation while others highlight it as entrepreneurial opportunity that recognises dimension. 

The definition of entrepreneurship is viewed as a change, this includes other values other than the economic ones. Narrower definitions of entrepreneurship are described as the process of designing, launching and running a new business.

Entrepreneurship and Management are close related terms in business, there is a definite difference between both these processes. In this article you will learn more about these two terms.

Entrepreneurship and Managemententrepreneur

Management talks about the span of organizational studies. Simply speaking, management explains about each aspect of the organization which discusses the organization and coordinates the activities in order to achieve a destined set of objectives. Harold Koontz, the great scholar highlighted management as the art which talks about how to achieve the things done from people. He also pointed out the importance of formal groups in this process. 

Thus, the management discusses the overall organizational function which is to achieve the desired objectives. This also tells that the interconnection between the management and entrepreneurship is actually a set because the entrepreneurship proceeds to management level. In general, entrepreneurship features about the business creation whose management is required to target the objectives of an entrepreneurial venture.

Entrepreneurship and its Scope

The scope of entrepreneurship is far reaching. 

  • Entrepreneurship moves even beyond from the closed system of an enterprise. 

  • Entrepreneurship in its capacity stimulate the economy which enables societal change not only for fulfilling a need but also to generate revenue for the entrepreneur, entrepreneurship thus provides jobs for the society and this develops communities.

  • Entrepreneurship instigates a lot more than mere creation of business. 

  • Entrepreneurship promotes the new business and provides opportunities to improve the new business sectors. 

In the long back time, when washing machines were not invented, and the women had to spend their while in washing clothes without energy resources or water resources. This once inspired a new company to sell low energy washing machines. This would save time which in turn they utilised the extra time to educate themselves.  

Need of Entrepreneurship

The need of entrepreneurship is detailed down in the following section:  

1. Passion, Perseverance & Persistence

Passion is a strong and uncontrollable emotion which is based into something that is higher to achieve than what the person is carrying within himself. Perseverance is a mature emotion which comes through experiences gathered and analysed. While persistence is the sail that will row the boat of an entrepreneur through the toughest of climate. 

2. Big Dreamer

Dreaming big further strengthens an entrepreneur with his ability to dream and see the wide picture. This is actually the very first step which sets the path to self-discovery. 

3. Learning

Learning is never to stop irrespective of age and thus arming oneself with education does play a vital role in forming leadership qualities when needed.

4. Good Listener

The ability to contribute will only come once we have abundance in ourselves, and this comes by absorbing the words by others. The ability to truly listen to the customers and employees is actually what makes a difference. This very skill leads a successful venture.

5. Financing Partner

Choosing a financing partner who understands the business needs is very much essential. This is as critical as choosing the business which the entrepreneur wants to pursue. Also, a business loan from a right lender will for sure play a pivotal role in realizing the dreams of becoming a successful entrepreneur.

FAQs (Frequently Asked Questions)

1. Does Management Depend upon Entrepreneurship?

Ans. In the truest sense, management and entrepreneurship are related to each other. They are intertwined in the administrative level. Without entrepreneurship management will not find its base and without management, entrepreneurship cannot function effectively. Management talks about the organizational studies that helps the entrepreneurs to work effectively knowing each step. Management however is not dependent on entrepreneurship, rather they both are interdependent on one another.

2. Who is a Finance Partner?

Ans. Finance business partners are the accountants who work alongside with different business departments by providing financial information and tools that analysis and insight the executives, challenges their thinking, and helps them make more accurate decisions and thus driving business strategy into the business. A finance partner is one who helps in the finance structure of the business. The one who contributes his own wealth to fulfil the financial needs of the business.

3. Why is Entrepreneurship Perceived as a Change?

Ans. Entrepreneurship is the change which the society darns for a better livelihood. Entrepreneurship starts with focusing the efforts in the problem part of the society. Then they understand the problem to bring a solution to this societal problem. In this process they earn profit, and thereby creates a change in the society, hence for this entrepreneurship is visualized as change.

4. Are Entrepreneurs Good Managers?

Ans. This is indeed a wide notion that qualities of good entrepreneurs do not translate to management, but this is case is at times in contrast the entrepreneurs to understand the management qualities and they excel in the field.

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