The relationship between entrepreneurship and entrepreneur decides the success of a venture because it is up to the originator to create wonders through creation.
Key Facts
- An entrepreneur is an entity that makes and evolves the whole concept of entrepreneurship.
- Entrepreneurship is the act of setting up a new business but there is a lot more than this, one has to create opportunities and be innovative to prove credibility in the business world.
- As an entrepreneur, you invite individuals from various backgrounds on the basis of their talents which incorporate different fields to create something phenomenal.
- To be an entrepreneur, you not only create an action plan but create resources of your own which makes entrepreneurship a broader concept than what it seems.
Why Does Entrepreneurship Need To Be Clearly Defined?
A lot of people understand entrepreneurship as a simple act of setting up a business. Perhaps, this is the most simplified definition you will find and almost every entrepreneur knows this.
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There is more to this definition when analyzed through a deeper lens. It’s not just a simple act of setting up a business that defines your success but it’s the strategy with which you ensure to grab success.
Entrepreneurship is incomplete without innovation. You always need to create a unique plan which attempts to tackle a major issue and helps the world in one way or another. Being a mediocre entrepreneur can never bring that gleam you are needed to carry in order to understand the true spirit of entrepreneurship.
Entrepreneurs need to understand the true essence of entrepreneurship. It is significant to the existence of their ventures. Without understanding the pivotal place of creativity, entrepreneurship doesn’t fall in the set place. Creating a venture is easy but making it creative for the sake of future success is the real challenge.
Why is an Entrepreneur Important?
An entrepreneur is not just the creator of a venture. He is the face who understands the pros and cons of his idea. An entrepreneur creates opportunities but the way opportunities are created, needs to be viewed. Not all entrepreneurs are successful because they are still fighting to get out of their comfort zones.
When you aim to work on one single aspect of your business throughout, you can never get out of the circle of hindrance which you have drawn for yourself. You need to view things from every lens. You have to be your own critique before someone else criticizes it.
An entrepreneur knows that business is more than setting up an outlet. You have to stick by it and face real-world challenges. This is only possible if an entrepreneur understands that as the creator of the venture, there is more to his role than monitoring the development of the venture.
Entrepreneurship in 2022
This year the digital market made its surprising entry into the business domain. With Musk’s affinity with the growing Bitcoin and NFT industry, investors and creators both started to ponder upon the new type of market they had to encounter.
This digital entry is now proving itself as a significant component of modern-day business. An entrepreneur who needs to make a change has another challenge before him where the usage of digital currency seems a very complex issue to be interpreted. The market is extending in unconventional forms. This is putting a lot of pressure on the new entrepreneurs because they have to start researching the digital market from scratch. But it isn’t enough at all.
They have to understand both the digital market and its association in the mainstream market if they want to succeed. Once they have found the new destination, they can then set on their respective journey. Without background information about the past year’s challenges, it doesn’t seem easy for aspiring minds to make their place easily.
Ways Through Which An Entrepreneur Impacts Entrepreneurship
An entrepreneur is the mind behind an entrepreneurial venture but there are some other things coming from him which directly impact the progress of a certain entrepreneurial venture and leave an impact on the overall entrepreneurship ideology
- Innovation changes the outlook of entrepreneurship.
- An entrepreneur makes the propagation of the concept of entrepreneurship easy.
- Opportunities become a core part of entrepreneurship through an entrepreneur’s efforts.
- Businesses form new concepts through an entrepreneur’s ideas.
- An entrepreneur invites intellectuals from different industries to modify entrepreneurship.
- An entrepreneur creates resources essential for entrepreneurship.
- The growth of the business industry is dependent on the growth of an entrepreneur.
Entrepreneur Innovates
Innovation is the distinguishing property of entrepreneurship. It is the property by which entrepreneurship becomes highly significant. Even in the mainstream market, entrepreneurship is most often related to the act of setting up new businesses through unique ideas.
Entrepreneurship is a concept based on the efficacy of ideas. You have to get up one day from the deep corporate sleep and have to come up with a big grand idea. BANG! Here you go because if your idea becomes too enchanting for the consumer outside, you are their new master.
In this corporate sphere, industries are controlling individuals. It is all based on ideas.
They have this telepathic power where they can compel the consumer to want more of it. This enhances the significance of the whole concept of entrepreneurship where an entrepreneur has to come up with unexceptional ideas and work on them wholeheartedly. This gives them the reign of the global market while entrepreneurship itself sits at the throne with sheer smugness.
Entrepreneur Propagates
People mostly believe what they see, not what they hear. When you see something with your eyes, you start believing in its authenticity. Years ago, when the concept of entrepreneurship was introduced, little believed in its usefulness. For the majority, it was just another random idea which the unemployed youth was propagating to spare their time.
However, things changed when the concept became a reality and many of the leading innovators were given the statuses of exceptional entrepreneurs. This became possible by their innovations. When they started their business ventures encompassing the entrepreneurial ideals, people started believing it and interest grew stronger then.
This point clarifies that entrepreneurs have a vital role in propagating the concept to those who are not well aware of its mechanics. When people find successful entrepreneurial ventures, they actually pay heed to the whole process and think of investing their time and finances to become self-sufficient by employing their individual skills.
This makes the concept of entrepreneurship a whole new idea where people can think of trying out their potential by getting inspired by the pros in town.
Entrepreneur Creates Opportunities
Opportunities are the basis of progress. When there are a number of opportunities, one can expect progress at a fast pace. What is entrepreneurship if not progress?
An entrepreneur ensures this by creating opportunities.
In hindsight, every entrepreneurial venture should be beneficial enough to allow the creation of more opportunities over time. This is the key role of the whole concept itself. You not only tend to benefit yourself from your venture but you provide benefit to the consumer and aspiring ones in their learning quest. You have to create opportunities that can be availed by future entrepreneurs.
An entrepreneur can do this by making a venture a dynamic one. A dynamic venture is one where development is gradual and nothing continues for a short time period. You keep on progressing bit by bit according to the changing demands. This not only makes your venture up to the latest demands but allows the talented lot to be a part of your team and this in return benefits the spirit of entrepreneurship.
Entrepreneur Forms New Concepts
The business world is dynamic in nature. Nothing here is permanent. Things change at a quick pace. No single idea stays here permanently. Perhaps, this is the most interesting thing about being an entrepreneur. You don’t have to stay conventional and limit yourself.
Entrepreneurship is the art of experimentation.
You experiment with various things throughout. You change your patterns, strategies, action plans, and venture directions. All of this tends to become very suitable for your venture as well as the whole entrepreneurial concept.
Entrepreneurship doesn’t stay confined to the conventional norms but continuously new principles and ideas are added.
This expands the whole concept and gifts the future entrepreneurs a grand vision with a set canvas upon which they work. Consumers’ likeness for new ideas gives an open market to the entrepreneurs to come up with new things for clients who are hungry for innovation which alters the entrepreneurial rules as well. This sets up an active entrepreneurial system where entrepreneurship grows to its full capacity fuelled with innovation and alteration.
Entrepreneur Invites
One way to empower individuals about entrepreneurship is to widen their horizons. When entrepreneurship becomes the essence of every business, development becomes convenient.
Entrepreneurship acts as a bridge that attaches individuals to their interests.
Entrepreneurs are not field-specific. They belong to various fields. They hail from all areas of life. When a successful entrepreneur rules on the basis of a venture, it is not just the venture in itself which succeeds. It is the mutual effort that wins in the end.
If you are a learned entrepreneur, you might be familiar with the idea that an entrepreneur invites individuals from various areas. There are different departments that collaborate together to construct a standalone venture. This way entrepreneurship connects all the areas of life to give something grand in the end.
Entrepreneur Creates Resources
Resource hunting is the preliminary part of entrepreneurship. No venture can complete without suitable resources. The basic task of an entrepreneur is to come up with the resources which can work easily and provide benefit to society. Resource hunting is a huge task that prepares an entrepreneur for future challenges, but at the same time, it’s the process through which individuals understand the significance of various organizations and their roles when it comes to venture accomplishment.
Another thing that I have seen in most of the entrepreneurs is their resilience which allows them to create resources where they feel resources are lacking. This not only benefits them for their venture but becomes a trendsetter for all those who follow the order. This is why creating resources is necessary and happens with every entrepreneur allowing the venture to hold an exceptional status. When resources become a part of the venture, their quest adds up as an essential requisite to achieve entrepreneurial distinction.
Entrepreneur Grows Industry
The development of industry bears a positive influence on the development of entrepreneurship as a process. This is because when the economy of a country is stronger, you can expect prosperity embracing the entrepreneur.
As an entrepreneur, the prime duty of an individual is to develop products or services which are matchless in terms of quality. When a product is loved by the clientele, it becomes an essential component of the social trend, and a whole new industry booms from the venture. This is the power of a simple venture.
There is a lot to it on the inside. An entrepreneur understands that industrial growth is akin to entrepreneurial growth making the market of a specific product stronger and hence allowing the entrepreneur to shine brightly at the entrepreneurial sky.
With the growth of the industry, entrepreneurship becomes easier to interpret by many who are still sorting their way through the challenging business world. They are quick to lay their hands on any of the leading industries afterward and come up with products that are simply irresistible in the market.
Conclusion
An entrepreneur and entrepreneurship are because one cannot exist without the other. If entrepreneurship is the act of creativity then the creator is an extremely talented human who comes up with peculiar ideas. These peculiar ideas are then needed to curate opportunities that become rare and then constitute the formation of a whole new industry because of their efficiency.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.