Entrepreneurship is one of those schools of thought that have been debated by many scholars, economists, and innovators with different definitions and interpretations. However, what comes to the mind of many when they hear entrepreneurship is a risk-taker who creates a business to make profits. Therefore, this article contains 20 facts about what entrepreneurship truly means and how to successfully venture into that path.
What Are the 7 Characteristics of Entrepreneurship?
The main characteristics of entrepreneurship include passion, self-motivation, risk-taking, vision, curiosity, creativity, and confidence. Other characteristics include planning, money management, flexibility, focus, and networking.
Facts You Should Know About Entrepreneurship
1. Entrepreneurship is a risky part to tread upon. But, for every risk, there is a reward attached.
2. Entrepreneurs are those who create new businesses and engage in entrepreneurship.
3. Most entrepreneurs are willing to use their time, energy, and resources in creating value for others.
4. To attain a successful entrepreneurship endeavor you must draft a business plan, this plan contains strategies for growing your business.
5. Qualified and adequate human resources are needed for entrepreneurial ventures. This refers to the availability of manpower to execute the task at hand.
6. All entrepreneurial ventures thrive better when they have the availability of material resources and finance.
7. Good leadership skill is a pivotal quality every entrepreneur must possess; This attribute enables you to work cooperatively with your team.
8. Creativity and innovation are inseparable driving forces of entrepreneurship. You must be creative to generate innovative ideas.
9. Successful entrepreneurs possess the ability to adapt to environmental change and make proper planning.
10. As an entrepreneur you must understand your strengths and weaknesses to lead your business positively.
Encouraging Facts About Entrepreneurship
11. To prevent your business ideas from being stolen, you need to register them with one or more intellectual property rights like patents or copyright.
12. Oftentimes, entrepreneurs fund their businesses with their savings.
13. Effective utilization of your business funds prevents bankruptcy. As a business person ensure you use your business funds for the needful which supports your business growth.
14. Adequate manufacturing strategy reduces product development costs. This strategy is needed if your business deals with the production of goods.
15. Teamwork breeds positive business ideas.
16. A defined market is needed for high business sales, don’t hesitate to know who your customers are and what are their needs.
17. Most businesses fail because their products and services are no longer needed or are outdated.
18. Intangible resources can’t be handled physically like skills, experience, and their kinds.
19. As an entrepreneur, guard your business secrets judiciously, to remain unique you must withhold your business secrets from your competitors.
20. Did you know that there are 582 million entrepreneurs in the world?
