An entrepreneur is simply defined as a business starter who takes the most risk.
Entrepreneurship is what entrepreneurs do. Now recognised as a style of management, it is the process of creating value by bringing together package of resources-money, people and organisation- to exploit an opportunity without regard to resources currently controlled.
It has widely been found out that entrepreneurs create value and are usually brought about by somewhat unexpected circumstances or problems like difficulty in finding employment after graduation from college, polytechnic or university, inability to pursue a desired career, redundancy, finding and fulfilling a gap in the market and so on. The entrepreneur’s main task is of meeting about three basic needs- economic needs, social needs and developmental needs-. It is believed that as the circumstances ( or problems as others may see it) unfold there are people who see them as opportunities not problems as it were by looking at the positive side of the situation and try to make something good out of it. The individual (entrepreneur) do not take failure as ‘answer’ but continues to persevere or try again until success is achieved. Thus, the entrepreneur is resilient. That is how entrepreneurs come about.
What I do tell myself whenever confronted with a situation is to relax and look at the positive side of the situation for problems do not last forever since our Father in heaven will not let us encounter any situation that we cannot handle. For all shall pass.
There are millions of ventures out there who describe their experiences as entrepreneurial; entrepreneurship goes further than that. Entrepreneurship is different from other small businesses by the fact that entrepreneurs are:
- Driven by opportunity: either they are people who crave to meet a need personally or needs which is not being served. The opportunity so used is usually what society generally considers as problem situation. For example, Sir Richard Branson’s recent involvement with Brawn GP in the formula 1 has turned round the lives of so many people.
- Innovative: entrepreneurs focus on innovation and so are creative in all aspects of the business community.
- Risk-takers: they have the ability to accommodate risk and see failure as a learning experience and could therefore strive until they succeed. This shows their tenacity, confidence and level-headedness.
- Determined to create new value: they usually start from scratch by creating entirely new jobs and opportunities.Thus, they sometimes work longer hours and make many sacrifices.
- Determined to grow: unlike other business-like individuals, the entrepreneurs are bent on to grow their businesses to affect the economic environment or the market and possibly become global.
- Desperate to win: being usually fed up due to an on-going or past experience, an individual will strive with the last drop of blood to ‘make it happen’. They are very resilient.
Even though not all entrepreneurs might exhibit the above characteristics, the majority do.
Following from entrepreneurship is intrapreneurship; a term coined from entrepreneurship.
Though not widely known a term, it is really a term which has recently become important in the global business circle. Intrapreneurship is simply entrepreneurship within an established organisation to take advantage of the talented staffs within the organisation.Google’s growth in its early inception could even be attributed to the ‘encouragement’ of intrapreneurship made possible through its leadership style.New graduates were encouraged to develop their ideas for the benefit of the organisation.
Competition is becoming so intense due to globalisation such that anything that could be done to stay in the race if not illegal should be done.” When the going gets tough, the tough gets going.” This is true considering the fact of globalisation and the emerging markets’ growth like those of India and China in terms of outsourcing, franchising and technology; it is very obvious that the business world is becoming more competitive and so it takes more than mere competitive advantage or leadership inspiration to stay in business or even grow organically or by mergers and acquisitions. It takes creativity, innovation, risk, determination and perseverance to achieve results that are characteristics of intrapreneurship to stay ahead in the competition. So many talented individuals might like to go to every length if encouraged to develop their creativity within a company given little incentives.
To say the least, we all have some ‘entrepreneurship’ in us if only we can relax and get deeper into our subconscious mind and do not allow the problem or situation to take better part of us. In the same vein if managers of organisations will take good care of or motivate their talented me