What Is Meant By Entrepreneurship?
Entrepreneurship is the willingness to take risks and develop, organise and manage a business venture in a competitive global marketplace that is constantly evolving.
What Does An Entrepreneur Do?
An entrepreneur earns a profit by producing goods and services that others value. In the course of pursuing value for themselves, entrepreneurs provide value for everyone else. They are both problem solvers and wealth creators. Creating and maintaining a culture that embraces entrepreneurship is critical to the long-term prosperity of our economy and our society.
A common misconception is that entrepreneurs get to spend most of her time doing what they love to do. But being a business owner means that you have to wear many hats. You don’t get to pick those hats. If you don’t like those hats you still have to wear them – like it or not. Here are some of the hats you will need to wear:
- Marketing to find paying customers
- Providing customer service to both happy and disgruntled clients
- Managing employees
- Overseeing payroll
- Managing professional service providers
- Dealing with vendors and suppliers
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Last Updated: May 4, 2020