Article Contributed by Kavin Matthews
The essence of entrepreneurship is the ability of individuals to take risks of trying something new. Now, if it is with regards to business entrepreneurship, it will have to be those individuals who are trying to establish a new business with some new ideas. Though entrepreneurship is related mainly with business, there is a major difference in being a businessman and an entrepreneur. Usually, an entrepreneur is more of an innovative person who manages a business much better than a businessman.
Importance of entrepreneurship in business
In order to succeed as a business, having entrepreneurship skills is extremely important. So, who actually is an entrepreneur and what are the basic skills that are required of him/her?
Entrepreneurs are bold and more project oriented and believes in innovation. An entrepreneur creates a business out of his own idea unlike the businessmen who in general inherit a business. In case of the entrepreneur, it is the business that works for him.
Entrepreneurship is not only important for the development of a business but is also a vital part of the economy as a whole. They and their work are vital to the growth of the economy and helps in constant up gradation of our living standards. Thus, it is quite obvious that the entrepreneurs help in bettering the business in the process.
Thus, the main idea is that entrepreneurs provide the needed new beginning to the new industries. It helps in development of fresh and new sectors. There are three main roles of entrepreneurs with regards to businesses and these are:
- Planning the business development – Planning the business includes the main architecture of the business. An entrepreneur is that person who envisions and externalizes the structure of the business – the planning. He/she is the one who writes up the whole business plan. The entrepreneur sets the goal the plans that are designed during the start up of a business and this is an extremely crucial point for any business. This also includes the right option through which the business should be financed.
- Researching business prospective and capturing the mass – Entrepreneurs are required to constantly research on how the business is going to evolve and what are the steps associated with it. Just like a sales man, in order to establish the business in the right way and to bring in profits, the entrepreneur is constantly required to research on anything and everything required for the business. These can include recruitment of new employees with high working abilities and skills, raising funds for the developments in the business and so on. The entrepreneurs may choose to hire those individuals who are technically more important for bringing in the development in the business. The entrepreneurs shape and design the business and the marketing strategies in such a way so as to capture the mass.
- Executing what is needed for the business development – The entrepreneurs are not only required to plan and research on the business development. They are also required to execute certain tasks. So, the entrepreneurs are also required to bring in a set of rules and principles so that the functions with regards to the business are carried out in the right way.
So, these are the three main things that an entrepreneur does and this help in development of a proper and successful business. The entrepreneurs fill up the gap between the wants and the needs of the business and also the customers at the same time. Setting up a new business is not at all an easy task. Considering this fact, it can be said that the entrepreneurs are the ones who makes all of these possible.
About the Author
Kavin Matthews is a finance based writer associated with the Debt Consolidation care Community. He has written numerous articles for different finance based websites like on debt, credit, business and debt and so on. For more details you can refer to http://www.