Innovation, Creativity, and Resourcefulness Are keys to Entrepreneurship

The word ‘entrepreneur’ is derived from the Greek words meaning ‘one who creates’. In this modern usage, however, it has become associated with skill and expertise in dealing with the technical aspects of starting a new enterprise. Entrepreneurship is the art of starting a business without prior experience or specialised knowledge. But as we shall see below, entrepreneurship applies also to some traditional businesses and there are principles of which the principles may be general, legally fixed and implied but not scientifically tested.

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Innovation, Creativity, and Resourcefulness Are keys to Entrepreneurship

The word ‘entrepreneur’ is derived from the Greek words meaning ‘one who creates’. In this modern usage, however, it has become associated with skill and expertise in dealing with the technical aspects of starting a new enterprise. Entrepreneurship is the art of starting a business without prior experience or specialised knowledge. But as we shall see below, entrepreneurship applies also to some traditional businesses and there are principles of which the principles may be general, legally fixed and implied but not scientifically tested.

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The basic idea of entrepreneurship is the pursuit of gain by people or groups by themselves rather than through a firm or company. It includes providing raw materials or services and also raw financial capitals and physical resources instead of personal intellectual capital. Entrepreneurs. Examples include industrialists, entrepreneurs, business firms, capitalistic industries, corporations, social entrepreneurs, bartering business firms. Some social entrepreneurs are philanthropic, others donate large amounts of their wealth to further development projects or for the betterment of the society at large.

Social entrepreneurship refers to the application of principles and practices of entrepreneurship to solve socio-economic problems. There are many examples of social entrepreneurship including food co-ops, artisanal trading, sharing resources, micro-enterprise collectives, and community-based nonprofits. A core element for every successful startup is the involvement of the local community in order to raise funds, gain needed skills, and build the necessary infrastructure required. The support of friends and families is also crucial to new business success.

Another principle of entrepreneurship which most people believe in, although not actually proven, is that it is usually good to invest your money in what you know. This principle was made famous by Benjamin Franklin who said “A man’s soil may be his own best friend. But perhaps it’s no good to heirloom trees to make a tree tea or oatmeal, or let them gather corn.” However, there are some venture capitalists that discourage entrepreneurs from investing in anything they do not understand or have not studied. An excellent way to avoid this problem is to prepare a well-written business plan or investing your money in something you have done before.

One other important principle of entrepreneurship relates to the idea of a scalable startup. It is essential that entrepreneurs have access to sufficient sources of capital in order to launch new ventures. This includes access to working capital funds as well as personal savings. As a general rule, entrepreneurs should never borrow more money than they can afford to lose. The key to building a sustainable business is being able to do so.

Many entrepreneurs have an extremely difficult time getting their businesses off the ground because of the incredible amount of research and planning that must go into it. Some entrepreneurs even spend months designing their business models, marketing systems, business strategies, and payment terms for creditors. It takes months and even years to develop a new venture. Therefore, many entrepreneurs feel extremely frustrated when they are unable to execute their plans on time. By developing a workable game plan, they are able to get their businesses off the ground and into profit much sooner.

Finally, some entrepreneurs may not be aware of marketing resources they can turn to in order to promote their business. While this type of advice can certainly help, there are also many other marketing methods that entrepreneurs can take advantage of. There are plenty of free online marketing resources available to entrepreneurs. Moreover, many entrepreneurs turn to social media platforms such as Twitter and Facebook to promote their business.

Being entrepreneurial requires an overall plan that includes short-term goals along with long-term ones. However, all successful entrepreneurs venture beyond their traditional means to create sustainable change. These successful entrepreneurs used innovation, creativity, and resourcefulness to make themselves financially secure while at the same time creating social change. Indeed, innovation, creativity, and resourcefulness can play key roles in entrepreneurial success. When combined with a solid strategy, a clear business plan, and an active social change initiative, entrepreneurs will have what it takes to make entrepreneurship work.

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