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Entrepreneurship

When we talk about entrepreneurship, most people readily think of business ideas that have been successful in the real world. In general, people think of entrepreneurs as being responsible for inventing a new idea, something unique, and then getting it marketable enough so that someone can use it to make money. The idea that most people put forth in this way is because they were able to see an opportunity, saw a need, and thought of a way to meet that need without actually having been in business before. What is a little more difficult to pin down are the characteristics of entrepreneurship. There are actually four characteristics of entrepreneurship, which are not actually mutually exclusive, but they do share some commonalities. In short, these characteristics are as follows:

 

Entrepreneurship requires the extraction or creation of value. With that definition in mind, entrepreneurship is seen as innovation, typically entailing high risk, though sometimes relatively moderate, risk that can be mitigated by a scalable startup. For example, if you look back at the history of business, you will see several instances where a single inventor came up with a new idea, product, or technology that was able to change the face of an industry or even the world. The difference was their ability to harness innovation to create a small business that could go on to generate high profits while being operated from a home office.

 

Entrepreneurship involves risk and making the leap. This risk can involve a significant investment on behalf of the entrepreneur, though often this is only a small part of the total capital required to launch the business. Entrepreneurism also requires a significant amount of courage in order to take that leap. Entrepreneurism is also often associated with a strong mental attitude and a belief in the capacity of a business to create wealth. A few entrepreneurs have a particular belief that their ideas are so great that they can't fail.

 

In the modern age, many businesses are built around technology, although there are some businesses that do not run entirely on it. Entrepreneurship has become more about software and internet applications than it is about physical infrastructure. A number of businesses that are on the cutting edge of technology are also considered to be upstarts. Examples include the mobile phone industry, which has not changed much over the years. Mobile phone companies have relied largely on innovation for the success of their businesses, but when it comes to new product launches, they have relied much more on entrepreneurship than on technology.

 

Entrepreneurship does not happen overnight. It requires an intense level of focus and determination and, sometimes, an entrepreneurial mindset. Most experts would agree, however, that being an entrepreneur is one of the most rewarding experiences in life. Many individuals report having a very high level of happiness upon becoming self-employed or setting up their own venture. Additionally, entrepreneurship can be good for your mental health and can help you build a more satisfying and lucrative career.

 

The United States economy has benefited greatly from entrepreneurial activity. There are countless businesses established across the country because of entrepreneurial action. Small businesses have provided millions with jobs and provided a vital source of income for retirees, especially college students. The future of the American economy is strong with the infusion of entrepreneurial energy that entrepreneurial ideas to bring to the nation.

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