What is Entrepreneurship?

Entrepreneurship is both the study of how new businesses are created as well as the actual process of starting a new
business – the term is used interchangeably. An entrepreneur is someone who has an idea and who works to create a
product or service that people will buy, by building an organization to support those sales.

Entrepreneurship is the endeavor of creating, owning, and commercializing an idea, technology, product, or service, as
well as assuming the risks and rewards associated with that enterprise. Entrepreneurship refers to the concept of
developing and managing a business venture in order to gain profit by taking several risks in the corporate world.
Simply put, entrepreneurship is the willingness to start a new business.

Entrepreneurship Definitions

Economists have never had a consistent definition of "entrepreneur" or "entrepreneurship" (the word "entrepreneur"
comes from the French verb entreprendre, meaning "to undertake"). Though the concept of an entrepreneur existed
and was known for centuries, the classical and neoclassical economists left entrepreneurs out of their formal models:
They assumed that perfect information would be known to fully rational actors, leaving no room for risk-taking or
discovery. It wasn't until the middle of the 20th century that economists seriously attempted to incorporate
entrepreneurship into their models.

Idea

The first element of entrepreneurship is having a great idea. The common approaches to developing business ideas are
to do what you know, emulate and improve on what someone else is doing successfully or solve an unmet need in the
marketplace.

Market

Understanding your market is a vital element to becoming an entrepreneur because it's the basis on which you'll
determine your idea's feasibility. You need to know who your target customers are and how and why they buy. You
also need to know who you competition is in order to assess whether there's room in the market for your business
idea.

Funding

Even a shoestring operation has some costs. You're likely to be your own--and your only--investor, so you must be able
to understand and track your personal finances. Know how much you need to get off the ground and how much you'll
need to stay afloat until your business turns a profit. This is the first step to attracting outside funding.

Legalities

Entrepreneurship requires attention to legal details. The first is structure--the type of ownership you'll maintain. Sole
proprietorships, partnerships, limited liability companies, corporations and nonprofits all have benefits and risks you'll
need to consider in making your decision. You'll also need to register your business with your state, and perhaps local,
government. In addition, you must apply for a tax ID number and any permits and licenses your state and municipality
require for your type of business. Finally, The Entrepreneur Institute recommends protecting your investment with
errors and omissions insurance.

Advertising and Marketing

Marketing and advertising get word out to your target market that you're here and you're open for business. Spread
the word by employing the appropriate tools to communicate your product or service's value. Marketing tools include
new technologies, such as social media and the Internet, as well as the traditional channels of word-of-mouth, print
and broadcast media, direct mail and the telephone.
Business Plan

A business plan commits to paper all of your ideas for your business. The Small Business Institute calls a plan a living
document, as it evolves and changes over time, in step with your business. Your comprehensive business plan is the
element that ties all the other elements together and establishes your road map to success.

Entrepreneurial mindset refers to a specific state of mind which orientates human conduct towards entrepreneurial
activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation and
new value creation.

Characteristics include the ability to take calculated risks and accept the realities of change and uncertainty. [1]

The Entrepreneurial Mind The creative mind conceptualizes and designs a product that consumers find some use for.
It likewise produces a product that is pleasing to see, touch, smell, hear, and taste.

9. The Entrepreneurial Mind The technical mind is the technology originator. The entrepreneur may not necessarily
possess the technical mind but this is what drives him or her to convert new knowledge into something highly
functional and operational. Wireless Charger

10. The Entrepreneurial Mind The business mind harnesses the potentials of new products by creating the market
space for them. It also organizes sufficient forces and resources to develop, launch, and commercialize the new
product in order to maximize its market value.