Introduction to Entrepreneurship

Entrepreneurship has been defined as the ability to be able to know what products and services are needed
by people, and to be able to provide these things at the right time, at the right lace and to the right people
and at the right price.
Other aspects include being aware of and devoting the necessary time and effort to produce or deliver these
products and services. It involves having a great idea or concept, and gathering resources-people, money,
raw materials, knowledge, and know-how-in order to produce the products and services that people are
willing to buy. It means being able to identify an opportunity and being able to build on it and develop it toa
lucrative business. It means having to take risks or deal with uncertainties in the course of making, selling,
and distributing these products and services. But the prize of successfully overcoming these risks is the
reward that awaits the daring entrepreneur. The resulting rewards can take the form of monetary and
financial payback, personal satisfaction, independence, the ability to provide jobs, a chance to help and serve
the community, and even to make a difference in people’s lives.

DOES ENTREPRENEURSHIP ALWAYS INVOLVE AN OPPORTUNITY?

Entrepreneurship happens when a person on the entrepreneur identifies an opportunity where he can make
a profit. It may be as simple as buying a product at a lower price in one location, and selling it at a higher
price in another location or it can be more complicated as when an entrepreneur buys new materials,
combines them in a new manufacturing process, produces anew products, and then sells it at a prices greater
than the cost of producing it.

IMPORTANCE OF ENTREPRENEURSHIP
1. Creates Opportunity
Do what you love. Make things. Pursue your hobbies. You don’t always need to have a plan about
where it’s going to lead, or be good at it, just as long as you enjoy the process
2. Ensures Social Justice
Entrepreneurship is also an issue about social justice. Some fight for justice and equality to transform
the world, some labor for commercial gain. Victims turned entrepreneurs focus on transforming the
world and launch a dream. Under such circumstances, the concept of “business” as a commercial
and profit-making entity crumbles, given the face of human reality. For all the victims, business is
learnt on the battlefield—for them, business stands for sustenance, resilience, deliverance, and
dignity because entrepreneurship restores social justice. A combination of social justice and
economic justice denotes what is known as ‘distributive justice’. In a developing
society like ours, with ever-widening gaps of inequality in status and opportunity,
the law is a catalyst to reach the ladder of justice and entrepreneurship is the
means to climb.
3. Instills Confidence
Self-confidence is your biggest weapon and tool when it comes to entrepreneurship or a startup.
Wear it proudly! Through your work, always seek to bring a positive change in the society. Believe in
yourself, your aim, and your abilities. Keep your head high, feet on the ground, and aim for the stars.
We confuse ‘I can do it with ‘How will I do it?’. Being confident that ‘I can do it,’ comes very naturally
but it gets overshadowed by ‘How to do it?’ So, don’t let the ‘How will it happen?’ overwhelm you
4. Stimulates The Economy
New products and services created by entrepreneurs can produce a cascading effect, where they
stimulate related businesses or sectors that need to support the new venture, furthering economic
development
 5. Take Risk
Taking risks is scary, whether you’re going all-in during a friendly game of poker or quitting your long-time
career to pursue one of your promising business ideas. Most people tend to avoid risks when possible,
because inaction is often safer than action, but most successful people will tell you they got to where they
are because they were willing to take risks no one else was -- whether that was developing a product nobody
else thought would work or investing a sum of money everyone else thought was crazy.

Still, taking risks is intimidating, especially for new entrepreneurs. But it’s more complicated than just “doing
something that might turn out bad.” To feel more comfortable taking risks and make more informed risk-
based decisions, keep these five considerations in mind.
6. Fail and to Persevere
Seeing failure as a challenge rather than a personal shortcoming can be immensely helpful to entrepreneurs
during their journey. Every failure you encounter is an obstacle to overcome, and successful entrepreneurs
navigate around several until finally “making it.”
When you are no longer scared of failure, you have less to hold you back when go after your dreams and
goals. We encounter scary situations daily, and the sooner you eliminate fear from your thought process, the
sooner you will be able to go after your goals with 100 percent focus.
7. Become Creative, Inventive and Innovative
One of the key requirements for entrepreneurial success is your ability to develop and offer something
unique to the marketplace. Over time, entrepreneurship has become associated with creativity, the ability to
develop something original, particularly an idea or a representation of an idea. Innovation requires creativity,
but innovation is more specifically the application of creativity. Innovation is the manifestation of creativity
into a usable product or service. In the entrepreneurial context, innovation is any new idea, process, or
product, or a change to an existing product or process that adds value to that existing product or service.