The concept of Entrepreneurship characteristically focuses on the beginning and running of businesses. Due to the high -level risks involved in launching a start-up and running a business, a substantial number of businesses face challenges.
The key reasons for that:
- Lack of adequate knowledge
- Funding crisis,
- Poor business decisions,
- An economic crisis,
- Powerful competition from giant rivalries
- Lack of demand in the market, or
- A combination of all of these.
However, an Entrepreneur should be able acquire the knowledge to act upon opportunities. Further, an entrepreneur should have the ability to recognize the commercial potential of the invention and organize the capital, talent, and other Resources that turn an invention into a commercially viable innovation.
In this logic, the term “Entrepreneurship” also captures innovative activities on the part of established firms, in addition to similar activities on the part of new businesses.
An entrepreneur is able to build a strong business by:
- Developing an effective business plan,
- Hiring the skilled workforce,
- Obtaining financial and material resources,
- Providing solid Leadership, and
- Analysing pitfalls.
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