Entrepreneurship

What is Entrepreneurship?
Starting up new ventures
• Both within your organization (corporate entrepreneurship) and by
yourself
• Involves organizing, managing and assuming the risks pertaining to your
enterprise (if new)

Mostly based on a new idea

• What is new varies
– New to a geography
– New technology and business models
– Just new business models
– Just new technology
– Neither
An entrepreneur is one who is involved in ALL of these- managing,
organising, innovating, assuming risks etc.
Entrepreneurship is an opportunity to create wealth
Check out this link -
http://www.forbes.com/billionaires/list/#version:static
We can see that -
• Four out of the top five billionaires are entrepreneurs

• Seven out of top ten billionaires are entrepreneurs

• 16 out of top 20 billionaires are entrepreneurs

Hence, we see that entrepreneurship is a credible way to create wealth to
yourself. It helps you to get rich "very fast"
But creating a new venture is not just about “cool” ideas. We need to
understand that:
• Very few ideas succeed
– In a study of about 3200 startups in the silicon valley, about 92% of
startups failed within the first 3 years of starting.
• Success also depends on how these ideas are packaged as products
and brought to the market

• A lot depends on how they are commercialized

Entrepreneurship differs from a standard managerial career that most people
want to have or aspire. It is more unstructured compared to working in an
established firm.

• Established firms present a relatively structured environment

– Business is based on established business practices or “routines” that
have been in place for quite some time and people are familiar with
it.
• In entrepreneurship, because ideas/business models are new, there
is no precedent
– This means that they operate in relatively unstructured and uncertain
environments.
– Decisions may not be “right” or “wrong” but there are tradeoffs.
References
www.inventhelp.com

www.betterthansuccess.com

www.systango.com

www.ideas-unlimited.in