Entrepreneurship is the act of starting a innovation and are often part of a large

business in the hope of earning a profit. The team of C-level executives.

entrepreneur is defined as someone who has  Scalable startup entrepreneurship
the ability and desire to establish, administer Scalable startups look for things that are
and succeed in a startup venture along with risk missing in the market and create
entitled to it, to make profits. solutions specifically for them.
The entrepreneurs are often known as a source  Social entrepreneurship aim to solve
of new ideas or innovators and bring new ideas social problems with their products and
in the market by replacing old with a new services. Their main goal is to make a
invention positive change in the world and they
do not work to make big profits or
Importance of Entrepreneurship wealth.
Creation of Employment- Entrepreneurship  Innovative entrepreneurship are
generates employment. It provides an entry- people who constantly have new ideas
level job, required for gaining experience and and inventions that they turn into
training for unskilled workers. business ventures. Their aim is to
Innovation- It encourages innovation by change the way people live for the
bringing new ideas, products, and services to better, making their products and
the market. services stand out from the rest on the
Contributes to social change by developing market. Innovators tend to be very
products or service that reduce people's motivated and passionate people, like
dependence on outdated technologies. Steve Jobs and Bill Gates.
Increase Standard of Living- Entrepreneurship  Hustler entrepreneurship People who
helps to improve the standard of living of a are willing to work hard and put in a
person by increasing the income. The standard constant effort are considered hustler
of living means, increase in the consumption of entrepreneurs. As is often the case, they
various goods and services by a household for a start small and work towards growing a
particular period. bigger business with hard work rather
Supports research and development- new than capital
products and services need to be researched  Imitator entrepreneurship Imitators are
and tested before launching in the market. entrepreneurs who use others' business
Therefore, an entrepreneur also dispenses ideas as inspiration, but work to
finance for research and development with improve them. They are a combination
research institutions and universities. This between an innovator and a hustler and
promotes research, general construction, and are looking to make certain products
development in the economy. and services better and more profitable.
 Researcher entrepreneurship take their
Types of Entrepreneurship time when starting their own business.
 Small business entrepreneurship is a They do as much research as possible
business that is privately owned and before offering a product or a service.
operated That is because they believe that with
 Large company entrepreneurship When the right preparation and information,
a company has a finite number of life they have a higher chance of being
cycles, it is considered a large company successful. Research entrepreneurship
entrepreneurship. This type of relies on facts, data and logic rather
entrepreneurship is for advanced than intuition.
professionals who know how to sustain
  Buyer entrepreneurship A buyer is a to be prepared for every scenario, but
type of entrepreneur who uses their successful business leaders must be adaptable.
wealth to fuel their business ventures. This is especially true for entrepreneurs who
They usually focus on using their need to evaluate situations and remain flexible
fortunes to buy businesses that they to ensure their business keeps moving forward,
think will be successful. They thus no matter what unexpected changes occur.
identify promising businesses and look 4. Decisiveness
to acquire them. Their goal is to grow To be successful, an entrepreneur has to make
these businesses and expand their difficult decisions and stand by them. As a
profits. This kind of entrepreneurship leader, they’re responsible for guiding the
involves less risk, as entrepreneurs only trajectory of their business, including every
purchase already well-established aspect from funding and strategy to resource
companies. allocation.
Being decisive doesn’t always mean being
Characteristics of Successful Entrepreneur correct. Entrepreneurs need the confidence to
1. Curiosity make challenging decisions and see them
Successful entrepreneurs have a distinct through to the end. If the outcome turns out to
personality trait that sets them apart from other be less than favorable, the decision to take
organizational leaders: a sense of curiosity. An corrective action is just as important.
entrepreneur's ability to remain curious allows 5. Team Building
them to continuously seek new opportunities. A great entrepreneur is aware of their strengths
Rather than settling for what they think they and weaknesses. Rather than letting
know, entrepreneurs ask challenging questions shortcomings hold them back, they build well-
and explore different avenues. rounded teams that complement their abilities.
Without curiosity, entrepreneurs can’t achieve In many cases, it’s the entrepreneurial team,
their main objective: discovering new rather than an individual, that drives a business
opportunities. venture toward success. When starting your
The drive they have to continuously ask own business, it’s critical to surround yourself
questions and challenge the status quo can lead with teammates who have complementary
them to valuable discoveries easily overlooked talents and contribute to a common goal.
by other business professionals. 6. Risk Tolerance
2. Structured Experimentation Entrepreneurship is often associated with risk.
Along with curiosity, entrepreneurs require an While it’s true that launching a venture requires
understanding of structured experimentation, an entrepreneur to take risks, they also need to
such as design thinking. With each new take steps to minimize it.
opportunity, an entrepreneur must run tests to While many things can go wrong when
determine if it’s worthwhile to pursue. launching a new venture, many things can go
For example, if you have an idea for a new right. According to Entrepreneurship Essentials,
product or service that fulfills an underserved entrepreneurs who actively manage the
demand, you’ll have to ensure customers are relationship between risk and reward position
willing to pay for it and it meets their needs. To their companies to “benefit from the upside.”
do so, you’ll need to conduct thorough market Successful entrepreneurs are comfortable with
research and run meaningful tests to validate encountering some level of risk to reap the
your idea and determine its potential. rewards of their efforts; however, their risk
3. Adaptability tolerance is tightly related to their efforts to
Entrepreneurship is an iterative process, and mitigate it.
new challenges and opportunities present 7. Comfortable with Failure
themselves at every turn. It’s nearly impossible
In addition to risk-management and calculated Most people associate entrepreneurship with
decision-making, entrepreneurship requires a starting a business. While the early stages of
certain level of comfort with failure. launching a venture, such as securing funding,
“Of startups that have more than one are critical to its success, the process doesn’t
employee, 70 percent survive at least two years, end once the business is operational.
half last at least five years, and a quarter last 15 According to Entrepreneurship Essentials, “it’s
years,” says Harvard Business School Professor easy to start a business, but hard to grow a
William Sahlman in Entrepreneurship Essentials. sustainable and substantial one. Some of the
“Even then, only a small fraction of the survivors greatest opportunities in history were
get to be significant employers.” discovered well after a venture launched.”
The reasons for failure are vast and encompass Entrepreneurship is a long-term endeavor, and
everything from a lack of business scalability to entrepreneurs must focus on the process from
low product-market fit. While many of these beginning to end to ensure long-term success.
risks can be avoided, some are inevitable.
Despite this, entrepreneurs must prepare What Is Business Opportunity? – Importance,
themselves for, and be comfortable with, Types, & Identification
failure. Rather than let fear hold them back, An opportunity is a chance to take advantage of
they maintain a positive attitude to allow the a situation. It can relate to several situations in
possibility of success to propel them forward. career, sports, business, etc. It is what makes
8. Persistence the difference between real leaders, winners,
While many successful entrepreneurs are and quitters.
comfortable with the possibility of failing, it A business opportunity is the chance to take
doesn’t mean they give up easily. Rather, they advantage of an occurrence in the market for
see failure as an opportunity to learn and grow. business gain. It is what makes some businesses
Throughout the entrepreneurial process, many succeed while others fail.
hypotheses turn out to be wrong, and some
ventures fail altogether. Part of what makes an What Is A Business Opportunity?
entrepreneur successful is their willingness to A business opportunity, also called bizopp, is
learn from mistakes, ask questions, and persist the chance to take advantage of an occurrence
until they reach their goal. in the market to begin a business. It involves
9. Innovation some kind of favourable condition which exists
Innovation often goes hand-in-hand with in the market.
entrepreneurship. While innovation in business A business opportunity is what makes some
can be defined as an idea that’s both novel and businesses succeed while others fail. Leaders
useful, it doesn’t always involve creating an are successful because they see opportunities
entirely new product or service. Some of the before other people spot them, make plans
most successful startups have taken existing then build business models to capitalise on that
products or services and drastically improved opportunities.
them to meet the changing needs of the A good example of a business opportunity in the
market. market today is e-books. Amazon was one of the
Although innovation doesn’t come naturally to first companies in the online bookselling
every entrepreneur, it’s a type of strategic business who initiated an e-book reader that
mindset that can be cultivated. By developing made it possible to read books by means of a
your problem-solving skills, you’ll be well- digital device that looks more or less like a
equipped to spot innovative opportunities and tablet pc.
position your venture for success.
10. Long-Term Focus
Importance of Business Opportunity
In business, an opportunity is a key to success. problems and create solutions that can
Without it, a business cannot begin, expand, or maximise their potential.
succeed. The main purpose of an opportunity is Relevance: Good opportunities are relevant to
to serve as the basis for any action that results the scenario in which they exist. They provide
in profit and business growth. Opportunities added value to customers, markets, and
allow businesses to create and implement ideas industries. This means they do not only
and innovations and improve their represent potential but also relevance for
performance. Only those who spot solving existing problems or creating added
opportunities early can take the best advantage value for others.
of them and capitalize on them. Feasibility: Good opportunities are realistic and
The chance to build a business: A business feasible. They help businesses achieve their
opportunity can be an existing unsolved goals while making them more efficient,
problem in the market or a new problem arising productive, and profitable.
from current trends, which is the chance to Profitable: A good opportunity is capable of
build a business. providing returns on investment. It is able to
The chance to avoid failure: A business is likely achieve its objectives while capitalising on the
to fail without opportunities. This is because available resources, strategies, and assets more
they are essential for implementing ideas and efficiently.
innovations that can make a business successful. Scalable: A good opportunity is scalable. This
They allow businesses to take the right decision means it can be expanded to a big or a wide
at the right time. scale. It can extend to various markets and
The chance to grow: Opportunities allow industries while maximising the results of
businesses to create and implement ideas and investments in terms of time, human resources,
innovations. It is also a chance to improve and money.
performance by solving existing problems
better, providing a more refined value Types Of Business Opportunities
proposition to the target market, and building a There are different types of business
more efficient business model. opportunities, each one serves as the basis for
The chance to maximise profits: A business important decisions that help businesses
opportunity involves favourable conditions that succeed. Here are some examples:
can be used to increase profits. These New market opportunity: A new market
conditions include but are not limited to the opportunity involves an untapped market,
availability of resources, the existence of market which gives businesses the chance to create and
demand, and the presence of favourable implement ideas and innovations without facing
competition. The goal is to find solutions that much competition.
can potentially maximise profits while solving Untapped resource opportunity: An untapped
problems. resource opportunity is a type of business
opportunity that involves underutilised or
Characteristics Of A Good Business unexploited resources that can be used to
Opportunity create added value.
Business opportunities are the core of every Repressed demand opportunity: A repressed
successful business. They help in identifying demand opportunity capitalises on existing
problems and in creating solutions that can demands that the current offerings don’t cater
potentially help businesses grow. to. For example, Uber capitalised on a repressed
Clarity: Good opportunities are clear, well demand for an on-demand cab system in the
defined, and straightforward. They allow existing cab industry.
businesses to accurately and completely identify Technology opportunity: A technology
opportunity is a type of business opportunity
that allows businesses to introduce new can make sure that you’re organizing and
technologies that can be used in existing assigning those costs to the right product or
markets. service you offer.
Competitive opportunity: A competitive
opportunity allows businesses to introduce new 9 Components of a Business Plan
products or services that can provide more 1. Executive Summary
value than their competitors while solving the Your executive summary is going to be at the
problems of the target market better. front of your plan and be one of the first things
Strategic partnership opportunity: A strategic that someone reads. But, writing the executive
partnership opportunity involves the chance to summary should be the last thing that you do,
collaborate with businesses from even though it’s first on the list. For now, you
complementary industries, allowing them to can leave your executive summary blank
access new resources, strengthen their product 2. Company Description
offerings, and increase their competitive This is where you’re going to highlight your
advantage. business and what you do. Your company
description will include three different things: a
BUSINESS PLANNING mission statement, company history and
A business plan is a document that defines in business objectives.
detail a company's objectives and how it plans 3. Market Research and Business Potential
to achieve its goals. A business plan lays out a This is the section of your business plan where
written road map for the firm from marketing, you outline your target demographic and ideal
financial, and operational standpoints. Both customer base. You’re also going to do research
startups and established companies use into the potential and actual size of the market
business plans. you’re going to enter into. Target markets are
going to identify specific information about your
customers.
Here are some tips to help you get the most out 4. Competitive Analysis
of your business plan and make it stand out. What is your competition doing? Competitor
research is going to start by identifying any
Make it as easy to read as possible. Investors companies that are currently in the market you
want something that’s easily scannable and is want to enter into. Understanding everything
divided into distinct sections. This way, they can you can about your competition can seem
quickly look through the plan and spot the key overwhelming and intimidating
information. 5. Describe You Products or Services
Keep it brief. Most business plans are going to What do you offer your customers? What
range anywhere from 10 – 20 pages. But, as product or service is your business built on? This
long as you cover the essentials and highlight section of your business plan is going to detail
the key points, less can often be more. everything about your product or service. Plus,
Make sure you proofread and edit. Always it’s going to highlight why what your business
double-check for grammatical errors and that offers is better than the competition.
it’s formatted properly. Typos and mistakes are 6. Marketing and Sales Strategy
not going to reflect positively for your business. You could spend weeks putting together an in-
Have a quality design. Make sure you have the depth business plan that highlights your
proper layout, formatting and brand messaging company and what you do. But, if you don’t
throughout. Bookbinding your business plan can have a solid marketing and sales strategy in
make it look more professional. place then it won’t matter how good your
Know all your business margins. Include each business plan is. You still need to know how
and every cost that your business incurs. You you’re going to generate sales.
This part of your plan is entirely dependant on
the type of products or services that you offer.
You can include your company’s value
proposition, ideal target market and your
existing customer segments. Then, you can start
with some more specifics.
7. Business Financials
If you are just starting your business then you
aren’t going to have much financial data. You
won’t have things like financial statements or an
income statement. But, you still need to put
together some type of financial plan and
budget. If you have been operating for a while,
you will have some important information to
include, such as:
Profit and loss statements
Income statements
Cash flow statement
Balance sheets
Revenue vs net income
The ratio of liquidity to debt repayment
Make sure that the data and figures that you
include are accurate. For example, things like
costs, profit margins and sale prices can be
closely linked together. If you don’t have access
to historical data, you can put together financial
projections.
8. Management and Organization
The people that you have working for your
business are the driving force behind your
overall success. Without the right people in
place, your business won’t likely be successful.
This is the part of your business plan where
you’re going to highlight your team.
Identify the members of your team and explain
how they are going to help turn your business
idea into a reality. Plus, you can highlight the
qualifications and expertise of each team
member. This will position your business as one
that’s worth potentially investing in.
9. Include an Appendix
This is where you’re going to compile and
include everything that both investors and your
team will need access to. Include everything
that’s useful for an investor to conduct due
diligence.