Probably that is why the literal translation from the French “one who undertakes” was expanded to a meaning encompassing the concept of value creation. In this aspect, entrepreneurship refers to creating a business while being willing to bear all the risks hoping to make a profit. But we need to remember while the definition of entrepreneurship has pretty much stayed the same over the past 100 years, the act itself has changed a lot.
Today, unlike the basic and generic definition of entrepreneurship, the modern definition of the concept is also about transforming the world by solving big problems like bringing about social change or creating an innovative product which challenges our daily, over familiarised living habits and ways.
Entrepreneurship and using social media platforms are the new magic components of today’s understanding of conducting business and we will explain the reasons why. For one thing, entrepreneurs are important for a number of reasons. They create jobs. Their ambition to grow their business eventually leads to creating new jobs. They also innovate. In today’s society, some of the greatest technologies have come from businesses as a result of that business needing to solve a specific problem. In periods where we see more advancement in technology, there usually is an entrepreneur behind it.
Entrepreneurs give to society. As they make more money, they pay more taxes. Most of them are involved in charity work or social projects which make a difference and create solutions for the problems of poorer communities. Entrepreneurs add to national revenue. Entrepreneurship creates new wealth in an economy. Either small businesses or big companies, they create wealth. New ideas and improved products or services make it possible for new markets and new wealth to grow. That is why we consider this as adding to national income.
In the business world, an entrepreneur catches on to the needs and develops an idea to meet that need which eventually gets him to take steps towards setting up a business. Entrepreneurs who prove themselves to be trusted with the risks get recognition. Once recognised in the business world, it’s now possible for the entrepreneur to play a key role in the economy while keeping up growth.
Specialising in a certain field or being a graduate from university are not the conditions to be an entrepreneur. It’s more important to have had work done properly in organisations/establishments or to have created a reliable name in terms of business. Having new ideas and willingness to take risks are what makes it important.
To get a better grasp of concepts in the world of entrepreneurship, read further and you’ll find out what you could be doing to set up your own business and what you need to know about the culture of entrepreneurship.
Future Entrepreneurship Grounds
Entrepreneurship in the time and day we live is basically related with innovative and creative ideas which can be developed into businesses. Entrepreneurs who want to pursue their dreams need to start with a bright new idea. This is primarily what start-up projects have been about. In big companies, it’s also possible for the employees to be involved in such activities for it is possible to be an entrepreneur in an already established company. This is what we call in-company entrepreneurship.
Entrepreneurship stems from the grand tree of innovation and, although there can be many branches of the tree, the root is always there to support them and that root is innovation. This doesn’t mean that innovation is a ground for big companies only. Small businesses can be the ultimate home for great innovations and hence economic and social change.
Especially with the possibilities of social commerce, which refers to a subset of e-commerce, entrepreneurship activities can be managed easier than the past. Social commerce means making purchases within social media platforms. In other words, social commerce is buying or selling products or services directly within a social media platform. Also there are so many possibilities in digital marketing today that entrepreneurship has become quite an interesting endeavour in the business world. That being said, let’s take a look at future entrepreneurship possibilities.
Information Technologies: Developing software is essential for e-commerce and IT services. These softwares are hence significant for companies and there’s no doubt that as long as there’s commercial competition, the area of information technologies will hold the key role.
E-Commerce: Most commercial activities now have been integrated with digital transformation as a result of technology. Most goods and services are now being presented to the customers via electronic channels and the trend keeps on spreading. E-commerce has already taken its place in the world of digital living.
Social Entrepreneurship: Social entrepreneurs aim to meet the needs and expectations of communities as well as transforming them. Social entrepreneurship has been improving globally for quite some time now and looks like it will keep spreading in many communities in different countries.
Logistics: Borders between countries have been less than an issue in recent years thanks to the possibilities of commercial activities being run in global fashion. Swift competition and high expectations of customers made global commerce a field where logistics are extremely important. Investing in the logistics sector might as well be one of the most prolific fields in the future.
Marketing and Commercial Advertising: Digital marketing has become an essential way in commerce as social media platforms redefined the activity of reaching out to the customer. Marketing and advertising are more valuable than ever and the sector is full of opportunities.
An Insight on Future Entrepreneurship
Entrepreneurship not only creates new grounds for all sorts of activities but re-shapes the existing areas of business.
It’s finally been getting the attention it deserves in all sectors and seems like to be more and more important in the future. If you need detailed information about how entrepreneurship works and how you can operate in today’s competitive business world, please meet our Entrepreneurship Speakers like Akshay Ruparelia and Ambarish Mitra at Speaker Agency. Log on to our web site and unlock your potential with the assistance of our global speakers and find answers to your questions.
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