ENTREPRENEURSHIP

Entrepreneurship can be defined as process to create and develop manage new business enterprise within order to make profit. It can also be referred as the vision to discover and risk taking with the motive to succeed in the ever changing and very competitive global marketplace. 

Meanwhile an entrepreneur can be defined as an individual wo creates and develops a business bearing all the risk and enjoys most of the rewards and are world transformers, they are more focused on making profit.

IMPORTANCE OF ENTREPRENEURSHIP

TO INNOVATE; some of the greatest technologies today have come from group and private owned entrepreneurs, Technology advances come from a need to solve problems, create efficiencies and to improve the world.

TO CREATE CHANGE; Most entrepreneurs are great thinkers, and they often dream big, and they aim to make the world more advanced and life processes easier and faster with the ability to create ideas for businesses and also experimenting and exploring new ideas.

TO CREATE JOBS; without the help of entrepreneurs most people will be jobless, so entrepreneurs take risk to venture into businesses and grow it and eventually hire people in various departments and sectors for the business.

TO GIVE BACK TO THE SOCIETY; Most entrepreneurs create his/her own business to make money to support themselves and after years of great achievements they begin to give back to the society, they also end up raising funds, donating to the less privilege, create scholarships for those who can’t afford school fees.

CHALLENGES OF ENTERPRENURSHIP.

CYBER RISK: in the recent times most information’s and data are saved on the cloud and if the owner of the business does not take his time to purchase and protect his data with the proper firewall (security) against hackers, this information is easily stolen and copied and even private mails are leaked, this entrepreneur can lose his reputation in the process.

LACK OF CASHFLOW: this can also be referred to as capital problems that an entrepreneur may lack to push his/her business.in the finical sector is hugely biased against startup enterprises this is because it’s a new business and they don’t know if the business will survive and the entrepreneur pay off the pay off the loan with its interest rates.

MULTIPLY TAXATIONS; This is a huge hindrance for entrepreneurs in a lot of developing countries, in most countries tax rates are often increased and there are also multiple taxes to meet up with and theses taxes are often renewed every other year.

GOVERNENT POLICIES; Most organization or business tend to thrive where there are good government policies. Good government policy is made to protect startup business, because these business help with the economic growth and employment of that country.

Entrepreneurial strategy is characterized as a strategy plays a whole role in the simultaneous change or the decisions made by the executives in the organization. Their ways and pattern in the development of their business/ business plan makes them different and they maintain that for their strategic growth.

In Entrepreneurship the enterprise has to always be very creative, committed confident and very curious in other to be able take decisions concerning the growth of his/her business and because they are self employed they are very flexible with time they take control over all decisions made and unlock their unlimited potentials.