Entrepreneurship is a term which is defined as a process of starting, designing, and running a new business. The business can begin with small-scale business or the startup companies. Many of this business is started with new ideas, offering interesting products, giving employments, and raising the economy of the nations. In many advanced countries, the entrepreneurs are welcomed and supported by the government as because they are the future economy of the country.
Entrepreneurs are the leaders who have the willing and capacity to take the risk, exercise the initiative of starting new concept by taking the advantage of present market condition, organizing the resource, using the potential, and by developing the new products, developing the existing products and services.
In most of the cases, a new entrepreneur needs finance for starting his ideas and plans, so the investor is needed. Investors provide the finance for these new projects and become the shareholder on the upcoming projects. An investor can also influence the company strategies, on management choice. In many develop and also in developing countries the government invests on these new projects which results in the huge economic development of the country.
Every entrepreneur needs new ideas, ideas of a new product or the ideas of developing the existing product. The Proper business plan is one of the important things that is needed for having a successful business. Proper plans and ideas are much more important than the finance. Without plans and good ideas, no business can run successfully.
Why we need an entrepreneur? Entrepreneur develops the economy, provide employments, invent the new products, and develop the existing products. Entrepreneurship is needed for the development of society in many respects, the evolution of human development and society, advance productivity, and luxurious life, fast growing economy.
Social entrepreneurship is a concept where a group of individual a common business together and they share the money in according with their work. This concept has a hugely positive result in economic development, providing employment. Social entrepreneurship is one of the most raising ways of development in both developing and develops countries. Social entrepreneurship makes people self-employed, especially in the countries with a huge population where employment can’t be given to many.
Every new thing and new steps have the risk, fear and uncertainty and the person who overcome all these get the success.