Concepts Of Entrepreneurship
Concepts of Entrepreneurship
Measured Risk
Entrepreneurs are risk takers, staking money, time, and personal reputations to manifest their visions. But, like heros, entrepreneurs are rarely reckless. Rather, successful entrepreneurs take measured risks, weighing the stakes and the potential consequences, and then stepping into unknown territory to generate results. As risk takers, successful entrepreneurs understand that failure can be a vital part of success, and that learning from mistakes can be a way of reaping benefits from situations that might otherwise feel like failures.
Fiscal Responsibility
Businesses run on money, so entrepreneurs must have a solid sense of how to raise and manage funds. Successful entrepreneurs have an intuitive sense of how much money they will need to run their companies, but they supplement this sense with concrete documentation and calculations to mitigate uncertainties. Entrepreneurs are willing to risk money by making investments in building their businesses, but they keep a close eye on the numbers in order to understand how much they are spending and whether their expenditures are bringing about the desired results.
Creativity
Starting a business is a creative endeavor that starts with conceptualizing a product or service, and then building a practical infrastructure that can sustain itself while delivering that product or service. Entrepreneurship requires creative problem solving as well as creative product development, and entrepreneurs have the creative freedom to think outside the box and develop unique strategies that balance personal values with practical constraints.
Management Skills
Successful entrepreneurs see the big picture. They have the skills and the humility to define their own role in company operations, and the interpersonal skills to successfully delegate the tasks they can't complete themselves. Successful entrepreneurs are successful managers, sharing the company's vision and clearly communicating the ways
Measured Risk
Entrepreneurs are risk takers, staking money, time, and personal reputations to manifest their visions. But, like heros, entrepreneurs are rarely reckless. Rather, successful entrepreneurs take measured risks, weighing the stakes and the potential consequences, and then stepping into unknown territory to generate results. As risk takers, successful entrepreneurs understand that failure can be a vital part of success, and that learning from mistakes can be a way of reaping benefits from situations that might otherwise feel like failures.
Fiscal Responsibility
Businesses run on money, so entrepreneurs must have a solid sense of how to raise and manage funds. Successful entrepreneurs have an intuitive sense of how much money they will need to run their companies, but they supplement this sense with concrete documentation and calculations to mitigate uncertainties. Entrepreneurs are willing to risk money by making investments in building their businesses, but they keep a close eye on the numbers in order to understand how much they are spending and whether their expenditures are bringing about the desired results.
Creativity
Starting a business is a creative endeavor that starts with conceptualizing a product or service, and then building a practical infrastructure that can sustain itself while delivering that product or service. Entrepreneurship requires creative problem solving as well as creative product development, and entrepreneurs have the creative freedom to think outside the box and develop unique strategies that balance personal values with practical constraints.
Management Skills
Successful entrepreneurs see the big picture. They have the skills and the humility to define their own role in company operations, and the interpersonal skills to successfully delegate the tasks they can't complete themselves. Successful entrepreneurs are successful managers, sharing the company's vision and clearly communicating the ways