Entrepreneurship: Meaning, Benefits and How to Become a Good Entrepreneur

What is an entrepreneur?

An entrepreneur is someone who sets up and runs businesses. They may be an inventor: someone who has created a new product or service. It is a job which requires creativity, patience, great communication skills, and confidence.

Benefits of becoming an entrepreneur

Being your own boss is not easy and neither is running a business. You will need to be brave, take risks and believe in yourself. You will also need to be able to solve problems and admit when something has gone wrong. Staying positive, thinking creatively and being solution-minded are all valuable skills that will serve you well in life, as well as business.

Choose who you work with

When you run your own business, you build your own team. You can surround yourself with people who share your vision and work the way you want them to. Being able to nurture new talent and get the best out of your colleagues is one of the most rewarding things about being an entrepreneur.

Create a positive impact

Starting and running a business gives you the opportunity to make a positive impact. Whether it’s uplifting society, creating jobs in your local community or leading the way in sustainable business and showing others how to protect the environment.

Fulfilling and rewarding

Building your own successful business is a big achievement. It will always have challenges, but this makes it more rewarding when things go well. You will be able to look at your achievements and know that they were due to your own hard work.

Thinking of becoming an entrepreneur?

A business degree is an amazing way to gather the knowledge and contacts you will need to become *an entrepreneur*. Choose a University with business and entrepreneurship programs. These programmes prepare you to succeed.

What is social entrepreneurship?

Social entrepreneurship is where you create and fund ventures that address wider social issues. Social entrepreneurs want to use their business skills and knowledge to have a bigger impact in the world, from local communities to wider society.

People often confuse social entrepreneurship with nonprofit organisations, like charities. It is important to note that social entrepreneurship is still focused on making a profit, but there is more focus on changes that benefit people first. From environmental to societal, what you choose to focus on will depend on your own personal interests or a need you have identified through informed research.

Why is entrepreneurship important?

Entrepreneurs create new businesses, which in turn add to national income via taxation. New businesses create new, innovative ideas that could create things that help people in their everyday lives.

If you become a social entrepreneur, your business will have a direct, positive impact on society.

What role does entrepreneurship play in the economy?

All businesses start from an idea, and those ideas can grow and develop into fully-fledged companies that make a profit and have a significant impact on the world. Creating new products and services, in turn, creates new job opportunities and stimulates economic growth.

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