Entrepreneurship

Entrepreneurship is a competency for establishing, developing, and suspecting risk for an enterprise. Entrepreneurs don’t build their castles of success exactly based on scientific facts and figures rather possess a very artistic vision and approach. science cannot be completely ignored. It may not be wrong to say that people who find the right combination of variables become successful entrepreneurs. They can lead the venture through risks, challenges, and opportunities. The major difference is that in science, we seek opportunities to make money.

So, it can be said that Entrepreneurship is both an art and a science. Art is an occupation that needs both knowledge and skilled traits, and science is a process for systematized knowledge. Both art and science are essential to creating sustainable and prosperous business entities. Business is as much art as science.

Entrepreneurship is an art

Entrepreneurship is an art as it involves techniques like apprenticeship and experience. Entrepreneurs are different from business people as they come up with a creative and novel idea that might not be very helpful to other people. They are quite imaginative and possess the art of creating something that others are unable to.

Some of the qualities that make a good entrepreneur can overlap or be shared by the artist or scientist but the goals differ.

An entrepreneur is someone who takes risks, organizes, and operates a business. Forbes would alter that definition by stressing it applies to any business. Within that definition is an inherent emphasis on the goal of making money.

Entrepreneurial Qualities: The Art

• Vision
• Passion
• Attitude
• Values
• Perseverance
• Self-Motivated
• Leadership
• Experience
• Focus

If you want to be an entrepreneur commit yourself to entrepreneurship as a career. Don’t look at a single failure as a setback or a blemish on your record but as a learning opportunity to improve yourself and a stepping stone to your next project.

Many people end up pursuing an entrepreneurial role later in life after they have spent careers in various trades; however on entrepreneur believes that no amount of experience can prepare one for the many roles and responsibilities taken on by a new business owner. Accounting, legal matters, marketing, production, supply, and employee management are just a few areas that require expertise and attention, and there are not many people who acquire such a broad range of talent even after a lifetime of learning. Experts recommend identifying strengths and hiring to fill in weaknesses, asking questions, and doing the research ahead of time to avoid being surprised by unexpected problems and challenges. For more on this continue reading the following article from The Street.

"Business is creative. It's like a painting. You start with a blank canvas. You can paint anything, anything, and there, right there, is your first problem. For every good painting you might turn out, there are a zillion bad paintings just aching to drip off your brush," believes Richard Branson in Business Stripped Bare. Photographer and author, David Bayles, wrote in Art and Fear, "One of the basic and difficult lessons every artist must learn is that even the failed pieces are essential." Art is the creative expression of knowledge, like the composer, Stephen Sondheim, said, "Art, in itself, is an attempt to bring order out of chaos." According to Jennifer Wang, a contributor to entrepreneur.com "Entrepreneurship is an irrational pursuit. Founding a company, much less one that could "change the world," entails insane amounts of risk, ridiculously low chances of success, and zero work-life balance."

Entrepreneurship is science also.

Science is an approach to acquiring knowledge, it is the intellectual study, through observation and experimentation. Albert Einstein said, "If we knew what we were doing, it would not be called research." Companies know that big data and analytics are beneficial to their business. The chaos of data at our fingertips needs analyzing for insights that lead to better decisions and strategic business moves. Experimentation of the knowledge gathered is also essential. This is to see what happens when a business tries something new, if the extra units sold as a result of the marketing campaign or if the return customers were due to offering more customer support. Science is the use of specific information and facts to guide the business. Frederick Taylor, the first management consultant, used techniques borrowed from botanists and chemists, such as analysis, observation, synthesis, rationality, and logic to develop his theory of scientific management. He evolved management strategies for a more efficient way of working and required some members of staff to "develop scientific methods for doing work."

There are two things that are important for helping people to start and grow businesses: (1) the drive and passion to do it; (2) the skills and knowledge necessary to start and grow a company. Often people focus on the latter.

The earlier is arguably more important. We focus on helping people to figure out the first part, then take them through a process of how you turn this into a viable product and model that makes a business sustainable”.

The program is designed to teach students the fundamental skills behind coming up with an idea, developing it through to launch, and creating a value-driven business model.

Entrepreneurship is an irrational pursuit. Founding a company--much less one that could "change the world"--entails insane amounts of risk, ridiculously low chances of success, and zero work-life balance.

Becoming a successful entrepreneur is not about destiny, it is a deliberate process that has its set of rules. The art and science of being a successful entrepreneur are about following established processes, putting in place systems, and having a strategy in place.

On this day it is troublesome for associations to stay aware of the determined changing business sector requests. The purchaser is an individual and needs a customized benefit. Client dependability is substantially harder to keep. This makes an enormous test for associations to continue existing clients and pull in new ones.

It helps to create jobs and make the economic factors work well in society.

Generally, a business begins with a business concept (the idea) and a name. Depending on the nature of the business, extensive market research may be necessary to determine whether turning the idea into a business is feasible and if the business can deliver value to consumers. The business name can be one of the most valuable assets of a firm; careful consideration should thus be given when choosing it. Businesses operating under fictitious names must be registered with the state.

Businesses most often form after the development of a business plan, which is a formal document detailing a business's goals and objectives, and its strategies of how it will achieve the goals and objectives. Business plans are almost essential when borrowing capital to begin operations.