12 May Entrepreneurship and its elements
This is a long process of starting a new business which is mostly on a small scale. Its basic elements are designing, starting and running this business. The people who develop or create this business are known as Entrepreneurs. Entrepreneurship is described as developing and running a business in such a way that it makes the profit for you. Sometimes the business is not in good quality and needs to be closed. Lack of funding is also a major option for the failure of a new project. In economics, its broader definition issued which implies that entrepreneurship is the use of technology to make an innovation into a final product. Many risk factors are also included in this list.
Elements of entrepreneurship:
To develop a business a person needs to see many points which are known as elements for the Entrepreneurship. Without considering these points your business can fail very badly. Basic and the most important point is design. What type of business do you want to start? Your profit and income are primarily based on the idea. One needs to start a business which is in the demand of the market. Undemanding stuff will only waste your money and time. Second is the funding for the business. Investment is also very important in running any business.
You cannot start a factory or an industry if you don’t have money in your hands. Many people also take the loan on an interest basis from the bank for starting up their business. Then at the end, they return the money when their work starts giving them a good income. Design needs to be perfect for any kind of business. In design, the location and the workforce also come. You need to have a proper man force for running any business smoothly. Otherwise, it will not be able to give you your desired income.
Risks:
If you are an entrepreneur then you should also be aware of the risks that come with starting a new business even it’s on a small scale. Maybe it doesn’t work as you thought or in the end, you may lose your money. So, you have to keep in mind all the points prior to starting a business.
Advantages of entrepreneurship:
This is more profitable than doing any job. Per capita income is doubled if you start your own business. It has far more advantages than employment.