Entrepreneurship refers to developing, organizing, and leading a small scale business enterprise. The concept of entrepreneurship revolves around the concept of creativity and innovation. The innovative entrepreneurial business venture is more likely to start from small and grow big in near future.
Making the idea viable enough that investors found it a suitable pitch for funding the business is another important aspect of entrepreneurship. Entrepreneurship is all about starting a new business venture with feasible resources.
Charles Field Marsham is one of the leading entrepreneurs of the times. His innovative ideas have contributes to the success of the business.
Types of Entrepreneurial Ventures
An entrepreneurial venture ranges from a small in-house setup to large scale multinational business organizations.
So, there are major 4 types of entrepreneurial businesses.
Small Scale Business Entrepreneurship
Small scale business enterprises that include hairdressers, grocery stores, travel agents, and many others like these. Such business can only support a family or a small group of people. They do not consolidate large profit margins.
Venture capitalists are also not interested to invest in these kinds of ventures. The funding or loan can be done through their supporters only.
Scalable Startup Entrepreneurship
A scalable business entrepreneurial venture is quite a larger scale business. Venture capitalists eagerly fund this kind of business. Their main focus is the scalable business which is likely to expand more in the future.
Large Company Entrepreneurship
Large scale companies identified consumer needs and want very keenly. They then began to make a customized product for them that will also prove to be a market competitive.
The focus of the earning made by large company entrepreneurial ventures is through competitive advantage gained over other such businesses. They ten to design new and innovative products by themselves following vertical integration.
The secret formula of the product could never be disclosed by them to any other industry.
The main aim of the social entrepreneurial venture is the humanitarian causes and not the profit generation. Their sole purpose is to serve society and make the world a better place for the ones who are suffering.
Value Characteristics for Entrepreneurship
There are certain characteristics that when engaged in the concept of entrepreneurship create value for the business.
Risk is imminent in the form of venture failure. Many failed projects lead to the successful creation of the product. So, an entrepreneur can never be risk-averse.
Creating an innovative product in the marketplace that has never been there before is the essence of entrepreneurship.
Knowing the Product
An entrepreneur is accountable for his market offerings. He should know the market trends and the latest technology and design the products and services accordingly.
An entrepreneur should be open-minded to grasp the diverse concepts and implement them in his projects. Making the most out of the adverse situation is also an art.
An entrepreneur should be flexible enough to embrace the changes.
Learning the art and science of entrepreneurship is the trick. Charles Field Marsham gives you valuable tips for it.