Entrepreneurship Essay Example | Topics and Well Written Essays - 3750 words

Entrepreneurship - Essay Example 130). In order to successfully develop a new venture, and to keep an existing one going on, there is a requirement to identify viable opportunities. For finding such opportunities a person has to go out of the way in his search and completely focus on a particular market to understand its needs and then meet them. This process of searching for something in the market has to be persistent and consistent. The market needs change continuously and yesterday’s opportunities can be lost. Competition is everywhere; businesses develop to meet the needs of the market and provide new and/or better products which are more in terns with the demand of the market. We cannot prevent this change; it is inevitable and it threatens the existing businesses. If the businesses are not active and are unable to continuously keep up with the new and emerging needs of the market will always fail at one point or the other and this is not the sign of a successful business. This is what the difference is between an entrepreneurship and a business – an entrepreneurship does not fail and keeps coming up with novel ideas to keep up with competition. An entrepreneur is the mastermind behind such a successful business. It is the efforts of an entrepreneur, his creative thinking and his ability to capture every opportunity and make it a success that makes a business an entrepreneurship. Although the market needs keep changing continuously some businesses consider this a pain in the neck and it is difficult for them to keep up with the demand changes. Some others take this as an opportunity and thinking creatively, grab the situation and profit out of it. That is an entrepreneur. The difference between a businessman and an entrepreneur is that the latter finds out the opportunities available and cashes them out. The process of entrepreneurship involves recognising opportunities, gathering the resources and considering the risks while going after profits. In an entrepreneurship oppo rtunities are perceived in places where others would find risks and threats; change is sought and found where everything still seems the same; an under-served market is identified where their needs are not being met completely, while others find only satisfied customers. In order to seize such opportunities a businessman needs to have a deep insight into the market matters. He needs to be able to think creatively and make decisions taking into consideration the pros and cons of the opportunities. He needs to be able to take risks in order to delve into any opportunity. He needs to understand that risks are inevitable and either one can sit in his own bubble and avoid every opportunity wherein he does not see profits, or he can step forward, take risks and make a name. It can be said that successful entrepreneurs have certain traits that do not exist in other common businessmen. These traits are what set them apart from others. The most important being the ability and willingness to take risks, as without that a business cannot expand. They have to have this courage. However, it is difficult to enumerate all such characteristics as it is not necessary that one successful entrepreneur has everything in common with another. Besides, the traits may also vary between the different