The Concept of Entrepreneurship
In our modern global economy, one cannot simply ignore the importance of entrepreneurial skills among university graduates. The technological advances of our age have created tremendous opportunities (and problems) that must be addressed. However, doing this requires skills and resources that many university graduates seem to lack.
This short essay presents a brief look at the concept of entrepreneurship and the significance of endowing graduates with entrepreneurial skills.
Definition of Entrepreneurship
According to the renowned author Bill Aulet, entrepreneurship is about “having control over one’s destiny.” Perhaps, the most appealing aspect of entrepreneurship is the ability to follow one’s dreams and make a mark on the world.
More formally, entrepreneurship can be defined as the act of building and managing a business in order to generate profits. In recent decades, the concept of entrepreneurship has expanded and now includes larger goals, such as social change, eradicating poverty, and justice.
Although the concept has a wide range of different meanings, it often reminds many people of either startups or small businesses. These two kinds of entrepreneurship are different in terms of their objectives. Startups are driven by cutting-edge technologies and disrupting markets at a fast pace whereas small businesses are mostly focused on profitability and stable long-term value.
Another significant difference that is often misunderstood is the concept of scalability. Scalable startups are those that can outperform competitors and seize a large share of the market in a short amount of time. On the other hand, by definition, small businesses cannot achieve scalability because their purpose is to generate profits from the first days.
Definition of an Entrepreneur
Based on the previous definition, an entrepreneur is someone who sets out to create a business with the aim of making a profit. Entrepreneurs are usually very ambitious individuals who are willing to take risks in order to obtain outsized rewards.
Other qualities of entrepreneurs include, but are not limited to, taking initiative, being in charge, and accepting responsibility. Most founders are creative thinkers who are able to see things from different angles. They are also very solution-oriented and prefer to take action rather than over-analyze situations.
The fact that many successful business owners are extroverted may create the illusion that introverts cannot be good founders. This is far from the truth. In fact, introverts are good at attending to customer needs and are more likely to establish deep connections with people, both of which are extremely important factors that lead to customer loyalty.
Advantages and Disadvantages of Entrepreneurship
There are many advantages to having one’s own business, such as self-discovery, diversity, community involvement, and the freedom to work without restricting schedules. Moreover, the ability to create a product and bring it to the market for the first time is an experience like no other.
However, the exciting world of entrepreneurship is not without its disadvantages. Entrepreneurs have to work very long hours. It is not uncommon to have 18-hour days. High risk of failure, lack of a guaranteed paycheck, and chronic stress are among the other difficulties any founder faces.
Entrepreneurship in Universities
Google, Apple, Microsoft, and Facebook are all enormously successful companies launched by founders between the ages of 20 and 26. These are just examples of the many successful companies that have been started by recent graduates. The stories of these firms are sources of inspiration and excitement to many aspiring entrepreneurs.
Moreover, the entrepreneurial skillset is invaluable in that it allows individuals, especially students of higher education, to act as catalysts for progress. It enhances many skills, such as teamwork, creativity, negotiation, financial thinking, and decision-making.
However, entrepreneurial skills are different from most analytical skills taught at institutes of higher education. Throughout their studies, students are told to write tens of essays on business topics, for which they can get help from custom essay writing services.
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Entrepreneurship is growing in significance in our modern world and the need for individuals with entrepreneurial skills is on the rise. Entering the world of entrepreneurship is very exciting and it requires both theoretical and practical knowledge. That’s why entrepreneurial skills are best learned through experience and failure. For this simple reason, instead of adding entrepreneurship classes to their curriculums, universities must facilitate the formation of entrepreneurial environments and creative cultures on their campuses.