Entrepreneurship - Introduction

Entrepreneurship is the art of starting a business, basically a startup company offering creative product, process or service. We can say that it is an activity full of creativity. An entrepreneur perceives everything as a chance and displays bias in taking decision to exploit the chance.

Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire, and the people who do so are called 'entrepreneurs'.

An entrepreneur is an innovator or a creator who introduces something new to the firm or economy. It can be a new method of production, a new product, a new source of material, a new market or any other similar innovation. Thus, an entrepreneur is an innovator, creator, borrower, purchaser, etc. Some famous entrepreneurs are Azim Premji, Lakshmi Mittal, and Ekta Kapoor.

Why is Motivation Required?

The term motivation has been derived from the word ‘motive’ which is nothing but what prompts any person to act in a particular manner. Motives are the definition of a person’s goals, dreams and needs. They direct human behavior to towards achieving their goal.

When everything is properly organized, then what is the need of motivation?

The following points answer this question and gives an idea why motivation is an important factor for an entrepreneur −

• Tough competition
• Unfavorable environment
• To create public demand
• To enhance creativity
• To increase productivity

Thus motivation plays a unique role in establishing a company by frequently boosting the entrepreneur to do effective things efficiently.

What Motivates an Entrepreneur?

Many research studies have been conducted by researchers to understand and answer this question so that the factors that motivate people to take all the risk and start a new enterprise can be identified.

The 6Cs that motivate entrepreneurs to establish their own business are as follows −

• Change
• Challenge
• Creativity
• Control
• Curiosity
• Cash

From the above discussion, it can be said that the highest motivating factor is the urge to get something or the drive to do something differently.

Results of Motivation

Successful entrepreneurship needs determination, freedom, discipline, connectivity and an abundance of skills in planning. People with a complete package of physical strength combined with perseverance, mental strength, and self-discipline have the passion and urge to succeed. With proper motivation, we get the following outcomes −

• Heavy industrialization
• Self-employment
• Economic growth
• Creating new jobs
• Proper social benefit

Entrepreneurial drive is the inbuilt encouragement some people possess to make something happen. It is the energy that pushes one forward as a founder and forces not to give up in the face of failure, ultimately leading to success.