What is Entrepreneurship?
It is quite difficult to answer the question “what is entrepreneurship? However, it is known that entrepreneurship is distinct features found in businesses that are entrepreneurial. Entrepreneurship rests on the economic theory and society. The theory sees change as normal and indeed healthy. As explained by Drucker, Joseph Schumpeter ( in his book “ The theory of economic dynamics” published in 1911) postulated that dynamics dis-equilibrium and optimization, is the “norm” of a healthy economy and the central reality for economic theory and practice. Although, entrepreneurship originated from Economics, it is not limited to economic activities alone. It pertains to all human activities. Since entrepreneurship is based on the economic theory that sees changes as the norm and healthy; entrepreneurship could be described as the willingness and ability of an individual or organization to use its resources to seek/search for changes, respond to it and exploit it as an opportunity to improve productivity and yield.
From above, it should be noted that the activities of entrepreneurship include continuously,
- Evaluating the “value” of their products to customers,
- Standardizing the product and improving on the standard,
- Developing designs processes or production techniques and tools to improve yield while maintaining standard,
- Training its human resources based on analysis of work done and drastically setting new standard as required,
- Searching the environment for changes, opportunities and responding to these changes and opportunities, and if possible create changes. Sometimes, continuously tuning and fine tuning the objectives/goals of the organization.
- Exploiting every opportunity to improve productivity and yield
A view of these activities may lead one to believe that entrepreneurship is enormously risky. Basically, in areas that involve high technology, research, discovery and development, the casualty rate is high and the chances of success or even surviving is low. However, entrepreneurship is less risky than optimizing resources in an area where the proper and profitable course is innovation. This innovation must be based on economic and market structure; perception and moods. Therefore, the innovation must be systematic and purposeful, for it needs to be managed.
Thank you
Augustus Zekaryah
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Other articles published by the author in this series at https://firstplus-ibs.com.ng that may be of interest are.
- Who is an entrepreneur?
- Innovation
- The principle of innovation
- Consulting
- 8 things a consultant can do for you
As you read them drop a comment because your feedback is very important to us. It will help us to improve. Regards…
About the author – Augustus Zekaryah
Augustus is a management, banking and business computing professional with over 20 years of documented success in the field. Augustus is recognized for the application of software to solving business problems, Software Project Management, Enterprise Architecture Strategy, and Delivery of learning solutions with focus on adaptability, Development and execution of business plans, General management and administration, Operations management and Best practice development. Augustus founded and manages FirstPlus Integrated Business Solutions (http://firstplus-ibs.com.ng) as a Software and Business Consulting outfit that specializes in Software development and integration, E-Learning development, Business and Marketing Planning, Consulting and training.Augustus brings to his work a high level of energy, passion, commitment and humour. He is married with children.
