Entrepreneurship Definition is a complex concept, hard to spell and hard to say.The word in itself is very intimidating. We can’t agree on what entrepreneurship is. Since we can’t agree here is the definition.Entrepreneurship is business building for your own interests.
What elements do you need to enable it to work?
Entrepreneurship is the pursuit of opportunity without regard to the resources controlled.
What does it mean?
An entrepreneur sees an opportunity and is going determined to make it happen. He is without doubt going to find a way to do it.
Entrepreneurs require three things to control and utilize in order to make it work.
They need an Opportunity, Resources and a Team.
Take the story of facebook.
The Sketch on the left illustrates: The Opportunity, Resources and the Team is a juggling act. The Founder Mark Zuckerberger is the bottom pillar of a see saw. The whole system is balancing on a knife edge.
If the Opportunity is too big, the whole see saw will lean over towards the opportunity side and it will be totally out of balance. The team will be too small to cope with the new demands as well as the Resources not being enough. For instance, the money will run out as well as the equipment will not be able to cope with an expanding market.
Mark just had a small team, he and his four dorm mates.
Mark also didn’t have a lot of resources.
They saw that they had a big opportunity.
They had a big opportunity with a small team and virtually no money(resources). Opportunity was out of balance with resources and team. To make things work, Mark made the Opportunity smaller and it stretched over half of the students on the campus.
As the resources grew and the team grew, the opportunity grew as well when he involved more schools.
Facebook has grown into a global social networking website serving millions of people.
Look at Opportunity
How big is the opportunity?
What Resources you will need
Who will belong to your Team
You need a Business Plan
as a way to investigate these three things, the Opportunity, Resources and Team. Uncertainty is the gaps in between.
So, entrepreneurship is your act of identifying the opportunity, finding the resources and the team to take advantage of that opportunity.
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