Entrepreneurial Companies Examples – An entrepreneur is a person who creates a new business, bears most of the risks and receives most of the profits. The process of starting a business is called entrepreneurship. An entrepreneur is often considered an innovator, a source of new ideas, goods, services and business/or procedures.
Entrepreneurs play a central role in any economy, using the skills and initiative needed to anticipate needs and bring good new ideas to market. An entrepreneur who successfully overcomes the risks involved in creating a startup is rewarded with profits, fame and opportunities for continued growth. A failed company causes losses and lower market share for the parties involved.
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Entrepreneurship is one of the resources that economists classify as central to production, the other three being land/natural resources, labor and capital. The entrepreneur combines the first three to produce goods or provide services. They typically create a business plan, hire a workforce, obtain resources and financing, and provide leadership and management to the business.
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Entrepreneurs often face many obstacles when building their business. The three that many call the most difficult are:
Economists have never had a single definition of the term “entrepreneur” or “business” (the word “entrepreneur” comes from the French
, meaning “to take”). Although the concept of the entrepreneur existed and was known for centuries, classical and neoclassical economists excluded entrepreneurs from their formal models: they assumed that perfectly rational actors have perfect knowledge, which makes risk-taking or detection impossible. It was not until the middle of the 20th century that economists made a serious attempt to incorporate entrepreneurship into their models.
There were three thinkers in business involvement: Joseph Schumpeter, Frank Knight and Israel Kirzner. Schumpeter argued that entrepreneurs—not just corporations—are responsible for creating new things in search of profit. Knight focused on entrepreneurs as bearers of uncertainty and believed they were responsible for risk premiums in financial markets. Kirzner saw entrepreneurship as a process that led to the discovery of opportunities.
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Not all entrepreneurs are the same and not all have the same goals. Here are some types of entrepreneurs:
Builders strive to create scalable businesses in a short period of time. Builders typically pay $5 million in revenue in the first two to four years and continue to build to $100 million or more. These people are trying to build a strong infrastructure by hiring the best talent and looking for the best investors. They have temperamental personalities that suit their rapid growth, but can make personal and business relationships difficult.
Opportunistic entrepreneurs are optimistic individuals who take advantage of financial opportunities, enter at the right time, stay on board during the growth period, and exit when the business reaches its peak.
These types of entrepreneurs are all about profit and the wealth they create, so they are attracted to ideas that can generate residual or recurring income. Because they seek to find well-timed opportunities, opportunistic entrepreneurs can be impulsive.
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Innovators are those rare people who come up with a great idea or product that no one has thought of before. Think Thomas Edison, Steve Jobs and Mark Zuckerberg. These people worked on what they loved and found business opportunities through it.
Instead of focusing on money, innovators care more about the impact of their products and services on society. These people are not the best at running a business because they are the idea generators, so they often leave the day-to-day operations to those who are more capable.
These people are analytical and risk-averse. They have strong skills in a specific field acquired through education or training. A specialist entrepreneur builds their business through networking and referrals, resulting in slower growth than a construction entrepreneur.
As there are different types of entrepreneurs, there are also different types of businesses they create. Below are the main different business types.
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A small business opens a business idea without turning it into a large conglomerate or opening many chains. An example of a small business is a one-location restaurant, one grocery store, or a retail store that sells your handmade goods.
These people usually invest their own money and get by as long as their businesses make a profit that keeps them alive. They have no outside investors and only borrow if it helps keep the business going.
These are companies that start with a unique idea that can be built on a large scale; think Silicon Valley. The expectation is to innovate with a unique product or service and continue to grow the business by continuously expanding over time. These types of businesses often require investors and large amounts of capital to develop their idea and reach multiple markets.
Enterprise entrepreneurship is a new business division created within an existing company. An existing company may have a good opportunity to branch out into other sectors or join a new technology.
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The CEOs of these companies design a new market for the company, or individuals within the company generate ideas that they bring to senior management to start the process.
The goal of social entrepreneurship is to create benefits for society and humanity. They focus on helping communities or the environment through their products and services. They are not driven by profit, but by helping the world around them.
After retiring from professional dancing, Judi Sheppard Missett became an entrepreneur, teaching dance lessons to civilians to make extra money. But she soon learned that the women who came to her studio were less interested in learning the exact steps than in losing weight and getting toned. Sheppard Missett then trained instructors to teach his routines to the masses, and Jazzercise was born. A franchise agreement followed. Today, the company has more than 8,300 locations worldwide.
After taking a correspondence course in ice cream making, two entrepreneurs, Jerry Greenfield and Ben Cohen, saved $8,000 on a $4,000 loan and leased a business in Burlington, Vt. gas station and bought equipment to make ice cream with a unique flavor. community. local market. Today, Ben & Jerry’s generates millions in annual revenue.
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Although the self-made person has always been a common figure in American society, entrepreneurship has become highly romanticized in recent years. In the 21st century, examples of internet companies like Alphabet, formerly Google ( GOOG ) and Meta ( META ), formerly known as Facebook, both of whose founders are wildly wealthy, got people excited about the idea of becoming an entrepreneur. .
Unlike traditional careers, where there is often a set path, the path to entrepreneurship is a mystery to most. What works for one entrepreneur may not work for the next and vice versa. However, there are seven general steps that most, if not all, successful entrepreneurs have followed:
This first step is not a strict requirement, but is definitely recommended. While entrepreneurs have built successful businesses with less cash flow, having adequate cash reserves and stable ongoing funding is a great starting point.
This increases the entrepreneur’s personal financial information and allows more time to build a successful business instead of worrying about raising money or paying back short-term loans.
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When one has strong financial resources, it is important to build a diverse skill set and apply those skills in the real world. The beauty of step two is that it can be done at the same time as step one.
A skill set can be built by learning and trying new tasks in real life. For example, if an aspiring entrepreneur has a background in finance, they can move into a sales role at their existing company to learn the soft skills needed to succeed. Assembling a diverse skill set gives an entrepreneur a toolkit they can rely on in the inevitable difficult situations.
There has been a lot of discussion about whether you need to go to college to become a successful entrepreneur. Many well-known entrepreneurs are known to have dropped out of college: Steve Jobs, Mark Zuckerberg, and Larry Ellison, to name a few.
While going to college isn’t necessary to start a successful business, it can teach young people a lot about the world in many other ways. And these famous college applicants are the exception rather than the norm. College may not be for everyone and is a personal choice, but it’s something to think about, especially given the high cost of a college education in the US.
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Just as important as building a diverse skill set is the need to use a variety of materials. This content can be in the form of podcasts, books, articles or lectures. The most important thing is that the content, regardless of the channel, should be diverse. Aspiring entrepreneurs should always familiarize themselves with the world around them so they can look at industries
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