Defining entrepreneurship & entrepreneur 

    Entrepreneurship is the process of identifying business gap(niche) available and coming up with creative strategy to solve or satisfy the needs created by the gap. An entrepreneur is a person who bares the risk of creating a new business with an aim of making profits.

    Basically the process of starting a business is called entrepreneurship and an entrepreneur is an innovator, and a problem solver who satisfies needs by providing goods and services through investment in provision of certain goods and services

    Entrepreneurs risk their money to startup anticipating profits and enough cashflow to keep the business in continuity. Every economy depends on entrepreneurs who play an indispensable role of balancing the economy generation of business ideas and maintaining adequate supply of  goods and services to meet the present demand.  

Key points

  • A person who identifies a business opportunity and risks his/her investments with an aim of making profits is called an entrepreneur.
  • Entrepreneurship requires capital whose sources range from loans, savings, contributions from friends and family members, grants and donations.
  • Entrepreneurs are the propellers of the economy as they provide a continuous supply of goods and services in order to meet the market demand, and payment of revenues to the government.

    Entrepreneurship relies on some factors production which are necessary for an entrepreneur to be to provide goods and services. The basic factors of production are  capital, labor and natural resources such as land.

 A business plan forms the foundation of starting a business. It is a written document that describes the details of a business at startup. A business plan contains important information about a business, which may help in pitching the viability of a business idea. It can be presented to financiers to when borrowing loans and grants. A business plan should have the following elements in its structure 

  1.  Executive summary
  2.  products and services
  3.  market 
  4.  marketing strategy
  5.  financial plan
  6. budget and action plan 

 

 


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