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EirePreneur
is all about entrepreneurship, with a particular focus on Irish
business, startups and opportunities.
Entrepreneurship is the practice of starting new organizations or
revitalizing mature organizations, particularly new businesses generally
in response to identified opportunities. Entrepreneurship is often
a difficult undertaking, as a vast majority of new businesses fail.
Entrepreneurial activities are substantially different depending
on the type of organization that is being started. Entrepreneurship
ranges in scale from solo projects (even involving the entrepreneur
only part-time) to major undertakings creating many job opportunities.
Many "high-profile" entrepreneurial ventures seek venture
capital or angel funding in order to raise capital to build the
business. Angel investors generally seek returns of 20-30% and more
extensive involvement in the business. Many kinds of organizations
now exist to support would-be entrepreneurs, including specialized
government agencies, business incubators, science parks, and some
NGOs. |
- Characteristics of entrepreneurship
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- The entrepreneur has an enthusiastic vision, the driving force
of an enterprise.
- The entrepreneur's vision is usually supported by an interlocked
collection of specific ideas not available to the marketplace.
- The overall blueprint to realize the vision is clear, however
details may be incomplete, flexible, and evolving.
- The entrepreneur promotes the vision with enthusiastic passion.
- With persistence and determination, the entrepreneur develops
strategies to change the vision into reality.
- The entrepreneur takes the initial responsibility to cause
a vision to become a success.
- Risks; Entrepreneurs take prudent risks. They assess costs,
market/customer needs and persuade others to join and help.
- An entrepreneur is usually a positive thinker and a decision
maker.
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- Contributions of Entrepreneurs
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Develop new markets. Under the modern concept
of marketing, markets are people who are willing and able to
satisfy their needs. In Economics, this is called effective
demand. Entrepreneurs are resourceful and creative. They can
create customers or buyers. This makes entrepreneurs different
from ordinary businessmen who only perform traditional functions
of management like planning, organization, and coordination.
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Discover new sources of materials. Entrepreneurs
are never satisfied with traditional or existing sources of
materials. Due to their innovative nature, they persist on discovering
new sources of materials to improve their enterprises. In business,
those who can develop new sources of materials enjoy a comparative
advantage in terms of supply, cost and quality.
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Mobilize capital resources. Entrepreneurs
are the organizers and coordinators of the major factors of
production, such as land labor and capital. They properly mix
these factors of production to create goods and service. Capital
resources, from a layman's view, refer to money. However, in
economics, capital resources represent machines, buildings,
and other physical productive resources. Entrepreneurs have
initiative and self-confidence in accumulating and mobilizing
capital resources for new business or business expansion.
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Introduce new technologies, new industries
and new products. Aside from being innovators and reasonable
risk-takers, entrepreneurs take advantage of business opportunities,
and transform these into profits. So, they introduce something
new or something different. Such entrepreneurial spirit has
greatly contributed to the modernization of our economy. Every
year, there are new technologies and new products. All of these
are intended to satisfy human needs in more convenient and pleasant
way.
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Create employment. The biggest employer is
the private business sector. Millions of jobs are provided by
the factories, service industries, agricultural enterprises,
and the numerous small-scale businesses. For instance, the super
department stores like SM, Unified, Robinson and others employ
thousands of workers. Likewise giant corporations like SMC,
Ayala and Soprano group of companies are great job creators.
Such massive employment has multiplier and accelerator effects
in the whole economy. More jobs mean more incomes. This increases
demand for goods and services. This stimulates production. Again,
more production requires more employment.
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