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
  • 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.
  • Contributions of Entrepreneurs
  
  • 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.
  • 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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