Entrepreneurship and Entrepreneurship Development

  • Entrepreneurship and entrepreneurship development

Primarily, what is entrepreneurship?

Entrepreneurship is the art and process of innovating and risk taking for profit in business. It is the process of creating a business, running it, and navigating through it’s pertained risks with the sole aim of acquiring profit. Basically, the quality of coming up with business ideas and the ability to implement such ideas into actions that are sure to generate profit, earns one the title of entrepreneur.

On another hand, entrepreneurship development involves the process of helping grass root entrepreneurs master the skills and knowledge required to be an entrepreneur. It aims at assisting those individuals who possess an entrepreneurial spirit and have been observed to be capable of taking up the mantle of self or individual betterment. Entrepreneur education is a sturdy and fast growing industry, ridden with so many opportunities. An alarming number of entrepreneurs are ignorant of the best strategies and practices to help them achieve success in their businesses of choice. They therefore rely on the abilities of others to adapt. The learning programs available today are an invaluable asset, that economies around the world would greatly benefit from. Providing entrepreneurs with these resources and opportunities will help to curb and even totally avoid failures and accelerate the development of their businesses.

There are thousands of people who took the leap of leaving their 8-5 jobs with big companies to start businesses of their own. Some of whom are notably successful and some who are still thriving and fighting in the business world for growth and survival.

Without consistent growth, the longevity of a business is very limited. This is as a result of the constant change and development in information technology, new innovations, and government policies, whose development is literally like day and night. Ever changing and consistent. It is therefore important that everyone adapt to change. But to be able to adapt to this change, it’s important that entrepreneurs learn to grow. For that, they are encouraged to join development programs, marketing events, boot camps, seminars conducted by the government, non-governmental organisations, third party companies and business leaders and owners.

Entrepreneurship is the most important factor of production and productivity in economics. The innovative trait, management skills, risk-taking abilities and competitiveness, are all traits required on the path of entrepreneurship. And the growth of the economy of a country and standard of living of it’s citizens and societies greatly depends on the level of entrepreneurship.

Chidimma Nwakama