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Entrepreneurship involves starting a new business enterprise, or revitalizing an existing one, in response to identified opportunities.
Entrepreneurs are the individuals who actually imagine, organize, start, manage, and assume responsibility for such a business enterprise. Their goal is to restructure various resources and knowledge in new and more valuable ways, and in the process achieve a profitable outcome. They are willing and able to convert new ideas or inventions into a successful innovation or practice. They are willing to take risks, including the risk of failure.
Entrepreneurs can be thought of as the "spark-plugs" for the new and improved in the U.S. market-based economy. When they succeed - and many do not - their vision and actions often result in "value added" products or services that benefit the local, regional, national, or global economy.
Entrepreneurship can involve a group of already successful individuals or companies that are ready to attempt a new joint venture. In many cases, however, entrepreneurship begins with only a single individual who is starts a new business venture as a sole proprietor - one person without any employees, partners, or support.
When this is the case, such an entrepreneur will find him or herself directly responsible for all of the principal management functions necessary to operate a successful business. These management functions are those previously identified and described as parts of the Business Management and Administration industry, namely:
- General management,
- Operations management,
- Marketing and sales management,
- Finance and accounting management,
- Human resources management, and
- Business support management.
If a person aspires to become an entrepreneur, he or she should become knowledgeable about the scope and duties of each of these component business management functional areas. He or she also should have a good overall education, including some kind of postsecondary education or training if possible.
He or she should learn about the characteristics and practices of previously successful entrepreneurs, as well as those who were not successful. And finally, he or she should have a strong belief in and passion for what they are attempting, recognizing and understanding both the potential risks as well as the possible rewards.
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