Dr jay Feldman Entrepreneurship is the use of idea to make the smaller business into a bigger one by observing the needs and requirements of society while fulfilling it in a public friendly and attractive manner. Entrepreneurship is the process of starting a business with ample resources and make the gradual progress by availing the networks and shares from people.
Table of contents
In this article, we will talk about some of the basic factors of entrepreneurship.
- Â Â Â Â Definition of entrepreneurship
- Â Â Â Â What is working criterion of entrepreneurship?
- Â Â Â Â What are different types of entrepreneurs?
Let’s proceed with the article.
What is working criterion of entrepreneurship?
Dr jay Feldman: How entrepreneurship is done is the most romanticized concept of present generation. The speculation about the entrepreneurship has been taken to such heights that it is thought to be something that is out of the world or only genius as well as degree holder people can do it.
The reality is quite opposite to it. Anyone with a brilliant idea and successful execution plan can be an entrepreneur. The success of an entrepreneur makes him a successful business man. The entrepreneurship is regarded as one of the most crucial resources to sustain the economy. The three other factors include labour, land or natural resources and third one is considered as capital/ money for investment. The entrepreneur is the person whole combines the idea, resources and labour to execute a plan that later requires the capital investment. The whole process is called as entrepreneurship and this is its total working criterion.
Difficulties faced by the entrepreneurs:
There are certain difficulties that are faced by entrepreneurs. Like any business; when it is in its initial stages, receives a lot more difficulties than in all over business cycle.
ü The first one is overcoming the bureaucracy.
ü The second one is hiring of talented people.
ü The third one is the fetching the financing and applying them on the right place.
Dr jay Feldman: Many definitions that come on the surface are as per the perception of people. The entrepreneur word is originated from the word entreprendre. This French rooted word means to undertake. The concept on entrepreneurship is not now and had been existed since ages in one form or the other.
What are the types of entrepreneurs?
The entrepreneur is a wide term and there are many kinds of entrepreneurs in the field. In the following lines, we will get to know about the types of the entrepreneurs.
Builders:
Builders are the kind of entrepreneurs that manage to create a business in a short span of time.
Working criterion:
 The typical criterion of a builder is to pass almost five million dollars in revenue. The time for making out this revenue is usually first 2-4 years. The expansion of revenue is one hundred million dollars or beyond with the passage of time. The working criterion of this kind is to spend money to get the best infrastructure as well as the talented individuals who are professionals in the field. They are the kind of people who want grow at the fastest possible pace but usually disturb their business and personal relations.
Grabbing the opportunities:
Grabbing the opportunity and making the most out of it is the basic theme and agenda of the entrepreneurship. If we call them opportunists.
Working criterion:
Dr jay Feldman: The working criterion of this kind is to manage as well as picking up the good opportunities that are in their best benefit at the very right time while staying on board during the growth time of business.Â
The reason behind their exit is their concern with the profits as they build their wealth by using opportunities. They just have to make the base and spend the struggle period to get most of their profit out of the pocket of investors. When business takes it roots; they leave the business and search for the new treasure hunt.
Creative minds:
When it comes to individual. Who comes up with original idea of their own and want to do something as per their dream. While making their product adventitious for the general people and society.Â
Working criterion:
Entrepreneurship is the hub for such people. The basic concern is the execution of plan which can be in favour of society and public. They wait and execute their products as per their plans because they know that their products will definitely produce them the due revenue.
The professionals:
The next category is of professionals or specialists. These people have the edge of knowing every aspect of the business so they have a better idea of analytics and are usually risk averse. They have a strong command over the business area which they want to entre as an entrepreneur.
Working criterion:
The working criterion of these people is very much professional. They plan and execute every step of their business in a really well behaved and professional manner. The chances of success for this type are double as compared to any other entrepreneur.
Small business men:
The next category in the kinds of entrepreneurships is the small business persons who want to convert their business in the mega companies and be the business tycoons. If we talk about the facts than many small businesses which has caught their roots have a better chance of getting successful because they have already gone through the initial issues of business and later, they just need finance and a strategy to cope up with the competing companies.
Working criterion:
The basic working criterion is the investment of money in the right place and at the right time.
Scalable entrepreneurship:
The scalable kind of entrepreneurs are the starts up with an innovate idea that can grow in the market for being favourite, unique and popular one.
Working criterion:
The working criterion of this kind of entrepreneurship is the investment and an idea to execute the proper functioning.Â
Mega companies:
Mega companies also follow entrepreneurship by making domains or company divisions within a company. The existing company usually set out a branch to other sectors while involving the advanced technology.
Working criterion:
Dr jay Feldman: It does not have a quite complex working criterion. The company’s heads usually get the notion of competition in the market and use the new technology to make a new division of the company. This division may not make the products similar to the existing company. A mobile phone making company can make it sub division to house hold appliances. They can make the digital versions of appliances. The basic goal of entrepreneurship is to help the business people to earn more profit while offering more and more technological inventions that can serve the human race in the best perspective.
