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What is Entrepreneurship?
Many people have different takes on entrepreneurship, some see it as creating a new and original concept, others might argue that entrepreneurship is simply taking the risk of running a business. However, for the vast majority of people, Richard Branson is the epitome of entrepreneurship. This is one of his quotes on entrepreneurship: “ I wanted to be an editor or a journalist, I wasn't really interested in being an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going.”
Jean Baptiste Say, a 19th century economist used the term entrepreneur to describe individuals who create value in an economy by moving resources out of areas of low productivity and into areas of higher productivity and greater yield. But long before his time, in the 13th century, the word entrepreneur was derived from a French verb, entreprendre, which means to do something or to undertake. These days many definitions of the word entrepreneur can be found, Wikipedia describes it as “An entrepreneur is a person who has possession over a new company, enterprise, or venture, and assumes full accountability for the inherent risks and the outcome.”
Calculate the viability of your idea
The purpose of these tools is to help the prospective entrepreneur to reduce the risk in starting the new venture. The process of calculating the financial viability of a business idea forces the entrepreneur to think critically and to consider each aspect of the new business venture. The main goal of any business is profitability and thus the financial planning should be priority number one.
Converting ideas into opportunities requires that one must evaluate each idea. This could be done by a feasibility study which focusses on the ability of the entrepreneur to pursue the idea and to match his or her own skills with what is required of the business to succeed. In other words, it is a general examination of the potential of the idea to be converted into a successful business venture.