Concepts of Entrepreneurship

5 Key Concepts of Entrepreneurship


5 Key Concepts of Entrepreneurship


1. Qualities for Successful Entrepreneurship in Today's World

Entrepreneurship is the act of creating and managing a new venture to achieve specific goals such as profitability, sustainability, or positive impact on society. Successful entrepreneurs possess qualities such as determination, passion, accountability, and a skill set to navigate the challenges of sustaining a business. Entrepreneurs who understand customers' problems and can provide solutions with dedication and hard work are more likely to succeed.

Bhavish Aggarwal, an Indian entrepreneur, co-founded the ride-hailing company Ola in 2010 with a vision to provide safe, reliable, and affordable transportation options in India's congested cities. Similarly, in Nepal, Manohar Adhikari co-founded the online food delivery company Foodmandu. The main aim of the Foodmandu owners is to serve the best food choices from various restaurants to the doorstep of working professionals who do not have enough time for lunch and dinner.

2. Entrepreneurship can foster innovation, sustainability, and economic growth.

Entrepreneurship fosters innovation, sustainability, and economic growth. An entrepreneurial mindset is essential in igniting innovation and creativity in existing business processes, which can lead to the creation of new industries and business models. Companies like AirBnB, Uber, and Foodmandu have transformed traditional industries with their innovative approaches. Entrepreneurship is not just limited to startups; it can create a positive impact on society as a whole by addressing community needs and promoting social and environmental sustainability.

3. Entrepreneurship vs Startup: Understanding the Key Differences

Entrepreneurship goes beyond creating a startup. It involves making a positive impact on society and the community. Mahabir Pun, founder of Nepal Wireless Networking Project, is an example of an entrepreneur who has created a significant impact. His project aims to bridge the digital divide in rural areas, providing affordable internet that has improved education, healthcare, and economic opportunities. Entrepreneurship that addresses community needs and promotes social and environmental sustainability can help build a prosperous and equitable nation. But a startup is a new business venture founded on an innovative idea or concept that aims to solve problems or fill a gap in the market.  SastoDeal is a Nepali startup that has filled a gap in the market by offering a wide range of products at discounted prices, making online shopping more accessible and affordable for people in Nepal.

4. Solutions - Oriented Approach:

Having an entrepreneurial mindset means being able to find solutions, even in difficult situations. People with this mindset are creative, think critically to find new ideas, take action, and stay engaged in their work. They understand that taking risks can lead to unexpected opportunities, and they surround themselves with a supportive community to create value for others. Entrepreneurs like the CEO of Tootle in Nepal have demonstrated resilience and resourcefulness in creating platforms that address transportation challenges in congested cities.

5. Social entrepreneurship - Making positive impact on society

Social entrepreneurship is a way of doing business that aims to make a positive impact on society or the environment while also making a profit. Social entrepreneurs find problems in society and seek new ways to solve them, often working with marginalized communities. Muhammad Yunus, founder of Grameen Bank, is an excellent example of social entrepreneurship, having created a new system of lending money to poor women in Bangladesh, allowing them to start their own businesses and lift themselves out of poverty.

In conclusion, entrepreneurship is crucial in creating sustainable solutions that benefit society and contribute to a nation's progress. By introducing innovative business models and driving economic growth while prioritizing social and environmental impact, entrepreneurship can play a significant role in building a prosperous and equitable nation.

By Er. Ujjwal Koirala
Co-founder, Jobs Sniper Pvt. Ltd.  

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