Question

Explain the concept of entrepreneurship and discuss its importance for students

Answer 1

Entrepreneurship is establishing and running a business. Numerous experts just as beginners seek to become entrepreneurs. But only a few succeed. An entrepreneur may fail due to various reasons but most importantly lack of understanding of the entrepreneurship itself. There are some important features of entrepreneurship and it is basic to comprehend and actualize these so as to maintain an effective business.

1.Vision

Entrepreneurs must set a vision. A vision gives a clear purpose and goal to a business. A clearly characterized vision provides guidance and functions as an extraordinary persuasive factor for the entrepreneur and his group.

2.Innovation

In order to attract customers and establish a foothold in the market,it is critical to think of new and novel thoughts. Launching products/services already available in the market does little good. you may include another component, make it fascinating, offer faster support, offer relatively lower rates, or consider whatever makes your item novel and alluring.

3. Risk-Taking Capacity

Risk and uncertainties are part of entrepreneurship. Risk-taking capacity is the amount of risk you are willing to take to run a profitable business. How much to risk is a question for every entrepreneur. While you may have an ample flow of finances and have a good risk-taking capacity, the key lies in limiting the risk however much as could be expected.

4.Human Resource

You require professionals specializing in different fields to manage the same. A fundamental component of entrepreneurshup is building a solid group. As a entrepreneur, you should handpick your workers, evaluating and screening them on different levels.

5.Adaptability

This is one more significant element of entrepreneurship. So as to support in the market, you have to adjust to its ways. The capacity to adjust is basic for entrepreneurs.

6.Core Values

Entrepreneurship without values cannot survive for long. You should instill a specific arrangement of qualities to maintain the business morally and easily. Business values must be clearly defined.

Importance of Entrepreneurship for students:

1.Prepare for uncertain future.

The present students face a dubious future brimming with complex worldwide, social, and ecological issues.

entrepreneurship centered projects show students pivotal fundamental abilities that will assist them with exploring this dubious future.

These skills incorporate critical thinking, collaboration, emptahy, just as figuring out how to acknowledge disappointment as an aspect of the development cycle.

2.Room for Creativity and collaboration.

As standardized testing has become more common in public schools, opportunities for students to innovate and collaborate with others have become more scarce.

Entrepreneurship education encourages creativity, innovation, and collaboration.

3. Research and Problem identification.

Students need to figure out how to recognize issues before they figure out how to solve them.

Critical thinking has been instructed in schools for quite a long time — yet the equivalent can't be said for problem identification.

Entrepreneurship trains students to recognize issues they have never experienced — an aptitude that will be extremely helpful in the upcoming scene.

4. Learning a Business

Entrepreneurship inculcates the students with understanding of different businesses. Knowing the nature of business, understanding the business lifecycle establishes a clear picture for students to excel in future.

5.Make the world a better place

Business people try to tackle issues, address issues, and ease pain points with the assistance of their products and services

They are hard-wired to have any kind of effect and improve the world a better place.