Ce-Ce Gerlach on What Is Entrepreneurship?

9/6/22, 12:49 PM

What Is Entrepreneurship? | Ce-Ce Gerlach | Professional Overview

a What Is Entrepreneurship? by cecegerlach | Sep 6, 2022 | Ce-Ce Gerlach, Professional Overview

Most people think of entrepreneurship as being a small business or working for yourself.

Some individuals go beyond that and describe it as an entrepreneur who takes risks and always puts their interests first. Although these terms can help people understand entrepreneurship, they don’t necessarily paint a complete picture.

Entrepreneurship is a process that involves creating, owning, or commercializing a product or service. It consists of taking on the risks associated with such endeavors. Launching a new business can be very challenging and even more uncertain if you’re not sure what you’ll get. This article will discuss the various aspects of entrepreneurship and the traits that make it an attractive option.

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9/6/22, 12:49 PM

What Is Entrepreneurship? | Ce-Ce Gerlach | Professional Overview

Innovation and Entrepreneurship

Entrepreneurs are often referred to as innovators, who sometimes lead the development of new processes or technologies. This type of innovation is also commonly associated with entrepreneurs constantly looking for ways to improve their operations and products.

They are known for creating new ideas and providing their companies with an advantage by continuously improving.

Differences from Normal Careers

The founder of a startup is typically the first person in charge of the company’s operations.

They are responsible for making decisions such as hiring and firing employees, purchasing commercial insurance, and designing and building new products. At times, the entrepreneur may also be the visionary who lays out the company’s mission. However, at other times, the founder will be dealing with mundane tasks such as financial reporting and tax compliance.

Unlike an employee, an entrepreneur is also responsible for making payroll every month.

Even if she doesn’t personally draw a salary, the founder still has to make it. As the CEO, the entrepreneur’s decisions are the ones that affect the company’s operations. Even after closing, the entrepreneur has to make the necessary decisions to ensure that the company’s goals are met.

The founder of a startup is also willing to sacrifice some of their short-term financial rewards to ensure that the company’s long-term success continues. Once the company’s sale is completed, the entrepreneur will receive most of the economic gains.

Despite the positive aspects of being an entrepreneur, it’s also important to note that the founder risks failure. This is because even though they may enjoy the initial success of their company, they still have the potential to lose.

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What Is Entrepreneurship? | Ce-Ce Gerlach | Professional Overview

Most entrepreneurs deploy significant capital and personal wealth to establish their companies. Unfortunately, many businesses fail, and the founder can never recover the value of their invested money or time. An entrepreneur may lose most of their life savings, while an employee may lose their paycheck. Even if the company’s sale is successful, the entrepreneur may not be able to get back the money they invested.

Profile of an Entrepreneur

Entrepreneurs are passionate about their businesses and willing to take on the risks of starting a new venture. Individuals passionate about entrepreneurship have common characteristics such as resilient determination and a high-risk tolerance. Founders commonly share these characteristics, but they’re not a requirement for aspiring entrepreneurs. Developing these traits can help a person become an entrepreneur without having to come by them naturally.

If individuals have the necessary resources and time and are passionate about their business, they can become entrepreneurs. However, it’s important to note that starting a new venture requires patience and dedication. The founder must transform their theoretical model into a tangible reality to successfully implement their ideas. This means they’ll need the necessary skills and personal initiative to see their ideas through.

Most people who start their businesses with their own money usually use their savings to fund their operations. However, for some ventures, the founder may need to consider outside financing.

For emerging and early-stage companies, various sources of capital can be used to fund their operations. These include angel investors’ loans, private equity, and venture capital.

Accepting these types of funds comes with strings attached, but they play an essential role in the entrepreneurial ecosystem and can sometimes make a founder’s market impact more significant.

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What Is Entrepreneurship? | Ce-Ce Gerlach | Professional Overview

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