What is entrepreneurship?

Entrepreneurship is essentially an endeavor that human beings take upon to create a highly successful profit-making organization. This is a very simplified definition, in order to achieve this, there is a multitude of steps that should be taken.

A profit-making organization contributes immensely to society. It pays salaries, serves its customers, and is able to give returns to its investors as an entity. Additionally, they pay taxes, directly supporting the government in building the nation. It is not an easy job to build such high-value organizations, and individuals who take up such initiatives face high levels of risk. All entrepreneurs have identified a certain area where they believe a successful organization can be built. As this implies, they have taken a high level of personal risk, in terms of both capital and effort. So as a basic characteristic, all entrepreneurs should have the ability to calculate and take risks. That is obviously besides being highly enterprising.

Enterprising – All entrepreneurs should be enterprising by nature and resourceful enough to be able to think out of the box. They should have critical problems solving skills. They are bound to face a lot of hurdles and challenges arising in the most unexpected ways. Entrepreneurs have to really hustle their way through to convince people to be on board with their ideas or to invest in them. They have to convince their customers, even more, to take their service, or really work towards delivering the promised product or service. These tasks can be quite daunting. Now, a successful entrepreneur would have the conviction and ability to stay put and get the whole project going. Having such entrepreneurs who can build successful organizations is a huge contribution to any society.

What is one piece of advice you would give to a budding startup owner, who has failed and is trying to start up again?