Entrepreneurship is the creation and management of a self-created business. Entrepreneurs identify a need among a target market, craft a business plan to fulfill that need, and manage the operations of the subsequent business. Most new ventures are not financially profitable in their first year, so it’s important that the individual(s) running the business create a successful marketing and operational strategy. Entrepreneurship ranges in scale from solo, part-time projects to large-scale undertakings that create many jobs. Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) in order to raise capital for building the business. Many organizations exist to support would-be entrepreneurs, including specialized government agencies, business incubators, science parks, and some NGOs.
Another choice for entrepreneurs is to purchase a franchise, such as a fast food restaurant like McDonald's, or a retail business like Edible Arrangements. The franchiser lends its trademark or trade name and a business system to franchisees, who pay a royalty and often an initial fee for the right to do business under the franchiser's name and system.
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|Careers in Entrepreneurship