Successful Factors in Entrepreneurship

Successful Factors in Entrepreneurship

Introduction

In this highly competitive world economy , the interest in entrepreneurship has increased greatly . This is because of the personal organizational and financial gain that one can derive from this . At the core of entrepreneurship is a commitment to innovation , a drive to fill a need in the market or exploring new path for old organizations

While entrepreneurship is related to new organizations and business ventures , that is by no means the only focus of entrepreneurship . It is also involved in transforming traditional and setting new directions

br introducing products and new businesses . Entrepreneurship , however tends to be risky . It starts with an idea , an innovation or a product and when it is launched into the market , the response of the market is uncertain

These risks are inherent in a capitalist system . In fact , entrepreneurs and the process of innovation is viewed as a central focus of capitalism and its dynamism . Entrepreneurship can be a solo project of the entrepreneur while relying on funding from savings and other sources of funds . Good projects , however , tend to attract angel investors or venture capitalists , who want bigger returns from their investment and bigger involvement in running the affairs of the new venture . A good development in the business scene now is the emergence of individuals organizations and even government agencies that support entrepreneurs and the projects that they undertake . Such support is needed to mitigate the risks faced by entrepreneurs and help ensure the success of their business projects...