Houston, Texas
Entrepreneurship is the start of a business with limited resources and power of influence, ready to face the rewards and losses of the company’s journey in the market. It specifically targets publishing a new product or service, rather than starting with a build-in base. Entrepreneurs willingly invest their finances and careers to support the growth of the company’s sales, people, and markets, creating a sense of uncertainty and dependency on the outcome after its launch.
The risk the entrepreneur is willing to take is what establishes the difference between inheriting an existing business. What is the exact difference between an entrepreneurial journey and a small business?
Small Businesses tend to focus and invest time in already-known products and services
Entrepreneurs always look for innovative and new ideas that, if successful, will bring great change to the market.
The Pros and Cons: Small Businesses are likely to be stable in production and sales profit, though they are not expected to grow much. In contrast, entrepreneurs expect high ups and downs throughout their journey, therefore, in crisis times when they might go bankrupt. However, if successful, the company is likely to experience immense rewards and recognition for its efforts. They are likely to impact the market and economy, while small businesses rely on their initial domain and group.
Example of Entrepreneurship: Airbnb
A network that connects with all registered rentals in a determined area, available for tourists to rent temporarily from a wide range of options, quality, and prices. Airbnb does not own any of the properties but still offers a win-win situation for all clients. Owners receive high-paying customers instead of cheap long-lasting renters. While customers often get reasonable, low living expenses in a home-like stay.
Entrepreneurs significantly invest their time and effort to build a new product or system that brings societal change. They know they depend heavily on a successful outcome to move the business forward. Entrepreneurs evolve and change to improve their reputation and offerings to their customers. Ensuring that they will keep innovating for the better.
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References:
Seth, S. (December 1, 2022). Entrepreneurs and Entrepreneurship: Definitions and Examples.