The entrepreneurship spectrum is expanding fast with many people now defining it as a venture that brings together people who have similar entrepreneurial attributes and backgrounds in an effort to build a business or create a new enterprise from scratch. As well, this paper presents the scope of entrepreneurship and its constraints and examines the landscape of existing entrepreneurship programs and their impacts on the self-employment and livelihoods of self-employed persons. The paper goes on to examine how these constraints and limitations can be addressed through business planning interventions. Finally, we discuss some implications of entrepreneurship on the broader economic landscape.
Defining the scope of entrepreneurship entails first identifying characteristics of successful entrepreneurship, in terms of both scope and impact. A set of suggested characteristics for successful entrepreneurship was assembled from case studies and literature, in order to construct a profile of successful entrepreneurship. The core characteristics of successful entrepreneurship include high levels of entrepreneurial risk, significant entrepreneurial input, a strong sense of mission, a shared vision and commitment, optimal use of human capital, and significant social return. These core characteristics are not mutually exclusive and need to be balanced with other important characteristics such as the amount of time and resources invested in the venture, potential market size, market timing, market competition, scale of success, the number of partners involved, internal dynamics of management, entrepreneurship financing, entrepreneurial relationships, entrepreneurship mentors, entrepreneurial institutions, entrepreneurial attitude, etc.
In order to define and further the scope of entrepreneurship, it is necessary to understand what makes successful entrepreneurs tick. This is best done through a business plan. Writing a business plan draws together the collective knowledge of the members of a startup team to provide a framework for conducting business and future goals. The plan identifies relevant information needed to evaluate the venture, provide budget justification and a description of business plans and expected outcomes.
In terms of work arrangements, self-employment and entrepreneurship overlap; however, they also diverge on different dimensions. For instance, unlike traditional careers, self-employment involves the acquisition of skills and services that can be done from home, at work, or on the road. This enables home-based spouses, independent contractors, small-scale entrepreneurs, and itinerant professionals to establish their own household income. The ability to work at different locations, at different hours, under different conditions, and with different skill sets to open up new career possibilities, provide flexibility, and create a different type of worker’s outlook.
A key component of entrepreneurship training is learning how to cultivate leadership qualities. Entrepreneurs possess a number of talents that translate well into leadership positions. Leaders must be goal-oriented, able to communicate effectively, able to inspire confidence, have a passion for change, foster a culture of trust and transparency, be able to see visions and opportunities, make accurate assessments of risks and uncertainties, and be able to make the tough decisions when faced with adversity. This is the essence of entrepreneurship, and the essence of entrepreneurship programs. By fostering these leadership skills and abilities through coursework, students can demonstrate that they possess the skills to succeed in business.
Many students begin with work as apprentices, an opportunity that leverages their entrepreneurial mindset while providing them the chance to earn real money and expand their network of contacts. Online work from home opportunities and remote work opportunities parallel each other perfectly. By working for themselves, entrepreneurs learn the value of outsourcing work, develop a positive work ethic, acquire valuable marketing and business skills, and can make a living while doing what they love. By doing so, they circumvent the expense of commuting, paying for office space, and taking time away from family. As they complete projects and earn income, they build confidence, gain experience, master new technology, and learn the ins and outs of internet marketing.
As a result of their self-employment, many students pursue graduate degrees in entrepreneurship. An entrepreneurship program is a great investment for a student looking to break into the world of entrepreneurship. A solid knowledge of business finance and entrepreneurship is required. Courses in human resources, management, marketing, and entrepreneurship are available at several campuses nationwide. The cost of obtaining formal business training depends on a number of factors such as the university, the program, and the concentration sought. Students may also be able to receive a federal student loan.
A degree in entrepreneurship is an investment in yourself and your future, as well as that of your family. With this degree, you can be confident that if the business tanks, you’ll have a solid backup plan that will allow you to continue working until you’re financially secure again. When self-employed, a small-scale entrepreneurship program gives students the skills they need to get a job in addition to providing valuable training in the art of entrepreneurship. Students who complete this program and find success in internet marketing will be ready to take the plunge into the world of entrepreneurship and enter the lucrative field of internet marketing. With a strong educational background and a plan for employment, the path to entrepreneurship is a simple one.