The process of Entrepreneurship Development
Entrepreneurship does not appear instinctively. Rather it is the result of an energetic procedure of interaction between the person and the environment. Eventually, the choice of entrepreneurship as a career lies with the individual, yet he must see it as desirable as well as a feasible option. In this regard, it becomes imperative to look at both the factors in the environment as well as the factors in the individual as having a nearing on the perception of attraction and viability and thereby entrepreneurship development.
The concept of an entrepreneur is refined when principles and terms from a business, managerial, and personal perspective are considered. In almost all of the definitions of entrepreneurship, there is agreement that we are talking about a kind of behavior that includes:
- Imagining (idea generation and proof of concept)
- Incubating (technology validation and business structure development)
- Demonstrating (market acceptance)
- Market Entry (developed market share opportunities)
- Growth & Sustainability (proven financial stability or exit strategy development).
The entrepreneur leads the firm or organization and also demonstrates leadership qualities by selecting managerial staff. It is important to note that management skill and strong team-building abilities are essential leadership attributes for successful entrepreneurs and the growth of the business.
An important enabler or disabler of entrepreneurship is the prevailing socio-cultural milieu. Those societies that respect the individual freedom to choose among occupations, that encourage the spirit of enquiry, exploration and experimentation, celebrate the individual accomplishment and in general accord important status to the entrepreneurs are likely to have the self-sustaining supply of able and willing men and women for taking to entrepreneurship as a career.
