The paper "Becoming an Entrepreneur in the 21st Century " is an outstanding example of business coursework. In the 21st century, the concepts of entrepreneurship are increasingly becoming common. More people are seeking to be entrepreneurs in different fields. Entrepreneurship in the 21st century involves the commercialization of innovation. An entrepreneur is therefore required to come up which some innovation that can be commercialized. A lot of confusion is currently being witnessed with regards to who an entrepreneur is. Entrepreneurship should not be considered as an ordinary business. Entrepreneurship may start with a small idea and it does not necessarily require an individual to have huge sums of money in order to become an entrepreneur.
Young people are increasingly seeking to become entrepreneurs (Mohammed & Baburo, 2014). This is due to the high number of innovations that young people are developing. The increase in the use of technology has impacted positively on entrepreneurship. A lot of innovations are being made as a result of using technological concepts. It is difficult in the 21st century for one to be an entrepreneur without using the concepts of technology.
Entrepreneurship also has a lifecycle as new products and services may emerge at any time to counter the existing innovative product or service. This is an important aspect that most of the entrepreneurs have to consider. The concepts of innovations play an essential role in terms of improving the economy of a country. Most of the entreprenual ventures have ended up becoming multi-billion enterprises. The paper is thus self-help guide of becoming an entrepreneur in the 21st Century among the global audience. The nature of Entrepreneurship and its Role in Business In order for one to be an entrepreneur, business skills are highly required.
An individual cannot be an entrepreneur without knowledge of how business operations are carried out. Entrepreneurship requires innovations by an individual as the first step. However, innovations alone cannot work as commercialization of the innovative idea is required. In the 21st century, an individual can become an entrepreneur in any field. This is because innovative products or services can be developed in all fields. However, the business skills have to be applied in any of the fields that the entreprenual activity is being implemented.
Most of the entrepreneurs have been forced to take up short courses on business management in order to improve business skills. However, some of the entrepreneurs understand the concepts of business and have not undertaken the business courses. An entrepreneur does not necessarily need to be highly educated in the 21st century (Raheem, S, 2014). The main requirement is becoming innovative and understanding business operations. The lack of business skills has seen a lot of potentials entrepreneurs failing to commercialize on their innovation and hence leading to failures.
Entrepreneurship is important in business as it creates a competitive advantage to a business. The competitive advantage is a result of innovation and unique ideas. The uniqueness plays an important role in the process of customer satisfaction. Customer satisfaction is an important tool that is required by a business and hence the important role that entrepreneurship plays in business.
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