Essay On Entrepreneurship

In Webster’s dictionary, the simple definition of an entrepreneur is defined as a person who starts a business and is willing to risk loss in order to make money. The full definition uses words of deeper meaning such as, organizes, manages, and assumes the risk of a business or enterprise. An entrepreneur sees the finish line before the race begins. In this paper I cover the major aspects of becoming an entrepreneur. Some of the ideas expressed have been research, applied, worked, and failed in my own entrepreneurial journey. Individuals with more balanced skill sets are more likely to become entrepreneurs. People usually refer to this type of person as a “jack of all trades.” They can do many different types of work but they aren’t necessarily

Individuals who mix their time in both self-employment and wage work outnumber “Pure” entrepreneurs. Hybrid entrepreneurs are usually wageworkers who want to “test the waters” of entrepreneurship. Folta, Delmar, and Wennberg, the authors of Hybrid Entrepreneurship, describe these people as individuals who engage in self-employment activity while simultaneously holding a primary job in wage work. There were also intriguing reasoning for venturing into hybrid entrepreneurship. The first reason was to create a supplementary income. An entrepreneurship may not start out financially successful. The wage work provides financial stability if the entrepreneurship declines or remains constant. Another reason is being employed by a company creates benefits. Fringe benefits, perquisites, or perks include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. These are payments to a worker in addition to salary or wages. It may take the form of cash, goods, or services, and may include such items as health insurance, pension plans, and paid vacations. The last form of reasoning is the transition phase to full entrepreneurship. The wage work job is basically a startup for a hybrid entrepreneur. Once the entrepreneurship has a firm financial and social status, the time will come to leave the wage work and apply the added work ethic to the