To start my discussion I would first like to tell you that, who is an entrepreneur as we have heard this word so many times. Basically an entrepreneur is an individual who manages and operates a business and in addition to these things he also bears the risk for a business. The entrepreneur creates an idea in a creative and innovative way and transforms it a business. The aim of the entrepreneur is to provide services or products that are unique. In this way he/she achieves his/her goals and generates positive financial results. Now the question arises that whether such characteristics are inborn which will make the business successful for an entrepreneur, or you can educate people to become an entrepreneur.
The answer to this question is that anyone can become an entrepreneur but in order to prosper and expand your business you can acquire entrepreneur education. The entrepreneur education consists of various stages but in this article I will focus on the basic ones. There are four aspects of entrepreneurship which are given below
Entrepreneurs are required to devote time and effort.
Entrepreneurs should be creative and innovative.
Entrepreneurs undergo the creation process.
Entrepreneurs assume the risk of the business.
The most essential component in entrepreneur education is to encourage the people to think creatively and innovatively. This creativity and innovation should be used to carry out the operations of your business. Moreover when you start up a business you will be faced with a lot of problems, entrepreneurship requires that you should deal with these problems effectively and ethically. Creating differentiated products and services is the aim of entrepreneur and this can not be achieved until they are educated about it. The result of their success is easily visible by the profits they generate.
Many institutions are now encouraging their students to take parts in entrepreneurial activities and support then in establishing their businesses. This is because of the fact that entrepreneurs are major contributors towards the growth of an economy. Universities have designed special courses for entrepreneur education.
As I have mentioned earlier that creativity and innovation are the key factors in the success of an entrepreneur school. So I would elaborate on the importance of innovation by discussing its types which are essential for entrepreneur education. There are four types of innovation which is discussed below.
Invention:
Invention means inventing something totally new that has not been seen or used before
Duplication:
It takes an existing idea and by adding a touch of creativity you use the same product for multiple reasons.
Extension:
Extension means the expansion of an existing idea.