According to Wikipedia, entrepreneurship is defined as the process of starting a business or other organization. An entrepreneur is responsible for the daily running and monitoring of the business and therefore responsible for the success or failure of the business. As an entrepreneur, one should always be ready to persevere various ups and downs so as to reap big in the long run. The rewards for taking risks in entrepreneurship are always in terms of profits. The higher one takes risks and invests in a new idea, the higher the profit margins become. However, one should first conduct a market survey so as to understand all the dynamics associated with a particular intended line of business.
In the world of today, technology has made it possible for many people to venture into entrepreneurship. There are so many entrepreneurial opportunities associated with improved technology that the previous generations were never fortunate to exploit. For instance, marketing has been made cheaper and easily executable through the use of internet. Today, one can comfortably market his/her new products into large market via Facebook, twitter, websites or online blogs. Moving by these cutting advantages, some young entrepreneurs have been able to successfully venture into business and make huge profits.
Mastering the art of entrepreneurship is a skill that ought to be learned through total commitment and focus. Any potential entrepreneur should learn to be a keen student of successful entrepreneurs. One should also be very aggressive and take up opportunities as soon as they present themselves. For instance, in November 2014, the government of China slashed tariffs associated with importation of dairy products from Australia. Due to the big size of Chinese population, the demand for Australian milk products significantly increased. The cost of supplying this milk also declined. That was a wonderful opportunity for Australian farmers to take advantage of the new found market. For this reason even Gina Rinehart, Australian richest person and a mining magnate ventured into the dairy business. That show how aggressive entrepreneurs should be to maximize profit at any given golden opportunity.
Entrepreneurship also depends on current market trends set by “business leaders.” As an entrepreneur http://www.arizonafoothillsmagazine.com/features/features/1571-jason-hopes-star-studded-bash.html, one should be active all the time in determining the current market trends; what the market demands and what to supply to the market. Failure to be updated about what competitors are doing has adverse consequences to the entrepreneur. This explains why new companies offering similar products out stage existing companies to become market leaders.
In conclusion, the success rate of any entrepreneur in the field is determined by one’s own wittiness and aggressiveness. Successful entrepreneurs know that technology is a recipe to succeed in entrepreneurship.