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Entrepreneurship

Entrepreneurship

Entrepreneurship Meaning and Origin

Late in the twentieth century, governments around the world started to support entrepreneurship, a new business model aiming to encouraging talents in any field to start their own business, as opposed to depending on government employment options, which governments cannot cater for.

Thus, governments around the world started to encourage and support fresh graduates to get involved in the marketplace and run their own businesses if they have what it takes to do so, and if the supportive environment exists.

A question arises:

Can every talented person in a trade or profession be an entrepreneur?

The answer is “No”, but a talented person in a trade or profession may make a good entrepreneur provided that the following conditions are met:

  • The product of the talent, whether goods or services, is in demand and sellable to the consumers;
  • Experience in the business in question; and
  • Experience in business management and willingness to take risks associated with running a new business, which is vulnerable to failure.

What are the reasons limiting people with talents to become entrepreneurs?

The main reason lies with governments for not providing dedicated incubators specialized in offering guidance to new entrepreneurs through the following:

  1. Conduct workshops discussing the steps of starting a new business, while providing guidance and support on implementing each step.
  2. Review feasibility studies regarding new projects undertaken by entrepreneurs, including giving insights about market saturation or existence of gap between supply and demand, which creates an opportunity.
  3. Review the business plan before implementation.
  4. Provide advisory services during the implementation of business plan to help protect them from failure.

In addition, entrepreneurship businesses are not allocated a sufficient portion of government projects, and the allocated portion, if available, is usually invisible for entrepreneurs to take advantage of.

In a questionnaire posted by Baker Tilly during the period from 18 May 2021 to 01 June 2021, we asked a question whether or not every and each talented person in a trade or profession can be an entrepreneur.

A total of 374 participants responded

22% of respondents answered with “Yes” 

22 %

78% of respondents answered with “No

78 %
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