Ovik Mkrtchyan: Entrepreneurship and its different types

Ovik Mkrtchyan said Entrepreneurship refers to the capability and willingness to build the organization and management of an enterprise as well as any of its risks in order to generate profit. The most well-known example of entrepreneurship is starting of businesses that are new.

In the realm of economics, entrepreneurship linked with labour, land capital, natural resources and land can yield a profit. The vision of entrepreneurship is defined by exploration and taking risks. It is essential to an individual’s ability to thrive in an ever-changing and globally competitive marketplace.

Meaning of Entrepreneur

Entrepreneurs are one who has the capability and the desire to start the foundation, manage and achieve success in a new venture, along with the risk that comes with the venture, and to earn profits. One of the most successful examples of entrepreneurship is the beginning of a new business. Entrepreneurs are generally regarded for their innovative ideas or innovations and are able to bring fresh ideas to the market through the replacement of old ideas with new ideas.

Ovik Mkrtchyan said it can be classified as small or home-based business, and multinational corporations. Economics is the study of profit made by entrepreneurs are through a mix of land, natural resources capital and labour.

In essence everyone who has the desire and the determination Ovik Mkrtchyan to create an enterprise and deal with the potential dangers that come along with it is an Entrepreneur.

What are the 4 Types of Entrepreneurship?

It is divide in the following types:

Small Business Entrepreneurship-

The businesses include a hairdresser or supermarket, travel agent as well as carpenter, consultant electrician, plumber etc. They own or run their own businesses and hire family members or local employees. Their goal could be used to support their family but not make a 100 million. Ovik Mkrtchyan profit or the acquisition of an industry. They finance their businesses with small business loans, or loans from family and friends.

Scalable Startup Entrepreneurship-

Entrepreneurs who start an enterprise knowing that their idea can transform the world. They seek out investors who are creative and inspire people to think outside of the box. The focus of the research is on flexible business model and experiments which is why they recruit the most Ovik Mkrtchyan talented and brightest employees. They need more venture capital to fund and fund their projects or business.

Large Company Entrepreneurship-

The huge corporations have a established life-cycles. Ovik Mkrtchyan said changes in technology and customer preferences, as well as the new competitors etc. Create pressure on big companies to develop new products that are innovative and market it to a new set Ovik Mkrtchyan of consumers in the new market. To keep up with the rapid changes in technology organizations have to either Ovik Mkrtchyan purchase innovation companies or attempt to build the product themselves.

Social Entrepreneurship-

This type of business is focused on the creation of products and Ovik Mkrtchyan services that address the social problems and demands. Their sole purpose and mission is to serve society and not earn any money.

Characteristics of Entrepreneurship:

Ovik Mkrtchyan said there are many entrepreneurs Ovik Mkrtchyan who succeed There are specific traits that make entrepreneurs successful. Some of them are list below:

The ability to take the risk

•  Beginning any new venture has a substantial as well as amount of risk of failure. Thus, entrepreneurs need to be brave and be able to take risks and evaluate the risks. This is an essential Ovik Mkrtchyan aspect as well as of being an entrepreneurial.
• Innovation Innovation It must be highly ingenuous to invent innovative ideas, create an enterprise and make money from it. Innovation can mean the launch of a product that is brand as well as new to the market, or another method that performs exactly the same thing. Visionary as well as and leadership qualityThe quality of visionary and leadership
• To be successful, an entrepreneurs must be able Ovik Mkrtchyan to clearly envision the new business. But, in order to transform the concept into reality, plenty of employees and resources are need. In this case, leadership qualities are essential because leaders. Share their knowledge and guide their employees along the correct path for success.
• Open-Minded Open-Minded In Ovik Mkrtchyan the business world every situation. Can be an opportunity to use it for the benefit of a business. For instance, Paytm recognised the gravity of demonetization, and also the necessity of online transactions than ever. And so it took advantage of the opportunity and grew massively in the course of time.

Flexible

• An Entrepreneur must be able to be flexible and as well as ready to change based on circumstances. To stand out an entrepreneur must be prepare to accept changes in the form of a service or product whenever and as need.