Any given economy needs both the government and the private sector to grow. The needs of the country cannot be feasibly catered for by the state on its own. Individuals also need to establish themselves as key components in any healthy economy. The role of the individual is what we are going to look at in the following sections.
Definition of Entrepreneurship
Entrepreneurship is the process of coming up with new processes or ways of achieving some set objectives. Mostly it will involve the production of goods and services. It requires some ingenuity coupled with a lot of time and effort. There are risks involved in this process and they all have to be assumed. With the risks come rewards that are derived by the person who has come up with the new process.
Who is an entrepreneur?
An entrepreneur is someone who devises a new way of looking at things and producing output out of the new concept. Given an existing technology or some kind of invention, the entrepreneur will come up with a process that will utilize the available tools and technologies to produce a good or a service that will add value to the economy ad benefit both him and the society. He is one who will take the risk of the success or failure of the new venture and will also stand in to reap the rewards.
An entrepreneur takes the chance that the new idea will work and he directs all his resources towards making the process a success. The fear of failing always looms but driven by ambition and the desire to succeed, the entrepreneur sees his project to completion.