8th Issue: Entrepreneurship and Intrapreneurship // Challenge 1

Entrepreneurship

“I create.
I take risks.
I live my passion.
I am an entrepreneur.“
— ysfmagazine.com

What is Entrepreneurship?

There are many different answers to this question. Entrepreneurs are said to be innovative and willing to take risks, and often turn ideas into a business with that into money. Coming up with ideas is just one part of entrepreneurship — the other important part is the business aspect. But not every businessman is an entrepreneur — and not every entrepreneur is a business founder. Employed managers can be entrepreneurs too, as entrepreneurship is a way of thinking and acting and not a certain job position. It is a dynamic process of developing innovative changes on existing models.

Characteristics of Entrepreneurs

  • creative
  • show initiative
  • independent
  • risk-taking
  • diligent

4 Types of Entrepreneurs

Entrepreneurship can have different forms. Four of them will be presented in the following. These forms follow different goals and values, but they are still all based on entrepreneurial ideas.

  1. Entrepreneurship in small businesses
    A small business can for example be a restaurant, a grocery shop or in general any other small business that is not intended to grow.
  2. Entrepreneurship in startups with room for expanding
    Unlike the simple small businesses, these businesses are planned with the vision of expanding and having an impact on society.
  3. Entrepreneurship in large companies
    Even though it is hard to realize, large companies also need to include innovation into their business. They must develop new products and solution that serve the customers to stay relevant.
  4. Social entrepreneurship
    Social entrepreneurs aim at creating products or services that improve the world. They do not primarily act for financial reasons.

THE CHALLENGE

When it comes to entrepreneurship, it all starts with being creative. Therefore, the next two weeks are dedicated to creativity. But, being creative “right now” is hard to realise and does not work out for most people. The focus of the challenge is to identify your personal creativity “heat areas”. This could be based on location, time or circumstances. Get the awareness for when your creativity sparks. Plus, embrace your colleagues to do the same over the course of the next two weeks. Then, get together and think about ways to establish creative “heat areas” in your working environment that help your team being more creative.


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Do not miss the next part of our #ManagerChallenge Entrepreneurship & Intrapreneurship coming out in two weeks. Next time, we will present the topic of intrapreneurship.

To access the 7th Issue of the #ManagerChallenge dealing with innovation, click here.

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