Entrepreneurship is a concept that does not include only startup companies or about having the ability to create a new ideas and being innovative all the time. However these things consider as an elements in the entrepreneurship, to get the comprehensive idea of entrepreneurship you have to think more than that and in broader scale.
Image credit: 1
MJ Gottlieb, is an author that have published a book called “How to Ruin a Business Without Really Trying” and a co-founder of the firm named Hustle Branding has defined the entrepreneurship as the following:
“An entrepreneur is someone who can take any idea, whether it be a product and/or service, and have the skill set, will and courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market, but make it a viable product and/or service that people want or need,” Gottlieb said.
In my opinion, I believe that entrepreneurship is a significant component to have a successful business and to have a competitive advantage. On the other hand, it consumes a large amount of time and money in the organization. Startup companies has many challenges this video streams some problems founders face (click here).
According to Casnocha website it states that entrepreneurship has four main types: small businesses entrepreneurship, startup companies entrepreneurship, large companies entrepreneurship, and social entrepreneurship. However, I will focus on startup companies entrepreneurship since it will be the main scope of this blog.
Is a small companies that has started to develop, usually the ones who run the company are the owner and a local workers or a family members. Hereis an examples of a four people who had succeed as an entrepreneurs:
1/ Mrs. Ollwyn Morah
Mrs. Morah has start her own brand called “COGNIKIDS” that specialized in creating a smart products for the kinds with high quality. She has started this product line after her personal struggle with her first baby, when she noticed that he could not crawl properly. As a result, she innovated a Babygro with grips to prevent babies from sliding when they crawl. To get a better understanding about this product read the arical that has been made by The Irish Times.
She pointed out that any startup company in general, do not make any profit in the first years of a business. I totally agree with that, because it is hard to gain the customers trust in the first years. In addition, many startup organizations are running out of cash due to their large investment in development and research department to help in making them differentiate from the other competitors.
2/ Mr John Byrne
Mr. Byrne is the CEO of “Corlytics” which is a company that developed a software to analysis and predict risks in the financial market and this service is provided for the financial institution. The company has been in this filed from 1986 unit today. The company’s employees are expert in different areas such as: legal analysts, Information technology (IT) and data scientists, banking analysts, and bank risk.“The secret to success is about having a diverse team” Mr. Byrne said.
From my point of view, I believed that many banks has shift their work from being done physically in the bank to being done nowadays online. For that reason, it made the financial sector changes very fast and in unpredictable way.
3/ Mr Gerard Forde
He is the co-founder and CEO of a company called “Bizimply”. The company created a software that usually used to help in managing restaurants and retails. The table below shows the services that the software offers:
What does is do?
||Setting up meetings or the employees’ shifts.|
||Letting the employees enter their code number then they will have to take a picture of themselves.|
||Allowing the workers to communicate with each other via mobile app.|
||Viewing the workers profiles and save the document for human resource department.|
Mr. Forde had explained ten start-up lessons. However, what attracts my attention what the sixth point “Love your customers” were is shows how much customers satisfactions is a very important component to maintain a business.
4/ Ms Nadia Far AlMasri
Ms. AlMasri graduated from King Fasial University. Then worked as a member in service quality insurance for Saudi Aramco. She owns a company called “START”, also she is a lecturer at Princess Norah University (PNU). She started this company five years ago and the company did not make any profit in the first year. “In the first year start to build your name instead of profits” said Ms. AlMasri.
The Definition of entrepreneurship: http://www.businessdictionary.com/definition/entrepreneurship.html
start-up companies: http://www.forbes.com/sites/natalierobehmed/2013/12/16/what-is-a-startup/#78dd0ce4c63f
1/ image credit: http://www.entrepreneurcoach.com
2/ image credit: creepercrawlers.com
3/ image credit: https://goo.gl/images/T1rbMh
4/ image credit: Bizimply
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Casnocha, B. (2011). The Four Types of Entrepreneurship. [online] Ben Casnocha. Available at: http://casnocha.com/2011/02/the-four-types-of-entrepreneurship.html [Accessed 2 Nov. 2016].
Weiss, G. (2015). What It Takes to Be a Small-Business Owner (Infographic). [online] Entrepreneur. Available at: https://www.entrepreneur.com/article/245791 [Accessed 3 Nov. 2016].
McMahon, A. (2013). Innovative babygro takes top entrepreneur prize. [online] The Irish Times. Available at: http://www.irishtimes.com/business/innovative-babygro-takes-top-entrepreneur-prize-1.1434164 [Accessed 4 Nov. 2016].
Ucd.ie. (n.d.). Corlytics Secures €1 million Investment. [online] Available at: https://www.ucd.ie/innovation/newsevents/news/2015/june/corlyticssecures1millioninvestment/ [Accessed 5 Nov. 2016].
- Kennedy, J. (2014). Tech start-up of the week: Bizimply – Start-ups | siliconrepublic.com – Ireland’s Technology News Service. [online] Silicon Republic. Available at: https://www.siliconrepublic.com/start-ups/tech-start-up-of-the-week-bizimply [Accessed 5 Nov. 2016].