Who's it: Social entrepreneurs are those who pursue business not to maximize their own profits but to maximize social and environmental benefits. They aim to promote the welfare of society by balancing profit, society, and the
Starting Business
Intrapreneur: Meaning, Characteristics, Differences with Entrepreneur
Who's it: An intrapreneur, or internal entrepreneur, is an entrepreneur who works within an organization. They are company employees but think and act like entrepreneurs. They are independent, proactive, creative, and generate new
Where Do Entrepreneurs’ Business Ideas Come From?
Entrepreneurs' business ideas can come from their daily lives. For example, they commercialize their hobby. Or, they observe the problems people face and then offer products to provide them with solutions. Basically, business
Solutions To Avoid Business Failure
Solutions to avoid business failure can vary widely. There are countless businesses around us with different backgrounds, including different target markets and resources. For this reason, the types of risks and solutions to deal with them
8 Qualities of a Successful Entrepreneur
Starting and running a business is challenging. Entrepreneurial qualities define and help answer why one entrepreneur fails and quits while others bounce back and succeed in achieving what they aspire to. Some people may be proficient
Creating Value: Meaning and Why Does It Matter?
What's it: Creating value means making something less valuable more valuable. If it is associated with creating customer value, it is an attempt to generate added value. What is added value? Value-added points to the difference
12 Characteristics of Entrepreneurship We Should Have
Successful entrepreneurship often exhibits certain characteristics. They are attributes, features, traits in entrepreneurs and shape their attitudes and actions in realizing innovative ideas, managing operations, and growing the
What are the characteristics of a good business idea?
Finding a good business idea is a challenging task before starting a business. First, you might generate ideas from previous work experience, hobbies, skills, or small-budget market research. Then, your next task is to filter them.
What are sources of business ideas?
Many people don't start a business because they don't know how to start or are even confused about finding a business idea. They would rather get a job in an established company than find a business opportunity and get
Challenges faced by entrepreneurs in new small businesses
The challenges faced by entrepreneurs can vary widely. It depends on what business they are going to run and how much resources they have. Identifying and coming up with a viable business idea is an entrepreneur's first challenge.
7 Reasons to Start a Business
Running a business is a challenging task. First, you need to invest effort, time, and money at the start of your business. Then, once it's up and running, you also have to work hard to make sure your business stays afloat and makes a
Business Idea: Sources and Criteria for a Good Idea
What's it: A business idea is a concept or market opportunity to make money by creating and commercializing a product. In other cases, it may not be for-profit purposes, but rather for social purposes as is a social enterprise, where
10 Characteristics of Entrepreneurs You Need to Emulate
Successful entrepreneurs have unique characteristics, which set them apart from ordinary people. They may develop it through experience; others grow through learning by doing and perhaps training. And, the dominant characters
Business Plan: Purposes, Components, and Examples
What's it: A business plan is a detailed document about strategies for achieving the business's mission and objectives. It also explains what the company should look like in the next few years. For startups, business planning is the
Entrepreneur: Meaning, Characteristics, Roles, Challenges
Who’s it: Entrepreneur refers to a person who takes a risk to set up a business. They combine the factors of production to produce goods and services. Often, they invest their own savings and capital to try to commercialize business
Business Failure: Definition, Failure Rate and Reasons
What’s it: A business failure is when a business cannot operate profitably, leading to default, bankruptcy, or business closure. Businesses cannot make money because the income cannot cover the costs. It could be due to poor operating