Ferghana polytekhnic institut

FERGHANA POLYTEKHNIC INSTITUT

STUDENT OF 64-17 MANAGEMENT

INDIVIDUAL WORK

Name of student: Bustonov Omadbek

Name of teacher : Akramova N

Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business. Entrepreneurship has played a vital role in the economic development of the expanding global marketplace.

Entrepreneurship is important for a number of reasons, from promoting social change to driving innovation. Entrepreneurs are frequently thought of as national assets to be cultivated, motivated, and remunerated to the greatest possible extent. In fact, some of the most developed nations such as the United States are world leaders due to their forward-thinking innovation, research, and entrepreneurial individuals.

Great entrepreneurs have the ability to change the way we live and work, on local and national bases. If successful, their innovations may improve standards of living, and in addition to creating wealth with entrepreneurial ventures, they also create jobs and contribute to a growing economy. The importance of entrepreneurship is not to be understated.

An entrepreneur is an individual who starts and runs a business with limited resources and planning, and is responsible for all the risks and rewards of his or her business venture. The business idea usually encompasses a new product or service rather than an existing business model. Such entrepreneurial ventures target high returns with an equally high level of uncertainty. The entrepreneur is willing to risk his or her financial security and career, spending time as well as capital on an uncertain venture, arranging for the necessary capital, raw materials, manufacturing locations and skilled employees. Marketing, sales and distribution are other important aspects which are controlled by the entrepreneur. Even if some of these functions are outsourced, the risk is still carried by the entrepreneur. This makes entrepreneurship different from inheriting and/or running an existing business, working for a startup or entrepreneur for a salary, being a commissioned agent, or selling already available goods or services as a franchisee or dealership.

Limited growth with continued profitability is what is hoped for in most small businesses, while entrepreneurial ventures target rapid growth and high returns. As a result, entrepreneurial ventures generally impact economies and communities in a significant manner, which also results in a cascading effect on other sectors, like job creation. Small businesses are more limited in this perspective and remain confined to their own domain and group.

The majority of the people may think that the term entrepreneurship has one single meaning. However, like mentioned earlier, the term is quite elastic and has a wide range of different meanings. The two most popular kinds of entrepreneurship are entrepreneurship of start-ups and entrepreneurship of small businesses.

The advantage of having maximum control on the work you do can often help you gain maximum benefit. Being the authoritative figure at your workplace often leads to a lot of personal and professional benefits. Flexibility is one of the perks that people often look for in their professional careers and in entrepreneurship this advantage comes easily.

One excellent aspect of entrepreneurship is that all entrepreneurs enjoy the advantage of coming up with diverse ideas that may also be unique in the global marketplace. Having a diverse range of ideas to choose from, according to your entrepreneurial vision, you can gain maximum benefit from the ideas you come up with.

For any enthusiast in the corporate world, starting your own business may prove to be a remarkable idea. Having control over the work you do is something that many people long for in their career paths. Therefore, entrepreneurship is a great career option for those willing to make their name in the corporate world.

The search for quality leadership is an on-going process that is in practice since past few centuries. The need of a good leader is one of the factors that led to the evolution of entrepreneurship. Aside from this, there are several other factors that led to the beginning and increasing importance of entrepreneurship.

Along with some other disciplines, the study of entrepreneurship is also paving its way as an important sub-discipline in many universities and colleges. This means that modern youth is extensively interested in pursuing entrepreneurship as a career path.

Due to this reason, several courses have been introduced related to entrepreneurship. Like any other important and popular discipline, entrepreneurship is also growing rapidly. Today, more and more people are in favour of becoming independent in their professional careers and therefore, there are fewer criticisms to be faced by any aspiring entrepreneur.

To sum up, some of the aspiring entrepreneurs may have the advantage of being supported by their families when laying down the foundation for their entrepreneurial venture. However, today an independent entrepreneur is highly appreciated as entrepreneurs are considered as risk takers who are willing to reach the heights in the corporate world with their own hard work. The risk of starting everything from scratch is not the kind of risk everyone has the will and courage to take.