What is the importance of Entrepreneurship?

Entrepreneurship is important because it helps to drive the economy, it allows people to bring creativity into the marketplace, it creates companies with the potential to hire millions of people and it brings new products and services to market. In addition, impact entrepreneurship, in which business people pay attention to the social impact of their products and investments, aims to improve society and the environment.

Many entrepreneurs who start small businesses are able to grow those companies into large concerns with a sizable local, national and even global impact. Entrepreneurial businesses are often better able to establish personal relationships with their customers. Because they are often more flexible than big companies, entrepreneurial businesses often create a more welcoming environment for innovation and invention. Entrepreneurial firms are also better suited to cater to niche markets because they do not have to support large overheads. Because many small businesses fail, however, entrepreneurs must be sure to put a viable business plan in place.

Impact entrepreneurs must focus first on how their companies will make money, since a company that isn't financially sound is unlikely to change the world. Investors who are intrigued by impact entrepreneurship also want to see viable business plans and may be skeptical of impact entrepreneurs who pitch their ideas as if they were establishing a non-profit.

What is the importance of business education? 

Business education, which encompasses several disciplines, enables people to think, speak and behave in ways that support the growth, efficiency and effectiveness of an organization or several organizations. Specific objectives vary by educational institution, specialty, and, in the case of corporate-sponsored training and education, an organization's values and mission.

Business education that is geared toward high school students serves as a general introduction to available careers and success in the workplace. Undergraduate business education courses for non-business majors teach students to communicate effectively across diverse disciplines and may include coursework on interpersonal communication, general accounting and finance and business writing. Coursework for business majors and graduate business students focuses on management styles, organizational management, risk management, and advanced accounting and finance. At this level, education equips the student to thrive in a corporate environment, especially as part of a management track.

When an employer provides business education opportunities for its employees, it does so to introduce new concepts, reinforce existing practices or promote new ways of thinking that benefit the organization. For example, it may support a procedural change or the addition of new types of technology to replace older, less efficient processes.

Non-credit continuing education, such as workshops, seminars and lectures, appeal to a wide range of professionals, including small business owners, prospective entrepreneurs and others who have no formal exposure to the business world.

What are some tips for starting your own business?

Some tips for starting your own business include offering a product that people want to purchase, having a source of cash flow before the project starts, discovering ways to keep costs low, and overestimating expenses while underestimating revenues, and focusing on sales and marketing. A few other tips to keep in mind are to find ways to grow profits strive to keep learning new things and have a coach or mentor.

When choosing a product for the business to sell or represent, create or pick something with a proven track record, and make it unique enough to stand apart from the competition. Remember to have more money coming in than going out, so find every way possible to save money. Always pay for materials or goods up front, or strike a deal with a vendor to generate a positive cash flow.

Marketing and sales often make or break a new business. Generate leads for your product before production instead of trying to win people over once it is ready. Design creative marketing strategies and turn leads into sales or repeat sales, thus building brand identity.

Having a coach or mentor who undertook a similar venture and was successful helps in avoiding some of the pitfalls of a start-up business. This person should be able to hold you accountable and help aim you toward achieving your goals. If this person is not directly invested in the business, he is able to look at the finances and production objectively.