A person who perceives and creates an organization to pursue it is an Entrepreneur and the process are entrepreneurship. In other words, we can say that a person when seeks an economic opportunity and in order to avail that particular opportunity he forms an organization is an Entrepreneur and the process is known as entrepreneurship.
During the entrepreneurial process, all the functions and processes take place which are necessary to form an organization and to avail or pursue the opportunity. It is a birth of a new enterprise, and there are chances of its subsequent failure of success.
In the past, there was a long debate regarding entrepreneurship that either it is a born ability of a person or this can be taught? Is it science or an art to innovate new ways to work? Professors of business studies believe that this can be taught and learned, and that is why it is one of the fastest growing fields of study in American higher education.
A research was done in 2002 by Kauffman Foundation, which resulted that about 61% of the U.S. colleges and Universities offers at least one course in Entrepreneurship for their students.
These courses do not guarantee that one will become Steve Jobs or Mark Zuckerberg same as a batting coach in cricket cannot guarantee his students that they will become Brian Lara or Steve Waugh, but it is a fact that people with potentials and aptitude can become good entrepreneurs.
There is always a ‘Tipping Point’ that gives rise to big organization. As, in case of Facebook which was made just for campus communication and which has now become a renown organization, or in case of Melanie Steven who was a dropout at school and ran out of job options since she had worked a number of minor jobs. Then she realized that instead of doing these low wage jobs she should have her own business, and she started to make canvas bags. Within a few years, she was the owner a chain of retail store in Canada.
There is a long list of entrepreneurs who had faced failures or were fire or were dropout at schools or colleges, but one thing, which they had in common, was the courage to standup and face the world with a smiling face, a self belief, a potential to grow and show the world that they can do it.
This list includes Steve Jobs of Apple, Walt Disney of Disneyland, Howard Rose of Waverly pharmaceutical, Tim Waterstone of Waterstone’s bookstores, Jordan Robin who invented the supplement for the cure of Crohn’s disease was a Crohn’s disease patient, he founded the organization named Garden of Life.
For some people, entrepreneurship is a conscious choice; therefore, there are a number of people around us in the society who have quit their settled jobs and started their own business.
While, talking about the entrepreneurial ideas a study was made of the 500 fastest growing companies of America which reveal that entrepreneur gets 57% of the ideas of their businesses from the industry they worked in and 23% of the ideas from the relevant industry. Therefore, 80% of the highly-growing businesses seems to be found in the same industry or closely related industry from their they have gotten their work experience because, it is the period where the entrepreneurs have got a major portion of their most viable business ideas.
This is not necessary that the entrepreneur belongs to the same industry he has experience of, as in the case of Wayne Huizenga who first ventured in an unrelated garbage disposal with waste management, next in the entertainment industry with a blockbuster video and then he switched to automobile sales with AutoNation.