For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs. Schumpeter's initial example of this was the combination of a steam engine and then current wagon making technologies to produce the horseless carriage. In this case, the innovation (i.e. the car) was transformational, but did not require the development of dramatic new technology. It did not immediately replace the horse-drawn carriage, but in time incremental improvements reduced the cost and improved the technology, leading to the modern auto industry. Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks (instead of assuming that resources would find each other through a price system). In this treatment, the entrepreneur was an implied but unspecified actor, consistent with the concept of the entrepreneur being the agent of x-efficiency.
Entrepreneurs need to practice effective communication both within their firm and with external partners and investors in order to launch and growth a venture and enable it to survive. An entrepreneur needs a communication system that links the staff of her firm and connects the firm to outside firms and clients. Entrepreneurs should be charismatic leaders, so they can communicate a vision effectively to their team and help to create a strong team. Communicating a vision to followers may be well the most important act of the transformational leader.[93] Compelling visions provide employees with a sense of purpose and encourage commitment. According to Baum et al.[94] and Kouzes and Posner,[95] the vision must be communicated through written statements and through in-person communication. Entrepreneurial leaders must speak and listen to articulate their vision to others.[96]
Theorists Frank Knight[80] and Peter Drucker defined entrepreneurship in terms of risk-taking. The entrepreneur is willing to put his or her career and financial security on the line and take risks in the name of an idea, spending time as well as capital on an uncertain venture. However, entrepreneurs often do not believe that they have taken an enormous amount of risks because they do not perceive the level of uncertainty to be as high as other people do. Knight classified three types of uncertainty:
In 1999, Tom Sudyk, CEO and founder of EC Group International established e-commerce operations in Chennai, India. The vision for expanding to India served two purposes. One purpose was to provide small and medium sized US companies safe access to the abundant talent India had to offer. The second purpose was to establish a company that would make a difference to the people it touched.
"At its core, [entrepreneurship] is a mindset – a way of thinking and acting. It is about imagining new ways to solve problems and create value. Fundamentally, entrepreneurship is about ... the ability to recognize [and] methodically analyze [an] opportunity and, ultimately, to capture [its] value." – Bruce Bachenheimer, clinical professor of management and executive director of the Entrepreneurship Lab at Pace University 

Great post. My husband has been selling used books on-line for 10 years…It’s not enough to fully support our family of 6, but it does afford us a lot of flexibility. We both work other odds and ends spot jobs and it ends up working out. We have also had the flexibility to be volunteer managers at a church camp in the summer. (Right now the camp can not afford a manager) I’m pioneering a women’s conference and event ministry. I’ve always been very greatful for the freedom we have. My husband helps at the kids schools, apointments are easy to make, and the stress is less. It’s been a sacrifice in some ways but worth the gains in time and flexibility for sure.
Starting a new business online requires much less risk than investing your dollars into a brick-and-mortar storefront or downtown office. Because your business is based online, you can reach more potential customers, work from virtually anywhere and make money online without large overheads. With some basic website and communication skills along with a little maintenance know-how, almost anyone can launch a business online and get it up and running in only days. Think you’re ready to become the next big entrepreneur online?

There are a lot of items that can be purchased very inexpensively at garage sales or thrift stores and sold for higher prices elsewhere. A few years ago I discovered that I could purchase good hardcover books at my local thrift shop for $1 or less. I realized that some of them could be sold on Amazon.com for $15-$20, which turns out to be a pretty decent profit.

"The quotes have application across many Judeo-Christian beliefs and are shared as a gesture of thanks which reflect the beliefs of this country's founding as in the Declaration of Independence, the Gettysburg Address, Pledge of Allegiance and every U.S. coin and dollar you handle. Alaska Airlines is an international carrier with very diverse customers, and we have no intentions of offending anyone or their beliefs. An overwhelming majority of our customers have indicated they appreciate the gesture, and those who don't are not forced to read it."

It’s a great way to achieve freedom in your life. Not only does copywriting allow you to work remotely, but it also allows you to control your schedule. Plus, learning the skill itself will help you in many areas of online business (i.e. building a blog, affiliate marketing, etc. – when you can write in a compelling way, all of these become much easier!)
Virtually every small business needs help running their day-to-day administrative tasks, but they may not particularly want to pay a full-time in-house employee to do it. Virtual assistants perform a variety of tasks that a traditional assistant or secretary would normally do, including making travel arrangements, paying bills, or managing expense reimbursements.
"Being an entrepreneur is like heading into uncharted territory. It's rarely obvious what to do next, and you have to rely on yourself a lot when you run into problems. There are many days when you feel like things will never work out and you're operating at a loss for endless months. You have to be able to stomach the roller coaster of emotions that comes with striking out on your own." – Amanda Austin, founder and president of Little Shop of Miniatures
Whao! Mr Bob, really am blown away. You know, people say nothing comes free, but you have generously broken that law with all these ideas you freely give. I can’t but say that i am grateful. Particular about idea number 4,6 & 7. I read your article on how to make money by blogging and really , freely giving out all those steps is very generous of you sir becausei know poeple who sell almost every informatiomn they have. The first time i heard about blogging was around 3months ago while discussing with a friend about my first christian book, but your article has really openned me to a whole new world around blogging. I really don’t know how else to show my appreciate because you have freely given me keys to financial independence and i will surely come back to share my testimonies. Thank you somuch sir, your latter will be far greater than your past
The ability of entrepreneurs to innovate relates to innate traits, including extroversion and a proclivity for risk-taking.[citation needed] According to Joseph Schumpeter, the capabilities of innovating, introducing new technologies, increasing efficiency and productivity, or generating new products or services, are characteristic qualities of entrepreneurs.[citation needed] One study has found that certain genes affecting personality may influence the income of self-employed people.[87] Some people may be able to use[weasel words] "an innate ability" or quasi-statistical sense to gauge public opinion[88] and market demand for new products or services. Entrepreneurs tend to have the ability to see unmet market needs and underserved markets. While some entrepreneurs assume they can sense and figure out what others are thinking, the mass media plays a crucial role in shaping views and demand.[89] Ramoglou argues that entrepreneurs are not that distinctive and that it is essentially poor conceptualizations of "non-entrepreneurs" that maintain laudatory portraits of "entrepreneurs" as exceptional innovators or leaders [90][91] Entrepreneurs are often overconfident, exhibit illusion of control, when they are opening/expanding business or new products/services.[16]

Great post. My husband has been selling used books on-line for 10 years…It’s not enough to fully support our family of 6, but it does afford us a lot of flexibility. We both work other odds and ends spot jobs and it ends up working out. We have also had the flexibility to be volunteer managers at a church camp in the summer. (Right now the camp can not afford a manager) I’m pioneering a women’s conference and event ministry. I’ve always been very greatful for the freedom we have. My husband helps at the kids schools, apointments are easy to make, and the stress is less. It’s been a sacrifice in some ways but worth the gains in time and flexibility for sure.
Entrepreneurs may also be driven to entrepreneurship by past experiences. If they have faced multiple work stoppages or have been unemployed in the past, the probability of them becoming an entrepreneur increases[109] Per Cattell's personality framework, both personality traits and attitudes are thoroughly investigated by psychologists. However, in case of entrepreneurship research these notions are employed by academics too, but vaguely. According to Cattell, personality is a system that is related to the environment and further adds that the system seeks explanation to the complex transactions conducted by both—traits and attitudes. This is because both of them bring about change and growth in a person. Personality is that which informs what an individual will do when faced with a given situation. A person's response is triggered by his/her personality and the situation that is faced.[112]
Hi, I really enjoyed this article. I think everyone has a skill they can market like being a VA, writing, web design etc for some extra cash. I think the main thing to consider when starting a business is if you can run the business with your day job. It’s great if you can build a service based business to work from home but it takes time to build these business to replace a wage – it took me three years. Great post!
Studies show that the psychological propensities for male and female entrepreneurs are more similar than different. Empirical studies suggest that female entrepreneurs possess strong negotiating skills and consensus-forming abilities.[108] Asa Hansson, who looked at empirical evidence from Sweden, found that the probability of becoming self-employed decreases with age for women, but increases with age for men.[109] She also found that marriage increased the probability of a person becoming an entrepreneur.[109]
The distinction between the novice, serial and portfolio entrepreneurs is an example of behavior-based categorization.[63] Other examples are the (related) studies by,[64][65] on start-up event sequences. Nascent entrepreneurship that emphasizes the series of activities involved in new venture emergence,[66][67][68] rather than the solitary act of exploiting an opportunity. Such research will help separate entrepreneurial action into its basic sub-activities and elucidate the inter- relationships between activities, between an activity (or sequence of activities) and an individual's motivation to form an opportunity belief, and between an activity (or sequence of activities) and the knowledge needed to form an opportunity belief. With this research, scholars will be able to begin constructing a theory of the micro-foundations of entrepreneurial action.
C12 is a fee-for-service for-profit organization that operates on membership dues. Prospective members must be invited to join. C12 is a blend of Christian business leadership best practices and general management tools coupled with Godly counsel, accountability, Christian business coaching, a focus on spiritual values and needs, and practical ways to run businesses based on Biblical principles for the eternal benefit of stakeholders.
Jesper Sørensen wrote that significant influences on the decision to become an entrepreneur are workplace peers and social composition. Sørensen discovered a correlation between working with former entrepreneurs and how often these individuals become entrepreneurs themselves, compared to those who did not work with entrepreneurs.[110] Social composition can influence entrepreneurialism in peers by demonstrating the possibility for success, stimulating a "He can do it, why can't I?" attitude. As Sørensen stated: "When you meet others who have gone out on their own, it doesn't seem that crazy".[111]
Today many of these small businesses (and some large businesses) are faith-based, from large Christian bookstores and publishing houses, to “Mom and Pop” cleaning companies and plumbers. What makes these small businesses Christian isn’t necessarily the product or service they offer, but the fact that the owners adhere to Christian business principles and ethics and expect their employees to do the same. Customer find this appealing because they feel the company is more likely to deliver on its promises than secular companies. Many Christian businesses are restaurants, clubs, and coffee shops, where entertainment is Christian music and speakers. If you have an entrepreneurial spirit, enjoy working with people or in a retail environment, working for a small Christian business may be the right choice for you.
Financial success – Most entrepreneurs realize they aren't going to be overnight billionaires, but that doesn't mean they aren't at least a little bit seduced by the potential of making a ton of money. Some may want to establish a financial safety net for themselves and their families, while others are looking to make a huge profit by creating the next big thing.
Entrepreneurs are leaders willing to take risk and exercise initiative, taking advantage of market opportunities by planning, organizing and deploying resources,[34] often by innovating to create new or improving existing products or services.[35] In the 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.
While some entrepreneurs are lone players struggling to get small businesses off the ground on a shoestring, others take on partners armed with greater access to capital and other resources. In these situations, new firms may acquire financing from venture capitalists, angel investors, hedge funds, crowdsourcing or through more traditional sources such as bank loans.

Flexibility – Not everyone fits into the rigidity of a traditional corporate culture. Entrepreneurs are often looking to free themselves from these constraints, find a better work-life balance, or work at times and in ways that may be unconventional. This doesn't mean they are working fewer hours – oftentimes, especially in the early stages of growing a business, they are working longer and harder – but, rather, that they're working in a way that is natural and instinctual to them.


In 1999, Tom Sudyk, CEO and founder of EC Group International established e-commerce operations in Chennai, India. The vision for expanding to India served two purposes. One purpose was to provide small and medium sized US companies safe access to the abundant talent India had to offer. The second purpose was to establish a company that would make a difference to the people it touched.
In the 20th century, entrepreneurship was studied by Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger, Ludwig von Mises and Friedrich von Hayek. While the loan from French of the word "entrepreneur" dates to the 1850, the term "entrepreneurship" was coined around the 1920s. According to Schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation.[29] Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part inferior offerings across markets and industries, simultaneously creating new products and new business models, thus creative destruction is largely responsible for long-term economic growth. The idea that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory[clarification needed] and as such continues to be debated in academic economics. An alternative description by Israel Kirzner suggests that the majority of innovations may be incremental improvements such as the replacement of paper with plastic in the construction of a drinking straw that require no special qualities.
Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to market. Entrepreneurs who prove to be successful in taking on the risks of a startup are rewarded with profits, fame and continued growth opportunities. Those who fail, suffer losses and become less prevalent in the markets.
The ability of entrepreneurs to work closely with and take advice from early investors and other partners (i.e. their coachability) has long been considered a critical factor in entrepreneurial success.[82] At the same time, economists have argued that entrepreneurs should not simply act on all advice given to them, even when that advice comes from well-informed sources, because entrepreneurs possess far deeper and richer local knowledge about their own firm than any outsider. Indeed, measures of coachability are not actually predictive of entrepreneurial success (e.g. measured as success in subsequent funding rounds, acquisitions, pivots and firm survival). This research also shows that older and larger founding teams, presumably those with more subject expertise, are less coachable than younger and smaller founding teams.
For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs. Schumpeter's initial example of this was the combination of a steam engine and then current wagon making technologies to produce the horseless carriage. In this case, the innovation (i.e. the car) was transformational, but did not require the development of dramatic new technology. It did not immediately replace the horse-drawn carriage, but in time incremental improvements reduced the cost and improved the technology, leading to the modern auto industry. Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks (instead of assuming that resources would find each other through a price system). In this treatment, the entrepreneur was an implied but unspecified actor, consistent with the concept of the entrepreneur being the agent of x-efficiency.
Some may see the distinction between local and systemic entrepreneurship as similar to the one between the innovation-oriented entrepreneurship described in Schumpeter's (1934) work and the more opportunity-oriented entrepreneurial activity that one can find in Kirzner's research) It would be misleading, however, to view systemic entrepreneurship as based on innovation while the other type is not.
For example, California's Silicon Valley is often cited as an example of a well-functioning entrepreneurial ecosystem. The region has a well-developed venture capital base, a large pool of well-educated talent, especially in technical fields, and a wide range of government and non-government programs fostering new ventures and providing information and support to entrepreneurs.
Does just being a “religious” owner of a company mean that you get to declare your business to be faith-based? Now, as new lawsuits against the mandate pile up, the correlation of what constitutes a religious business is getting more tenuous. A recent press release announcing yet another suit says it is being filed by a “faith-based car dealership” that says its religious beliefs are being violated by being forced to cover contraception in their health care plans.
The term "ethnic entrepreneurship" refers to self-employed business owners who belong to racial or ethnic minority groups in the United States and Europe. A long tradition of academic research explores the experiences and strategies of ethnic entrepreneurs as they strive to integrate economically into mainstream U.S. or European society. Classic cases include Jewish merchants and tradespeople in large U.S. cities in the 19th and early 20th centuries as well as Chinese and Japanese small business owners (restaurants, farmers, shop owners) on the West Coast.[39] In the 2010s, ethnic entrepreneurship has been studied in the case of Cuban business owners in Miami, Indian motel owners of the U.S. and Chinese business owners in Chinatowns across the United States. While entrepreneurship offers these groups many opportunities for economic advancement, self-employment and business ownership in the United States remain unevenly distributed along racial/ethnic lines.[40] Despite numerous success stories of Asian entrepreneurs, a recent statistical analysis of U.S. census data shows that whites are more likely than Asians, African-Americans and Latinos to be self-employed in high prestige, lucrative industries.[40]
If you’re a website or blog owner, you can sell a portion of your page space to advertisers and earn money passively each time the ads are clicked on by your target audience or visitors to your website. While the actual placing of the ads is completely free, the earning capacity of cost-per-click (CPC) advertising is based on the level of traffic to your site and the cost per click and click-through rate, or CTR. The most popular way to earn money today through advertising clicks is through Google AdSense or similar advertisers.
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