How to become an Entrepreneur - What is Entrepreneurship?
Entrepreneurship is the willingness to start and run a business for profit or the generation of value. There are essentially two types of enterprises for entrepreneurs . First we have SME which stands for Small Medium Enterprise. These are small companies that will stay small. That’s not to say that they are unsuccessful, it just means that the serve a relatively small market and the market will not grow beyond a certain point due mainly to locality. They're usually service businesses that serve a local area. They are directly addressing the needs of the local community. Businesses like Hairdressers and beauty salons, pizza parlors and cafes. These companies generally have a linear growth as shown in this simplified diagram. It reaches a point where it hits the ceiling. You’ll notice that there is a low amount of cashflow out of the business. the second is what we will call IDEs, Innovation Driven Enterprise. This companies are set up to service global or multi-regional markets. W