The business venture is giving shape to an idea to respond to a market need. Depending on the objectives and the scope of action in which the project is developed, different types of ventures can be differentiated. Business entrepreneurship, which is based on carrying out projects focused on profitability, is one of them.
What is a business venture?
A business venture is how a business idea can be materialized into a tangible reality.
It is a process through which an entrepreneur creates a new business, from the conception of the original idea to its launch and subsequent operation.
As said above, entrepreneurship requires specific skills and abilities to be able to take on the challenge.
But also, it is very important to know and follow some steps to minimize the risks and be able to walk the path with the vision of achieving success.
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Advantages of a business venture
Business venture can play a very positive role in the development of a country’s economy.
- Generates new jobs.
When new companies are created, new jobs appear that can act positively on the economy of a country, increasing its wealth.
The employment situation of entrepreneur’s changes. Entrepreneurs can become their bosses and gain autonomy and independence.
- Focuses on profitability.
Business entrepreneurs keep company accounts correctly and choose business models that adjust to market trends.
Increases the personal wealth of entrepreneurs. If the project is successful and the desired profitability is achieved, entrepreneurs can increase their income and improve their financial status.
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Characteristics of a business venture
The digital era is a great ally for the entrepreneurial community and for anyone who wants to start a business.
What started in a garage, as Skyscanner, the search engine that compares flights; or Shazam, the popular app that recognizes any song, is capable of becoming a company with international reach.
Good entrepreneurs share basic behaviors and unavoidable qualities that lead them to professional glory in selling their products.
Below, we tell you the ten characteristics of the entrepreneurial community that will clear up our doubts. Do we have the wood for entrepreneurship?
The Decalogue of characteristics of the entrepreneurial community that you should not miss
- Passion
Vocation is the leitmotiv of every profession. We will not be able to dedicate ourselves body and soul to our brand if we do not like what we do.
Enthusiasm helps ensure that the sacrifice that every professional activity entails does not imply suffering, but rather a desire to improve. The love of our occupation is fundamental in entrepreneurship. Working on what we are passionate about gives us independence and self-confidence, and that is one of the characteristics of a successful entrepreneur.
- Creativity
Starting a business requires inventiveness. Imagination gives us wings to be ambitious and capture opportunities in inhospitable places. It is not essential to conceive a product that has not yet been invented, but rather to improve what is already proliferating on the market.
Innovative aptitude guarantees differentiation; and authenticity is one of the skills that successful businessmen and women put into practice.
- Responsibility
Sensibility and seriousness. Arrive at the workplace first and leave last. Dedication works as a main weapon for every entrepreneur who achieves recognition.
Furthermore, decision-making requires commitment, since we will have to evaluate the implications and consequences of choosing one path or another. The responsibility that comes with taking risks will increase if we do not have partners
- Ability to adapt to changes
Let’s not fool ourselves, if there is a state that is continually present in entrepreneurship, it is uncertainty, and it is something that has become one of the characteristics of the entrepreneurial community. No miracle formula will catapult a company to eternal victory.
The world is evolving by leaps and bounds and, although we can suspect certain alterations in the future of events, we are not sure which aspects will change and to what extent. For this reason, the flexibility of the entrepreneurial community is a point in its favor when uncertainty lurks in the market.
- Vision
This ability is related to the previous one.
As one of the characteristics of the entrepreneurial community, if, in addition to being flexible, we can anticipate events, we will have half of the way gained.
Finding solutions before the problem arises seems like a desirable situation. This skill usually germinates with years of experience, although every beginner in this exciting world of entrepreneurship must be equipped with the ability to contemplate different approaches.
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- Courage
Walt Disney was fired from his job for lack of imagination.
This refusal to give up characterizes every entrepreneur, whose ideas are based on tenacity and ignorance of surrender. The determination and courage to fulfill our dream, even if others tell us that we are wrong, tell us that we are walking in the right direction if we want to undertake it.
Boldness, impetus, courage, persistence, and audacity are characteristics of the entrepreneurial community that should not be missing if our goal is to start a business. It does not mean that we take risks by jumping off a cliff. We must calculate each of our movements.
- Organization
To focus efforts on those aspects that will sustain the achievements of our company we will have to follow planning. This outline of activities will be based on strategic goals. This is a non-closed program, that is, it is susceptible to permanent adjustments due to the possible changes mentioned above.
These modifications will lead us to that long-term goal that we must consider.
Furthermore, in this scheme efficiency will also prevail, that is, the performance of functions that involve fewer costs and more speed. With this method we control the actions to verify that we are on the right path. In short, the farsighted entrepreneur is also worth two.
- Leadership
Tolerate mistakes, set goals, set an example, foster the potential of each member of the company, and encourage reflection… The qualities of a leader are also the virtues of an entrepreneur. who steps hard in his work career.
These people bring together highly qualified teams and establish harmony in their workforce. A good environment is essential to win in the complicated world of business since the effectiveness and value of each of the members are considered essential.
- Permanent ‘Networking’
Creating a network of contacts will allow us to sell more and sell better. This philosophy, especially effective in the entrepreneurial universe, will also allow us to obtain better prices with suppliers, as well as gain new customer loyalty or gain good recommendations about our services.
This network is built with perseverance and patience since it is not enough to add followers, but we must also take care of our relationship with them so that it lasts over time.
One of the characteristics of the entrepreneurial community is its ability to persuade. On the other hand, social networks have become efficient partners for this task. Among other things, they contribute to the good management of the entrepreneur’s time.
- Fulfillment of commitments
Every respectable company must project a serious image. Formality implies good sense and solvency, two virtues that give the company the credibility it requires for its success in the market. One of the tasks that every future entrepreneur must fulfill is the execution of each of his promises.
Giving the customers what they have been guaranteed will help our brand build a good name. In this sense, word of mouth, currently encouraged by the immediacy of digital channels, speeds up a process that until not long ago was slower.
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Differences between entrepreneurship and startup
to understand the difference between startup and entrepreneurship, it is first necessary to define both concepts.
We will start with the definition of the terms
What is a startup?
A startup company is a new and emerging company that is usually created from an innovative idea.
A startup is usually created by a few people, focused on a great possibility of growth.
A basic component of the startup is that the idea on which it is based must make use of information and/or communication technology.
Therefore, we can affirm that the startup is a recent and modern concept of traditional business.
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What is entrepreneurship?
On the other hand, entrepreneurship refers to the creation of a new business to generate profits.
The creator of a venture, generally called an entrepreneur, invests in a proven, safe, sustainable, and short-term business plan and model. They are usually created from traditional and profitable ideas.
by understanding the definitions, we can now indicate the essential differences between them.
Below, we present 3 main characteristics of startup and entrepreneurship:
- Innovative or traditional idea
It can be said that the main difference between these two types of companies centers on the type of idea on which they are based.
As we have mentioned, the idea behind a startup is an innovative, unique, and original concept, which has not been seen before and which provides something new and beneficial. Usually that idea is based on something technological.
This does not mean that the idea of a startup is not special, just that it is based on a traditional concept or one that has already been used successfully in the past.
For example, a startup can be a cleaning agency, which is a traditional concept, proven and known by many. Therefore, this type of company cannot be called a startup.
- Objective and business model
Startup and entrepreneurship, as types of new businesses, generally have very similar goals, but with some subtle differences.
If, for example, we talk about a startup, we can say that it starts from an innovative idea, one of its main objectives is to expose this idea to the public, and for more people to know about it.
Many times, they seek to attract the attention of an investor or larger companies.
The goal of a startup creator is to achieve technological innovation and, through this process, find the precise business model for their product or service to be successful.
On the other hand, the business model used by a startup is a proven one, with a structured and sustainable plan. The main objective of a business is to make money and achieve a profitable business.
- Long or short-term profitability
Finally, although it is natural that the creators of a startup also worry about the profitability of the product or service, it differs from entrepreneurship in the period of time in which they want to achieve profitability.
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A startup focuses on:
- Make your idea known
- Looking to make money eventually but in the long term
- They aspire to achieve exponential business growth with the goal of one day becoming a large company.
- Many of the big companies of this era, like Facebook and Snapchat, started as startups, before growing to what they are today.
A venture, however, focuses on:
- Develop your own idea or project
- Generate a short-term profitability plan.
- Earn money through a structured business model.
- As we have already seen, both models are necessary within the financial market. Despite their differences, any of them can be very useful to develop that business idea you have in mind.
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