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Entrepreneurship Basics

Entrepreneurship describes the sustainable economical foundation proceeding. A key role takes the identification of chances, as well as the realization of the located ideas. Entrepreneurship also stands for the topic of the foundation of an enterprise/startup.

Important characteristics are: the recognition of chances, the realization of these opportunities, the selective use of resources, the aim of realization of profits as well as the risk awareness.

Entrepreneurship is also seen as a personality trait. Therefore the following attributes are linked to entrepreneurs: performance motivation, creativity, visions, passion, risk awareness, assertiveness, ability to cooperate, skill to solute problems but also one’s own initiative as well as a sense of responsibility.

A few motives to become entrepreneurial active: entrepreneurs are their own boss, better income opportunities, regional development (see: Social Entrepreneurship), tax benefits and especially better possibilities to realize ideas and visions and impact the society.

With Social Entrepreneurs the realization of profits takes a back seat, therefore the engagement for the society comes to the fore. Thus social entrepreneurs get involved for example with ecology, education, research, human rights or poverty reduction. While the realization of profits can still be an aim.

For financing of a company formation there are different contact persons. Friends, family and so called fools as well as in a later stage Business Angels and Crowdfunding platforms and even later Venture Capital investors and banks are counted among financial contact persons.

As basic literature to get started it can be recommended to understand the business model canvas, as well as the lean startup methods. Also there is a lot of potential in the market of innovation and entrepreneurship, where start-ups and large corporates can collaborate. Some inspiring video material can be found in the entrepreneurial video clips section.

Author: Christoph Baier

Christoph Baier matches Startups & innovative Companies for Cooperation & Open Innovation. He is Managing Director of Ambi-Vation and Co-Founder of founderio. His focus is on (Industrial) Internet of Things, CleanTech and Big Data and shares insights into the cooperation of startups and companies as a speaker or interview partner. Prior to that he studied Innovation Management & Entrepreneurship at TU Berlin, wrote his master thesis about the learning capability of B2B startups and the cooperation with external partners. During his studies he cofounded START Berlin and is now an alumni.

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