Half of the people who meant to be academic Entrepreneurs are Scientist, Graduates, and Students of the Universities etc. They tend to start a business based on their studies, research works etc. They tend to convert the results of their studies to money. These academic entrepreneurs are funded by the universities, to do this kind of innovative stuff. After the successful completion of the business projects, the universities will be the partners of the particular business also. This academic Entrepreneurship is a boon to the academicians who want to pursue their dream of being an entrepreneur.
Economic development means different things to different people. On a broad scale, anything a community does to foster and create a healthy economy can fall under the auspice of economic development. Today’s economic development professionals are trying harder than ever to define their field in terms that are more concrete and salient to policymakers, the public, and other professionals
Behaving like being an Entrepreneur itself is the biggest behavior of a successful Entrepreneur. These entrepreneurial behaviors differentiate common people from them. Starting with the zeal of becoming an entrepreneur, awareness of the situations they are facing, creativity, risk management, timing, at most focusing skills, future visions, building the networks, what not every little behavior leads the way to success. Upon all these self-belief and motivation keep the person and the committed team alive.
According to a research it is stated 1/3 of all the entrepreneurs in the world are women. It might be just a small number but the outcome is different. Women entrepreneurs are tending to generate high economic growth rate. They often face gender-based barriers like marital status, cultural practices, inherent laws etc. Still, they stand up for what they want to be. This also strengthens Women empowerment and well-being of the society. The main drawback of the women entrepreneurs is an Entrepreneurial mindset; most of the women prefer to have salaried jobs, steady working hours and paid leaves.
Entrepreneurship, Growth, and Competitiveness
Most of the people have dreamed of starting their own business, but many people see only the cons of starting a business. But if they see clearly it will be an ocean of opportunities to pursue it. In spite of the success, we dream, hurdles always greet us first; many people rebuff the opportunity there. But overtaking the hurdles leads to success. This growth of entrepreneurship leads to the economic growth of the country. Expandability, New thinking, Digitalisation also plays the main role in the growth of the company.
Did we ever think from where these innovative ideas come from...? They come from nothing or from severe brainstorming. Some industries grow very fastly while some will lack behind. But among all of these only some industries are considered innovative. Every field like Automotive, Technology, Pharmaceutical, and Biotechnology are innovative in their own way, trying to invent new technologies in their fields. The highest innovative percentage is seen in the Information technology that is of 30%. Next the telecommunications and automotive occupy the second position of 13%. Apart from these, the greatest innovation was seen in food, Beverage and tobacco industries
Entrepreneurial finance and venture capital
Entrepreneurial companies face main issues like a high-risk investment. In return to that risk, they will also face high returns also. The two main sources for the accumulation of the capital are the Banks and the Venture Capitalist. Banks will monitor less effectively and they face the capitals demands from their own investors. The capital amounts provided by the banks or the venture capitalist changes based on the type of ventures. They are:
Institutional Venture Capitalist Funds
Small business investment companies
Financial venture capital funds
Corporate venture capital funds
Studies of new businesses
Whatever idea you have whether it is selling coffee, computers, and conferences etc. It pays to know and understand your market target. The time gap between sharing your idea of starting a business should be spent over studying the concepts of the business and marketing. Big businesses do this in spite of its high cost. They have teams dedicated to interviewing the customers, surveying about the possibilities, analyzing buying partners etc. This analysis and studies should be done in every stage of the business.
Entrepreneurial marketing is a spirit, an orientation, as well as a process of pursuing opportunities and launching and growing ventures that create perceived customer value through relationships, especially by employing innovativeness, creativity, selling, market immersion, networking or flexibility.
Entrepreneurial learning and communities of practice
Learning of entrepreneurship is still an undeveloped domain. Nowadays it is booming in its own way to change the future ways of entrepreneurship learning. Entrepreneurial learning mainly involves attitude, skills, and knowledge to turn the creative ideas into action. Entrepreneurial learning leads to the born of new entrepreneurs, which follows upcoming of the new industries, job creation, and a healthy economy, stimulates innovation and capacities to deal with the Globalisation, it motivates students, it empowers people to create value for the society.