Entrepreneurs are people who endeavour to start their own business from scratch and continue building and innovating as much as possible. In the current world we live in there are many large companies which seem to shadow and dominate much of the worlds industries. In addition to this many businesses are collapsing on a daily basis due to more competitive markets and increased costs.
What Motivates Entrepreneurs?
There are a number of different factors that can serve to motivate entrepreneurs. One of the biggest factors is money and success. However in order to achieve these goals a large amount of time money and effort is required and there is often large risks attached unless the business has been established for a long time prior to this. Entrepreneurs can also be motivated by previous entrepreneurs that have been highly successful. Richard Branson is one of these and he started his business back when he was 16. He later went on to found virgin music , virgin Atlantic , virgin trains amongst many other franchise and became a highly successful multi-millionaire. However some would argue that it is difficult to use him as a role model because the business environment has changed so much since when he started his businesses. This begs the question as to whether entrepreneurship as we know it is changing and potentially slowly dying out?
Many sectors are dominated by large firms which enjoy the largest part of the market share. Companies such as Apple , Google and amazon hold a strong grip on many markets and are simply so big that becoming a competitor of them would take an incredible amount of resources and time. So what alternative do entrepreneurs have in this environment other than to use the larger firms services? An example is Amazon. In order to sell goods online there are a number of different ways in which you can do this. One of the main ways you can do this is by selling on Amazon. However amazon takes a cut of your earnings as they are providing you with a platform. Another platform that could be used is ebay. Ebay only charges seller fees on business accounts with high sales so to get started in online selling this may be the better option. A third option of course is setting up your own website/online store. This is probably the most costly and time consuming out of all the options available to you. Although having said this is if you can establish a gap in the market for a certain type of product then it could be highly successful.
Overall to conclude there are a number of different things that can be concluded. Entrepreneurs face a variety of different challenges that they need to overcome in order to be successful. Many of these challenges are things such as increased business rates, competition from larger firms and also a reduction in consumer spending overall across the board. In order to counter these issues there are a number of different resources new entrepreneurs can use for help. Business gateway is an example of this as it provides grants and low interest loans to new businesses to help them get a foothold in the business world.