Entrepreneurship and Growing a Business

A lot of people see entrepreneurship as some sort of mystery. There are tons of books directed at managers that claim the ability to enhance the business management skills of the reader. But nobody tries to teach about entrepreneurship - maybe people don't believe that it can be taught. But, there is no reason why it should not.

Craig Dempsey explains the role of the entrepreneur which is to develop a business idea to a new business or to give new life to old business. At each step of the process - from the first big idea through the planning and implementation process and beyond - the entrepreneur could learn from other people's experiences as well as follow the examples of apparent practices and precepts. As a matter of fact, lots of entrepreneurial successes have made their fortunes in precisely the same manner.

However, there's a fundamental question that every company is confronted with eventually. Can you try to make the business grow or you are just happy with what you have? In case the answer is the latter, which possibly reflects the traditional picture of a smaller company, you're out of date and among the small minority.
Most of the companies are dedicated to growth. However, in a climate of extreme competition, you cannot expect to grow without innovation and entrepreneurship. Plus it just so happens that high competition is a permanent characteristic of the current economy.

Innovation, however, always has some risks to which many, including individuals who would like to grow their businesses, appear averse, particularly proprietors. As per some survey, 30%  are reluctant to pursue some risky growth approaches'. The figure of those reluctant is just 18% when it comes to the non-proprietorial managers, demonstrating they're a more go-ahead group altogether.

However, only a small fraction of the managerial types agree that growth is everything and they cannot survive in business unless they grow. Success only comes after taking huge chances and they would risk a lot for a strategy that promises to offer strong long-term growth. Those quite intimidating words may help clarify why most of the firms favor relative safety, going for medium-risk strategies that offer reasonably good growth prospects.

The vast majority of companies rate profits as very significant, while growth seems to fall second in the list (albeit fairly close), followed by market share, stable employment and value for sale.

However, success equally between growth and profitability- both are necessary and so are entrepreneurship and innovation.

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