ENTREPRENEURSHIP

Entrepreneurship is the process of designing, launching, and running a business to sell products or services to customers to make a profit.

Entrepreneurship traditionally involves raising capital, setting up an office, hiring employees, building products or services, marketing & selling them to customers, earning money, growing the business, and more. Only a few could aspire to become successful Entrepreneurs earlier. But, things are drastically changing today. Many technologies are increasingly becoming affordable and accessible to a greater number of people these days. Many online technology platforms can be used for free or for a small fee, by anyone, from any age group – whether one is a school or college student, a working adult, a homemaker or even a senior citizen. These online tools and platforms have led to the democratization of innovation and the spread of DIY culture among many people today.

Democratization of Entrepreneurship: The online tools, technologies, and platforms are opening up new opportunities for people with little or no skills in production, marketing, selling, or finance - to start and run their own part-time or full-time business to earn passive or active income from anywhere and anytime - by spending as little or as much time they wish to. They can create either a physical or digital product or service, run their business with zero initial investment, or operate it on a shoe-string budget. For e.g., millions of small traders, merchants, and re-sellers are selling their products on Amazon and Flipkart. These online marketplaces have made it possible for small traders to reach global customers in no time.

For those who wish to run solo, one can also set up a website or online store to sell their products to niche customers. They can market their products & services using social media platforms such as Facebook, Instagram, WhatsApp, or Pinterest at a negligible cost compared to traditional marketing methods. These online platforms make it possible for anyone with a computer or a mobile phone to start their online business and run it from the comfort of their home or office. This has given rise to many Solo-entrepreneurs or Solopreneurs in recent times. Even school and college students can today set up their own digital ventures. They can work part-time to build digital products during weekends or holidays, and sell them online to earn passive income while still studying.