Entrepreneurship is the process of starting a business, typically a startup company offering an innovative product, process or service.
However, when searching for definitions and more details on entrepreneurship on the net, one gets confused what exactly stands behind the term. On one hand, entrepreneurship is related to the world of serious business initiatives and managers of huge companies are considered entrepreneurs. On the other hand, different kinds of small companies, shops and startups also seem to belong to entrepreneurship. In this sense recently entrepreneurship has become more similar to the concept of the startups than to huge corporations, especially in the field of youth work. In order to deal with these differences we can define two types of entrepreneurs – “lifestyle” entrepreneurs and “gazelle” (or “high growth”) entrepreneurs. “Lifestyle” entrepreneurs’ motives to start their own business are related to their lifestyle, e.g. they want to work by themselves, part-time, to be their own bosses, etc. “Gazelle” entrepreneurs start their own business primarily for monetary reasons – they have a clear growth strategy.
No matter the type of entrepreneurship, the entrepreneur’s work is characterized by the following common traits:
•focuses on previously unnoticed trends or recent discoveries;
•uses creative imagination;
•involves reallocating costly resources from the present in order to meet an expected future demand;
Entrepreneurship can be found in various fields. According to Kauffman's Entrepreneurship.org there are six main aspects of starting and growing a business:
•accounting and finance – deals with the financial management and planning;
•business operations - аctivities involved in the day to day functions of the business conducted for the purpose of generating profits;
•human resources - activities related to employees that normally include recruiting and hiring of new employees, orientation and training of current employees, employee benefits, and retention;
•marketing and sales – marketing is the management process through which goods and services move from concept to the customer;
•products and services;
•public policy - the governing policy within a community as embodied in its legislative and judicial enactments which serve as a basis for determining what acts are to be regarded as contrary to the public good; declared state objectives relating to the health, morals, and well-being of the citizenry;
In the entrepreneurship game in the frame of the project the team wanted to emphasize upon some of the main phases of the entrepreneurial process:
•identification and evaluation of the opportunity;
•development of the business plan;
•determination of the required resources;
•management of the resulting enterprise.
The idea of the games is to be small and quick to play in order to serve as complementary materials for youth trainings, seminars etc. Thus, the developers decided to focus the entrepreneurship game around just one aspect of entrepreneurship: planning and managing the different resources in a small company. Resources, together with innovation, are the key to entrepreneurship. According to Russell S. Sobel entrepreneurship is about “discovering new ways of combining resources” and understanding and managing the value that results of this new combination of resources. If the market value that results of the new combination of resources is bigger than the market value of other combinations of these resources or of their individual market value then there is a profit. In this respect it is important that young people and young entrepreneurs are aware of the different types of resources and how profit is generated when managing those resources properly.