What defines entrepreneurship?

Entrepreneurship involves creating, organizing, and managing a new business venture, taking on financial risks in the hope of profit, often driven by innovation and problem-solving.

What are common challenges for new entrepreneurs?

Typical challenges include securing adequate funding, navigating market competition, hiring skilled talent, managing finances, and adapting to unexpected business shifts effectively.

How can one start a business with limited capital?

Start with a lean startup model, validate your idea through market research, explore bootstrapping, seek grant opportunities, or consider crowdfunding and small business loans.

What essential skills contribute to entrepreneurial success?

Key skills include leadership, adaptability, problem-solving, financial literacy, strong communication, resilience, and effective networking abilities to build crucial relationships.