How does entrepreneurship work?
The term means thinking about and carrying out different combinations of the idea you get.
The mind does wonders. Credit:
While we read different documents and articles to get an idea of how many types and processes are present thereof entrepreneurship, we came across the models of entrepreneurship.
A particular one that strikes its presence is — the Wennekers and Thurik Model.
This model describes three different levels of a startup —
- Individual — The time that you discover gravity when the apple falls on your head. Yeah, maybe not. Not joking, but this level works somewhat the same way. This is the phase where you realise that your idea (motivated by environmental or cultural factors) can resolve worldly issues.
- Firms — This is the time when you would calculate the action, reaction, inertia, or whatever comes into your head. Sorry, stopping with the joke now. This level deals with you coming up with the idea to be put into use.
- Macro — You’d be conducting experiments now, and I can not help but continue with the joke. Initiatives to bring in more people convinced of your idea, and experiment with new ideas.
Now, you get to decide at which level you are and what level you need to think about.
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Author: Rajani Rajagopal