Introduction:
Entrepreneurship activities can be discovered across innumerable industries and company domains. Merriam-Webster dictionary defines entrepreneurship as “one who organises, manages and assumes the risks of a company or enterprise” (Nelson 2012). The entrepreneur needs to comprehend the company’s clear association, the nature of company and has to understand whether the company is stable. In fact entrepreneurs hold leadership positions to work their company initiatives and mobilise resources to make their encounter in the market. Change is closely connected to each entrepreneurship activity. Change is the most vital instrument of entrepreneurship (Drucker 1985). Hence change can be believed as adding something new to a continuing procedure or a product to make it work larger and be extra effective. The exploitation of new thoughts leads towards innovation. Change begins alongside creative thoughts but this is not an adequate condition (Okpara 2007).
Entrepreneurs rapidly understand the commercial environment of markets. Economy is driven by markets, if demand is elevated extra work needs to be done and production increases. There is an additional demand for new and better products and services as the demand for it increases. Entrepreneurs are quick to exploit market opportunities and its potential. A successful entrepreneur considers the chances of success within the economic context. More factors such as culture, labour, work force, infrastructure and trade regulations are also considered when exploiting an opportunity.
Entrepreneurs are people with lot of qualities such as creativity, the ability to keep going in the face of hardship and social skills needed to build teams. (Mindtools.com, 2014) They have the abil...
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The purpose of this reflective essay is to review mind-set, knowledge and skills of budding entrepreneurs. We were requested to take a General measure enterprising tendency V2 test and a free online creativity test (Aulive test) in order to evaluate our entrepreneurial skills. Venture development can be defined as a new model that is used in the creation and cultivation of scalable ventures (Brinckerhoff, 2000). It normally describes the economic development activity using best practices and activities of experienced business mentoring and venture capital investing so as to create angle-capital-ready firms which will create economic wealth for the specific region. Entrepreneurship on the other hand can be defined in many ways. It is
Innovation and Entrepreneurship: The terms ‘entrepreneurship’ and ‘innovation’ are often used inter-changeably, but this is misleading. Innovation is often the basis on which an entrepreneurial business is built because of the competitive advantage it provides. On the other hand, the act of entrepreneurship is only one way of bringing an innovation to the market place. Technology entrepreneurs often choose to build a start up company around a technological innovation.
Entrepreneurs should have strong need for achievement (McClelland & Winter, 1971). Lachman (1980) explained that the individual, who possess the same traits as entrepreneurs, will have a higher possibility to perform entrepreneurial acts than individual do not posses such traits. Hornaday (1982) developed a list of entrepreneurial traits though surveys and intensive interview such as self confidence and optimistic, able to calculated risk, flexible and able to adopt, respond positively to change, knowledge of markets, able to get along well with others, independent minded, versatile knowledge, energetic and diligent, creative need to achieve, dynamic leader, responsible to suggestions take initiatives, resourceful and preserving and perceptive with foresight, responsive to
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
In this section will discuss the origin of entrepreneurs, entrepreneurship, and the last conclusion of whether entrepreneurs are born or created.
In regards to successful entrepreneurs, Karsten Strauss wrote, “Entrepreneurs have a greater capacity for pain and discomfort than most. They can stay up later, work longer hours, stay more focused and, somehow, are able to set so much aside in deference to their dreams and visions. But there’s so much more that sets them apart.” Successful entrepreneurs are distinctly different but all have a parallel set of personal attributes. Each personal characteristic is a key to the overall success of an entrepreneur. The core traits an entrepreneur must display are passion, persistence, integrity, flexibility, curiosity, and ability to network. These core values must be inherently inside an entrepreneur if they plan to succeed. Education can enhance
Entrepreneurial skills and knowledge are also fundamental for a promising entrepreneurial work. Basic entrepreneurship training enhances start-up formation and sustainability. It boosts the self-confidence and self-efficacy of individuals to cope with challenges ahead. It also helps to ensure a good project proposal and secure a great pool of finance required of the entrepreneur to start a viable firm. Prospective entrepreneurs need to be able to convince investors that they have a viable proposition and the determination and tenacity to succeed. The entrepreneur should be competent enough to demonstrate an intimate knowledge of his/ her business model, as well as the working environment of his/her firm. He/she need to have the skills used to sell, bargain, lead, plan, make decisions, solve problems, organize and
Entrepreneurship is a concept that has been around for a few hundreds of years. It is very difficult to get an exact definition of Entrepreneur since many professionals have different opinions as to what the actual meaning is. Arrays of key authors throughout the years have defined the term in numerous ways in regards to the various characteristics/traits that individuals should have. Entrepreneurship was initially acknowledged by an economist named Richard Cantillon (1755) who recognised the essential role of an entrepreneur in economic development. He defined entrepreneur as somebody with the aptitude to take risk and ability to “undertake”. Jean-Baptiste Say (1803, 1815) also an economist specified entrepreneur as the pivot of the economy and a catalyst for economic alteration and
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
Globally, it is felt that entrepreneurship emerged as a progressive and developmental idea for the world of business, Scott (1986). Hence it is in the consideration that entrepreneurship is the vital ingredient not for the current era of globalization only, but also for the future potential performers for creating diverse opportunities, Mita (2002). Entrepreneurs are identified as creator, innovator
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
(2013, November 6). Retrieved from 9 essential traits of successful entrepreneurs: 9 ESSENTIAL TRAITS OF SUCCESSFUL ENTREPRENEURS
In the psychological approach to entrepreneurship an entrepreneur is viewed as a set of personality traits and characteristics. Although a lot of research was done on entrepreneurial characteristics, there is still no definitive list. Jeffrey Timmons and colleagues (Timmons et al. 1990) in their review on personal characteristics and role requirements for entrepreneurs identified
In this early 19th century this description was altered by the French economist J. B. Say who instead focused on the business process rather than the practitioner. He said that an entrepreneur shifts economic resources out of an area of lower productivity and into one of higher productivity and greater yield. 200 years later confusion still remains over the definitions of ‘entrepreneur’ and ‘entrepreneurship' with no single definition existing.
The benefit of entrepreneurship is that it is a source of “business innovation and economic growth” (Ogbor, 2009 p.21) as it opens up the mind of the entrepreneur to think of new ways of satisfying the customers so that there are more economic gains from the activities. It has been regarded by governments that entrepreneurship creates