Entrepreneurship Is The Practical Art Of Creating A New Organization Essay

Entrepreneurship Is The Practical Art Of Creating A New Organization Essay

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Entrepreneurship is the practical art of creating a new organization, whether for-profit or
not-for-profit, whether as independent start-up or an internal venture. In simplest terms,
entrepreneurship involves the organization of human, financial, technical, and other resources for
the production of valuable goods and services. The first step in the process is development of a
credible business plan. Entrepreneurship and new venture creation such as Retail Firm often
involve a great deal of risk and personal sacrifice, especially in the first couple of years of
operating a new business. An entrepreneur is one who organizes a new business venture in the
hopes of making a profit. Entrepreneurship is the process of being an entrepreneur, of gathering
and allocating the resources financial, creative, managerial, or technological necessary for a new
venture 's success. One engages in entrepreneurship when one begins to plan an organization that
uses diverse resources in an effort to take advantage of the newly found opportunity.
Strategic leadership skills:
Entrepreneurs must also be able to balance their managerial duties with leadership
activities. In other words, they have to be able to handle both the day-today operations of the
Retail Firm business as well as decision making obligations that determine the organization 's
long-term direction, philosophy, and future. It is a precarious relationship, but entrepreneurs
must be both managers and visionaries in order to build their organizations. Indeed, researchers
contend that many otherwise talented entrepreneurs have failed because they were unable to
strike an appropriate balance between details of management and the larger mission that guides
the new venture. Ma...

... middle of paper ...

...ers. Starting a new business venture
incorporates many different elements and is the backbone of the global economic financial
system. In the realm of entrepreneurship, small startup ventures are key incubators that grow
innovation to new levels. Entrepreneurial engagement leads to innovations that make sense
because an engaged entrepreneurial volunteer is doing meaningful work. Entrepreneurship and
economic growth surely have a symbiotic relationship that is both directly correlated to
numerous political, cultural and social implications. This thesis has proven that while
entrepreneurial activity is extremely multifaceted and complex, its impact on global productivity
is extremely challenging to quantify. As discussed, public perception, entrepreneurial activities,
globalization, and economic development all play an important role in new venture development.

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