Timmons and Spinelli (2007) looking at entrepreneurship see it as a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach and leadership. Rayne (1982) argues that entrepreneurship consists of the process of creating a business venture in order to exploit a new process, product, service or market. As with defining entrepreneurship, many entrepreneurship scholars have given different conceptual definitions of the entrepreneur (Kirby, 2004; Ireland & Webb, 2007). According to Kuratko and Hodgetts (2007), entrepreneurs are individuals who see opportunities where others see chaos and confusion. Scarborough and Zimmerer (2006), see entrepreneurs as people who exist for the purpose of achieving profit and growth by identifying opportunities and assembling the requisite resources to exploit these identified opportunities.
Our entrepreneurial acti... ... middle of paper ... ...ulum in many top universities. This research would come up handy if I need more evidence for the teachability dilemma evidence. Praag, Mirjam Van, and Peter H. Versloot. "Small Business Economics." What Is the Value of Entrepreneurship?
Others such as Bass and Stogdill (1993) suggest that it is perseverance that pushes the entrepreneur through difficult business start-up process. Entrepren... ... middle of paper ... ...chindehutte, M., Allen, J. (2005) ‘The Entrepreneur's Business Model: Toward A Unified Perspective.’ Journal of Business Research, 58(6), pp 726-735. Mitchelmore, S., Rowley, J. (2010).
Pasmore suggested that for a business to have the right leaders, it must first of all identify its key drivers. I will give an example with an organization I have worked for. WanEll Enterprise is a Service Delivery organization and to identify the kind of leaders that should be at the helm of affairs of the business, the key business drivers of success were identified as; Sales & Marketing, Customer Experience/Service, Customer Retention and Talent Management & Retention. These key drivers determined the areas where the best leaders were to be developed and what number of leaders, skill set, competencies, collective capabilities they must possess with an understandi... ... middle of paper ... ...ne what will work for them firstly by identifying the mission and vision, then the results the business intends to achieve. Pasmore’s Model will go a long way in helping businesses achieve success through strategic leadership but more attention should now be put on retaining future leaders.
Literature Review and Critical Analysis This chapter investigate the relevant literature on the topic of essay. Before starting a critical analysis it is better to see an academic definitions of Creativity and Entrepreneurship and clearly understand what is it creativity and entrepreneurship. According to Oxford Dictionary "Creativity" - relating to or involving the use of the imagination or original ideas to create something. In the second definition "Creativity is defined as a tendency to generate or recognize ideas, alternatives or possibilities that may be useful in solving with others, and entertaining ourselves and others. (Franken, 1993) While Entrepreneurship is the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits.
Clarifying the purpose and direction of your business allows you to understand what needs to be done for forward movement. Clarifying can consist of a simple description of your business and its products or services,.Businesses evolve and adapt over time, and factoring future growth and direction into the business plan can be an effective way to plan for changes in the market, growing or slowing trends, and new innovations or directions to take as the company grows. Although clarifying direction in the business. The next purpose of the Business Plan is to allow the entreprenuer to view and evaluate the proposed businessventure in an objective critical and practical manner .The collpase of many business ventures can be attributed to the decisions and planning of thye entreprenuers who rely more on emotions and gut feeling rather than objective and rational considerations .With a Business Plan the entreprenuer has solid and well-grounded information to supplement the planning and decision making
It provides an inside to the present business scope and purpose of the firm that is "who we are, what we do, and why we are here". It explains the firm's very reason for existing. It will generally define the scope of the firm, the ends to which it wants to achieve and the means of doing so (its competitive advantage), which usually encompasses three dimensions, its customers/offering, geographic locations and vertical integration, its concerns for employees and other stakeholders. These should be clearly defined so as to guide management and employees in day to day decision making. Thus as Porter states that any strategic statement must begin with a definition of the ends that this strategy is designed to achieve, "If you don't know where you are going, any road will take you there".
Therefore, entrepreneurs occupy a dominant position in the economy. Entrepreneurs actively pursue disequilibrium in the wants and needs of customers, and the goods and services that are available. They use their energy, creativity, intrinsic motivation, and passion to generate a solution to this imbalance in a market place, and thus businesses are born. However, entrepreneurship is not an end location, but a process. One must combine the key elements of entrepreneurship in order to successfully create a business.
The entrepreneur is a bearer of uncertainty (Richard Cantillon (circa 1730). Meanwhile, strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives. Entrepreneurship focuses on innovation by identifying market opportunities and by building a unique set of resources through which the opportunities can be exploited. The key challenges for entrepreneurs is to deal with strong strategic that required the growth of enterprise. Therefore, a manageable set of the most attractive alternative strategies must be developed.
LEARNING OUTCOME (01) – CHARACTERISTICS OF THE ENTREPRENEUR Entry 1 Entrepreneurship is a process carried out by individuals by identifying opportunities and converting them into marketable products or services. Entrepreneur makes an investment, sets up an organisation, markets the product / services and makes profit from it. In my view, to be a successful entrepreneur, one must be confident, should be able to take calculated risk, flexible and creative. He should be able to lead his organisation to achieve his goal by ethical means (Schaper, Volery, Weber & Lewis, 2011). I have understood that for entrepreneur to be successful, he has to be literate, possess good interpersonal communication skills and leadership qualities (Birt & Sleeman, 1999).