preview

Entrepreneurship Analysis

Powerful Essays
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...

... middle of paper ...

...: University Press.
5. Mindtools.com. 2014. Entrepreneurial Skills: The Skills You Need to Build a Great Business. [online] Available at: http://www.mindtools.com/pages/article/newCDV_76.htm [Accessed: 4 Apr 2014].
6. Nelson, Brett (2012). The Real Definition of Entrepreneur -- and why it matters. [ONLINE] Available at: http://www.forbes.com/sites/brettnelson/2012/06/05/the-real-definition-of-entrepreneur-and-why-it-matters/. [Last Accessed 3 Apr 2014].
7. Okpara, O. Friday (Dr.) (2007). The Value of Creativity and Innovation in Entrepreneurship. Journal of Asia Entrepreneurship and Sustainability. 3 (2)
8. Shane, S., (2003). The General Theory of Entrepreneurship. Cheltenham: Edward Elgar.
9. Smith, D, (2009) Exploring Innovation, 2nd Edition, London: McGraw Hill Education
10. Stoner, J. A. F. and Wankel, C. 1986. Management. Englewood Cliffs, N.J.: Prentice-Hall.
Get Access