Thus as Kirzner (1973) would out it this act of entrepreneurship consists of realising the existence of market value that has hitherto been overlooked'. The unique characteristic of Cantillion's entrepreneur is foresight and the confidence to operate under condition of uncertainty and he it is argued successfully associates risk and uncertainty with the administrative decision making process of entrepreneurs. J. B. Say built on the ideas of Cantillon and places the entrepreneur in a much more specialised and detailed role.
Except market and measures，there is a link——cooperation is also benefit for a nations economic development. In recent years，business owner find out cooperation in different countries，different fields. Transnational giants is usual for finding out suitable deal. When a deal refer to a country，it means the economy of this country can develope. It is commonly known that entreprereurship is necessary for entreprereurs and entrepreneurs make great contribution to nations economic
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.
(Klapper et al. 2009). (Akin, 2010) states that the entrepreneur is the main factor of a country’s economic development and that efficient institutional structures that form part of the country’s business environment determine the success of the entrepreneur. However (Beck et al; 2005) argue that the business environment view is not solely on the entrepreneur, but on the whole business environment affecting all forms of business large medium and small. Both agree that entrepreneurship is linked to growth and employment and that if entrepreneurial activities are restricted intentionally or unintentionally growth and employment will be adversely affected.
Living in an uncertain environment means taking a position against risk. An economical agent assumes for a given level is indicative of the level of entrepreneurship within which he or she chooses to act. As well as vision, entrepreneurs dare to take more risk with this trait and hence the propensity to take risk is greater. Behavioral approach As a consequence an entrepreneur has some characteristics and traits that distinguish an entrepreneur from a non-entrepreneur. Entrepreneurs are persons who take action- they engage in vigorous, persistent efforts to convert their ideas and visions into profitable, operating companies.
Strategic management involves activities taken to create sustainable competitive advantage and earn wealth while the latter i.e. entrepreneurship, involves the identification and exploitation of opportunities. The marriage of the two, “strategic entrepreneurship” is defined as the integration of opportunity-seeking behavior (entrepreneurial) and advantage-seeking behavior (strategic) in creating well above-average returns for owners as well as value for customers (Hitt & Ireland, 2005). Some scholarly articles have identified two models of strategic entrepreneurship; the content model and the process model. While content model highlights the key features of strategic entrepreneurship in terms of coordination, varied development and push of certain individual factors (Luke and Verreynne, 2006; Wickham 2006); the process model emphasis that beyond the individual factors the interaction of certain domineering factors fundamentally affects entrepreneurial outcomes (Ireland et al., 2003).
ENTREPRENEURSHIP Entrepreneurship is the process of identifing opportunities in the market place, allocating the resources required to pursue these opportunities and investing the resources required to exploit the opportunities of long term gain. It involves creating wealth by bringing together resourses in new ways to start an enterprise that benefits the customers and the founder both. Acc. to Higgins,”Entrepreneurship is meant the function of seeking investment and production opportunity, organising an enterprse to undertake the new prodction process, raising capital, hiring labour, arranging the supply of raw material, finding sites, introducing new techniques, discorvering new sources of raw materials and selecting top managers for day-to-day operation of entreprise. This defination recognises that entrepreneurship involves the fusion of capital, technology and human telant to complete project successfully and with reasonable degree of risk.
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.
The contribution of entrepreneurship to generation of employment is one of most important issues in regional economic development. One popular perception is that entrepreneurship can create jobs, and it could be justified to support startups, especially during economic recessions. Despite of the perception, empirical evidence shows an inconclusive role of entrepreneurship in job creation. It can be inferred that entry of entrepreneurs can create jobs, while the exit of firms diminish a number of jobs. It means that entrepreneurs immediately make more jobs when they initiate businesses, but they also destroy jobs by increasing the level of competition which can lead to shrink or exit of incumbents (Parker, 2009).
To Knight, an entrepreneur is an individual who carries out the following tasks: (1) initiate useful changes or innovations; (2) adapt to changes in the economic environment; and (3) assume the consequences of uncertainty related to the company. Schumpeter and Knight had some similar points in their conceptualization of an entrepreneur. Both believed that innovation and initiation of change is a vital task of an entrepreneur. Since entrepreneurs generate capitalistic development, Schumpeter and Knight also considered them the driving force behind economic growth. The main difference between the two authors is their approach to uncertainty.