Entreprenuership Essay

884 Words2 Pages

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 …show more content…

It is a creative reponse to the environment. An Entreprenuership recognises the need for change and initiates it

3. Dynamic Process
Entrepreneurs thrive on the changing environment which brings new oppertunities for bussiness. Flexiblity is the hallmark of a successful entreprenuer.

4. Risk Element
Entreprenuer make decisions in the face of uncertainty. Therfore, risk is an inherent and inseparable element of entreprenuership. An entreprise is undertaken for profits but there is every possiblities of loss.

“Entrepreneurship requires vision, wisdom and risk taking ability”

Vision is the ability to spot an opportunity and imagine something where others haven't. Entrepreneurs have a curiosity that identifies overlooked niches and puts them at the forefront of innovation and emerging fields. They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.
Many people would be satisfied with a couple of successful businesses, but Eldad Matityahu saw beyond his two thriving frozen-yogurt stores. He'd been reading about the fiber-optic space and decided he wanted in on the technology sector that surrounded him in Silicon Valley. So he sold his yogurt shops and his Harley and got into a field he knew nothing about. He took a job with a fiber-optic company to learn the business and discovered his niche

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