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
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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
Joseph Schumpeter, an American economist, renowned for his term ‘creative destruction,’ defined ‘entrepreneurs as individuals who exploit market opportunity through technical and/ or organisational innovation.’ Entrepreneur is derived from the French verb ‘entreprendre,’ meaning to undertake and consequently entrepreneurship is the ability and will to develop and manage a business scheme; accompanied by any of its risks with the intention of making turnover. Conversely, innovation is the process of transforming a creation into a product or service that generates value; ‘the commercially successful exploitation of ideas.’ It is integral to any developing economy, particularly in those where prevailing business models have become outmoded. Entrepreneurship
There is common perception that women are weaker gender both physically and emotionally and then consequently open dimensions for development of women as business professionals is an area that still quite untapped and demand attention, Wennekers (1999).
We are living in a world that is constantly changing, a place full of uncertainties, in an age of entrepreneurial revolution. Organizations around the world have been actively looking for ways to remain competitive. This can be seen from the rapid pace of innovation in the area of technology, where new products are being released in within short time spans that we had a hard time keeping up with it. Such turbulent environment has created opportunities for companies. However those who failed to join in the revolution will be eliminated from the competition. Therefore to stay ahead of the competition, it is essential for organizations to be entrepreneurial. Entrepreneurship is the process of creating value by bringing together a unique combination
Entrepreneurship can be described as “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.”(businessdictionary.com, 2014)
hopes of making a profit. Entrepreneurship is the process of being an entrepreneur, of gathering
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
An entrepreneur is an individual who conducts business for the benefit of themselves or the nation. He or she is someone who searches for opportunity and creates and grows a company to pursue it. They are creative and innovative at the same time which allows them to bring new discoveries that enhances the society life. An opportunist, a high risk-taker, independent, strong leadership, visionary and unwavering passion are several qualities that are essential to make a successful entrepreneur. Not everyone can be one unless they are ready to fail. Over the centuries, there are numbers of big entrepreneurs that have emerged and impacted people on a global scale.
Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit. (Retrieved from https://en.oxforddictionaries.com/definition/entrepreneurship);
•Risk Taker- It is important for an entrepreneur to break the fear of being scared, taking risks is what makes an entrepreneur successful because if they fail the first time from they risk then they will learn and try again.
Entrepreneurship - a special kind of activity. Its constant conditions are limited resources, competition and uncertainty of the situation. The main tools of the entrepreneur are: thrift, cooperation and innovation. Consequently, enterprise is the independent economic entity, with rights of a legal entity, which is based on the use of labor collective property produces and sells products, works, and provides services.
The entrepreneur is defined differently across many platforms they all share some commonality (Davison, 2008). This commonality consists of certain traits such as risk taking, innovative thinking, and an opportunity-seeking mindset to create, improve or expand a business (Davison, 2008). The entrepreneur functions as a promoter to the generation of wealth (Davison, 2008). The entrepreneur is important for the movement of the market and constant challenge to the status quo, indirectly improving all related business involved.
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
Omolayo (2006) explains that entrepreneurship is the act of starting a company, arranging business deals and taking risks in order to make a profit through the education skills acquired. Another explanation of entrepreneurship education is the ability to generate innovative ideals and transform them to profitable activities.
Entrepreneurship is a key driver of our economy, wealth and the majority of jobs are created through entrepreneurship, and it also helps and educates people in terms of growth and realizing opportunities (Nolan, 2003). Entrepreneurship is also seen as one of the important contributing factor to local development (Nolan, 2003).
entrepreneurs have the ability to come up with new ideas in various situations of which one might have never imagined. Entrepreneurs have a curiosity that identifies overlooked niches and they are constantly trying to innovate (Robinson, 2014). They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.