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explain the importance of entrepreneurship
explain the importance of entrepreneurship
explain the importance of entrepreneurship
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What Is Entrepreneurship And Is It Right For You?
The intention here is not to sound blunt or gross but the truth is entrepreneurship is right the opposite of what charity is ̶ little room, if any, for benevolence and brotherly considerations. Be that as it may, a successful entrepreneur ends up contributing more to society than a single charity with no innovative ideas. Successful entrepreneurship leads to increased employment and improvement of people’s standard of living. The spiral effect of that is reduced criminal activity, and therefore, the more entrepreneurs there are the better for everyone.
So what is entrepreneurship?
Entrepreneurship is basically the ability to employ resources, irrespective of their magnitude, to create a business. And fundamentally, the driving force is profits even for small businesses. Without profits, the entrepreneur shall not re-coup the initial capital invested and cannot expand the venture and thus cannot engage the services of anyone else, and the shortcomings continue until it becomes a day-to-day merry-go-round without prospects. So, to be...
The world is filled with many ambitious people looking to make a product to help the world and make a living for themselves and their families. These people are known as entrepreneurs. An entrepreneur is someone who organizes and operates a business or businesses while running the risk of losing everything to make money. One might ask why there is a risk ...
Entrepreneurship has taken diverse views since its discovery in commerce. People had varied notions as to what it entails and the characteristics an individual needs to have to be called an entrepreneur. The concept of entrepreneurship is seen as the process of uncovering and developing an opportunity to create value through innovation and seizing that opportunity without regard to either resources (human and capital) or the location of the entrepreneur – in a new or existing company (Churchill, 2003). Entrepreneurship is the willingness
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
Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Sounds complicated, right? Well, it can be. As a teenager I dreamed of working for myself, changing the world, giving people jobs and being my own boss. It all sounded so easy, but the reality is it isn’t. In The E-Myth Revisited, Michael E. Gerber explains why people have confused what being an entrepreneur consist of and he guides you can be a successful business owner. Gerber does this by giving us an in depth understanding of the what, whys and how’s. In this paper I will give a short but informative summary on Gerber’s points.
Entrepreneurship is a powerful combination of imagination, enthusiasm, vigour, passion, excitement, insight, assertiveness, and hard work which enables great ideas to become more than just a dream but a reality (Bessant and Tidd 2011, p. 10). Bessant and Tidd (2011, p. 11) suggests entrepreneurship is a human characteristic which combines structure with passion, planning with vision, tools with the wisdom to use them, strategy with the energy to execute it and judgement with the propensity to take risks, and the new start up venture in which the lone entrepreneur takes a calculated risk to bring something new into the world.
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.
The return was largely due to the social managerial and psychological factors than the economic theory. Having different perspectives to the concept of entrepreneurship was common early on as the different views regarding it made the entrepreneurship very difficult to progress and develop in international trade. According to Misses (1998) it is not possible to neglect the role of the entrepreneur in the market of economy as the different complementary components of the production is gathered and embedded by the entrepreneurs. Entrepreneurship is about the identifying and creating opportunities. Entrepreneurship is major drivers of present and future welfare. Entrepreneurship can cause economic growth, the idea of starting a new business that involves innovative ways such as improving the quality of a product and decreasing its price so they attract customers and also save the customers extra spending on a product will lead to economic
To some economists, entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving (Tirana and Albania, 2015). It is vital for stimulating economic growth and employment opportunities in the society. Besides that, some are also emphasized the entrepreneur's role as an innovator who markets the innovation and develop new goods or services that the market demands and are not currently being supplied.
This essay aims to examine the academic literature on entrepreneurs and entrepreneurship. It will then proceed to articulate any associations or inconsistencies between the definitions established from literature and the real world examples of entrepreneurs which will encompass individuals running small businesses in counties to founders that are now in-charge of multi-million/billion dollar operations. Subsequently, by employing reflective thinking, this essay will recollect and review the teachings of this course thus far. The takeaways from the teachings will then be applied to the real world practice of entrepreneurship and the quantitative and or qualitative impacts of the lessons learned will be observed. Established knowledge will then be put in comparison with future career prospects to analyse and shed light upon gaps in knowledge.
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.
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).
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
People are often confused between social entrepreneurship and other forms of organizations such as non-governmental organizations or traditional for-profit organizations. Social enterprise is best described as an organisation which picks up an opportunity to provide a solution to a social problem to generate societal advantages, but with slight desire of producing the benefits needed by traditional for-profit companies (Wolk, 2007). Social entrepreneurships may take the form of a non-profit, business, or even government initiative. Unlike NGOs which rely primarily on charitable contributions of public funding, social entrepreneurship creates social programs to become self-sustaining and reduces the dependant on donor funds (Chhabra, 2015).
One of the hardest jobs I have had in life was being an entrepreneur. I was not one of those students who just had a hobby and tried making some extra money; I was a true entrepreneur. Back in 2010, while attending Texas State University, my best friend and I co-founded an online marketing company. Once we finished the legalities of starting a new company, we were finally prepared to set out and build our business, Row.net. In the article by Jayson Demers titled, 7 Communication Skills Every Entrepreneur Must Master, he highlights 7 critical skills that did, and would have helped me in my short time as an entrepreneur. I will be going over 4 of the 7 critical skills and how they helped my short tenure as an entrepreneur