The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Entrepreneurs play a very important role to in the society. It is because the entrepreneurs and their activities are the risk determinants of the level of success, prosperity, growth, and opportunity in any economy. the most dynamic societies in Thailand and in the world
In today’s world, a successful entrepreneur certainly has to follow “evolutionary” process, must have specific skills in order to thrive in the competition and need to be able to adapt those skills. An entrepreneur is one of the important segments of economic growth. Basically, an entrepreneur is a person who is responsible for setting up a business or an enterprise. In fact, he is one who has the initiative, skill for innovation and who looks for high achievements. Entrepreneur plays a very important role in the success of any organization.
Entrepreneurship, innovation and economic development are the key factors of a successful business. These concepts are inter-linked and this essay will further explore and elaborate the relationship they have with each other. Additionally, sustainability also plays a role in this relationship and contributes greatly to a business’ success and reputation. 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.
While entrepreneurial activity and economic development is evaluated with different indices and quantitative measurements, there is no doubt that entrepreneurship is essential to growth on a global scale in numerous facets. Entrepreneurship is much more than starting a business but rather a collaboration of knowledge, innovation and fortitude to take and expand a personal project in order to influence others. Starting a new business venture incorporates many different elements and is the backbone of the global economic financial system. In the realm of entrepreneurship, small startup ventures are key incubators that grow innovation to new levels. Entrepreneurial engagement leads to innovations that make sense because an engaged entrepreneurial volunteer is doing meaningful work.
1 .Introduction Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship. 2.
Introduction Entrepreneurship is unique business gamble that is innovative. In most cases, the person behind the business project works to present something new to a future market. This includes a significant amount of planning and understanding the needs of your potential market. This is considered a competitive option that requires research, useful resources, and detailed innovation if you expect to be successful. In short, it is like going into business for yourself but you take on risks in hopes of reaping the rewards you hope to achieve.
Entrepreneurial leadership is vital to an individual and to a corporation’s success. Entrepreneurial firms are a major source of innovation and change. They create jobs, new tax revenues, and other transfers of money. At a time when U.S. productivity growth is lagging behind other countries, and when our large corporations are laying off workers and focusing on core businesses, entrepreneurial firms assume a more significant role; They do what large companies are not doing (Miner, 1997, p.54). Definitions of Entrepreneurial Leadership Stevenson, Roberts, & Grousbeck (as cited in Morris, Avilla, & Allen, 1993) Define entrepreneurship as “The process of creating value by bring together a unique package of resources to exploit an opportunity” (p.56).
(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.
Indications of great inspiration incorporate attributes, for example, • Initiative • Perseverance • Responsibility • High self-esteem Entrepreneurship is a showcase for you. It takes resolution, responsibility and desire to succeed. Numerous entrepreneurs respect money related benefit from the business as evidence of particular victory, not as an objective in itself. - Innovation At work, entrepreneurs continually confront circumstances and tests to which they must discover an answer through another working system or method for advancement. Keeping in mind the end goal to succeed, a business visionary must have the capacity to respond creatively and do things in eccentric ways.
(Business Dictionary, 2014) It appears that, entrepreneurs are people who are creative, innovative, independent, optimistic, educated, spontaneous, and with high self-esteems willing to take financial risks, as well as, monitoring and controlling the business activities. Entrepreneurs, through their innovative ideas and entrepreneurial opportunities tend to play a vital role in the economy. Therefore, in this paper, one will elaborate furthermore on entrepreneurs. One will explain the importance of feasibility study and business plan, where entrepreneurs can go for funding, and what type of short and long term planning would be required for success. In addition, an example of a company that started with a humble beginning and bloomed successfully due to proper planning will be provided.