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 is the dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time and/or career commitments of providing values for some product or service. The product or service may/may not be new or unique but value must be infused by the entrepreneur by securing and allocating the necessary skills and resources.
Owning and operating a business is by no means an easy task. If it were easy, everyone would be doing it. However, even with all the challenges presented to a potential business owner, it is passion that fuels so many people to face and overcome these difficulties. With creativity and determination, entrepreneurs can beat high failure rates, provide benefits to their employees, and obtain funding to steer their businesses in the right direction. Business owners can find hope and inspiration in the numerous success stories that span back even beyond our founding fathers. Entrepreneurs hold in their hands the American Dream, but must dedicate themselves, and find creative solutions to difficult challenges to achieve long lasting success.
Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit” (www.businessdictionary.com). Entrepreneurship takes the economy and the society to the state of progress and prosperity. A career in entrepreneurship provides opportunities for individuals to achieve financial stability and independence. It can also contribute greatly to the economy by creating new jobs, innovation, and increasing economic growth (Ramos, 2014).
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
Entrepreneurship is a field that is new in theory but slowly getting acknowledged by both society and academically. People still don’t value the importance and impact entrepreneurs have in our life. Entrepreneurs create jobs, have their own personalities, and is a field being taught by top universities, even though it is still not a complete course. In the near future, top universities will have mastered and completed an effective course about entrepreneurship. Also, we need to begin spreading the word on what it takes to be an entrepreneur and how they provide us with opportunities on finding future jobs and careers. The stereotype about entreporeneurship will start to dissapear once people begin educating themselves through experience and education on what it takes to be an entrepreneur.
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.
Reading from an academic abstract, titled 'Entrepreneurship: owing your future ', dialogues about the tools and implements needed to become a successful entrepreneur. The book gives an introduction of entrepreneurship and defines it as: "Someone who creates and runs a business", (Mariotti, 2016, p5).
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.
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.
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.
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.
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.
Besides motivation, risks and obstacles are other factors that need proper attention. Kazanjian (1988) outlined difficulties that have to be mitigated for the success of entrepreneurs such as market development, financial resources acquisition, and product design and market