Theories Of Entrepreneurship

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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. Interestingly, much popular as it is, there is no universally accepted definition of the term “entrepreneur”. A large amount of literature has been published on the theory of entrepreneurship. The first
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He is also the contractor who deals with or initiates the process of entrepreneurship. The entrepreneur is the person who is responsible for running the system which is in place in a normal process. He is the one who organizes the entire process. Entrepreneur creates or sells a product and/or service so that he could earn a considerable profit/benefit. The entrepreneur is the risk bearer and an organizer within the business enterprise. More than anything else, an entrepreneur is a leader by sheer definition. An entrepreneur wants to achieve high since his ambitions are always at the top. He is a person who believes in dedication and hard work. (Drucker, 1985) These people like to work for their own selves rather than working for some other business. They believe in quality of work and take acceptance for responsibility which is a hallmark of a true leader. These entrepreneurs believe in a positive approach and give rewards whenever they deem fit. Their thinking is more on the lines of providing excellence towards work and they are good organizers as far as work ethics are concerned. They want to make a profit and this profit helps them to accomplish more and more in their passage towards success and achievements. (Ramsay, 2004) Some of the well-known entrepreneurs have included names like Ben Cohen of the Ben & Jerry’s Ice Cream, Elisha Otis related with elevators, Ted Turner with the media…show more content…
Team building is all the more important because the entrepreneur needs to take decisions in line with the knowledge that his team can deliver under crunch situations and also because he has to take the company forward all this while. Thus it is imperative on his part to understand that the strengths and weaknesses of the team members are equally crucial and his requirement takes more ground in this whole equation when a difficult situation crops up. (Hocker, 2001) Thus a good team is only built when the leader (entrepreneur) knows his team members pretty well and turns the weaknesses of different individuals within the team into their strengths and not only that but also in the strength of the team overall. (Harper, 2003) An entrepreneur can only be termed an effective one when he understands his resources and what his team members can possibly do to their maximum in those available resources. Only then there is a sense of empathy and understanding amongst the team members and consideration towards the leader of the team which in this case is the entrepreneur himself. Thus, a good team is developed when there is complete harmony in the activities of the team members and there is basically a synergy amongst all of them. This synergy can only be
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