Introduction ‘Entrepreneurship has always been important. The concept of a person or group of people using their minds and creativity to solve a problem is both the foundation of a business and also basis of human progress” – (https://richardhlucas.wordpress.com)An entrepreneur is a person who accepts a large risk in order to use their creative initiative to start a company. Entrepreneurial activity is the backbone of the economy, and leads to economic growth, creates job opportunities, and raises stability and creativity. However, entrepreneurs face a large number of challenges in their business ventures. They conquer these challenges through the use of financial strategies and other important planning.
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.
Domain of strategic enterprises Key features of Strategic entrepreneurship are creating new values for society and changing social life in such way that it leav... ... middle of paper ... ...renewal of design, quality, or some characteristics of a product or service that is being implemented, in order to strengthen the competitiveness of enterprises and provide long-term sustainable competitive advantage in the market. Therefore, many enterprises today allocate substantial funds in the research projects. The aim is the development of innovation and / or improvement of existing technologies and technological solutions, and the search for new methods and techniques. The key to every innovation is its recognition by consumers. Innovations come in different forms, some in the individual characteristics some are valuable only in combination with others, while some are of importance for the whole society.
Scarborough and Zimmerer (2006), see entrepreneurs as people who exist for the purpose of achieving profit and growth by identifying opportunities and assembling the requisite resources to exploit these identified opportunities. Given the above definitions, entrepreneurship can be seen as a complex discipline and many scholars from diverse disciplines of study have attempted to define it from their own perspective of
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.
However, with a growing interest in the SME sector, the marketing aspects of SMEs and entrepreneurship have also increased in importance. We arrive at a definition of Entrepreneurial Marketing as the organizational function of marketing by taking into account innovativeness, risk taking, proactiveness and the pursuit of opportunities. This definition must not be restricted to young and small ventures. (Kraus et al, 2009). This research is focused to explain the relationship between entrepreneurial marketing and the organizational performance using multiple performance indicators: innovativeness, risk taking, value creation and the pursuit of opportunities.
The link between entrepreneurship and nation’s economic development In recent years, there has been an increasing interest in starting a firm in normal people. Because of it, numerous successful business owners who have similarly spirit and character are known by us. What’s more, spirit and character just is a suspect of entreprereurship.Throughout this paper the term ‘entreprereurship’ will be used to refer to “ the process of starting a business or other organization”. “The entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for its success or failure”. Entreprereurs bring out enormous profit which can affect economic development in a country.
Theoretically they are different. Entrepreneurship is the mission where as entrepreneur is the missionary. And entrepreneurship development is the outcome of the fact that individuals can be developed and their thoughts can be transformed in to action through an organized and organized programme for the entrepreneurs. The current explains on employment by the government has underpinned. The entrepreneurship growth programme as a tool of socio-economic change.11 The entrepreneurship development is a concept which develops the ideas of individuals in to action that is, to do something and also increases the employment opportunities.
The entrepreneur is a bearer of uncertainty (Richard Cantillon (circa 1730). Meanwhile, strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives. Entrepreneurship focuses on innovation by identifying market opportunities and by building a unique set of resources through which the opportunities can be exploited. The key challenges for entrepreneurs is to deal with strong strategic that required the growth of enterprise. Therefore, a manageable set of the most attractive alternative strategies must be developed.