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. Types of entrepreneurship
Necessity Entrepreneurship and the push factors…show more content…
In this essay, the author
Explains that entrepreneurs are people who are persistently focused on identifying opportunities and seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts.
Explains that opportunity entrepreneurs are driven by pull factors, such as an opportunity to gain substantial financial reward or pursue their own ideas. entrepreneurs are perceived as risk takers.
Explains that there are various reasons, which lead people to become entrepreneurs. these factors are formed by social, political and economic conditions.
Opines that people with entrepreneurial aspirations find it difficult to operate within controlled environment where their ideas are subject to administrative procedures. many may decide to leave their jobs, not because they do not like taking orders or they have difficulty accepting authority.
Explains schumpeter's definition of entrepreneurs as innovators who implement change within markets through the carrying out of new combinations.
Explains that some people become entrepreneurs simply because they are motivated by money, but that does not mean that once the business is up and running it would be successful.
Explains that motsepe foundation's founder donates billions of their wealth to the poor as a clear indication that they are not only in business to gain financial rewards but also to develop their communities.
Argues that people who grow up in an entrepreneurial family are likely to become entrepreneurs. the nature versus nurture debate which existed since 1869 supports this argument.
Explains that entrepreneurship can impact the economy of a country in diverse ways.
Explains that entrepreneurs often resort to entrepreneurship for one of the following reasons: they find a market niche and have the solution to profit from such niche; they have been unable to find suitable employment or suitable means of income and use their creativity to generate an income.
Explains that entrepreneurs generate income by being creative and finding a market niche and employing other individuals in their business operations.
Explains the positive impact of entrepreneurship on the economy, which is the increasing level of competition as new entrepreneurs join the fray in existing domestic markets.
Opines that increased competition in an economy results in increased productivity and an increase in gross domestic product, which is indeed a benefit for the economy.
Explains that increased competition in the marketplace can cause saturation and as a result many entrepreneurs may be driven to seek new markets for their products and services or adapt market penetration tactics.
Concludes that entrepreneurs are important in our society and should be protected, nourished, encouraged, and rewarded as much as possible.
Argues that necessity entrepreneurship does not have a huge impact on job creation because it only caters for the financial needs of an individual.
Explains that entrepreneurship is a key driver of our economy, and it helps and educates people in terms of growth and realizing opportunities.
Importance of entrepreneurship
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).
Entrepreneurs create new businesses, and new businesses in turn create jobs, strengthening competition, and may even increase productivity through technological change. Increases in levels of entrepreneurship will result to an increase in economic growth (Nolan, 2003).Entrepreneurs by starting or setting up their businesses, will help with local development by locating less developed areas. The growth of industries and businesses in these areas leads to infrastructure improvements, such as better roads and stable electricity. Every business that is located in a less developed area will create opportunities that will improve the living conditions of people residing in that particular area (Nolan, 2003).
4.1 The Impact of Entrepreneurship on the
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.
In this essay, the author
Analyzes the lack of good entrepreneurial courses in most colleges, citing an online article by bryan tracy.
Explains that entrepreneurship is a field that doesn't necessarily require all entrepreneurs to have the same level of education.
Explains that entrepreneurs create opportunities for employment, wealth, and culture. steve jobs changed the american culture by introducing ipods, iphones and ipads.
Explains that wisegeek believes that entrepreneurs are innovative exterminators because they are always trying to change and innovate a business’ management.
Explains wisegeek's view that entrepreneurship is a jeopardy game. entrepreneurs can define how much "risk" is enough to learn from their mistakes and gain experience.
Explains that entrepreneurs need to master certain personalities that would eventually help them succeed. imagination is the key success to any idea; creating a business would require another person's impulsive imagination.
Opines that entrepreneurship offers the opportunity for many people to become their own bosses and create a lifestyle, but many believe that it has limitations for those who don't have the financial resources to create or open their business.
Explains kuratko believes that anyone with or without a degree in business can become an entrepreneur.
Explains that heiko believes that implementing new programs that are proven to work would have a better impact on entrepreneur students than the impact it has with just teaching them with theory.
Opines that the stereotype about entreporeneurship will dissapear once people begin educating themselves on what it takes to be an entrepreneur.
According to John Kaso and Howard Stavenson, “Entrepreneurship is the process that involves all actions an entrepreneur undertakes to establish an enterprise to give reality to his business ideas. It is the attempt to create value through recognition of business opportunity, the management of risk-taking appropriate to the opportunity and through the communicative and management skills to mobilise human, financial and material resources necessary to bring a project to fruition.”
In this essay, the author
Explains john kaso and howard stavenson's definition of entrepreneurship, which involves all actions an entrepreneur undertakes to establish an enterprise to give reality to his business ideas.
Explains higgins' definition of "entrepreneurship" as the function of seeking investment and production opportunity, organising an enterprise to undertake a new production process, raising capital, hiring labour, and arranging the supply of raw materials.
Explains that entrepreneurs are innovators who use the process of shattering the status quo to set new products and services. they have vision, originality of thought and ability to take risks.
Explains that nagavara ramarao narayana murthy, co-founder of infosys limited, was born on august 20, 1946 in a brahmin family of mysore.
Narrates how murthy was a brilliant and popular student who always stood first in the class. he enrolled for the bachelor of electrical engineering course at the national institute of engineering, university of mysore, and then joined iit kanpur to do his m. tech.
Narrates how murthy took up the biggest technical challenge of the day in the emerging field of computer science. he joined the indian institute of management, ahmedabad as its first chief systems programmer in 1969.
Narrates how murthy found that prime minister indira gandhi had declared emergency and the environment, especially for business, was unwelcoming and hostile. he started system research institute (sri) in 1975 with one of his college professors to improve cargo movement and handling at airports.
Narrates how murthy left sri and moved to mumbai to join patni computers systems (pcs) as a general manager in 1977. he married sudha and set up his first home in mumbai in bandra.
Explains that murthy and his six friends wanted to start a software company which would develop software for foreign clients and offer offshore computer services.
Narrates how murthy borrowed money from his wife sudha to start his venture, and when she counted her savings, she found that she had just the much needed money to finance the venture.
Explains that murthy and his friends resigned from their jobs at patni by the end of 1980 but finished all their tasks before leaving.
Explains how murthy and his six colleagues came together in a 120 sq. ft. apartment in pune to give their dream – infosys. they had each other, the support of their wives, determination and positive attitude.
Describes how murthy started infosys in 1981, but his first computer was installed only in february 1984. they worked out a time-sharing deal with mico on the basis of which anz grindlays bank refused to give them loan.
Explains murthy's rules for making infosys a world-class company and to gain foothold in foreign markets. his first rule was that the software written by them should fulfil the requirements of the clients.
Explains that india's economic scenario was hardly favorable to a rapid rise of the information technology industry.
Narrates how infosys was on the brink of bankruptcy in 1989. five of the seven founders met in 1990 and decided to sell for $1 million. murthy offered to purchase the company from other partners.
Opines that murthy's vision was to create wealth for all stakeholders, but rapid growth of the organization was the only way.
Concludes that it is never easy to start a venture and to carry on with it with the same passion. according to burns, many people thought about establishing their own business in their lifetime, but only few took the risk to make their dream come true.
Opines that if one has a vision, mission, positive attitude, and the most important part support from the family side, he can create successful new venture.
In this section, we briefly scan some types of entrepreneurship that are valuable and directly improve society and economy. The domain of firms’ activity is a distinguishing factor that provide an insight about their role and characteristics. Entrepreneurial activities can vary with respect to industry and to their goal. Sustainable entrepreneurship have become important since it not only can slow the deterioration of environment but also perform toward the improvement of ecosystem.
In this essay, the author
Explains that entrepreneurship is valuable and directly improves society and economy. the domain of firms’ activity is a distinguishing factor that provide an insight about their role and characteristics.
Explains that public awareness and policy makers have pressured big firms to improve their environmental and social performace. cohen & winn (2007) study the link between market imperfection and sustainable entrepreneurship.
Explains that sustainable entrepreneurship and its two subcategories have been discussed in managerial settings and the necessity of such firms for the betterment of a society cannot be ignored.
Explains that eco-entrepreneurship and social entrepreneurship are two subsets of sustainable entrepreneurs. their activities are determined around the issues that help with sustainability of economy.
Explains that isaak defines eco-entreneurship as a combination of environmental, social, and economics. social entrepreneurs combine their business skills with social concerns to create new services for social welfare.
Analyzes bergset's concerns about the financing of green start-ups and the challenges they face for raising funds. they suggest a behavioral approach to rationalize this gap.
Explains that entrepreneurship is highly potential since large companies are becoming more interested in social resposible performances. corporates have realized that their business perspective is responsible for the recent crisis.
Explains that the market imperfections create a potential setting for entrepreneurs to come up with sustainable entrepreneurial business models. however, these types of firms might not be attractive for investors as their risks are not known.
Strengths:
Are internal capabilities that can help the firm reach its objectives.
Participants they learn through doing. We simulate almost everything in the training room; participants learn lessons for themselves, they draw experience from their decisions and mistakes.
In this essay, the author
Opines that it will be difficult for them to expand their business to other countries since they are well-informed about entrepreneurship, but their organisation will succeed in sa since sa is lacking entrepreneurs and has a high failure rate for business start-ups.
Explains that ngo's provide similar services at no cost, but very few of them are able to teach on entrepreneurship. they simply give material to people who don't have skills to sustain.
Explains o'neill, and viljoen, 2001. support for female entrepreneurs in south africa: improvement or decline?
Cites mitchell, b. (2004). motivations of entrepreneurs: a case study of south africa.
Opines that it's time for a product recall. long-range planning, 30, 46-52.
Explains that participants learn through doing. we simulate almost everything in the training room and have a broad structure from school learners to small businesses.
Explains that the school entrepreneurship program helps students become disciplined, make sound decisions, and become motivated.
Entrepreneurs are a very, or perhaps the most, important boost in our economy. They do not only take the risk for the sake of a business, but also they provide our economy with employment opportunities and culture. A society can only be prosperous only when it rewards and encourages entrepreneurial activity because in fact, it is the entrepreneurs and their activities that are the critical factor for success, prosperity, growth and opportunity in any given economy. Entrepreneurship is not easy and it comes with its own risks and up and downs. On the last decade, entrepreneurship has rose and expanded, with this change and constant expansion, it has changed the rules of entrepreneurship once again. But I certainly believe that entrepreneurship doesn’t necessarily require all entrepreneurs to have the same level of education, perhaps they don’t need to be geniuses or have an active idea in order to make or change business. Instead, like any other entrepreneur, they need to have simple goals and objectives. Apparently, universities have a hard time understanding that teaching students with real life experiences are more valuable rather than just preparing them with a twist version of business administration. But in this article, I will define the real meaning, values, and characteristics of an entrepreneur.
In this essay, the author
Opines that entrepreneurs are the most important boost in our economy, as they provide employment opportunities and culture.
Opines that most adults in the country are familiarized with the meaning and values of an entrepreneur.
Explains that an entrepreneur is more than just a person who sees opportunity for business. they create opportunities for employment, wealth, and culture.
Analyzes haase, heiko, and arndt lautenschläger's "springer science." the 'teachability dilemma' of entrepreneurship.
Opines that mirjam and peter, both entrepreneurs and teachers at university of amsterdam, examine the extent evidences that support their claim of why entrepreneurship has important value in both economically and individually level.
Explains that entrepreneurs are "creative destructionists" of products and services. they must not be afraid of taking competition down or perhaps, not afraid to be destroyed by others entrepreneurs.
Argues that entrepreneurship has limitations for those who don't have the financial resources to create or open their own business. kuratko believes that anyone with or without a degree in business can become an entrepreneur.
Analyzes and researches about the emerging of new start-ups in the entrepreneurial motivations, knowledge, and skills.
Argues that honig's analysis of business planning leads to success, but he believes that ee needs to focus on the types of impacts they have on students and future entrepreneurs.
Analyzes kuratko's research on how entrepreneurship has emerged over the decades and how powerful this has on our economy.
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.
In this essay, the author
Explains that there were different definitions given by different authors tried. some of them are given below.
Explains that entrepreneurship is the dynamic process of creating incremental wealth by individuals who assume the major risks in terms of equity, time and/or career commitments of providing values for some product or service.
Explains that entrepreneurship is the process of creating and building something of value from practically nothing. it involves the definition, creation and distribution of values and benefits to individuals, groups, organizations and society.
Explains that women entrepreneurs have grown across the world over the last decade and the rural economies have been affected the most. however, this does not mean that the problems are solved.
Explains that access to finance is the major issue faced by women entrepreneurs. women face lesser opportunities than males to gain credit for various reasons.
Opines that knowledge and contacts are needed to enter into new market. women have less training and experience to participate in the market place and are therefore unable to market goods and services simultaneously.
Explains that women have very limited access to vocational and technical training and education, and the skills can only be developed if they have strong elementary and secondary education.
Explains that women have less contacts in business, less knowledge of dealing with government officials, and less power to bargain, which limit their growth. most networks are male dominated and at times do not welcome women.
Explains that women's lack of access to information limits their input into policymaking. large companies and male dominating nature can influence policy.
Explains the main objective of the study is to study women entrepreneurship in ncr and make comparative analysis of entrepreneurs of two industries and practical recommendations to stimulate the growth and success of women entrepreneurs.
Explains the study of women entrepreneurship in ncr based on a structured questionnaire in two industries ( textile and cosmetic).
Explains that the research is descriptive in nature. the secondary data is collected from past researches.
Explains that questionnaires were used to gather data regarding the biographical information of the participating women entrepreneurs, the structure of their businesses, motivational factors for starting their business, obstacles that they are currently experiencing, and their support and development needs.
Explains that a convenient sample was used to identify women-owned businesses to participate in the study.
Explains that women are weighing the importance of economic contribution they make to the household. the actual count of economically active married women is much more than aggregate level data would indicate.
Opines that women's productive activities in industry empower them economically and motivate them to contribute to overall development of economy.
Explains that some news articles are based on published research, either in terms of the statistics that are used or the nature of women entrepreneurs and the types of business.
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
In this essay, the author
Explains that entrepreneurship is the process of uncovering and developing an opportunity to create value through innovation and seizing that opportunity without regard to either resources or the location of the entrepreneur.
Explains that entrepreneurial concepts require creative strategies to tap into resources and win customers, and opportunity recognition and being able to define the scope of the opportunity.
Explains that servant leadership leads to greater customer focus and employee satisfaction. it is because taking into consideration the well-being of individuals demonstrates self-interest toward a company’s goals.
Explains that innovation implementation is the use of a new application of information to gain greater values, ideas, and efficient expectations.
Argues that the coordination of individual's differences promotes learning of new skill sets, resources, flow, influence, and knowledge development. companies should spread their demystification of innovation through organizational cultural diversity.
Explains that understanding their personalities and skill sets will help them apply innovation implementation to their career.
Cites chauchill, antoncic, hisrich, and florea, respectively, for their work on entrepreneurship and education in european union countries.
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.
In this essay, the author
Explains that there has been a lot 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 boss and work for their dreams.
Opines that there is no one definitive profile of an entrepreneur. successful entrepreneurs come in various ages, income levels, gender, and race. they differ in education and experience.
Analyzes the attributes that characterize entrepreneurs and sets them apart; they use them and develop them through the course of developing a new business idea to the consolidation of it.
Explains that entrepreneurs need determination to never give up, even when things seem harder than what they expected. this must work in conjunction with flexibility, since they must adapt to the changing world and trends in the business environment.
Explains that entrepreneurs use leadership and passion to continue their way to success. leadership is the capacity of directing and influencing others. passion gives entrepreneurs confidence in new ideas and keeps them focus on achieving them.
Explains that self-confidence and smarts help entrepreneurs face risks and decisions in the most optimal way.
Concludes entrepreneurs are brave men and women who create an innovative business idea and take care of its development. they are the owners of their own destiny and work towards success.
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.
In this essay, the author
Opines that an entrepreneur should choose the kind of business structure they need to make.
Explains that you could become an autonomous agent for another person's organization, offering or conveying their items.
Explains that entrepreneurs have a tendency to have an interior locus of control. they trust that what transpires is powered by outside forces.
Explains that an entrepreneur needs to be in control of their futures. entrepreneurs don't fit well in customary occupations and would prefer not being advised what to do. business visionaries recognize their needs and how to take care of them.
Explains that an entrepreneur sees an open door which others don't fully perceive to take care of an unsatisfied demand or to profoundly enhance the execution of a current business.
Explains that the ability to convey adequately and unmistakably is one of the most widely recognized characteristics of what is an entrepreneur.
Explains that an entrepreneur is a business person who acknowledges some kind of danger or risk. they are often portrayed as inventive, autonomous, idealistic, innovative, and persevering.
Explains that entrepreneurship involves unconstrained imagination and a willingness to settle on choices without strong information.
Explains that entrepreneurs are not generally the same as maintaining a business, but the two may cover fundamentally. entrepreneurs are profoundly autonomous, which can bring about issues when their endeavors succeed.
Opines that business people and entrepreneurship make organizations and associations. entrepreneurs may not be the best directors, but they are great at making a business.
Explains that starting a business may sound energizing, but it's not something to take on so gently.
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.
In this essay, the author
Explains that entrepreneurs, innovation, and economic development are the key factors of a successful business. sustainability contributes greatly to the business' success and reputation.
Explains that an entrepreneur is someone who takes the financial risk of starting and managing a new business venture. he must be ambitious and committed to work hard to achieve the set targets.
Defines innovation as the creation of new ideas, improvement of existing production processes, and effective problem solving. innovation allows for increased efficiency in a business, increasing its supply potential and productive capacity.
Explains that incremental innovation is a gradual change through the improvement of existing technologies and/or production processes. prosperous companies rely on this type of innovation to extend the life cycles of brands, products, and services.
Explains that radical innovation involves new technology and production processes, such as digital file sharing and the mp3 player.
Opines that incremental innovation is useful to companies, but due to its larger impact in the event of success, radical innovation leads to economic development and growth.
Explains that entrepreneurs and innovation both contribute to economic development. economic development can be achieved through investing in more modern technological equipment, as well as increased attention given to research and development, and new businesses.
Explains that entrepreneurship, innovation, and economic development are closely linked and greatly impact each other. entrepreneurship and innovation have a direct and positive relationship.
Explains that product innovation and technology strategy is used to create newer and improved products. this involves investment in new technology and research and development.
Explains that creativity is necessary for innovation, including problem solving skills, idea generation, evaluation and recognition. it is important for entrepreneurship as creative ideas lead to successful businesses.
Analyzes schumpeter's marxist analysis of the capital accumulation process. smaller firms acquire the innovation advantage, as business startups generally require inventive entrepreneurs.
Explains that small and medium enterprises have been at the heart of the economy in countries such as pakistan for almost 60 years according to independent research findings.
Analyzes schumpeter's views of economic development as the mechanism of change and the entrepreneur is merely the bearer of the mechanisms.
Explains that the entrepreneur must be able to think laterally, increasing his/her entrepreneurial potential, and stimulate economic development through creative destruction.
Explains that sustainability is a concept that determines the long-term success of any business. it aims to increase economic, social and environmental welfare — the triple bottom line.
Explains that sustainable development requires sustainability innovation and entrepreneurs who can achieve environmental or social goals with superior products or processes that are successful in the marketplace of mainstream customers.
Explains that social enterprises consider the negative spillover effects of their production processes and ensure future needs are not compromised. businesses that are socially irresponsible are looked down upon and lack customer loyalty.
Argues that businesses may be faced with a trade-off between being ethical or socially responsible and earning higher profits. by being sustainable, businesses might lose profits and potential investment in the short-run.
Explains that businesses can be sustainable by aiming to prevent pollution, reducing dependence on natural resources, and by product stewardship. recognizing where the most significant waste is coming from and deciding whether to use it as an input or cut it off at the source can do this.
Explains that the body shop's commitment to corporate social responsibility and the role it plays in sustainable development is one of the most important factors that gives it international recognition.
Concludes that innovative entrepreneurship is the key to a successful business leading to economic development.