What do you understand to be the concept of entrepreneurship and why

What do you understand to be the concept of entrepreneurship and why

has it become such an important area of focus?

Q2) What do you understand to be the concept of entrepreneurship and

why has it become such an important area of focus?

The concept of entrepreneurship is often viewed as a function, which

involves the exploitation of opportunities, which exist within a

market. Such exploitation is most commonly associated with the

direction and/or combination of productive inputs. Entrepreneurs

usually are considered to bear risk while pursuing opportunities, and

often are associated with creative and innovative actions. In

addition, entrepreneurs undertake a managerial role in their

activities, but routine management of an ongoing operation is not

considered to be entrepreneurship. In this sense entrepreneurial

activity is fleeting. An individual may perform an entrepreneurial

function in creating an organization, but later is relegated to the

role of managing it without performing an entrepreneurial role. In

this sense, many small-business owners would not be considered to be

entrepreneurs. Individuals within organizations (i.e. non-founders)

can be classified as entrepreneurs since they pursue the exploitation

of opportunities. Thus intrepreneurship is appropriately considered to

be a form of entrepreneurship.

The concept of an entrepreneur is further refined when principles and

terms from a business, managerial, and personal perspective are

considered. In particular, the concept of entrepreneurship from a

personal perspective has been thoroughly explored in this century.

Third exploration is reflected in the following three definitions of

an entrepreneur: In almost all of the definitions of entrepreneurship,

there is agreement that we are talking about a kind of behavior that

includes: initiative taking, the organizing and reorganising of

social and economic mechanisms to turn resources and situations to

practical account, and the acceptance of risk or failure.

To an economist, an entrepreneur is one who brings resources, labor,

materials, and other assets into combinations that make their value

greater than before, and also one who introduces changes, innovations,

and a new order. To a psychologist, certain forces typically drive

such a person: the need to obtain or attain something, to experiment,

to accomplis...

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... being set up for such

cases, but schools, colleges and universities all see this particular

area of business as very promising and have began an extensive

teaching programme, such courses available include, Law and

Entrepreneur, Accountancy and Entrepreneurship. Although at the moment

many individuals realise the potential of owning there own business,

entrepreneurship is said to be a fad and will more than likely become

dated in a way, possibly within the next ten years. However, the

overall concept of entrepreneurship -according to Austrian Economist

Joseph Schumpeter- is innovation (www.quickmba.com) as wealth is

created when such innovation results in new demand. From this

viewpoint one can define the function of the entrepreneur as one of

combining various input factors in an innovative manner to generate

value to the customer with the hope that this value will exceed the

cost of the input factors, thus generating superior returns that

result in the creation of wealth and this wealth also leads on to how

entrepreneurial is an important area of focus because the wealth

generated helps the economy, creating jobs, a better state and a

better life for all of us.