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Entrepreneurship is an act of being an entrepreneur, or "the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits". Entrepreneurs act as managers and oversee the launch and growth of an enterprise.
An entrepreneur is a person who organizes a venture to benefit from an opportunity, rather than working as an employee. Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to market.
- History of Entrepreneurship
- The Entrepreneur
- Characteristics of Entrepreneurship
- Contributions of Entrepreneurs
- Advantages of Entrepreneurship
- See Also
- External Links
The understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter and the Austrian economists such as Ludwig von Mises and von Hayek. In Schumpeter (1950), an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship forces "creative destruction" across markets and industries, simultaneously creating new products and business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory of economicshas had little room for entrepreneurs in its theoretical frameworks (instead assuming that resources would find each other through a price system). For Frank H. Knight (1967) and Peter Drucker (1970) entrepreneurship is about taking risk. The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financ...
Entrepreneurs have many of the same character traits as leaders. Similarly to the early great man theoriesof leadership; however trait-based theories of entrepreneurship are increasingly being called into question. Entrepreneurs are often contrasted with managers and administrators who are said to be more methodical and less prone to risk-taking. Such person-centric models of entrepreneurship have shown to be of questionable validity, not least as many real-life entrepreneurs operate in teams rather than as single individuals. Still, a vast but now clearly dated literature studying the entrepreneurial personality found that certain traits seem to be associated with entrepreneurs: 1. David McClelland(1961) described the entrepreneur as primarily motivated by an overwhelming need for achievement and strong urge to build. 2. Collins and Moore (1970) studied 150 entrepreneurs and concluded that they are tough, pragmatic people driven by needs of independence and achievement. They seldom...The entrepreneur has an enthusiastic vision, the driving force of an enterprise.The entrepreneur's vision is usually supported by an interlocked collection of specific ideas not available to the marketplace.The overall blueprint to realize the vision is clear, however details may be incomplete, flexible, and evolving.The entrepreneur promotes the vision with enthusiastic passion.
Template:Refimprove 1. Develop new markets. Under the modern concept of marketing, markets are people who are willing and able to satisfy their needs. In Economics, this is called effective demand. Entrepreneurs are resourceful and creative. They can create customers or buyers. This makes entrepreneurs different from ordinary businessmen who only perform traditional functions of management like planning, organization, and coordination. 2. Discover new sources of materials. Entrepreneurs are never satisfied with traditional or existing sources of materials. Due to their innovative nature, they persist on discovering new sources of materials to improve their enterprises. In business, those who can develop new sources of materials enjoy a comparative advantage in terms of supply, cost and quality. 3. Mobilize capital resources. Entrepreneurs are the organizers and coordinators of the major factors of production, such as land labor and capital. They properly mix these factors of product...
Every successful entrepreneur brings about benefits not only for himself/ herself but for the municipality, region or country as a whole. The benefits that can be derived from entrepreneurial activities are as follows: 1. Enormous personal financial gain 2. Self-employment, offering more job satisfaction and flexibility of the work force 3. Employment for others, often in better jobs 4. Development of more industries, especially in rural areas or regions disadvantaged by economic changes, for example due to globalisation effects 5. Encouragement of the processing of local materials into finished goods for domestic consumption as well as for export 6. Income generation and increased economic growth 7. Healthy competition thus encourages higher quality products 8. More goods and services available 9. Development of new markets 10. Promotion of the use of modern technology in small-scale manufacturing to enhance higher productivity 11. Encouragement of more researches/ studies and deve...
1. Entrepreneur, Entrepreneurial Economics, Political entrepreneur, Knowledge entrepreneurship, Social entrepreneurship, Internet Entrepreneur, Entrepreneurship education, Cooperative Entrepreneurship, Digital Entrepreneurship
1. Business incubators, Business opportunity, Junior enterprise, KaosPilots
1. List of management topics, List of social entrepreneurs
Using wiki models or crowdsourcing approaches, for example, a social entrepreneur organization can get hundreds of people from across a country (or from multiple countries) to collaborate on joint online projects (e.g., developing a business plan or a marketing strategy for a social entrepreneurship venture).
Creative entrepreneurship is the practice of setting up a business – or setting yourself up as self-employed - in one of the creative industries.The focus of the creative entrepreneur differs from that of the typical business entrepreneur or, indeed, the social entrepreneur in that s/he is concerned first and foremost with the creation and exploitation of creative or intellectual capital.
Entrepreneurship education seeks to provide students with the knowledge, skills and motivation to encourage entrepreneurial success in a variety of settings. Variations of entrepreneurship education are offered at all levels of schooling from primary or secondary schools through graduate university programs.
- What is an internal entrepreneur
- "Intrapreneurship" in practice
- Traits of Internal Entrepreneurs
An internal entrepreneur is a type of entrepreneur who operates inside the confines of an organisation such as a business unit or a government body.
An internal entrepreneur is known as an intrapreneur and is defined as "a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation". They are usually very motivated, with a high drive towards completing the job at a fast pace with efficience who are comfortable with taking the initiative, regardless of the boundaries that the organisation or the entrepreneurial world imposes over them, th
The main difference between an internal entrepreneur and an entrepreneur is the environment, which represents the sphere in which they work. An entrepreneur's aim in general terms is to create a successful organisation, while an internal entrepreneur on the other hand has to find solutions to existing problems within the company and provide improvements for the benefit of the existing organisation.
Some key traits that influence entrepreneurs are: 1. Money Is Not the Measurement - their determination is not driven by the money, payment is a sign that they are doing their job well; however, they are mainly motivated by influence with freedom. 2. Strategic Scanning - constant curiosity is what makes an internal entrepreneur stand out, they keep learning new things and applying them within their area of knowledge which benefits both themselves and the organisation. 3. Greenhousing - people ar
Sony: Ken Kutaragi, in the position of a junior employee at Sony used to spend his free time with his daughters in order to improve the Nintendo device. Regardless of the fact that the staff at Sony were against his work, Ken was lucky enough to get a senior employee's attention. This resulted in the beginning and creation one of the Sony's most valued products at the market right now, Sony PlayStation. At the moment PlayStation is one of the leaders in gaming industry, being one of the best sel
Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses.
- What Is Entrepreneurship?
- Types of Entrepreneurship
- Importance of Entrepreneurship
- Factors Affecting Entrepreneurship
The practice of ideating, developing, launching, and running a business venture along with its financial risks is called entrepreneurship. It is very important for the economic development of the expanding global marketplace. A person who undertakes entrepreneurship is called an entrepreneur. Generally, starting your own business is a tough proposition as 90% of startups faileach year. However, it comes as no surprise that more and more people choose to be independent in their professional careers. In fact, 2 out of 3 people worldwide think entrepreneurship is a good choice. Majority of the people think that entrepreneurship has just one meaning. But there are different types of entrepreneurship as described below:
Small business entrepreneurship
In today’s world, the majority of businesses are still small businesses. In the U.S, 99.7%of all companies are small businesses and they employ 50% of all non-governmental workers. They are mostly barely profitable, but they make profits only to make a living and support their families. Such businesses lack the scale to attract venture capitaland they are funded via friends/family or small business loans. Examples of small business entrepreneurship include hairdressers, grocery stores, electr...
Scalable Startup Entrepreneurship
In this type of entrepreneurship, entrepreneurs start their company believing that their vision can change the world. Their funding comes from venture capitalists and they hire the best employees. Finding a scalable and repeatable business modelis their goal. Once they find it, further funding from venture capitalists is required for growing their business. Scalable startups only make up a small proportion of all businesses due to the risk capital and outsize returns. Examples of scalable sta...
Large Company Entrepreneurship
Large companies through sustaining innovation, offering new products that are variants around their core products. New products are developed in order to meet with changing customer needs and advanced technology. Often, companies do this by partnering with or buying innovative companies. Examples of large company entrepreneurship include Google, Microsoft, Samsung, etc.
Haven’t we all wondered at least once in our lives why entrepreneurship is so appealing to the majority? Why is it so important? 1. Entrepreneurs create jobs:Entrepreneurs, in addition to employing themselves, also create a number of job opportunities with their business venture. And as their businesses grow, more job opportunities are created, thereby reducing unemployment. 2. Entrepreneurs create change: When an entrepreneur makes a product in the hopes of solving a problem or when they explore a new idea, it brings a change into the world. Their ambitions and ideas thus improve the world. 3. Entrepreneurs give to society: It is a common notion that the rich are greedy, but it is mostly wrong. The more money they make, the more in taxes they pay which in turn funds social services. Some entrepreneurs as we know, like Bill Gates, the founder of Microsoft, are the biggest donors to charities and non-profits.
As much appealing the idea of entrepreneurship may seem, there are a few factors to be kept in mind before choosing when and where to start your business. Some of the factors that affect entrepreneurship are: 1. Political Factors:The market in a place can be capitalistic, communistic or a mixture of both. Capitalism requires innovation while communism requires entrepreneurs and the political class to be well connected with each other. Ideally, a country should be capitalistic for entrepreneurship to flourish in the region. 2. Legal Factors:The strength and fairness of the judicial system in a country has a big role to play in the quality of entrepreneurship. This is because entrepreneurs in many cases might require the courts to enforce the contracts agreed between two parties. But in many countries, such contracts are not enforced properly, and this risk prevents the development of entrepreneurship in those countries. 3. Taxation: Governments sometimes resort to excessive taxation...
Sep 02, 2020 · Entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit. But as a basic entrepreneurship definition, that one is a bit limiting. The more modern entrepreneurship definition is also about transforming the world by solving big problems.
- Nicole Martins Ferreira
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