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Theory on entrepreneurship education
Essay on the importance of entrepreneurship in the school curriculum
Theory on entrepreneurship education
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Small businesses make a significant contribution to the Australian economy accounting for almost half of industry employment. (Clark et al., 2011) However The ACCI Small Business survey results show a second decline in small business conditions after the financial crisis in 2008. Hence, this article aims to share the personal experience of young and self-reliant entrepreneur to inspire Australians, especially the youths, who make major contributions to the society to take the bold step in becoming enterprising entrepreneurs.
The intended primary target audience of this article is young people age 18-25; while the secondary target audiences are everyone else who would like to start their own business. This article is intended to be published in the feature section of local newspaper such as “The West Australian”. This is because it has the highest readership with 1.1 million of readers weekly and the readership is also ranges across the demographic spectrum. This feature section is intended to be published weekly with stories of different entrepreneurs. It aims to promote and advanc...
Businesses have to examine every part of their environment to possibly predict future outcomes and problems that the business may incur over time. There are two different types of environments to be considered, external and internal. Each of these types has several sub categories to be considered. With a business like Play It Again Sports (PIAS), they have to examine the changing environment, general environment, specific environment, and also making sense of the changing environments. PIAS will also have to examine the internal environment which is the organizational cultures. The internal environments are not as extensive as the external environments.
As a natural resources company, BHP Billiton is vulnerable to changes in the environment and policies regarding the environment. With each environmental downfall, profit is jeopardized, which can push growth and innovation back. BHP Billiton has been heavily affected with blackouts in South Australia that has been interrupting production in Olympic Dam since September 28 during a two-week blackout. Without power supply security, BHP Billiton is having difficulty keeping power prices affordable in South Australia. The total estimated profit loss of the power outages was $450 million. These obstacles have disturbed BHP Billiton’s ability to compete globally with electricity price rises.
However, RLK’s competitors are downsizing and outsourcing R&D and exploiting on the cost advantages. If RLK decides to invest more money into R&D and should the new product stall on launch, they face the danger of becoming bankrupt.
There are over 28 million small locally owned businesses in the United States and 70 % of these businesses are owned and operated by a single person. Owning a small business is not an easy task it takes hard work and dedication, Steve Jobs once said “you need a lot of passion for what you’re doing because it’s so hard”, people don’t realize
Change is the most crucial aspect of management. In a rapid competitive business environment, change is not only recurrent but also becoming complex. The case study Bega Cheese highlights how the firm has achieved change management from satisfying the needs of local market to being limited company of more than 50 countries globally. Through the case study, it is seen that Bega Cheese has undergone different stages of change process by implementing various effective cultural perspectives, to traditionally organizational designs concerning with structures and new forms, processes and boundaries to adapt to organizational change and eliminate resistance to change. Change is inevitable, and vital to achieve strategic objectives and competitive advantage in the market.
To be a successful entrepreneur, there are steps that one must follow when starting a new enterprise. These steps are termed as the process of entrepreneurial which is the systematic method of preparation of an enterprise that consists of four steps. The four steps are fundamental to the success of an entrepreneur venture. The four entrepreneurial processes includes discovering, assessing and opportunity, developing a business plan, establishing resource needs, and managing the resulting enterprise (Barringer & Ireland, 2010). Each individual step is vital for the start of an entrepreneur venture and for an entrepreneur to achieve their entrepreneurial goals. This paper will discuss the four steps of the entrepreneurial process,
Starting and building a prosperous business is an ambition of many entrepreneurial minds and has for
As I am turning and reading pages more and more, I realize that this magazine is not meant to show issues, techniques, pros and cons of starting up a business but it is more like infomercials showing the top returns one can reap from his investments. The magazine forces me to realize that I am missing a essential experience in my life by not starting up the business. The magazine displays beautiful color and picture schemes. The magazine also highlights few of the success stories of the entrepreneurs. Overall this magazine makes business as a seamless transition of normal day today activity to a profit generating machine, ...
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
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.
Small businesses have been considered the mainstay in countries around the world. In many European countries for example, the small business has been considered crucial to the success and flourishment of the country in general. Most individuals start upon a small business venture in the hopes of realizing ownership, independent profits and personal success. Small businesses can prove extremely successful when planned properly. Studies suggest that several small businesses, however, close or fail within the first few years of operation. This failure suggests that a majority of small business owners may not have as yet realized the crucial success factors necessary for successful implementation of a small business.
The field of young entrepreneurs looking to create their own success in the business world is rife with digital and app based start-ups. In fact, if you were to sit down 100 business students and asked them what their big business idea was, odds are plenty of them would take the form of a digitally based product. There is no doubt that success can be found in such realm, history tells us that, but many young entrepreneurs are finding that there is still plenty of life in so-called ‘traditional sectors’.
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
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.
Majalah Niaga(2013); Super Entrepreneur Tip: Do not Ever Stop Trying- edition 26; available from [magazine] pp 30-32. Retrieved on 7 March 2014