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
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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
The world is filled with many ambitious people looking to make a product to help the world and make a living for themselves and their families. These people are known as entrepreneurs. An entrepreneur is someone who organizes and operates a business or businesses while running the risk of losing everything to make money. One might ask why there is a risk ...
Entrepreneurship keeps the US economy flourishing, creating
Governments can inspire both the creation of wealth in an economy and entrepreneurship within that economy as well. Using different policies, they can provide incentives for entrepreneurs to start businesses, such as lowered taxes, private ownership, and less risk/corruption while starting a business. This inspiration leads to growth in an economy and a positive increase in entrepreneurship.
There in an increasing demand for entrepreneurs, our school entrepreneurship program help teach learners as they grow to be entrepreneurs. entrepreneurship is ...
Socially, entrepreneurship empowers citizens, generates innovation and changes mind sets. These changes have the potential to successfully integrate developing countries into the global economy. Economically, entrepreneurship stimulates markets by not always inventing or producing new things but introducing and exploring new and better dimensions. The formation of new business leads to job creation and has a multiplying effect on the economy because it lead to economic growth and expansion; social entrepreneurs serve as wide-ranging examples of motivation, purpose, selflessness and ability, especially among the young generation, seeing other successful in their own ventures and making positive impact in society can encourage other young people to come with excellent ideas and try solving societal problems as well.
As a consequence an entrepreneur has some characteristics and traits that distinguish an entrepreneur from a non-entrepreneur. Entrepreneurs are persons who take action- they engage in vigorous, persistent efforts to convert their ideas and visions into profitable, operating companies. This proclivity c...
Entrepreneurship is great for the economic growth of one country. The numbers of entrepreneurs in one country have a correlation of the wealth of the country as it generates cash flow and creates jobs opportunity it also increase competition in the market. All this benefits the economy of the country and is the essence of capitalism. Entrepreneurs are responsible for a huge part of the small business sector and the small business sector is a huge industry by itself.
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 Webster’s dictionary, the simple definition of an entrepreneur is defined as a person who starts a business and is willing to risk loss in order to make money. The full definition uses words of deeper meaning such as, organizes, manages, and assumes the risk of a business or enterprise. An entrepreneur sees the finish line before the race begins. In this paper I cover the major aspects of becoming an entrepreneur. Some of the ideas expressed have been research, applied, worked, and failed in my own entrepreneurial journey. Individuals with more balanced skill sets are more likely to become entrepreneurs. People usually refer to this type of person as a “jack of all trades.” They can do many different types of work but they aren’t necessarily
Entrepreneurship can be defined as the process of buiding ,creating,sustaining and initiating a venture from pratically nothing, in the sense of uncertainty and risk ,and having the ability to succeed against all difficulties. Entrpreneurship is essentially important to the economic and social development of south Africa .Entrepreneurs use innovation to create new, competitive markets and job creation by establishing businesses, which as a result have a positive effect on the economy (First National Bank, n.d.).South Africa stands against a evolving and culturally diverse enterpreneurial growth but it still lags behind many other comparabe countries.Unemployment and poverty has massively increased and shows no sign of slowing down.These increasing levels can be affectively sustained through the advancement of entrepreneusrship.However,to achive enterpreneurial growth,committed change in public perception and culture need to be obtained,whereby,self employment is a way of ending long trem unemployment.
Entrepreneurship is a type of business development and ownership that focuses on innovation, an innovative product or service, an innovative production process, innovative marketing strategies, or an aggressive approach to business. Entrepreneurs are networkers and risk takers. They are different from a regular traditional business manager or owner who operates in a more formal management hierarchy with more clearly defined authority and responsibility. Traditional regular business management may not be overly aggressive and are concerned about minimizing risk. (Stevenson 2008)
The emergence of entrepreneurs in a society depends to a great extent on the economic, social, religious, cultural and psychological factor prevailing in the society.
The entrepreneur is our visionary, the creator in each of us. We're born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish or is squelched, thwarted, without air or stimulation, and dies.
Entrepreneurship thus in effect is a way of thinking, reasoning and acting that is opportunity obsessed, sustainable, holistic in approach, and leadership balanced for the purpose of value creation and capture. (Timmons) Entrepreneurs rather than taking wild risks manage it by calculating the loss and try reducing the cost of failure by failing earlier and at lower level of investments. (Saraswathy “What makes Entrepreneurs Entrepreneurial?)
Entrepreneurship is unique and even risky business journey that is innovative and also plays a large role in the nation's economy. Typically, the single person or party supporting the business venture works to offer something new to a prospective audience. Entrepreneurship can be difficult in the sense that it will be time-consuming and require a great amount of attention arranging and understanding the needs of your intended market. In this competitive choice, it is essential to do research, provide yourself with the best resources, and a detailed procedure for a successful company. This can be achieved through a vigorous search for these opportunities, knowing when they