INTRODUCTION
Entrepreneurship is a way of life for many people all over the world. This paper aims to present the topic of entrepreneurship and various factors around it. Therefore the term “Entrepreneurship” shall be defined, enterprises started by entrepreneurs shall be introduced and famous entrepreneurs shall also be presented. Though briefly, the topic of how to become an entrepreneur will be looked at. In addition, whilst attempting to do the former, this paper aims to provoke thought in its readers regarding the opportunities and possibilities that embarking in entrepreneurship can afford.
DEFINING ENTREPRENEURSHIP
According to The Columbia Encycopedia (1993. pp 879), the word Entrepreneurship comes from French and means “one who undertakes, person who assumes the organization, management, and risks of a business enterprise”. Thereafter it provides a historical explanation of its usage. The Columbia Encycopedia (1993. pp 879) states;
It was first used as a technical economic term by the 18th century economist Richard Cantilon. To the classical economist of the late 18th century, the term meant an employer in the character of one who assumes the risk and management of business; an undertaker of economic enterprises, in contrast to the ordinary capitalist, who strictly speaking, merely owns an enterprise and may choose to take no part in its day-to-day operation. In practice, entrepreneurs were not differentiated from regular capitalists until the 19th cent., when their function developed into that of coordinators of processes necessary to large-scale industry and trade. Joseph C Schumpeter and other 20th- century economists considered the entrepreneur's competitive drive for innovation and imp...
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The time of the Industrial Revolution allowed little room for smaller companies to make a name because the big businesses had monopolies over certain areas of industry. Therefore, for a person to make a name for himself, he had to do so with ambition, money, reputation, and inner strength. By reason of an owner not possessing these qualities, then by the rigors of business owning he would be mentally crushed by the amount of work that falls upon the owner's shoulders. In addition, even though labor came cheaply to t...
The characteristics discussed in the article is important to possess in order to be entrepreneurial.
In the field of economics much has been said on the nature of commerce organizations and their role in the economy, but most mainstream approaches fall short in their attempts to form a realistic model of the economy. The standard view of business is that of the firm, a homogeneous entity that produces homogeneous widgets with the use of perfectly substitutable homogeneous capital and labor; occasionally discussions will mention “The Entrepreneur”, an all-knowing master coordinator. (Kasper et al., 2012) In The Theory of Business Enterprise, Thorstein Veblen provides an alternative approach using his intuitionalist-based analysis, most famously developed in The Theory of the Leisure Class, to the structure of business and industry of the late 1800’s and early 1900’s. Veblen’s analysis reveals that the interests of businessmen and industry do not always align with and can be detrimental to the community or society as a whole. (Veblen, 1899, 1904)
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,
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.
Joseph Schumpeter, an American economist, renowned for his term ‘creative destruction,’ defined ‘entrepreneurs as individuals who exploit market opportunity through technical and/ or organisational innovation.’ Entrepreneur is derived from the French verb ‘entreprendre,’ meaning to undertake and consequently entrepreneurship is the ability and will to develop and manage a business scheme; accompanied by any of its risks with the intention of making turnover. Conversely, innovation is the process of transforming a creation into a product or service that generates value; ‘the commercially successful exploitation of ideas.’ It is integral to any developing economy, particularly in those where prevailing business models have become outmoded. Entrepreneurship
Introduction: “Whatever you do, do it well”. Do it so well that when people see you do it they want to come back and see you do it again and they will want to bring others and show them how well you do what you do” Walt Disney An entrepreneur is essential to any country’s economy. Being an entrepreneur is not always the first choice of people, but is forced into it by means of their circumstances. An entrepreneur is someone that is able to identify a need amongst their surroundings and introduce a product or service that satisfies the need.
An entrepreneur is an individual who conducts business for the benefit of themselves or the nation. He or she is someone who searches for opportunity and creates and grows a company to pursue it. They are creative and innovative at the same time which allows them to bring new discoveries that enhances the society life. An opportunist, a high risk-taker, independent, strong leadership, visionary and unwavering passion are several qualities that are essential to make a successful entrepreneur. Not everyone can be one unless they are ready to fail. Over the centuries, there are numbers of big entrepreneurs that have emerged and impacted people on a global scale.
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.
Entrepreneurship - a special kind of activity. Its constant conditions are limited resources, competition and uncertainty of the situation. The main tools of the entrepreneur are: thrift, cooperation and innovation. Consequently, enterprise is the independent economic entity, with rights of a legal entity, which is based on the use of labor collective property produces and sells products, works, and provides services.
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.
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.
First, there was an interview with a successful entrepreneur. Second, there was a talk on entrepreneurship by a guest speaker, Mr. Azmi Ahmad (the CEO of Skali.com) and later, an "elevator speech" by fellow students on various issues related to entrepreneurship. This collective information and some reading on entrepreneurship journals, books and articles have brought to the idea on writing this paper, towards certain perspective, on successful entrepreneurial characteristics.
Entrepreneurship is considered an individual or organisational level behavioural phenomenon, or a process of emergence (Gartner et al 1992). Entrepreneurs can be described as a person who has possession of enterprise or venture and will take risks to seize an opportunity if it exists within an organisation. An entrepreneur is usually the owner and operator of a business which places more expectation on financial profit and other rewards a business may generate.