ENTREPRENEURSHIP
Entrepreneurship is the process of identifing opportunities in the market place, allocating the resources required to pursue these opportunities and investing the resources required to exploit the opportunities of long term gain. It involves creating wealth by bringing together resourses in new ways to start an enterprise that benefits the customers and the founder both.
Acc. to Higgins,”Entrepreneurship is meant the function of seeking investment and production opportunity, organising an enterprse to undertake the new prodction process, raising capital, hiring labour, arranging the supply of raw material, finding sites, introducing new techniques, discorvering new sources of raw materials and selecting top managers for day-to-day
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It is a creative reponse to the environment. An Entreprenuership recognises the need for change and initiates it
3. Dynamic Process
Entrepreneurs thrive on the changing environment which brings new oppertunities for bussiness. Flexiblity is the hallmark of a successful entreprenuer.
4. Risk Element
Entreprenuer make decisions in the face of uncertainty. Therfore, risk is an inherent and inseparable element of entreprenuership. An entreprise is undertaken for profits but there is every possiblities of loss.
“Entrepreneurship requires vision, wisdom and risk taking ability”
Vision is the ability to spot an opportunity and imagine something where others haven't. Entrepreneurs have a curiosity that identifies overlooked niches and puts them at the forefront of innovation and emerging fields. They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.
Many people would be satisfied with a couple of successful businesses, but Eldad Matityahu saw beyond his two thriving frozen-yogurt stores. He'd been reading about the fiber-optic space and decided he wanted in on the technology sector that surrounded him in Silicon Valley. So he sold his yogurt shops and his Harley and got into a field he knew nothing about. He took a job with a fiber-optic company to learn the business and discovered his niche
Although she spent a lot of years in school, Condoleezza achieved her career and became a part of many different businesses.
In 1969, she went to Nairobi and went on to become the first East African woman to receive a Ph.D which was in veterinary anatomy. Maathai's academic career was very successful. She became the first woman to be appointed to various positions at Nairobi university. Because of her position of influence, she sought to campaign for equal benefits for the women staff at the university. Many of her campaigns have been successful.
Their roots in science and health matter because as Forbes notes, these women are heading endeavours that focus on key areas of importance. The fact that the majority of them are running major research labs, redefining medical procedures and getting healthcare to those who most need it defines their roles as change makers. Melinda Gates, who holds position no 03 on the list is the wife of Bill Gates and holds the position of co-chairperson of the Bill & Melinda Gates Foundation – in 2014 alone, they gave US $ 3.9 billion worth of donations. Since it started in 2000, the Gates have contributed more than US $ 33 billion through the Foundation.
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.
Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Sounds complicated, right? Well, it can be. As a teenager I dreamed of working for myself, changing the world, giving people jobs and being my own boss. It all sounded so easy, but the reality is it isn’t. In The E-Myth Revisited, Michael E. Gerber explains why people have confused what being an entrepreneur consist of and he guides you can be a successful business owner. Gerber does this by giving us an in depth understanding of the what, whys and how’s. In this paper I will give a short but informative summary on Gerber’s points.
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).
It can be concluded that entrepreneurship cannot exist in the absence of innovation. Innovative entrepreneurship is the key to a successful business leading to economic development. Entrepreneurs are very prominent figures of society and therefore their actions and decisions have a significant impact on the welfare of stakeholder groups. Sustainability plays a vital role in this relationship in that it provides a solid foundation upon which a business can expand with more temerity and assuredness.
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 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).
It is true that most entrepreneurs typically have a flair for the creative and a lot of energy. They are born with it. But having these characteris...
An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs.
Being an entrepreneur, is advanced citizenship, you have to want it real bad. Entrepreneur is not entitlement. Being an entrepreneur is a life commitment. Like in the movie Wall Street, a famous line was "You can 't be a little bit pregnant." The fact is you can 't be an on again, off again entrepreneur.
To some economists, entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving (Tirana and Albania, 2015). It is vital for stimulating economic growth and employment opportunities in the society. Besides that, some are also emphasized the entrepreneur's role as an innovator who markets the innovation and develop new goods or services that the market demands and are not currently being supplied.