This website uses cookies to ensure you have the best experience. Learn more

Entrepreneurship Essay

2965 words - 12 pages

There are many definitions of entrepreneurship. According to one definition, entrepreneurship may be defined as the function of seeking investment and production opportunity, organizing an enterprise to undertake a new production process, raising capital, hiring labour, arranging the supply of raw materials, finding site, introducing a new technique and commodities, discovering new sources of raw materials and selecting top managers of day-to-day operations of the enterprise. This rather comprehensive definition was given by Higgins in his book The Economic Development.Another definition of entrepreneurship was given by John Kao and Howard Stevenson. According to them, entrepreneurship may be defined as the attempt to create value through recognition of business opportunity, the management of risk-taking appropriate to the opportunity, and through the communicative and management skills to mobilize human, financial and material resources necessary to bring a project to fruition.According to Jaffrey A. Timmons, entrepreneurship may be defined as the ability to create and build something from practically nothing. Fundamentally, a human creative activity, it is finding personal energy by initiating, building and achieving an enterprise or organization rather than by just watching, analyzing or describing one. It requires the ability to take calculated risk and to reduce the chance of failureAn entrepreneur is someone who undertakes or carries out the activity of entrepreneurship. However, this is a very narrow definition and does not take into account the qualities and skills required by an entrepreneur.According to the Oxford English dictionary an entrepreneur is someone who undertakes an enterprise, especially a contractor--acting as intermediary between capital and labour. Undertaking of an enterprise involves combining capital and labour for the purpose of production. Anyone who undertakes this task is an entrepreneur.According to Evans, entrepreneurs are persons who initiate, organize, manage and control affairs of a business unit that combines the factors of production to supply goods and services, whether the business pertains to agriculture, industry, trade or profession.According to McClelland, an entrepreneur is someone who exercises some control over the means of production and produces more than what he can consume in order to sell or exchange it for individual or household income.(Gupta, Srinivasan)There are many characteristics of a successful entrepreneur. Successful entrepreneurs are decisive decision makers, enjoy taking charge, and want to be masters of their own financial destiny, are organized, independent and self-confident, are hard workers, and come from a small business or agricultural background. It is not necessary that an entrepreneur will posses all of the above mentioned characteristics, but it is important for him or her to posses most of the above mentioned...

Find Another Essay On Entrepreneurship

Global Entrepreneurship Essay

631 words - 3 pages activities. According to Global Entrepreneurship Monitor, among the 40 GEM countries Chile is rated as one of the highest in entrepreneur activity and expects that to have an innovative impact on the market growth. Countries that promote these activities can benefit from the production of goods or services and the creation of jobs, which often leads to national economic growth. (Autio, E., et. 2003)Chile has experienced a decade of positive

Microsoft's entrepreneurship Essay

2440 words - 10 pages Microsoft Corporation: Entrepreneur Research StudyIntroductionThe evolution of the term entrepreneurship "is derived from the French entreprendre, meaning, "to undertake." "The entrepreneur is one who undertakes to organize, manage, and assume the risks of a business" (Kuratko & Hodgetts, 2004, p. 28). An entrepreneur is also one that has a vision for how an organization should be run and this person also has the drive to make the change and

Entrepreneurship Entrepreneurship, Skydiving and Inertia

526 words - 2 pages [Type text] [Type text] [Type text]1Entrepreneurship, Skydiving and IntertieEntrepreneurshipEntrepreneurship, Skydiving and InertiaChristopher ViauPitt Community CollegeEntrepreneurship relates to skydiving because in many ways entrepreneurship, like skydiving, is a leap of faith. Skydivers have faith that their parachutes are going to deploy unconditionally and safely bring them gliding down to the earth. Well, starting your own business has


2171 words - 9 pages 1. Model of Opportunity Recognition Opportunity recognition phase is crucial when beginning a new enterprise (Klemm, 2013). It is the discovery of the potential to create something new, contributed by four factors: individual knowledge, creativity, network and changes in the environment. Opportunity recognizers truly think out of the box, stretch beyond limits, and are combinatorial in non-traditional ways. In the case of Artemis Images, the


1419 words - 6 pages For my Employment research project I have done research on being a sole proprietor/entrepreneur and owning my own company. I have answered the following questions about my career choice. 1. My career and background For over forty years the Thompson family has owned and operated small businesses. My grandparents are the owners of D&D Rentals, my father is the owner of D&D Transportation, and my maternal grandfather owned and operated Reed’s

Entrepreneurship in Australia

1193 words - 5 pages The market economy is advancing at an astonishing speed in present-day society. Business, which is divided into large, medium and small business, has become a primary symbol of the development of market economy. Entrepreneurship is defined as "the process, brought about by individuals, of identifying new opportunities and converting them into marketable products or services"(Schaper and Volery 2007, 4), and it is often related to small business

Entrepreneurship and Innovation

930 words - 4 pages cannot be validated by research evidence. The misconceptions about entrepreneurship has been promulgated and perpetuated by media (Hunter, 2012, p. 90). The thought of innovation conjures up images of something breath-taking, novelty par excellence, invention of the century and solutions to mysteries. Therefore, innovative events are isolated events. Relationship between Entrepreneurship and Innovation Dyer, Gregersen & Christensen (2009, p

II. Entrepreneurship and employment

723 words - 3 pages The contribution of entrepreneurship to generation of employment is one of most important issues in regional economic development. One popular perception is that entrepreneurship can create jobs, and it could be justified to support startups, especially during economic recessions. Despite of the perception, empirical evidence shows an inconclusive role of entrepreneurship in job creation. It can be inferred that entry of entrepreneurs can

Culture of Entrepreneurship

762 words - 3 pages Culture of Entrepreneurship      Developing a culture of entrepreneurship within an organization can be a very important factor with the potential growth in an organization. There are many factors that can be accomplished by having a state of the art internal entrepreneur system established. One is obviously the development of new ideas. The new ideas that come along can be a turning point for the whole organization

entrepreneurship and Leadership

2687 words - 11 pages Module Name: Entrepreneurship and small business developmentIntroductionSuccessful enterprises have its essential elements by which entrepreneurs rely on to operate business. These critical elements include organizational structure, corporate performance management, organizational culture, leadership style, and entrepreneurship. As one important factor for successful enterprises, entrepreneurship sometimes were considered as the most significant

Entrepreneurship-a paradigm

771 words - 3 pages Untitled THE ENTREPRENEUR PARADIGM "Boldness in the business is first, second and third thing" THOMAS FULLER The word entrepreneur is derived from the French word ENTREPRENDRE, which means `to do something'. For me entrepreneurship is an innovative way of managing opportunities. It is the process of creating something new value by devoting the required time and effort to gain economic independence, rewards and

Similar Essays

Entrepreneurship Essay

1461 words - 6 pages Running Head: Entrepreneurship-The Key to Economic Development?Entrepreneurship-The Key to Economic Development[Name of the student][Name of the institute]Entrepreneurship-The Key To Economic Development?OverviewThe entrepreneur is at once one of the most intriguing and one of the most elusive in the cast of characters that constitutes the subject of economic analysis. Many microeconomic theory and industrial organization texts omit mention of

Entrepreneurship Essay

1556 words - 6 pages Describe the term Entrepreneurship and the challenges of starting a small business Entrepreneurship is the dream of a lifetime for most individuals. The idea of being in control on one's financial future by establishing, owning, and operating their own business has driven most individuals in the direction of Sole Proprietorships. Most plunge in looking at the advantage and over looking the disadvantage and challenges of Sole Proprietorships

Entrepreneurship Essay

8291 words - 33 pages customers' needs or solves their problems. His much more than random, disjointed tinkering with a new gadget. Millions of people come up with creative ideas for new or different products and services; most of them, however, never do anything with them. Entrepreneurs are those who connect their creative ideas with the purposeful action and structure of a business. Thus, successful entrepreneurship is a constant process that relies on creativity

Entrepreneurship Assignment

926 words - 4 pages I chose to read a book about entrepreneurship rather than interview an entrepreneur. The book I read is entitled The Story of Google. The book starts with a college student, Larry Page, touring Stanford University. While there, his guide was Sergey Brin. The two of them very quickly became great friends although it did not always seem as such. They would constantly have intellectual battles about anything and everything. The two of them began a