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What Do You Understand To Be The Concept Of Entrepreneurship And Why

1461 words - 6 pages

What do you understand to be the concept of entrepreneurship and why
has it become such an important area of focus?

Q2) What do you understand to be the concept of entrepreneurship and
why has it become such an important area of focus?

The concept of entrepreneurship is often viewed as a function, which
involves the exploitation of opportunities, which exist within a
market. Such exploitation is most commonly associated with the
direction and/or combination of productive inputs. Entrepreneurs
usually are considered to bear risk while pursuing opportunities, and
often are associated with creative and innovative actions. In
addition, entrepreneurs undertake a managerial role in their
activities, but routine management of an ongoing operation is not
considered to be entrepreneurship. In this sense entrepreneurial
activity is fleeting. An individual may perform an entrepreneurial
function in creating an organization, but later is relegated to the
role of managing it without performing an entrepreneurial role. In
this sense, many small-business owners would not be considered to be
entrepreneurs. Individuals within organizations (i.e. non-founders)
can be classified as entrepreneurs since they pursue the exploitation
of opportunities. Thus intrepreneurship is appropriately considered to
be a form of entrepreneurship.

The concept of an entrepreneur is further refined when principles and
terms from a business, managerial, and personal perspective are
considered. In particular, the concept of entrepreneurship from a
personal perspective has been thoroughly explored in this century.
Third exploration is reflected in the following three definitions of
an entrepreneur: In almost all of the definitions of entrepreneurship,
there is agreement that we are talking about a kind of behavior that
includes: initiative taking, the organizing and reorganising of
social and economic mechanisms to turn resources and situations to
practical account, and the acceptance of risk or failure.

To an economist, an entrepreneur is one who brings resources, labor,
materials, and other assets into combinations that make their value
greater than before, and also one who introduces changes, innovations,
and a new order. To a psychologist, certain forces typically drive
such a person: the need to obtain or attain something, to experiment,
to accomplish, or perhaps to escape the authority of others. To one
businessman, an entrepreneur appears as a threat, an aggressive
competitor, whereas to another businessman the same entrepreneur may
be an ally, a source of supply, a customer, or someone who creates
wealth for others, as well as finds better ways to utilize resources,
reduce waste, and produce jobs others are glad to get.

Entrepreneurship is the dynamic process of creating incremental
wealth. Individuals who assume the major risks in terms of equity,
time and/or career commitment or provide value for some product or

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