The Concept Of An Entrepreneurship - 1345 Words

The definition of an entrepreneurship is a commonly argued point, with several definitions given by many different people. The Business in Action textbook defines entrepreneurship as the combination of innovation, initiative and willingness take risks required to create and operate new businesses and an entrepreneur as a person with positive, forward-thinking desire to create profitable, sustainable business enterprise. According to this definition, a small business owner could definitely be classed as an entrepreneur, as anyone who runs and owns their own business is taking risks with their finances every day of trading. However, this definition is not enough because it only shows one trait of the entrepreneur s personality and behavioral patterns, which, according to most other sources, does not give the whole picture. In most cases, the person or party behind the business venture works to present something new to a prospective market. This includes a significant amount of planning and understanding the needs of your potential market. In other words, it is a competitive option that requires risk-taking, research, good resources, and detailed innovation if you expect to be successful. In today’s society being an entrepreneur can take you to the next level within an industry. It is about taking an initiative to present something new or make an improvement on something already in existence. This means that you need to be a leader willing to take risks in order to see ideasShow MoreRelatedConcept of Entrepreneurship1455 Words   |  6 PagesQ1. Discuss and define the concept of ‘entrepreneurship’. The entrepreneur is our visionary, the creator in each of us. Were 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. Michael Gerber The term entrepreneur has been around since the seventeenth-century, it originates from France, where the phrase â€Å"entreprendre† wasRead MoreHow Corporate Entrepreneurship Is An Ever Growing Concept1224 Words   |  5 PagesCorporate entrepreneurship is an ever-growing concept that is flowing throughout many companies around the world. Some of which include Organic Valley and Ford. As each company continues to grow, they both allow their employees to be creative and innovative. This not only gives their employees the satisfaction of coming up with new ideas, but can allow each business to save time and money in the long run. In both Organic Valley and Ford, creativity plays a large role in the success of their companiesRead More What do you understand to be the concept of entrepreneurship and why1626 Words   |  7 PagesWhat 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 Read MoreCan Entrepreneurship Be Taught1355 Words   |  6 Pages†¢ Can we teach entrepreneurship and bring some entrepreneurial awareness and changes among individuals. Give evidence Approach in answering the Question †¢ Definition of Entrepreneurship †¢ Entrepreneurship education †¢ Approaches to teach entrepreneurship †¢ Conclusion The concept of entrepreneurship There is no universal agreed definition of entrepreneurship. However, Entrepreneurship is defined differently by different scholars. Schumpeter (1934) defines Entrepreneurship as a person’s abilityRead MoreEntrepreneurship Essay1729 Words   |  7 Pagescan be concluded that entrepreneurship demands foresight and willingness to assume risk (Landstrom 1997, cited in Corbetta, Huse Rovasi 2004). In short it can be said that the first concept of entrepreneurship from Cantillon emphasis on taking risk to venture into a business. Van Praag (2005) divides entrepreneurship concept into five different groups which are classical approach, neoclassical approach, Schumpeterian, Knightian, and neo-Austrian approach. Each concept will be discussed separatelyRead MoreStartup Americ A Government Initiative1322 Words   |  6 PagesStartup America is a government initiative that is used to inspire and produce entrepreneurship throughout the country. By holding the belief that innovation is the backbone of this country, Obama created this campaign in order to create and develop entrepreneurship. As a result, the goal is trying to achieve sustainable growth and quality jobs in the economy. Overall, Startup America is a process that believes entrepreneurship is a core American value that allowed for the country to be where its at,Read MoreEntrepreneurship Risk, Rewards, And Reality1456 Words   |  6 Pagesgone because of entrepreneurship. In the article â€Å"Entrepreneurship Risk, Rewards, and Reality† by Timot hy W. Scales, the author goes over key points about small business like development, growth, and secession. Scales focus on experiences that relate to an accomplished and an unaccomplished entrepreneur. Scales say that if an idea can become entrepreneurial, it can be big or small. Entrepreneurship is the key to innovation and growth. Since the 1970s, scholars knew that entrepreneurship was the sourceRead MoreTo What Extent is Naturis an Entrepreneurial Company?1245 Words   |  5 PagesCovin, 2008). After the sucessful joint venture, Naturis is now hightly entrepreneurial as it practices the concept of strategic entrepreneurship. By constantly looking for new uses for its product, the company innovate in order to sustain their competitive advantage. Naturis is considered as an innovative and entrepreneurial company as it follows the concept of strategic entrepreneurship refered to as sustained regeneration by introducing new products and entering new market areas on a regularyRead MoreSocial Entrepreneurship And Social Innovation1502 Words   |  7 PagesSocial Entrepreneurship The term â€Å"social entrepreneurship† first appeared in the scholarly literature over 35 years ago in a publication titled The Sociology of Social Movements (Banks,1972). However, Social entrepreneurship has its origins in the eighteenth and nineteenth centuries when philanthropic business owners and industrialists like Robert Owen, demonstrated a concern for the welfare of employees by improving their working, schooling and cultural lives. Since then, social entrepreneurshipRead MoreCreativity and Events1595 Words   |  7 Pagesintroduce the concept of creativity, innovation and entrepreneurship within the events sector. Key theoretical concepts around the subjects will be explored in order to form a discussion for the need of creativity within events organisations. This essay will draw upon industry examples to illustrate how the concepts can be achieved in order to gain competitive advantage. Through critical analysis, the concepts can be reviewed, and an appraisal for the scope for creativity and entrepreneurship in events