Entrepreneurship - 4156 Words

Entrepreneurship Challenges in 21st. Century | | What is Entrepreneurship? The definition of entrepreneurship has been debated among scholars, educators, researchers, and policy makers since the concept was first established in the early 1700’s. The term â€Å"entrepreneurship† comes from the French verb â€Å"entreprendre† and the German word â€Å"unternehmen†, both means to â€Å"undertake†. Bygrave and Hofer in1891 defined the entrepreneurial process as ‘involving all the functions, activities, and actions associated with perceiving of opportunities and creation of organizations to pursue them’. Joseph Schumpeter introduced the modern definition of ‘entrepreneurship’ in 1934. According to Schumpeter, â€Å"the carrying out of new combinations we call†¦show more content†¦Although many current theories on entrepreneurship agree that there is an inherent component of risk, the risk-bearer theory alone cannot explain why some individuals become entrepreneurs while others do not. Thus, i n order to build a development model of entrepreneurship it is necessary to look at some of the other characteristics that help explain why some people are entrepreneurs; risk may be a factor, but it is not the only one. Modern school of thought claims that the role of the entrepreneur is that of an innovator; however, the definition of innovation is still widely debatable. Kirzner suggests that the process of innovation is actually of spontaneous â€Å"undeliberate learning†. Thus, the necessary characteristics of the entrepreneur is alertness, and no intrinsic skills-other than that of recognizing opportunities-are necessary. Other school of economists claims that entrepreneurs have special skills that enable them to participate in the process of innovation. Leibenstein claims that the dominant, necessary characteristics of entrepreneurs is that they are gap-fillers i.e. they have the ability to perceive where market fails and to develop new goods or processes that he market demands but which are not currently being supplied. Thus, entrepreneurs have the special ability to connect different markets and make up for market failures and deficiencies. Though the idea that entrepreneurs are innovators is largely acceptable, itShow MoreRelatedEntrepreneurship1111 Words   |  5 PagesEntrepreneurship Entrepreneurship is the act of being an entrepreneur or one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include socialRead MoreEntrepreneurship1326 Words   |  6 Pages‘Critically evaluate the key theoretical developments of the term Entrepreneurship’. Student Name : Jonalee B. Magtoto Student ID : 1009007374 Matriculation No: 20037830 Date: June 13th 2013 Word Count : 2,091 words Introduction: Entrepreneurship as a lot of meaning but for me it divided into two separate fundamental, the first part debate high involveRead MoreEntrepreneurship1228 Words   |  5 Pagesthat has the right of control is hired from the owner. Page 2 of 4 Similarities and differences between a manager, a business owner and an entrepreneur By Henry Amm Modern approaches like ‘corporate entrepreneurship’ try to overcome those boundaries by incorporating advantages of entrepreneurship into common management. Companies try to facilitate diversification with internal development workshops. That makes activities necessary, in areas that are usually only loosely related to the current ‘domain’Read MoreEntrepreneurship4409 Words   |  18 Pages1 LESSON- 1 ENTREPRENEUR AND ENTREPRENEURSHIP Dr. Jyotsna Sethi STRUCTURE 1.0 Introduction 1.1 Objectives 1.2 Entrepreneurship as a Career Option 1.3 Concepts and Definitions 1.3.1 Entrepreneur 1.3.2 Entrepreneurship 1.3.3 Enterprise 1.3.4 Difference between Entrepreneur and Entrepreneurship 1.4 Role of Entrepreneurship in Economic Development 1.4.1 Entrepreneurship and Economic Development 1.4.2Entrepreneurship and Education 1.5 FunctionsRead MoreEntrepreneurship1106 Words   |  5 Pagesenterprise without undermining his/her relationship. In this last case a good entrepreneur should be free from personal commitment, at first, at least, because his/her work, or his/her relationship, could be compromised. Q2: Inc. Magazine claims, â€Å"Entrepreneurship is more mundane than it’s sometimes portrayed †¦ you don’t need to be a person of mythical proportions to be very, very successful in building a company.† Do you agree? Explain. 2. I don’t agree with the sentence above; I think that a temporaryRead MoreEntrepreneurship Should Be Aware At The World Of Entrepreneurship Essay1531 Words   |  7 PagesPROVIDED MANY OPPORTUNITIES ANYONE PLANNING TO ENTER THE WORLD OF ENTREPRENEURSHIP SHOULD BE AWARE OF ITS POTENTIAL DRAWBACKS Introduction:- Entrepreneurship is defined as the practice of beginning a new trade or reviving an existing business, for capitalizing on fresh opportunities. The statement were analyzing today is all about entrepreneurship. The author here is trying to explain that like every coin has two sides, entrepreneurship also has benefits and drawbacks. Every year the number of peopleRead Moreentrepreneurship2937 Words   |  12 PagesSCHOOL OF ENGINEERING AND INFORMATION TECHNOLOGY ASSESSMENT COVER SHEET Student Name Navpreet Kaur Student ID S265457 Assessment Title Case Study 1 Unit Number and Title PRT503 Entrepreneurship for Professionals Lecturer/Tutor Mr. Jamal El-Den Date Submitted 07 August 2014 Date Received OFFICE USE ONLY KEEP A COPY Please be sure to make a copy of your work. If you have submitted assessment work electronically make sure you have a backup copy. PLAGIARISM PlagiarismRead MoreThe Concept Of An Entrepreneurship1345 Words   |  6 PagesThe 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 classedRead MoreSocial Entrepreneurship1926 Words   |  8 PagesRose Spiegel Rationale 5.7.13 Everyone describes social entrepreneurship differently. While many have been able to describe the traits and features of a social entrepreneur there doesn’t seem at all to be a consensus about the definition of what constitutes the field of social entrepreneurship. Susan Davis and David Bornstein in their book, Social Entrepreneurship: What Everyone Needs to Know define social entrepreneurship as â€Å"a process by which citizens build or transform institutions to advanceRead MoreCorporate Entrepreneurship1295 Words   |  6 PagesCorporate Entrepreneurship Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests aformal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process