Analyzing Three Levels Of Entrepreneurship : Individual Level, Firm Level And Macro Level

Definitions of entrepreneurship almost always involve the risk taking within the business world. Businessdictionary.com states “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Why we want individuals to create new companies or even to grow products and ideas within an existing company is beyond the scope of this paper be we are going to assume that over all the outcome of this behavior is good for the organization, community, or country. There is little dispute that the United States was known for this behavior over the last two hundred years and it may be something that we are starting to lose. At least it is a behavior that we want to continue to foster.

2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? Entrepreneurship is the main ingredient for a healthy economy. Everyone stands to gain form a strong economy. With more people working the economy grows.

Without entrepreneurship businesses that provide choice and create innovation as well as wealth creation would not exist. Businesses create employment for workers to earn incomes and purchase products that improve

The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth

Entrepreneurship involves entrepreneurial skills to develop, organize and manage a business venture by focussing on opportunities along with any of its risks in order to make a profit. Entrepreneurship is also an approach to management that can be applied in start-up situations as well as within established businesses. (Business Management: a contemporary compilation)

Identify at least one point in this paper that the author claims is important for understanding what role entrepreneurship plays in society.

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

The exercises of entrepreneurship sometimes could be unproductive or even destructive, how they are allocated mainly depended on the reward structure in the economy. Also the policy can influence the allocation of entrepreneurship more effectively than influence its supply, it influences the total supply of entrepreneurship by changing the allocation between productive and unproductive activities. And those activities are heavily depending on the structure of payoffs in the

Entrepreneurship happens to be getting popular and fast rising to be the largest employer of labor in many developed nation’s economy. An entrepreneur is an individual who, rather than working as an employee, runs the small business and assumes all the risks and rewards of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.

For this there are a number of factors influencing entrepreneurship. Samiti (2006), Tan (2000) classified the key factors that affect entrepreneurs in to two broad categories namely economic and social.

These theories of enterprise consider that it is the personality / traits of the entrepreneur that defines their actions. The traits most often proposed by various approaches are achievement motivation, risk-taking behaviour and the desire for control. However there are traits such as need for autonomy, determination, initiative, creativity, self-confidence and trust, which have also been observed.

Entrepreneurship is a very common term now-a-days and it is the dream of most business graduates to start up their own firm. Many business schools are offering courses on entrepreneurship. They feed the motivation to start up one’s own business and many college graduates have done it very successfully. They choose to start up their own venture instead of working for other existing companies. There are many reasons not to start up a business and there are many reasons to fail. But the most common thing that drives the entrepreneurs is that they were all hungry for success.

Entrepreneurs play an important role in the economic development of a country by establishing new venture and firm which will leads to increase in national income, balanced regional development of a

Also there are wide range of avenues in terms education, financial backup, conducive socio-economic culture which has allured pool of talented people to take up entrepreneurship as a career option.

The emergence and development of entrepreneurship is not a spontaneous one but a dependent phenomenon of economic, social, political, psychological factors often nomenclature as supporting conditions for entrepreneurship development. These conditions may have both positive and negative influences on the emergence of entrepreneurship. Positive influences constitute facilitative and conductive conditions for the emergence of entrepreneurship, whereas negative influences create inhibiting milieu to the emergence of entrepreneurship.