Benefits Of Entrepreneurs At The World

Entrepreneurship is when people start creating and designing a new business from scratch. It is when people come up with ideas and turn them into a proper business. ‘’Entrepreneurship is the journey of opportunity exploration and risk management to create value for profit and/or social good’’.

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.

Small businesses create new jobs, foster entrepreneurship and innovation, and supply goods and services needed by larger businesses.

To me, entrepreneurship is completely dedicating yourself to creating something out of nothing, finding an opportunity and taking full advantage of it while embracing new challenges every day. Social Entrepreneurship is an integrated part of Entrepreneurship that aims to use business to

Entrepreneurship is the willingness to take risks to create and operate a business. An entrepreneur is someone who sees a potentially

Small businesses are generally started by an entrepreneur portraying their idea to the public and selling for a profit, beginning with a micro business, sole proprieter or a partnership. This will eventually evolve into a small business if they hire more employees. As more employees are hired, this adds to their quality of life through giving a sense of self worth to those employed. Innovation is important to small businesses, as it opens doors into oppertunities for future endeavours. Innovation will allow a business to predict possible future needs and to fulfull these before other competitve businesses do.

Many small businesses are able to establish themselves in a niche market segment using this strategy, achieving higher prices than un-differentiated products through specialist expertise or other ways to add value for customers.

Entrants erode the market and rarely grow it enough to the incumbent’s advantage. New entrants have an impact on the industry business but at a moderate level. This is mainly because new firms will find it difficult to compete against the incumbents’ strong brand, like Starbucks and McDonalds, and because the market is saturated. However, the costs of entry are relatively low. Most of the raw materials are cheap and the distribution chain is not complicated. This makes it easy for new companies to enter the market. Also, established companies might leverage their brands as they enter the industry to compete against the incumbents.

The new small entrants are coming out with completely new idea which eats out of the existing segment of buyers. For an example, Heelying Shoes’ unique shoe with imbedded and detachable wheel turned out to be a success. They sold 1 million pairs in the first year of operations.

Business has low costs, as people will pay a lot more for the product then it is being produced for.

Small businesses are mighty minnows, reflecting the competitive spirit that a market economy needs for efficiency; they provide an outlet for entrepreneurial talents, a wider range of consumer goods and services, a check to monopoly inefficiency a source of innovation, and a seedbed for new industries; they allow an economy to be more adaptable to structural change through continuous initiatives embodying new technologies, skills, processes, or products (Ibielski 1997, p. 1).

The economy is making it really difficult for small businesses to compete with mid-size and large scale organizations to gain new customers in their industry. These new customers allow companies to gain revenue which leads to organizations investing in their technologies to improve their efficiencies. When you are a small business, the chances are that you are getting a smaller piece of

The Small Business Association describes innovation as “a process that begins with invention, proceeds with the development of the invention and results in the introduction of a new product, process or services to the marketplace” (Acs & Audretsch, 1988). We all play a role in the world’s economic activities. We consume goods and services and often times we have brand preferences based on our affinities and experiences. While many of us enjoy the brands of some of the most prominent companies around the world like Hewlett-Packard for instance, many consumers prefer the niche services of small firms like Origin PC; a company that allows gamers to custom build personal computers based on individual specifications. This example speaks to the

Entrepreneuring: efforts to bring about new economic, social, institutional, and cultural environments through the actions of an individual or group of individuals → emancipatory process with broad change potential. This view foregrounds three aspects: (1) seeking autonomy, (2) authoring, and (3) making declarations.

So why entrepreneurship? The idea that could lead to making enough money where you could pile it to a skyscraper and still be taller. So why isn’t everyone an entrepreneur? That’s because it will take blood sweat and tears to make your idea a success. The success of an idea comes in all sorts of varieties. For example, Californian advertising executive Gary Dahl, was the first to create the ordinary grey stones bought at a supply store and convinced that they were alive – Pet Rocks. The marketing strategy was built around a fad that lasted only six months, yet he made millions and got out. Marketing is way to get your name out to others.