Different Types of Entrepreneurship

Entrepreneurs are individuals or group of individuals who identify opportunities where others might see chaos, contradiction and misperception. They can be aggressive catalysts for change within the marketplace. They can be compared to Olympic athletes who challenge themselves to break new barriers and bring ideas into innovation (kuratko, 2016). Entrepreneurship is more than just creation of business. It can be termed as an integrated concept that infuses an individual’s business in an innovative way. It is a phenomenon that has revolutionized the way business is conducted at all levels globally (kuratko, 2016). Information and communication technology (ICT) play a vital role in entrepreneurship in the business world. ICT is a motivating force in the acceleration of entrepreneurship and innovation, making it simpler to recognise and develop good concepts, and build and propagate new products and services .ICT is a technology which can drive fundamental transformation in the abilities of entrepreneurs (Alderete, 2017). Didi-Quvane and Twinomurinzi (2013) say that today’s economy which mostly knowledge based demands that information, knowledge and technological progress are vital mechanisms to gain advantage in business and organisation. The ways in which ICT today empowers statistics to be created, deployed and operate has a robust effect on how businesses function. The truth of a knowledge-based economy means that ICT requires to drive in as an integral part

Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

Implications for innovation and entrepreneurial activity have been a constant evaluations since the 1980’s. When we look closer at Technology it is defined as ‘rules and ideas that direct the way goods and services are produced’.1 Technological inventions are new rules and ideas about what to produce and how to do it.

Entrepreneurship is an attractive career choice. Most of people think of creating a new business, they think of beginning from scratch, developing your own idea and building the company from the ground up. But starting from scratch presents some distinct disadvantages, including the difficulty of building a customer base, marketing the new business, hiring employees and establishing cash flow, all without a track record or reputation to go on. Therefore, there are many decisions to be made before creating a new business (Rajiv Kumar, 2016).

Just as taking raw material and transforming it into a work of art, there is a process to follow when taking an idea that will later mold into a productive entity. Using a chisel a sculptor would go from a piece of wood to a beautiful finished product, using different techniques. Such is in the entrepreneurship world; ideas must be transformed using a particular process. This paper will look into the organization of planning, launching and building a venture. It is otherwise referred to as the entrepreneurial process.

Research has been collected, over the years, to determine what the true definition of corporate entrepreneurship is in the business context. Leaders do not need to focus on the size of the corporation, as corporate entrepreneurship can be displayed in small firms and start-up ventures (Morris, Kuratko, & Covin, 2011). They only need to develop new behaviors within an existing corporation to build upon components that currently exist (Karacaoglu, Bayrakdaroglu, & San, 2013). The majority of professionals, who are in the field of business, have come to the consensus that corporate entrepreneurship is the process of being innovative and the ability to identify opportunities to improve an established company’s positioning in the marketplace (Morris, Kuratko, & Covin, 2011). Innovation is the ability to create a new product, process, or system in order to remain competitive. Essentially, corporate entrepreneurship can be broken down into three dimensions, which

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 term “entrepreneurship” was brought up by Joseph Schumpeter (1910) after he surveyed related literature about entrepreneurs. According to him, entrepreneurship is the cause for discovering, introducing innovative formulations of production factors leading to social economy. Since then, academic communities has started to give more interest to entrepreneurship. The enterprise that holds entrepreneurship should have three characteristics: the first is innovation including both product and process innovation; the second is risk-taking which means the main decision maker of an enterprise should have the capability to take risk; and finally the third is proactiveness, i.e., an enterprise should be able to passionately explore the difference of the environment and accept strategy to respond in advance (Miller, 1983).

Beside Schumpeterian entrepreneurship theory, William Baumol (1990) also gave us a viewpoint that entrepreneur’s job is to making innovation, which would means the technological progress and growth. And entrepreneur would heavily influence the dissemination of a new technology. The economy will more productive if the new technology is used worldwide. He insisted that entrepreneurial talent and motivational mechanisms are important in successful economy, and entrepreneur can be trained. Moreover, in his point, entrepreneurs and the market mechanism with its pricing process helps each other to run in the economy.

Entrepreneurial activity and innovation are relevant and key factors to the growth of the economy in Northern Ireland. Developing levels of risk taking, initiative and creativity are important in supporting this economic growth. Many entrepreneurial businesses that have been set up in Northern Ireland have been successful, leading to a growth in the economy. The Barclays Eagle Labs Belfast scheme at Ormeau Baths (Eagle Labs) states that “The Barclays Eagle Lab business incubator” was set up in Northern Ireland in June 2017 to give the start-up and scale-up communities a critical boost. It provides access to resources for expert mentoring, event space and workshops. This helps entrepreneurs to start up their own businesses which helps the

Over time many definitions for the term ‘entrepreneurship’ have been given and interpreted, but there is continued discussion on its exact meaning. Blundell, Lockett, and Schumpeter have all offered their definition, and even with their statute in the academic community their definitions are interpreted in different ways. Although entrepreneurs may not be aware of these definitions, they engage in their own version of what entrepreneurship is, and researchers found that they show characteristics from one of two models (Gilad and Levine, 1986) that lead to how decisions are made in their enterprise. Despite having two different models, an entrepreneur may not always fall under either category, and the American entrepreneur Kim Bentham exhibits characteristics for both models. Kim a New Hampshire native, was born in New York, and attended Hardwick College. Since attending Hardwick College he has started several businesses over that time span. Most notable is Iron Gate Farms LLC, where he runs a successful Farm, Car Carrier Service, and Wedding Venue under that title. Mr. Bentham’s ability to make his businesses stand out in the New Hampshire market, as well as his character traits made him the perfect candidate for this study. But how was his role of the entrepreneur in this enterprise, affecting the enterprise itself?

ENTREPRENEURSHIP may be defined as a process of organizing any enterprise, a commercial or social venture, managing it with considerable initiative, innovation and risk.

In this chapter, the socioeconomic and demographic profiles of the respondent-entrepreneurs are discussed. In the later sections the perspectives of these respondents about the importance of incubation centres in order to start or grow their enterprises are analyzed.

What happened in the last decade has made entrepreneurship and even innovation that become an integral part of its, important in countries. When the states began to transfer production to the private sector in the market conditions, private sector tended to be more entrepreneurial. When the increase of knowledge production, distribution and use supported this, entrepreneurship began to come to the fore.

Entrepreneurship is officially defined as the “capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make a profit.” It is a method of starting a new business, designing products or services that will be sold and launched either in the form of a product or service to make a profit. Many people, including me, assume that entrepreneurship is just coming up with a great idea and starting a new business but it could be more than just that. It is a new way to solve problems and a different or more creative approach to change the way people live by making it better, more efficient and more technological.