Entrepreneurial Motivation

We are surmising that exposure to a successful home business or a role model in an entrepreneurial venture will have a larger impact on predicting if a person develops into an entrepreneur than many other determinate

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).

Entrepreneurship is the activity of creating a new business or enterprise. It is an essential and significant action in the growing job market (Bednarzik, 2000). Entrepreneurship has become important to all the countries whether they developed or developing ones. It is a basis of economic growth and employment creation (Thurik, Carree, Van Stel, Audretsch, 2008). It involves opportunity recognition or creation, collecting resources to track the opportunity, and managing actions that bring a new venture into existence. Some ventures are complete start-ups, while other ventures are pursued within an existing organization (Enz and Harrison, 2010). Entrepreneurs accept the personal financial risks that drive with having their own business. On the other hand, entrepreneurs benefit directly from the

In his book, “The Entrepreneurial Imperative”, author Carl Schramm discusses how the transformation of our economy to an entrepreneurial one has taken place over the last thirty years, and what must be done to sustain the advantages that this economy has given our nation in the years to come.

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

Baum and Locke (2004) literature review also used secondary headings to separate theoretical issues, existing research and methods. The empirical research article, discussed the relationship of entrepreneurial traits, skills, and motivation and the relationship to growth. The article was organized, and presented previous research. Studies on entrepreneurs’ traits, skills, and motivation the relationship to venture growth were introduced. The correlation between traits and skills among entrepreneurs’ was also

The existing literature on entrepreneurship stems from economical conceptual frameworks developed in the early twentieth century by Schumpeter, Cole, Kirzner among others. Fayolle (2014) notes that entrepreneurship has gained considerable study

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

Entrepreneurship is related with the capability of recognition and evaluation of opportunities, allocation of resources and growth. Moreover, entrepreneurship has been taken as an organisational notion that contains three magnitudes: Modernisation, Bear risks and Practical alignment. It has been confirmed that the companies that were engaged in entrepreneurial activities are now most successful and efficient.

Entrepreneurs are a very, or perhaps the most, important boost in our economy. They do not only take the risk for the sake of a business, but also they provide our economy with employment opportunities and culture. A society can only be prosperous only when it rewards and encourages entrepreneurial activity because in fact, it is the entrepreneurs and their activities that are the critical factor for success, prosperity, growth and opportunity in any given economy. Entrepreneurship is not easy and it comes with its own risks and up and downs. On the last decade, entrepreneurship has rose and expanded, with this change and constant expansion, it has changed the rules of entrepreneurship once again. But I certainly believe that

Explain and critically analyze unique traits of an Entrepreneur, discuss these related to personal strengths and weaknesses

According to economist Lester Thurow, “Entrepreneurs … bring the new technologies and the new concepts into active commercial use. They are the change agents of capitalism” (Murray, 2015). Based on this definition, to be an entrepreneur, these individuals must take a new idea or some creative thought, and actually derive commercial viability from it. The historical study of entrepreneurship was particularly concerned with understanding the process of structural change and development within economies. Joseph Schumpeter, a 20th century economic and political thinker, was well known for his theory describing entrepreneurial activity as one of the key drivers of economic growth. Further, Schumpeter coined the term “creative destruction”; the act of new innovations replacing old innovations (Joseph Schumpeter HBS).

Austrian economist Joseph A. Schumpeter and his notion of 'creative destruction ' – the apparently contradictory term he came up with to describe the inner, self-cannibalizing logic of capitalism after reading, ironically enough, some of Marx 's works – are nowadays renowned for having linked entrepreneurship and a theory of economic and historical change for the first time in the history of economic ideas. Furthermore, Schumpeter 's work is often recognized as one of the most critical components in the steady path to a post-war revival of economic liberalism that eventually reached its full-fledged form in the last decades of the century. His antipathy toward centralized state planning, the methodological individualism that ran through the entirety of his work in economic analysis, his views favoring innovation over regulation, and the notion that entrepreneurs alone are the true agents of historical change have since become commonplace in contemporary economic science, culture, and policy.

This help leaders and managers to develop personal qualities such as creativity, risk taking and business skills ( Isaacs et al, 2007:616) . A lack of positive expectance always cause a problem in any business. (Albert & Poli, 2004:5), entrepreneurship education is an agent for the development and growth of orientated ventures.

A comprehensive approach to promoting entrepreneurship must work on three levels-individuals, firm and society. To motivate individuals to become entrepreneurs, they should be made aware of the concept of entrepreneurship and this should be made sufficiently attractive option. They should be equipped with the right skills to turn ambitions into successful ventures. For entrepreneurial ventures to develop