Entrepreneurship

that takes the risk in order to succeed. They are also the ones that boost and help the economy of a country. Last Friday, our teacher has invited guests to talk about being an entrepreneur. I learned many things and I was able to know how entrepreneur does things. The first speakers were Miss Archelle Ferrandiz and Arabelle Santamaria from Miriam College. They came up with a non-food business named Inabel that supports the dying industry of weaving. Sadly, Inabel was stopped because their other partners don’t have the same vision like they do. They stopped contributing ideas because they are not gaining money. According to Miss Archelle Ferrandiz, sometimes it is not only about gaining money it is also giving back to others. The way I think about on how business works were changed. Now, business for me is not all about money but being happy on what your business does to people around you. She said that we should be risk-takers in doing business. It simply means that we believe in our vision that it will hit the market. If ever the business fails, we will able to know what went wrong and with that if we start a business again the chance of falling again is decreased because we have the advantage of knowing what could possibly went wrong. She also quoted a quote from Martin Luther King “IF YOU CAN’T FLY THEN RUN, IF YOU CAN’T RUN THEN WALK, IF YOU CAN’T WALK THEN CRAWL, BUT WHATEVER YOU DO YOU HAVE TO KEEP

- One who creates a new business in the face of risk and uncertainty for

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

Schumpter (1934) saw the definition of an entrepreneur as not only individuals who bears the risk of buying and selling at uncertain prices , but more of process by which an economy moves forward through the act of creative disruption or innovation. There are many different avenues on what defines a person as an entrepreneur, the definition itself is evolving based on the society we are in today. The entrepreneur in this report when asked what he thinks is an entrepreneur in a small business, his opinion was “a person who takes control of his or her own destiny to become self employed either by setting up a business or taking over from someone else.”

Israel Kirzner and Joseph Schumpeter were both great theorists known for their different views on entrepereneusrship.in this essay we are comparing and contrasting the theories of both Schumpeter and Kirzner, and we are also going to determine whether their arguments are right and get further insights on entrepreneurship as described by the two theorists.

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

Moreover, one can agree entrepreneurs play a crucial role in society. I am actually living a personal experience about this right now with my mother and father, both have their own business, my mother has a hair salon and my father sells/finances cars. To begin with it took a lot of risk to invest the money they have been saving for the last 10 years. The thought of losing all of one’s savings in a business that might not be successful is stressing and tiresome. Once the business was open the first years

We spent the last 4 weeks diving deep into the entrepreneurial heart of Austin, TX. The once-quiet city has quickly become an epicenter of economic growth. Today, Austin is full of entrepreneurs, incubators, investors and involvement. Within their thriving ecosystem, entrepreneurial-support organizations offer a sense of community and belonging.

Defining the very essence of entrepreneurship is part of a longstanding theoretical debate (Henry, Hill & Leitch, 2005, p. 99). Definitions are particularly important in the field because many of the terms associated with the discipline, such as entrepreneurship, entrepreneur and enterprise, are often used interchangeably. For the purpose of this review, the definition of entrepreneurship is synonymous with Gibb (2007), who describes entrepreneurship as “sets of behaviours, attributes and skills that allow individuals and groups to create change and innovation, cope with and even enjoy higher levels of uncertainty and complexity” (Gibb, 2007, p. 1). Meanwhile, the term ‘entrepreneur’

ONE: What kind of person tends to be successful as an entrepreneur? In the book Small Business Management: An Entrepreneurial Emphasis, the authors portray an entrepreneur as confident of his or her abilities, as a "risk taker" because often they use their own cash, because if they have left a secure position with a company they are placing their family at some risk albeit the kinds of risks an entrepreneur takes is considered "moderate" (Longenecker, et al, 2005, p. 16). Moreover, the authors offer six categories to describe the traits, skills, and other aspects of the proto-typical entrepreneur. Those six categories include: a) commitment and determination ("entrepreneurs are tenacious, decisive, and persistent"); b) leadership (entrepreneurs are "team builders" and they are honest in their business relationships); c) "opportunity obsessive" (entrepreneurs are acutely aware of customer needs and market realities); d) "tolerant of risk, ambiguity, and uncertainty" (see "risk-taker" above); e) "Creativity, self-reliance, ad adaptability" (being flexible, open-minded, and uncomfortable with the "status quo" defines an entrepreneur); and e) motivated to excel (being goal-oriented and fully aware of their own flaws and weaknesses is important) (Longenecker, 16).

Dyer, Gregersen & Christensen (2009, p. 66) found that nurture rather than nature was the key to developing innovative skills. An alpha entrepreneur is a business person who has been able to hone five essential “discovery skills” (Dyer, Gregersen, & Christensen, 2009, p. 62). An employee is not an entrepreneur, though they can exhibit entrepreneurial behaviors. An entrepreneur is self-employed. The reward of entrepreneurship is profit, not wages or salaries. The business does not owe the entrepreneur anything for all their hard labor, and there is a downside that you can lose all of your investment and make losses. An innovator

In order to be a successful entrepreneur an individual needs characteristics such as: self-confident, risk-taker, innovative,

Considering any business, people imagine rich, prosperous, initiative and resourceful entrepreneurs, who successfully started and developed their own company. Today’s interview deals with spa business. Chief Manager of an International A.B.C. Spa company will help us to understand the system of spa business and its profitability. A.B.C Spa cooperates with world leaders and professionals in this sphere. It efficiently provides qualified service for clients. Our interview will help to learn more about spa business on the example of a small A.B.C. Spa branch in America.

Entrepreneurship is broadly accepted as a prominent driver of economic development (Schumpeter, 1912; Camp, 2005). As United Kindom Her Majesty's Treasury (2005) declared, entrepreneurship and its profound impact on enterprises have been one of five driving forces of the Nation’s remarkable strategy to promote economic development for the last ten years. Drucker (1985) also accepts the major role of entrepreneurship and he even indicated that present businesses could hardly

Risk-taking is a part of entrepreneurial life. Due to this reason entrepreneurs have to have a risk-taking spirit, because not taking risks can kill an enterprise before it gets off the ground. Dr. Shailendra Vyakarnam (2013) adds that entrepreneurs are people who also know their limitations. As entrepreneurs take risks, what they mostly come across are uncertainty and imperfect information.