Entrepreneurship

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

(Business Management: a contemporary compilation). The Growing interest in the area of Entrepreneurship has developed in changing roles of small businesses. Small Entrepreneurship has great potential in developing countries. Due to Statistics and analysis of several countries, it is shown that Small Industries have grown faster than large industries. Large Industries lost jobs as Small Industries created workplaces. The Focus is on Small Industries which led to the main source of employment in the country.

An entrepreneur is “a person who organizes and manages a business with considerable initiative and risk”. In other definitions an entrepreneur “identifies an opportunity or a gap in a market and evaluates the risk related to the establishment of the business and is prepared to take the associated risk to start the business in the quest for making profit; and has the ability to obtain the resources to establish and grow a business”. Entrepreneurship exceedingly relies on entrepreneurs to start-up, develop and produce companies across the use of their

The purpose of writing this report is to show how much I have learned and experience from enrolling in BBA 220. It is also include the impression and my personal reflection about the unit itself, and also the reflection about group project. Before I start this unit, I do not understand much about entrepreneur and entrepreneurship at all. I just know that people who do business are businessmen. However, after joining this unit, my understanding toward entrepreneur become different. Entrepreneur is someone who is willing to take risk by inventing a new business that does not exist in the market or start up their own business to make profit or take benefit of an opportunity. On the other hand, according to Joseph Alois Schumpeter (1883-1950),

A remarkable amount of people most definitely agree that an entrepreneur is someone who started his or her business. Understand that this bland definition does not quite give a full understanding of entrepreneurship. When launching any form of entrepreneurial leap, it will create circumstances that can make you better as a person mentally, physically, spiritually. By understanding your passion and visualizing the dreams you possess can push start your drive to become an entrepreneur. Entrepreneurship also requires a massive amount of trust in not only for yourself but your product and employees. At one point of most entrepreneurs life they have gone through the worst imaginable, having resilience most definitely sets them apart from the average. Even though it is extremely difficult to accept tough times, your dream should not go on pause. As an entrepreneur having patience and controlling the situation, especially tough ones is a major key factor on entrepreneurship. Thus being said there are 5 great qualities that describe a successful entrepreneur resilience, agility, Patience, trust, and passion.

They examine that person's business and looks for the “lucky” breaks, or inheritance they think that successful entrepreneur received.

Entrepreneurship is the process of starting a business or other organization. The Entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for its success or failure. The Main Skills for Entrepreneur are: 1.

This school sees strategy formation as a visionary process and is fell under the descriptive school of strategic management. The chief architect of the strategy is the CEO of a company. This school took formal leadership seriously and CEO is responsible for strategy formulation. It stressed on mental state and processes such as instinctive knowledge, belief, wisdom, experience and insight of a single leader. The leader should be visionary in formulating strategy. The entrepreneurial school promotes strategy as a process which has a clear image and sense of direction which can be termed as a vision. Entrepreneurial strategy often occurs in startup companies and organizations in trouble and needing a

a) Students are required to describe the entrepreneurial skills and personal qualities that highly needed to run the business successfully by the entrepreneurs. Based on the list provided below, explain each of the elements with relevant examples (If needed) in the business perspective.

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.

Hirsh, Peters, & Sheppard (2005).Step-by-Step Process to Entrepreneurism - Yahoo Voices - voices ... Nov 4, 2011 ... The first step of the entrepreneurial process is the evaluation of, or the identifying of an opportunity (Hirsh, Peters, & Sheppard, 2005).

It can be argued that entrepreneurs own the economy as it is suggested by the statement above that ‘entrepreneurship creates an economy. It creates jobs and stimulates economic activity.’ If this statement is true that it is entrepreneurs who generate income and thus pay tax which contributes to the economy to help it run and grow, then they can be seen as the owners of the economy. They also create jobs which mean other people who now are in employment can help contribute to economy making them stakeholders in the economy and part owners also. If the economy is not growing then it is generally seen as a negative status so if the entrepreneurs are stimulating the economy by creating jobs and business opportunities then can be seen as owners. They are actively assisting the growth of the economy which is beneficial for them because it means more revenue and profit for them but also for the economy because it means more consumers with money who can buy from the same entrepreneurs. Once these factors are considered the entrepreneurs who do make money will pay some of that to the government who can then invest further in the infrastructure of the economy and also new entrepreneurs. So the owners can be either entrepreneurs who contribute to the economy or the government who decide what to do with the contribution. So it seems like they are part of a system which is dependent on each other to ensure a successful and growing economy.

Entrepreneurship is the act of being an entrepreneur or "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off

Entrepreneurship is a dream of many people. Successfully running and assuring longevity of an organization is not an easy process in today’s business culture. According to the United States Bureau of Labor Statistics approximately fifty percent of businesses fail within the first five years (U.S. Bureau of Labor Statistics Inc). Over the last twenty years there has been a lot of changes in the way organizations operate in order to survive in a very competitive world. According to Dr. John Kotter, a professor of leadership at Harvard Business School and founder of Kotter International, the cultural differences between companies in the twentieth century and twenty-first century are that companies today are externally oriented,

Five years ago, I spoke on this same spot to deliver a message to my batchmates, the graduating class of 2009. Things were very different then – I was a young, naïve and immature student who had no idea of what might happen after my graduation. Contrary to what my batchmates thought then, I did not know what to do with my life. I did not know what course to take in college or what career to pursue after. I never thought that the choices I made and the career I chose would bring me back here to this same podium.