Entrepreneurship Is The Process Of Opening A New Business

741 Words Sep 28th, 2015 3 Pages
Entrepreneurship is the process of opening a new business; typically the company offers an innovative product, process or service. As per Carton et al, entrepreneurship is all about the identification of an opportunity, creation of new organization, and pursuing new ventures. There are many various studies based on entrepreneurship (directly as well as indirectly) like building and promoting a business, applying creativity to make an existing business more productive, external skills required in entrepreneurs, etc. In 1934, Schumpeter has stated that an entrepreneur not only needs to innovative and creative but also should be able to take risk. His views where then supported by Wickham in 2006. The responsibilities of an entrepreneur include developing a business plan, acquiring the required resources such as financial, physical, human, and technological, and putting them to work efficiently and also taking ownership of the success or failure of the enterprise made during this time. The entrepreneurs are individuals who carefully examine their surroundings, look for new opportunities, and use them appropriately. There are studies pursued by others, which differentiate between entrepreneurs and small business owners. Though these terms have been used interchangeably very often, but these studies have concluded upon noticeable differences amongst these two terms. An entrepreneur is known to have aggressively focuses higher profits and faster growth of the enterprise through…
Open Document