Essay On Entrepreneurial Orientation

Entrepreneurial spirit is the implantation for creative inspiration. Tomorrow’s innovation and future economy are the key factors of successful entrepreneurship. By working hard you can gain physical capital to create a new idea or product for the market. A successful entrepreneur always improves his or her service to give the customer what they want. An ambitious entrepreneur must have leadership skills and mind set for innovation. Important sign of entrepreneurial spirit are to calculate risk-taking and engage in

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).

Background The Entrepreneurial Approach - Entrepreneurship is from a French word meaning "a person who undertakes innovations and risks in business in an effort to transform ideas into economic goods." In modern business jargon, it has become more of a description of a mind-set, one who will take risks in order to result in gain; one who will use the spirit of innovation and throw off the shackles of "rules" to success in whatever organization that may be (Searching for the Invisible Man, 2006)

Entrepreneurship is the action of taking the initiative to build up, organize and manage a business with the intend to attain profits overcoming the difficulties. The risk carried by the entrepreneurs willing to take advantage and take risk of the market opportunity and find better ways of the present processes to take out the new ventures. The task of the entrepreneur is to effectively and proficiently use the land, labor and capital to take out the business activities, according to the economical definition. Individuals get freedom provided by the entrepreneurship to take their own decision and the capability to plan and manage according to their own wishes but the procedure of doing business is not that simple.

I had the fortunate and lucky experience of discussing with a young entrepreneur out of Boulder for my midterm paper. Kyle Panis is a twenty-year-old media content creator and photographer. Originally I was going to meet with a young micro brew master for local brewery, but was unsuccessful in meeting with him due to scheduling conflicts. I was happy to learn about Kyle Panis, because he is very young but very experienced with his startups. Kyle originally grew in Denver, Colorado but now lives alone with his dog in South Boulder. At the young age of twenty, Kyle has began his photography business all by himself. He transformed from a famous Instagram account with well over one hundred thousand followers, to

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.

Bygrave and Zacharakis draws concept of entrepreneur close to heart of students. When I study this book, as well as I do my own research on my venture it makes sense to me. On the other hand, this book have reliable information-packed with unique resource to shows me how to identify good business opportunities, create a business plan, do financial projections, find financing, and manage taxes. Yet, this book also had other topics which include marketing, selling, legal issues, intellectual property, franchising, starting a social enterprise, and selling your business. These entire analyst, I find myself benefit from this book. The authors outline some fundamental assumptions supporting the belief that all entrepreneur venture should know before start up a business. The authors say “entrepreneurship is an iterative cycle between thinking and acting.” I find they statement is true. When I make the comparison of my bakery venture , I find myself far back compare to the rates the areas I do researches on it. But now I go through this book I think my idea of bakery was “widely used throughout the business world.” The authors pays particular attention to enlighten the entrepreneurs paths, they argue that it is important to prepare well business plan. I like these outlines which Bygrave and Zacharakis had developed:

Entrepreneurship: positions the organization for future success by identifying new opportunities; builds the organization by developing or improving products or services; takes calculated risk to accomplish organizational objectives. To be recognized, an

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

Entrepreneurship involves entrepreneurial skills to develop, organize and manage a business venture by focussing on opportunities along with any of its risks in order to make a profit. Entrepreneurship is also an approach to management that can be applied in start-up situations as well as within established businesses. (Business Management: a contemporary compilation)

First, the Entrepreneurial Mode is the strategy is made by one powerful individual. This is also the first stage in company’s development when the founders make most or all day to day and strategic decisions in the firm. This mode is more focusing on the opportunities and growth. Apple Computer Inc. is the one example of this mode of strategic decision making. The company reflected Steve Job’s vision of computer for the rest of us . According Steve Job, we started out to get a computer in the hands of everyday people, and we succeeded beyond our wildest dreams. This is showing the opportunities of Apple Computer Inc. in the mode of entrepreneurial although the idea comes from the Wozniak’s hobby.

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.

Researchers in the field of entrepreneurship distinguish between entrepreneurial competencies and managerial competencies (e.g. Mitchelmore & Rowley, 2013; Mitchelmore & Rowley, 2010; Nuthall, 2006; Orser & Riding, 2003; Baldwin et al., 1997; Chandler and Jansen, 1992). Some suggest that competencies to start a business are different form those that are necessary to manage the buisiness through growth. Although competence in entrepreneurship requires competncies in both areas, entrepreneurial competencies are needed to start a business while managerial skills are needed to grow the business (Man et al., 2002). Managerial competencies can be defined as “the ability to perform management functions effectively in a work related situation … are the skills in doing managerial things” (Jacobs & Pons, 1994; and Hines, 1995 as cited in Orser & Riding, 2003, p.7). Boyatzis (1982) defines managerial competencies as the characteristics differentiating superior from average and poor managerial performance (as cited in e.g., Sánchez, 2012; and Mitchelmore & Rowley, 2010).

Entrepreneurial orientation is a key concept when organizations are creating strategies to do something new and take advantage of opportunities that other organizations cannot exploit (Ketchen & Short, 2017). It can be defined as an organizational-level strategic management, which includes characteristic such as: autonomy, risk-taking, competitive aggressiveness, innovativeness and pro-activeness. When major brands Apple and Nike implement entrepreneurial orientation successfully, they’re able to achieve high performance and quality products through innovative techniques that allows them to maintain market dominance. We’ll go into further detail discussing how both these companies effectively executed entrepreneurial orientation to achieve such success; starting with some background information.

Entrepreneurial cognition refers to the knowledge structures that people use to make assessments, judgments, or decisions involving opportunity evaluation, venture creation, and growth (Mitchell, Busenitz, Lant, McDaugall, Morse, & Smith, 2002). It is the approach that is characterized by the study of the type of cognitions among others that could help to define the entrepreneur, explain entrepreneurial behaviours in relation to identification of business opportunities and growth, success in business, and distinguish entrepreneurs from other