How Entrepreneurship Is Important For The Growth And Development Of A Nation And Boosts

Definitions of entrepreneurship almost always involve the risk taking within the business world. Businessdictionary.com states “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Why we want individuals to create new companies or even to grow products and ideas within an existing company is beyond the scope of this paper be we are going to assume that over all the outcome of this behavior is good for the organization, community, or country. There is little dispute that the United States was known for this behavior over the last two hundred years and it may be something that we are starting to lose. At least it is a behavior that we want to continue to foster.

Entrepreneurship is the willingness to take risks to create and operate a business. An entrepreneur is someone who sees a potentially

All entrepreneurs dedicate themselves toward setting up, maintaining, and growing their businesses. They venture out, start new businesses, and innovate new products. They spend much of their time and effort on growing their client base and making a difference for their clients. They usually live a hectic, very demanding, and highly stressful lifestyle. Many find it difficult to get a regular daily exercise and stress reduction activity. They often drive themselves hard to improve their services, products, and production. If they lack the manpower support and they are directly hands-on on all aspects of their business, they sometimes end up physically and mentally drained after a few years of operation.

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.

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

As a sophomore at Villanova University in the business school, I am still trying to figure out the path I want to take in terms of my career. Currently I am in the marketing department, but one thing I am interested in is entrepreneurship. The idea of starting my own company is very intriguing to me, and that is why I choose to speak to Tom Greenwood. Mr. Greenwood is my mother’s friend, he was previously invested in real estate before he decided to open his own business, a winery and bistro in my home town, Syracuse, NY. I wanted to gain insight into the requirements and activities that occur when you own a business, and I feel after talking with him, I have learned a good amount about being your own boss.

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

Business owners run this world, besides senior people. Entrepreneur has responsibilities like no other job in the American nation. They employ everybody, no matter the field. “Owning a vision” is the motivation that runs an organization to its highest point in power, or to the dirty ground (5). If you have the power to vision, use the same power to create that vision. “Providing the proper resources and build a culture” is another primary responsibility of an entrepreneur and is key (5). Choosing the right people to run a business to create a culture will bring moral and heights to your company. “Good decisions deliver the company 's performance (5).” Life is full of decisions and so being an entrepreneur is full of decision, good or bad, a choice needs to be made. While people work, entrepreneurs employ, which takes great responsibilities.

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.

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.

Entrepreneuring: efforts to bring about new economic, social, institutional, and cultural environments through the actions of an individual or group of individuals → emancipatory process with broad change potential. This view foregrounds three aspects: (1) seeking autonomy, (2) authoring, and (3) making declarations.

Entrepreneurship is an organized effort that is aimed at pursuing a unique, innovative opportunity so as to make quick, profitable growth. Similarly, entrepreneurial opportunities are those circumstances where new goods, services, raw materials and organizing methods may be brought into the market at be sold at a higher value than their cost of production. These opportunities can be differentiated from other opportunities for profit since they entail the discovery of new means-ends relationships and not building on the existing means-end structures (Legge and

Rather than working for a company, they are branching out into becoming entrepreneurs and becoming their own boss. As this trend is growing at a fast rate, it is time to look at its advantages and disadvantages. Let’s start first with the advantages; First, it gives a great amount of freedom. When you have your own business, you will be able to make your own demands and set your own schedule, you dictate everything you do. Second, it can be exciting. When you have your own business, every day will be fun, enjoyable and filled with determination and skills. Third, it allows you to set your own earnings. The work that you do would be for something you own, which can be a huge advantage compared to when you are working as an employee for a certain company. Fourth, it offers flexibility. When you own a business you schedule your work and be able to have a quality time with your family. On the other hand, the disadvantages are; First, it dictates you a huge amount of time. Entrepreneurship is not easy, and for it to be successful, you have to take a level of time commitment that many people are just not willing to make. Second, it can be difficult to compete with other business. When you own a business, your business must be different in order to be profitable, and to have a solid customer base. Third, it does not guarantee 100%. Fourth, it comes with unpredictable schedule. Being an entrepreneur requires more amount of time and effort than being an employee (8 Advantages & Disadvantages of Entrepreneurship,

Entrepreneurship is induced by an individual’s skills, attitudes, motives and psychological ability. The entrepreneur as an individual is affected by the circumstances in which he or she is acting, as a result, entrepreneurial actions and motives are influenced by the business environment, cultural and institutional factors and macroeconomic conditions (Pirich, 2001).

With the rapid development of a dynamic global economy, increasingly countries are seeking breakthroughs in their economic development. Stimulated by these ever-increasing competition pressures, exploitation of new ideas and businesses which provide great potential for economies to thrive, accordingly, is gaining widespread attention (Mansfield, 1972; Wong et al., 2005). In consequence, on a global scale, not only some developed countries with strong capability to absorb and implement new ideas, but also some emerging developing countries, are taking measures to inspire entrepreneurship and innovation with the purpose of benefiting economic development