Importance Of Entrepreneurship

Entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. This career is stressful at time but this could be fun to be able to have the ability to bring ideas to reality and change today’s generation. Being an entrepreneur doesn’t mean creating clothing but also having your own service business. For an example, lawn mowing service or a tree cutting service. You can also make your own invention. Something so small can become something so big, the best inventor didn’t become entrepreneurs overnight some of the even made their inventions by accident and now their invention are still around and have changed generation today. Becoming an entrepreneur you need to know the education, duties, and responsibilities of an entrepreneur.

The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth

Entrepreneurship is one of the hardest investments to make because it requires more than just money. Consequently, it is also an ownership investment with extremely large potential returns. By creating a product or service and selling it to people who want it, entrepreneurs can make huge personal fortunes. Bill Gates, founder of Microsoft and one of the world's richest men, is a prime example.

Entrepreneurship is primarily a paragon for innovation as it allows entrepreneurs to explore and create ideas and make them in to successful business plans.

The paper tackles an important and interesting topic such as Barriers to Entrepreneurship. The context of investigation in the Russian transitional economy adds value to the paper too. However, here are some of the major comments

“Entrepreneurship based on purposeful and systematic innovation. It includes not only the independent businessman but also company directors and managers who actually carry out innovative functions.”—Schumpeter, (1939)

Entrepreneurship refers to the ability and willingness to design, develop and organize a business in order to realize profits. This is inclusive of management and risk taking in order to get profitable returns. In economics, entrepreneurship refers to the capacity to combine the factors of production such as labor, land and capital in order to realize profits. An entrepreneur is any person with the ability to manage, assume the risk, and conduct business in order to gain profits. An entrepreneur can identify opportunities, combine locally available resources, and make a plan to start a business. In simple terms, an entrepreneur is someone who can create value in resources. Entrepreneurship is a day-to-day activity where an entrepreneur regularly comes up with new ways of doing business and creating value in order to meet the needs and expectations of customers or consumers.

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.

First, entrepreneurship is action of people who want to start or make new business happened. These people are trying to make a profit out of the new product at their own risk. They are called Entrepreneur (Robert, Michael, Dean, 2008). Cantillon (1775) also described the entrepreneur as one “who assumes the risk of buying goods, or parts of goods, at one price and attempts to sell them for profit, either in their original states or as new products.” The idea of new product is either improvement of combining goods or the non-existing concept idea. Entrepreneur mostly begins base on the concept idea and possible solution that does not physically exist. Along with the concept idea, there are always uncertainties until it has become success as innovation (Drucker, 1986).

Entrepreneurship is important to the society as it contributes to the economy in several ways. It contributes by adding changes to the supply and demand side of the market. This change (innovation) brought about by entrepreneurs was observed by an economist J.A. Schumpeter (1934), who, in his The Theory of Economic Development has mentioned it as a form of 'creative destruction '. Apart from their adding economic benefits, SMEs can also save economies from great depression. According to David Birch (1987), there were about 7 million companies, close to 90 percent of which employ fewer than 20 workers. When taken together, these companies provide more jobs than the giants in the list of fortune 500.

“They have employed existing means of production differently, more appropriately, more adventurously. They have “carried out new combinations”. They are entrepreneurs” – Joseph Schumpeter (Lumsdaine and Binks, 2007). Entrepreneurship is a procedure through which individuals identify opportunities (problems that need to be solved or unmet needs) in the market place, allocate resources, initiate change by being innovative and creative and create value through solutions. One of the Factors of Production to produce goods or services is Enterprise with Land, Labour and Capital; an entrepreneur combines all other factors of production by enterprise, which is actually problem solving, risk taking and creativity, to come up with innovative

Ahmad and Hoffmann (2008), summarise the role of entrepreneurship from different perspective; defining entrepreneurship as the mind-set and process to create and develop economic activity by blending risk-taking (with Knights), creativity (with Kirzner) and innovation (with Schumpeter) with sound management, within a new or an existing organization. However, the multidimensional aspects of entrepreneurship make it particularly difficult to find a measure that covers all of these dimensions. Therefore, measuring entrepreneurship has occupied scholars for many years, such ambiguity in the understanding of entrepreneurship is mainly ascribed to the dynamic and complicated nature of entrepreneurship (Baumol, 2002). Frequently used measures are, SME’s, Self-employment, Business Ownership, and New venture creation.

Entrepreneurship, which was a notion put forward approximately three centuries ago and soon becomes a contentious topic, contributes positively to economic development mainly through innovation. Whilst creativity and problem solving are required at all points

More than ever before, entrepreneurship is trending. If you log onto any social media platform, you can't scroll for long before running into a small business owner's advertisement for their latest product or service. While there are many people who are starting small businesses, most of them won't experience exponential growth. According to statistics, eight out of ten small businesses fail within the first 18 months. Being an entrepreneur isn't an easy feat and requires a lot of personal mindset development. In order to become a better entrepreneur, take a look at gurus like Shark Tank's Kevin Harrington. He has experienced and seen a lot within his career that showed him the keys to great entrepreneurship. Consider these quotes whenever you feel a pang of discouragement.

Entrepreneurship has been a topical issue in business administration literature and mostly the wave on interest is on the role of entrepreneurship in economic growth literature. This paper