Literature Review On Entrepreneurship

Entrepreneurship is when people start creating and designing a new business from scratch. It is when people come up with ideas and turn them into a proper business. ‘’Entrepreneurship is the journey of opportunity exploration and risk management to create value for profit and/or social good’’.

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.

A person who starts a business is someone who assumes the financial risk of the initiation, the operation, and management of the business. ,“An entrepreneur is someone who organizes a business venture and assumes the risk for it”. (Define an Entrepreneur, Source: H) A person who has possession of a new enterprise, or “idea and assumes significant accountability for the inherent risks and the outcome” (Source: H) can be known as an entrepreneur. “The term is originally a loanword from French and was first defined by the Irish economist Richard Cantillon.” (Define an Entrepreneur, Source: H) “Entrepreneur in English is a term applied to the type of personality who is willing to take upon her

that takes the risk in order to succeed. They are also the ones that boost and help the economy of a country. Last Friday, our teacher has invited guests to talk about being an entrepreneur. I learned many things and I was able to know how entrepreneur does things. The first speakers were Miss Archelle Ferrandiz and Arabelle Santamaria from Miriam College. They came up with a non-food business named Inabel that supports the dying industry of weaving. Sadly, Inabel was stopped because their other partners don’t have the same vision like they do. They stopped contributing ideas because they are not gaining money. According to Miss Archelle Ferrandiz, sometimes it is not only about gaining money it is also giving back to others. The way I think about on how business works were changed. Now, business for me is not all about money but being happy on what your business does to people around you. She said that we should be risk-takers in doing business. It simply means that we believe in our vision that it will hit the market. If ever the business fails, we will able to know what went wrong and with that if we start a business again the chance of falling again is decreased because we have the advantage of knowing what could possibly went wrong. She also quoted a quote from Martin Luther King “IF YOU CAN’T FLY THEN RUN, IF YOU CAN’T RUN THEN WALK, IF YOU CAN’T WALK THEN CRAWL, BUT WHATEVER YOU DO YOU HAVE TO KEEP

Entrepreneurs are the people who are not afraid of taking chances though knowing that the chances might be bad, but nonetheless they are always positive and hope for the best. The risks they take are well calculated so that when it succeed, it brings good results.

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).

Entrepreneurs, individuals who come up with an plan in means of profit while knowing the risks that comes along. however, in adam smith time(1723-1790), the definition of an entrepreneur was different it was an “ individual purusing his or her own good to achieve the best good for all”. Those individuals led by the “invisible hand” would provide

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise (Merriam-Webster, n.d). Some characteristics of an entrepreneur are, the willingness to work hard, the desire for responsibility and the confidence in their ability to succeed. The person that I chose to interview for this paper is, Adama Kuyateh.

Today we will look at an important entrepreneur which I would consider a legend. First we will define what an entrepreneur is. We will look at who I choose as the person to research and why. We will also see what economic decision she made that was significant to her success with a detailed example. There are several areas to look into also, such as examples of her managerial economics, her social responsibility and her ethics.

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

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)

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),

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.

An entrepreneur is someone who is competitive, always having an idea of what the market needs, they need to do more researches, create a business plan which will include the entrepreneur new ideas and technologies, to make the business ideal and successful. Entrepreneurs need to have a keen eye on seeing opportunities which others can not see, they need to take financial risks in setting up a business, or improve the performance of other businesses. “Starting your own business/Entrepreneurship is like jumping off a cliff and building a plane on the way down”, says Nikhlil Shah, Founder of Mixcloud.

The following pages focus on analyzing the blood donation helpline developed in India through some of the theories learning in this course. The most important theories that can be applied in this case are represented by the opportunity recognition theory, the social and frugal entrepreneurship theory, and the technological change and entrepreneurial opportunities theory. The Introduction presents the points of view addressed in this paper. The Situation Presentation section provides important information on the innovation project discussed in this paper. The Innovation Analysis section discusses the theories that apply to this situation. The Conclusions section presents some of the most important issues addressed by the paper.