Overview of Entrepreneurship

1418 Words Jan 11th, 2018 6 Pages
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.
Significant traits and typologies of entrepreneurs One must portray unique traits, characteristics, and typologies order to be a successful entrepreneur. The traits and characteristics will distinguish an entrepreneur from others. The unique traits will also enhance skills and performance in carrying out entrepreneurial duties. Typologies refer to the classification of entrepreneurs. The two widely known entrepreneurs include; Craftsman entrepreneurs and opportunistic entrepreneurs. According to Landstorm (2007), "the craftsman entrepreneurs came from lower class backgrounds and had…

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