The Core Dimensions Of Entrepreneurship

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.

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).

Psychological theory has been used to better understand an individual’s willingness and ability to become a successful entrepreneur in society. It is widely recognised that entrepreneurs are a major source of economic growth and financial benefit for society; as such it is useful to understand the psychological traits and drivers behind a successful entrepreneur to encourage more people to become entrepreneurs for the benefit of society. There are two major psychological theories that are useful and also criticised in the understanding of entrepreneurship; these are the trait approach and the cognitive approach.

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.

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

Identify at least one point in this paper that the author claims is important for understanding what role entrepreneurship plays in society.

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.

For this there are a number of factors influencing entrepreneurship. Samiti (2006), Tan (2000) classified the key factors that affect entrepreneurs in to two broad categories namely economic and social.

Entrepreneurship is a term often used to describe a person who owns and operates their own business, but the 2009 World Economic Forum report describes it, “The pursuit of opportunity beyond the resources you currently control” Stevenson (1983, 1985); Stevenson and Jarillo (1991) and the 2008 European Commission published a framework definition derived from representatives from ETF, GIZ, ILO, UNESCO and UNEVOC that states, “Entrepreneurship refers to an individual’s ability to turn ideas into action…”. But no matter how you define it, the most important skills, traits, and characteristics needed to be successful are vastly analogous. Along with this week’s reading, I conducted internet searches for the top characteristics, traits, and skills for entrepreneurship and my findings were surprisingly similar. The most common result that I found was determination (willpower, self-discipline, drive, motivation). In this submission, I will identify a successful entrepreneur and describe the their type of innovation or business, what characteristics or traits they have, how they got started, and what they did in order to become and remain successful.

These theories of enterprise consider that it is the personality / traits of the entrepreneur that defines their actions. The traits most often proposed by various approaches are achievement motivation, risk-taking behaviour and the desire for control. However there are traits such as need for autonomy, determination, initiative, creativity, self-confidence and trust, which have also been observed.

Most of the businesses are started by individual who live by their own. They dream about an opportunity and knock on every door of fortune to get their dream true. Such as: An individual sold milk door to door by his own and such direct selling. 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).

A comprehensive approach to promoting entrepreneurship must work on three levels-individuals, firm and society. To motivate individuals to become entrepreneurs, they should be made aware of the concept of entrepreneurship and this should be made sufficiently attractive option. They should be equipped with the right skills to turn ambitions into successful ventures. For entrepreneurial ventures to develop

Entrepreneur take risk: by creating new products, adapts to new production process, create new market, and create new technology and economic for an organization. According to Michaelides & Kardasi (2010) development depends upon “innovation.” This concept includes an introduction of new goods, new methods of production; the opening of a new market, conquest of a new source of supply and carries out

Entrepreneurship refers to the act of investing in productive capital and assuming risk for productive ventures. An entrepreneur is an individual who purchases factors of production and combines them to produce consumable output. Entrepreneurs are distinguished from capitalists- who rent out capital to entrepreneurs- and workers, who sell their labor to entrepreneurs. Entrepreneurs are indispensable to the functioning of any economy. Entrepreneurs grow economies by creating new output, increase efficiency in economies, allocate society’s resources efficiently, and serve consumers and job-seekers.

Entrepreneurship is an essential part of economic development, and it has been so especially since the industrial revolution. Development is achieved for example through innovation, which the Organisation for Economic Co-operation and Development (OECD, 2005) defines as the ‘implementation of a new or significantly improved product (good or service), or process, a new marketing method or a new organisational method in business practices, workplace organisation or external relations’. Innovative performance is an essential part when determining competitiveness and progress on a societal level. The following chapters will focus solely on innovative and opportunity entrepreneurs, as necessity entrepreneurs and entrepreneurs that imitate others contribute little to none towards economic development.