The Importance of Entrepreneurship Essay

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.

Have you ever wondered who thought about the idea of creating a multinational retail corporation here in America called Wal-Mart? Sam Walton - founder of Wal-Mart was behind that idea. Sam Walton is an example of great entrepreneur who wanted to make his business successful. An entrepreneur needs a variety of skills but does not need to have a formal education. Being an entrepreneur is challenging even if an individual is well educated on the field or has no education at all. There is always the risk conducting business because of the competition with other companies. However, what does an entrepreneur do? Do you have what it takes to be on top the business world and compete ? An entrepreneur must have is a guide to start and run a business even if it is a big or small business.

entrepreneurialism, innovation, development and exploration, and provide accountability and control systems commensurate with the risks involved.

According to investopedia.com, “If the recession have proven anything, it’s that even corporate giants have to think outside the box to stay afloat. These companies show that with patience, innovation and occasional brutal change, you can beat recession and come away with a profit even during the roughest times.” An entrepreneur is someone who manages to open a business with a lot of risk and initiative. The United States of America have had very bad economic conditions for the past few years and now we are still recovering. Not only bad things come when the economic conditions of a country are bad, there are also good things. For example, entrepreneurs can get a good start from the recovery, take advantage of the opportunities and consider the entrepreneurial landscape. There are several business opportunities that I see now that may not have existed 5 years ago; app developer, sustainability expert and social media manager.

Immigrant Entrepreneurs -who are immigrant in a foreign country and use numbers of physical or financial resources and support from their community establish the configuration of immigrant Entrepreneurship. Business start-up is a challenging processes for any entrepreneur who is willing to become self-employed, however the entrepreneurs that have ethnic background and are living in a foreign country would have a much different and more challenging business start-up than the ones who are native. Thus, immigrant entrepreneurs look out for number of supports within their community or from host country’s networks.

Its developmental and transformative qualities particularly on emerging global economies, has given great significance to the concept of entrepreneurship. The impact of entrepreneurship has more contributory value is most The concept of entrepreneurship has received significant global attention across the developed and developing countries due to its capacity to transform the economy (Le & Nguyen, 2009:867). The Global Entrepreneurship Monitor (2011:8) revealed that there are approximately 400 million entrepreneurs across 54 countries operating start-up businesses. These countries are grouped into three stages of economic development driven by: factor, efficiency and innovation (GEM, 2009:5). This is based on the level of

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

According to Jensen & Luthans (2006), entrepreneurial leaders are capable of identifying opportunities and gaining advantage. They also successfully manage the change and gain advantage. I discovered this characteristic within me through a business challenge that was organised by university in which I was studying. The challenge included proposing a business idea and I managed to propose the business idea focused on niche market. I was awarded with the second price in the challenge that further strengthens my belief of identifying the opportunities and taking advantage from them, which is also one of the characteristic of entrepreneurial leader.

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

Entrepreneurs are a very, or perhaps the most, important boost in our economy. They do not only take the risk for the sake of a business, but also they provide our economy with employment opportunities and culture. A society can only be prosperous only when it rewards and encourages entrepreneurial activity because in fact, it is the entrepreneurs and their activities that are the critical factor for success, prosperity, growth and opportunity in any given economy. Entrepreneurship is not easy and it comes with its own risks and up and downs. On the last decade, entrepreneurship has rose and expanded, with this change and constant expansion, it has changed the rules of entrepreneurship once again. But I certainly believe that

Creative thinker, this is a quick learner. One will produce many unique ideas for the company in order for it to succeed.

A remarkable amount of people most definitely agree that an entrepreneur is someone who started his or her business. Understand that this bland definition does not quite give a full understanding of entrepreneurship. When launching any form of entrepreneurial leap, it will create circumstances that can make you better as a person mentally, physically, spiritually. By understanding your passion and visualizing the dreams you possess can push start your drive to become an entrepreneur. Entrepreneurship also requires a massive amount of trust in not only for yourself but your product and employees. At one point of most entrepreneurs life they have gone through the worst imaginable, having resilience most definitely sets them apart from the average. Even though it is extremely difficult to accept tough times, your dream should not go on pause. As an entrepreneur having patience and controlling the situation, especially tough ones is a major key factor on entrepreneurship. Thus being said there are 5 great qualities that describe a successful entrepreneur resilience, agility, Patience, trust, and passion.

Explain and critically analyze unique traits of an Entrepreneur, discuss these related to personal strengths and weaknesses

Mr. Whitney presented enlightening information regarding entrepreneurship, why it is important and how the private market or venture capitalist are so important in investing in entrepreneurs. Venture capital is changing the global economy as banks are not investing in businesses anymore other than lending funds. Wealth creation has changed due to the internet and today wealth creation is out pacing the wealth created by inheritance (M. Whitney, personal communication, May 21, 2016).

-According to Skinner SJ and Ivancevich JM,” An entrepreneur is a person who takes the risks necessary to organize and manage a business and receives the financial profits and monetary rewards”