The Nature and Role of the Entrepreneur Essay

Entrepreneurs use innovation to exploit or create change, such innovation provides opportunity for making profit. They do this by shifting economic resources from an area of lower productivity into an area of higher productivity and greater yield, accepting a high degree of risk and uncertainty in doing so. (Burn, 2011)

Mankind has thrived off of the dependability of ideas and the application of them for centuries. Moreover, humans have sustained healthy lives through developments and inventions that have improved the world around them. From the earliest Mesopotamian creation of the wheel to Apple’s recent release of the iPhone 7, groundbreaking revelations have perpetuated and molded human survival in some aspect. Anyone can generate an idea, but rather, it is the ability to transform that idea into a development that is valued by many--which is what makes being an entrepreneur remarkable. Entrepreneurs are some of the keenest, most creative, and passionate people that walk the earth.

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.

Therefore, since entrepreneurs are the messengers and developers of the methods of producing economic development, Schumpeter would be for Startup America. Overall, Schumpeter would agree with the philosophy of Startup America, as it allows for entrepreneurs to be more successful, which in his mind would increase economic development.

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

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),

There are many advantages and disadvantages when owning your own business. When you own you own business, it’s known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages.

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

Austrian economist Joseph A. Schumpeter and his notion of 'creative destruction ' – the apparently contradictory term he came up with to describe the inner, self-cannibalizing logic of capitalism after reading, ironically enough, some of Marx 's works – are nowadays renowned for having linked entrepreneurship and a theory of economic and historical change for the first time in the history of economic ideas. Furthermore, Schumpeter 's work is often recognized as one of the most critical components in the steady path to a post-war revival of economic liberalism that eventually reached its full-fledged form in the last decades of the century. His antipathy toward centralized state planning, the methodological individualism that ran through the entirety of his work in economic analysis, his views favoring innovation over regulation, and the notion that entrepreneurs alone are the true agents of historical change have since become commonplace in contemporary economic science, culture, and policy.

The entrepreneur is the figure responsible for creating these new channels by introducing innovations that disturb the status quo. Schumpeter defines innovation “as the carrying out of new combinations of the means of production” (Elster 116; emphasis in original). An individual whose function is to carry out new combinations is called an entrepreneur (75). Schumpeter goes on to explain the five main cases of new combinations—a new good, a new method, a new market, a new supply, a new organization. The power of his explanation lies in its simplicity; he

At the beginning of the course I had only had basic entrepreneur knowledge, I understood the traits, and the amount of thought put into a business. I understood a entrepreneur needed to be able to set goals and had to establish connections and business partners. I was actually lucky enough to have taken a entrepreneur class in highschool. Which taught me lots on how an entrepreneur business is started. It also taught me the required determination and hard work it takes to be a entrepreneur.

By starting a company with a small scale of profitable operation, they faced a “heads I win, tails I don’t lose much” scenario. If they failed, they could place the attempt on their resume. Entrepreneurs are not betting the family fortune or making their years spent earning an MBA worthless; instead, we find that an Inc. 500 founder is just about as likely to have only a high school education as to hold an MBA and as likely to be very poor as very affluent. The entrepreneur need not be less risk averse than the average human being. As Jeff Bezos famously noted, it would have been far riskier for him to not have started Amazon.com than to have started it. If Bezos had spent 12 years at medical school studying neurosurgery or had to give up a $3 million a year position at his father’s company, he would not have faced an incentive structure that would have made founding a company the least risky option.What is noteworthy is just how wrong Knight and Mises are with their conception of entrepreneur as risk-bearer. Not only is the entrepreneur not necessarily a risk-bearer, he is more akin to an arbitrageur with his “heads I win, tails I don’t lose much” incentive structure. Inc. 500 entrepreneurs tend to serve niche markets

Entrepreneurial aspects are reproducing by Elizabeth Gooch and Tom Mercer is concentrating by the entrepreneur's views rather than an uncompromising set of strategic impartial.

Have you ever had a miraculous idea? The kind of idea where your head keeps on spinning with intriguing questions, so many that your head might spin right off. Where to start and whose going to pay for it? Is the idea even possible to make? These are a couple of the question racing through your mind. The adrenaline is rushing through your blood steam. You want to tell everyone in the world, but in the real world there are people out their looking to steal those great ideas. Which in turn leads to secretiveness of the idea. In a sense it would be like spilling the beans on the Manhattan project.

Entrepreneurship is defined as the process of designing, launching and running a business. It typically begins as a business idea such as starting a small business, offering a product or service. What is unique about this venture is the possibility and level of risk involved for instance lack of funds, an unforeseeable economic crisis or poor business decisions. Entrepreneurship is about how people identify opportunities, evaluate whether they are viable and then decide to exploit them or not. The decision to exploit an opportunity or not depends on several factors that the entrepreneur is responsible for including cost versus how much the idea will generate, the market demand, and the risks involved. An entrepreneur is thus an innovator