The Readiness for Entrepreneurship Training Project

With a plethora of new ideas, innovations, skills and opportunities, entrepreneurship has become a new trend in employment across the world. It is a good way to alleviate the pressure on employment. Entrepreneurship can improve economic efficiency, bring market innovation, increase employment opportunities and maintain employment levels (Shane, & Venkataraman,2000). Keeping this in mind, in the recent years, universities now focus their attention to promote entrepreneurship through education so as to instill motivation, confidence, interest and

. ENTREPRENEURIAL COMPETENCIES: An entrepreneurial competency as defined by Baum at al. (2001) is the individual characteristics such as skills, knowledge, and the abilities required to perform a specific job. These abilities determine how the entrepreneur associates with the customers and also the employees. It allows the entrepreneur to perform his business operations successfully. Entrepreneurial competencies were divided into six categories by Man and Lau (2000): commitment competencies, organizing competencies, opportunity competencies, relationship competencies, strategic competencies, and conceptual competencies. Overconfidence is a negative characteristic of competency because it has been recognized as a major factor affecting the

Entrepreneurship is key to the economy and most economies support it. The entire economy is going to gain from an entrepreneurship starting a business. Because businesses can decrease the workplace environment and not pay as many

Millions of displaced employees are now being pushed to become entrepreneurs to make a living, with the United States becoming more entrepreneurial every day. This development reinforces the importance of analyzing economic forces before and during the course of any business.

The existing literature on entrepreneurship stems from economical conceptual frameworks developed in the early twentieth century by Schumpeter, Cole, Kirzner among others. Fayolle (2014) notes that entrepreneurship has gained considerable study

The list of skills required to become a successful entrepreneur is not definitive, as researchers can only suggest the skills they believe should be developed. William L. Smith (2007) believes that there is a particular set of seventeen skills required to become a successful entrepreneur, the skills can be divided into four categories: Technical skills, managerial skills, entrepreneurial skills and personal maturity skills. This, however, is not the only list of entrepreneurial skills available; the paper doesn’t mention possibly the most important characteristic an entrepreneur needs to have: the Need for Achievement (nAch), this concept was introduced by McClelland in 1961 and refers to a person’s need to do things better, faster and more efficiently (Nieuwenhuizen, 2008). People with a high achievement orientation tend to be careful with the use of their time, just like Austin MacPhee,founder of AM Sports Tours and AM Soccer Schools in Fife. He was aware of the fact that he had to sacrifice time but he did it nonetheless because he knew that hard work would get him where he wanted.

Through fresh innovative and creative ideas we have seen how these different concepts and ideas change the business environment. Entrepreneurship plays a role in the economy and can result in the growth and development of the economy in a country. This essay will be discussing the different aspects on what Entrepreneurship is, The Role it plays in the economy and the different type Entrepreneurial businesses involved in the growth and development of the economy of the country. Entrepreneurship will help the economy by providing more job opportunities, creating new wealth and can reduce unemployment . It is clear that there is positive relationship between Entrepreneurship and Economic growth; this link will be discussed in the essay.

Entrepreneurship education has been lauded as being able to create and increase awareness as well as promote self-employment as a career choice among young people (Clayton 1989; Fleming 1996). The objectives of entrepreneurship education are aimed in changing student’s state of behaviours and even intention that makes them to understand entrepreneurship, to become entrepreneurial and to become an entrepreneur that finally resulted in the formation of new businesses as well as new job opportunities (Fayolle and Gailly 2005; Hannon 2005; Venkatachalam and Waqif 2005). These day, many graduates are unable to get a job upon graduation. Students are now apparently searching for a business education that can help them with the necessary entrepreneurial

Entrepreneurs also require certain characteristics that are necessary for success. The characteristics of many entrepreneurs include spontaneous creativity and a willingness to make decisions in the absence of solid data. He or she may be driven by a need to create something new or build something tangible. As new enterprises have low success rates, a person in this role must also have considerable persistence. He or she may have the greatest chance of success by focusing on a market niche either too small or too new to have been dominated by established businesses.

Though I have not engaged in an enterprise or enterprise related activity earlier, I found certain entrepreneurial characteristics inside me. For an instance, the decision making ability under uncertainty can be shown. Studying in UK was a decision taken under an uncertainty following few sacrifices.

The main hypothesis of the economic theory of entrepreneurship is that in the economy entrepreneurship contributes to production through the combination of the existing productive factors. Innovation and entrepreneurship are found to have positive economic effects mainly in terms of employment opportunities, taxation revenues and economic output. The measurements of these positive effects provide the basis of international comparisons. The contemporary theories on firm entrepreneurship built on the contributions of Schumpeter (see Appendix 1 on definitions of entrepreneur and entrepreneurship) who focused on the significance of the innovative entrepreneur being the main force moving the economy forward based on exiting

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.

The effect of startup businesses on economic wealth is a hot topic nowadays. Not everyone agrees with the current policies concerning entrepreneurship and its effect on innovation, job creation and economic growth. Shane is one of those people who clearly disagrees with current incentives given by the government (Shane, 2009). According to him, policy makers should no longer motivate typical start-ups by providing incentives to start a business like loans, subsidies and tax benefits. This namely attracts marginal entrepreneurs that have a relatively high chance of failure. Instead, policy makers should focus on the extraordinary entrepreneurs and help them by subsidizing R&D projects at small companies. According to Shane, those funds are much more likely to contribute to economic growth and to create jobs. In this paper, I want to address this topic and investigate whether this really is the case. The research question that will be answered is:

There are many factors in the modern economy which encourage entrepreneurial activity. Throughout this essay i am going to discuss what these factors are and how they influence the life world of entrepreneurs and the environment surrounding them. I am also going to use different theories and concepts to critically evaluate how they affect entrepreneurial practice in an organisational context.

One of the key factors to the growth of an economy is the importance it places on entrepreneurs. These are the individuals that take risks to bring innovations, employment and new products to the economy. They provide an inspiration to millions who wish to try their luck at starting a successful business and to those who wish to become a natural at the entrepreneurial process. But can the qualities of an entrepreneur be taught or are they already in the genes that one is born with? This has been one of the longest-standing debates in entrepreneurship and one that does not have a definitive answer.