The Theory Of Entrepreneurship As A Key Lever For Growth Restoration And Job Creation

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).

In today’s business world, organisations consider the generation and development of new ideas that potentiate entrepreneurship inside the company to gain higher efficiency and progress in the growth of its industry. Morris (2012) suggests

Entrepreneurship is the action of taking the initiative to build up, organize and manage a business with the intend to attain profits overcoming the difficulties. The risk carried by the entrepreneurs willing to take advantage and take risk of the market opportunity and find better ways of the present processes to take out the new ventures. The task of the entrepreneur is to effectively and proficiently use the land, labor and capital to take out the business activities, according to the economical definition. Individuals get freedom provided by the entrepreneurship to take their own decision and the capability to plan and manage according to their own wishes but the procedure of doing business is not that simple.

Considerable confusion exists between entrepreneurship and intrapreneurship, as well as, innovation, creativity, and invention. First,

Volkmann, C. K., Tokarski, K. O., & Grünhagen, M. (2010). Entrepreneurship in a European Perspective: Concepts for the Creation and Growth of New Ventures. Springer Science & Business Media.

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

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.

“Entrepreneurship based on purposeful and systematic innovation. It includes not only the independent businessman but also company directors and managers who actually carry out innovative functions.”—Schumpeter, (1939)

Entrepreneurship is an extremely important aspect of the modern economy. Entrepreneurship entails improving business and the development of areas that are good for a business, people and the overall economy of a country (Galindo, & Méndez-Picazo, 2013). Since the need for entrepreneurship has been widely discussed and proven through research (Isenberg, 2010; Khan, 2016; Rahman, 2014), it is important to focus on the frameworks that can positively influence the structure of the country’s economy.

As a worldwide economic driver, entrepreneurship adds real value through the creation of new jobs and the production of innovative products and services. In today 's business environment, the concept of entrepreneurship has gained immense importance as the entrepreneurs have revolutionized the way businesses carry on their operations to compete effectively. Entrepreneurs are individuals who are willing to risk everything in order to create innovative products or services that will fulfil the many needs of the people. In summary, entrepreneurship promotes the generation of money and wealth through the creation of products, services and/or startup companies. One good entrepreneur from the nineteenth century and the twentieth century, and considered the wealthiest American who ever lived, was John D. Rockefeller. Rockefeller founded Standard Oil Company, Inc. in 1870. The company grew so much that at his peak, he controlled 90 percent of oil. His company was at the heart of the American petroleum revolution and its industry dominance led to the creation of anti-trust legislation and fair competition laws. This research paper will cover the startup, success, and birth and growth of John Rockefeller’s company.

“They have employed existing means of production differently, more appropriately, more adventurously. They have “carried out new combinations”. They are entrepreneurs” – Joseph Schumpeter (Lumsdaine and Binks, 2007). Entrepreneurship is a procedure through which individuals identify opportunities (problems that need to be solved or unmet needs) in the market place, allocate resources, initiate change by being innovative and creative and create value through solutions. One of the Factors of Production to produce goods or services is Enterprise with Land, Labour and Capital; an entrepreneur combines all other factors of production by enterprise, which is actually problem solving, risk taking and creativity, to come up with innovative

Entrepreneurship, which was a notion put forward approximately three centuries ago and soon becomes a contentious topic, contributes positively to economic development mainly through innovation. Whilst creativity and problem solving are required at all points

Entrepreneurship is the process of opening a new business; typically the company offers an innovative product, process or service. As per Carton et al, entrepreneurship is all about the identification of an opportunity, creation of new organization, and pursuing new ventures. There are many various studies based on entrepreneurship (directly as well as indirectly) like building and promoting a business, applying creativity to make an existing business more productive, external skills required in entrepreneurs, etc. In 1934, Schumpeter has stated that an entrepreneur not only needs to innovative and creative but also should be able to take risk. His views where then supported by Wickham in 2006. The responsibilities of an entrepreneur

There are a number of views on entrepreneurship which may be analyzed through the lens of various disciplines. Such as -