What Is Entrepreneurship?

Reflecting skills: the ability to think out and plan one’s own and the organisation’s – or the unit’s- future.

Entrepreneurship is the willingness to take risks to create and operate a business. An entrepreneur is someone who sees a potentially

- One who creates a new business in the face of risk and uncertainty for

It is observed that the phrase “Entrepreneurship” has been used in disparate meanings by scholars around the world. In academic definition, entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control(Stevenson & Jarillo). In venture capitalist, entrepreneurship is the art of turning an idea into a business(Fred Wilson). In a simple word, entrepreneurship is the process of designing a new business and start new businesses is the most obvious example of entrepreneurship. Most researchers would agree with a definition of entrepreneurship as an activity that involves the

Many ideas come to mind when asked what the word entrepreneur means. It is someone who organizes and creates their own business; an employer of productive labor. Really, it is so much more than that. It is an all consuming task that is risky. What its mantra should be is the phrase "go big or go home." I discovered this notion while venturing out to New York City to interview Megan Cariola, owner of a local, organic shop located nearby the South Street Seaport. I wanted to get the complete experience by speaking to her in person and observing her first hand, rather than merely communicating through email. I chose Cariola for this assignment because I have shopped at her store when I lived in Manhattan, and ever since we met I have aspired to one day open my own business. As a female, it is refreshing to see that women can make it as entrepreneurs in today’s world.

Entrepreneurship can have multiple meanings. Business daily consider it to be a business ventures that shares a commitment to turning an idea into a profitable business (Fernandes, 2016). Bruce Bachenheimer, a clinical professor of management and executive director at Pace university also mentioned "At its core, it is a mind-set, a way of thinking and acting. It is about imagining new ways to solve problems and create value." (Fernandes, 2016). I couldn’t have agreed any more as anyone can come up with an idea but implementing it to produce change in the world is where the real work starts.

They are the four main characteristics which keep an entrepreneur elevated from an ordinary owner manager. In addition to them, I found some more behaviours, skills and attributes that a person should possess as an entrepreneur. They can be shown as in Table 1.

Ideally, a prospective entrepreneur should have adequate technical ability; a working knowledge of the physical operations of the business; sufficient conceptual ability; the power to visualize, coordinate and integrate the various operations of the business into a synergistic whole and skill to manage people in the organization and motivate them to higher levels of

Entrepreneurship is a process of making a business that aims to make a difference globally. It is a way of setting up your business courageously and proudly without much problem or worry if it would fail. A person who has the skill of entrepreneurship are called entrepreneurs. If you are willing to take the risk to bring innovation for the betterment of our society, then you are an entrepreneur! Entrepreneurship is correlated with business or business owners.

This school sees strategy formation as a visionary process and is fell under the descriptive school of strategic management. The chief architect of the strategy is the CEO of a company. This school took formal leadership seriously and CEO is responsible for strategy formulation. It stressed on mental state and processes such as instinctive knowledge, belief, wisdom, experience and insight of a single leader. The leader should be visionary in formulating strategy. The entrepreneurial school promotes strategy as a process which has a clear image and sense of direction which can be termed as a vision. Entrepreneurial strategy often occurs in startup companies and organizations in trouble and needing a

            An entrepreneur is a person who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods and who accepts the risks associated with them. (Schaper, Michael.2002) He can be anyone who identifies an opportunity in a market and has a belief that it would succeed in the economy and on that belief he starts exploiting the opportunity. They may create a new organization or may be a part of an existing organization where they revitalize the organization in response to their perceived opportunity. Generally, the word entrepreneur is used to denote a person who starts a

The first thing an entrepreneur should do to do when starting an own business is to check to what extent this idea is innovative, find out if there are customers for it and what is their market. The mill itself has no meaning, only has economic value when placed on the market. During the first phase, the entrepreneur must invest in equity or "seed", as they call some investors. Who turn an idea into business must be workers, motivational, cognitive, multifaceted and decision makers people. They start dreaming of something, but short-term priorities set to leave nothing to chance. Despite the obstacles, they adapt to change and aim to achieve good results. Over time, they are assigning responsibilities and become leaders of the company. They surround themselves with loyal people, recognize their weaknesses and solve it quickly. They deliver more than promised and clearly communicate the mission, vision and objectives of the company at home. An important quality that entrepreneurs have is that when they come up the idea, believe in it and make it a reality. They set goals and make the group focus on meeting them. They can work in uncertain environments and share success with their peers.

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 the attempt to create value through recognition of business opportunity, the management of risk taking appropriate to the opportunity and through the communicative and management skills to mobilize human financial and material resources necessary to bring a project to fruition.

There are two sides to every debate, and the "what makes an entrepreneur" argument has raged for decades with neither side able to conclusively prove their case. There are many who believe that an entrepreneur must possess personality traits such as vision, passion and drive that are innate and cannot be taught. Others argue that the skills of evaluating opportunities, motivating people and operating a business are easily passed on to eager students looking to be entrepreneurs. The truth is that both sides are right and it's time for a compromise: Entrepreneurs are born and made. Some people may be natural entrepreneurs and immediately open a business, others will have studied and