They are therefore coming up with new models and innovations to solve health issues, social problems, conflicts, and environmental concerns such as global warming with principles which may not or may directly involve setting up an enterprise for trading.
I will therefore highlight the main concepts and approaches that may be used in the development of entrepreneurship within non-profit and in profit making organisations. I will also outline the challenges, risks and opportunities that the healthcare sector (voluntary and profit-making organisations) in the UK experience when adopting these entrepreneurship skills citing an example of the Royal College of Nursing. Its goals and objectives as it strive to enable students to gather enough knowledge on entrepreneurship (RCN Entrepreneurship team report, March 2007). Finally, I will discuss in detail how entrepreneurship concepts can be applied in day to day running and development of business globally.
In a layman's language, entrepreneurship is the starting in of a new business either existing or a totally new innovation (Berger, 1991). The history of entrepreneurship dates back to 1950 when a lecturer at the Austrian school of Economics Joseph Schumpeter developed the idea and defined an entrepreneur as a person who turns an invented idea into a meaningful business by pioneering change through actions. The common definition of entrepreneurship is the practice of developing new businesses in response to an identified opportunity within a specific sector.
Entrepreneurship is a difficult adventure that is usually characterised by massive investments, employment of skills, research and capital. Schumpeter also argues that entrepreneurship entails any principle that advocates for risks undertaking for the sake of gaining a profitable advantage. This means that opportunities are discovered, exploited and practiced with a view to engage in a business venture that is more likely to gain a market share from the existing types (Bhide, 2000). It can also be viewed as the development of new products, production methods, entering new markets or forming new organisations.
Characteristics of an entrepreneur (Berger, 1991)
He has to have a driving force for the business.
He is very enthusiastic in nature and vision-wise.
A quick decision maker and a positive thinker.
Translates his vision into a success.
A strong persuader who seeks to have other people on board.
Has very high aptitude.
It is not usually easy to develop an enterprise and as quoted by Dr. Stacy of the Harvard School of business economics, it takes a lot more analysis and considerations from the undertaker of entrepreneurship process (Reinhardt, 2000). She also suggests that, the main stages that are commonly applied in the profit-making and non-profit organisations would be classified according to the ability of the business to quickly catch up with the current business momentum most importantly form the inventor himself.
The first stage of development is the inception stage which first starts as an imagination from the entrepreneur in that opportunities are identified, studied and defined. The concept of the business idea responds directly to the defined purpose and need. At this stage, issues of capital, partners and viability of the business are looked into. The entrepreneur at this stage is keen on getting policies,