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Examine and reflect how the practice of entrepreneurship today, in an ultra competitive environment, - Assignment Example

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All entrepreneurs are luminaries in the sense that they try to generate wealth by creating something that did not exist before. Hence, it oft involves a complex and tedious process of combining and…
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Examine and reflect how the practice of entrepreneurship today, in an ultra competitive environment,
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Examine and reflect how the practice of entrepreneurship today, in an ultra competitive environment,

An entrepreneur is not a surveyor having the apt maps and data at one’s disposal, but rather an explorer that has a hunch that something marvelous exists, at the very next turn. It is about the ability to take risk, about trying new permutations and combinations, about exploiting the till now ignored resources and above all, a willingness to face and manage any possible resistance and opposition (Welsch 32).
May sound conservative, but, in a way, all entrepreneurs could be deemed to be destructive. However, it is a destructive attitude with an innovative and creative bent of mind. Certainly, entrepreneurship gives way to innovation, which alters, recombines and realigns the already existing values and way of doing things. All entrepreneurs have a discontented heart. They know that going by the scarce resources at their disposal; it is only creativity and ingenuity that will help them to be a success. So, most of the entrepreneurs shatter the available stereotypes and models of doing business, and replace them with something new and untried (Assudani 197). Therefore, entrepreneurship and a creative rebellion go hand in hand. Truly speaking, an entrepreneur is to be considered an entrepreneur only so long as one is committed to innovation and change (Assudani 197). It is all about recombining and reformatting the available information and resources in ways that escaped the attention, or put to question the gumption of earlier generations. Hence, by their very nature, most of the entrepreneurial initiatives are bound to come across resistance and opposition. In the contemporary times, good business is about creating the right balance between innovation and tradition. While entrepreneurship helps a business break into new and untried grounds, tradition helps keep it on a sound and stable footing. Inability to manage and reconcile innovation and ... Read More
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