Name Name of Instructor Entrepreneurship Introduction It is worth noting that various businesses and organizations are ideas of particular people put into practice. Every business opportunity took a thoughtful person or group of persons to dream, think and put their dreams and thoughts to reality…
The entire process of investigating demand and supply patterns of given product in a given business environment, and establishment of businesses to address the potential and existing demand entails the process of entrepreneurship. Entrepreneurship refers to the act of collecting and incorporating business ideas aimed at achieving purposeful and unique innovation in the production of a given product or service (Carsrud and Malin 7). Innovation in the context of entrepreneurship may result in various advantages such as introducing new or improved product in the market, new production techniques, and identification of newer markets for a product or service as well as identifying new source of supply of raw materials. It is imperative to understand that entrepreneurship is not only about starting of new business organization, but can also involve ideas to improve the state and performance of an existing organization. Importance of Entrepreneurship to America Entrepreneurship is a powerful tool for economic growth in any country. It is because of entrepreneurship and presence of globally acclaimed entrepreneurs that the American nation tops the list of world’s best performing economies. ...
Since entrepreneurship involves creation and introduction of new ideas, it has helped the development of research and innovation in the American economy. About two out of three innovations in America are as result of entrepreneurship. These innovations have eased production processes while improving the quality of products, accomplishments that have collectively spurred the growth rate of the American economy (Bordogna 13). Since entrepreneurship entails creation of new opportunities, it has empowered and facilitated the development and growth of national wealth (Miller). Income earned by entrepreneurs and their employees has expanded public expenditure as people purchase raw materials and finished products of entrepreneurship, encouraging national production. Bordogna adds that entrepreneurship has helped in providing self sufficiency to the American populace as people can afford and easily find what they need for their consumption (13). Self –sufficiency in the American economy also relates to increased local production of goods and services that ensure cheap and affordable prices for goods and services. Characteristics of Successful Entrepreneurs Entrepreneurs are individuals with the brains bearing or capacity to exhibit entrepreneurial skills. Entrepreneurs identify business opportunities, gather and collect ideas that they use to establish businesses or improve state of particular firm. For entrepreneurs to emerge successful in implementing their ideas, they have to exhibit or posses particular characteristics. Unique ambition is one of the defining characteristics required of an entrepreneur. Ambition helps entrepreneurs to face the potential competition in the given industry with aims on achieving the desired goals (Gitman and Carl 14). Entrepreneurs are ...
Cite this document
(“Entrepreneurship Essay Example | Topics and Well Written Essays - 1000 words - 1”, n.d.)
Retrieved from https://studentshare.net/other/10993-entrepreneurship
(Entrepreneurship Essay Example | Topics and Well Written Essays - 1000 Words - 1)
“Entrepreneurship Essay Example | Topics and Well Written Essays - 1000 Words - 1”, n.d. https://studentshare.net/other/10993-entrepreneurship.
This paper has been designed for the purpose of undertaking an inclusive analysis of entrepreneurial traits in relation to a selected entrepreneur. The main purpose of the entrepreneurial analysis is to stimulate deeper personal awareness and reflection on a person’s intentions towards potential entrepreneurial journey.
Being driven by passion to succeed, entrepreneurs are always ready to face any risk that may arise in the course of their day to day business operations. To be an entrepreneur, one should be a risk taker with extensive capabilities to innovate. According to Nicolaou and Shane 17, an entrepreneur should be able to introduce new technologies, generate new products, and enhance productivity in his or her venture thus creating employment to other members of the public.
Entrepreneurship Reflection Essay Name Professor Institution Course Date Entrepreneurship Reflection Essay Over the past years, entrepreneurship had been perceived less important in the healthcare sector thus it received little attention. The barriers inherent in the culture and structure of healthcare organizations might have also been the main cause.
Business opportunities 10 1.1 Sales 11 1.2. Cost 11 1.3. Market share 11 1.4. Customer 11 C. Conclusion 12 Reference List 13 A.1. Introduction The entrepreneurship concept was propounded in the 1700s. At that time entrepreneurship meant only “starting of one’s own business” (Sobel, 2008).
Entrepreneurship has traditionally been perceived as an isolated process whereby the individual organizes resources and uses them for developing the new venture. However, various theories have highlighted the role of knowing individuals and argue that entrepreneurship revolves around whom you know.
After a thorough review of the history, the author takes the research to a further level by studying this link in context of the entrepreneurship. The author refers to the former research in this subject carried out by Sarasvathy et al.
e from the knowledge possessed by individuals or changes in the external world such as technology, demographic and social changes, and regulations by government. It can be exploited through creation of new product, opening new market, using new resources, new production