Concept of Entrepreneurship - 1455 Words

Q1. Discuss and define the concept of ‘entrepreneurship’. The entrepreneur is our visionary, the creator in each of us. Were born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish or is squelched, thwarted, without air or stimulation, and dies. Michael Gerber The term entrepreneur has been around since the seventeenth-century, it originates from France, where the phrase â€Å"entreprendre† was first used when a Frenchmen ‘entered and took charge’ of royal contracts. It was used widely to describe a person who lead a project which would deliver valuable benefits and bring it to completion, a person who can manage uncertainty and bring†¦show more content†¦For example strong support from family and friends may influence the desire to become an entrepreneur. In the case of Richard Branson this would refer to the major influence of his mother. The Financial/ Capital School of Thought – The foundations of this school are based on the capital-seeking process. The search for start-up and growth capital is the complete focus because securing venture capital is vital to an entrepreneur’s development. In this case, the entire entrepreneurial venture is viewed from a financial management viewpoint and decisions involving finance occur at every major point. The Displacement School of Thought – This thought process concentrates on the negative side of the existence of group, where someone can feel out of place or be displaced from the group. It argues that a group can slow a person’s development, either bringing it to a halt or removing specific factors vital to the individual for them to advance. As a result the frustrated individual is motivated to succeed which can be projected into an entrepreneurial pursuit. There are three major types of displacement that demonstrate this school of thought: -Political displacement. Government regulations and policies that can limit/ redirect certain industries or reject free enterprise. -Cultural displacement. Social groups excluded from professional fields e.g. EthnicShow MoreRelatedThe Concept Of An Entrepreneurship1345 Words   |  6 PagesThe definition of an entrepreneurship is a commonly argued point, with several definitions given by many different people. The Business in Action textbook defines entrepreneurship as the combination of innovation, initiative and willingness take risks required to create and operate new businesses and an entrepreneur as a person with positive, forward-thinking desire to create profitable, sustainable business enterprise. According to this definition, a small business owner could definitely be classedRead MoreHow Corporate Entrepreneurship Is An Ever Growing Concept1224 Words   |  5 PagesCorporate entrepreneurship is an ever-growing concept that is flowing throughout many companies around the world. 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Entrepreneurs Read MoreCan Entrepreneurship Be Taught1355 Words   |  6 Pages†¢ Can we teach entrepreneurship and bring some entrepreneurial awareness and changes among individuals. Give evidence Approach in answering the Question †¢ Definition of Entrepreneurship †¢ Entrepreneurship education †¢ Approaches to teach entrepreneurship †¢ Conclusion The concept of entrepreneurship There is no universal agreed definition of entrepreneurship. However, Entrepreneurship is defined differently by different scholars. Schumpeter (1934) defines Entrepreneurship as a person’s abilityRead MoreEntrepreneurship Essay1729 Words   |  7 Pagescan be concluded that entrepreneurship demands foresight and willingness to assume risk (Landstrom 1997, cited in Corbetta, Huse Rovasi 2004). In short it can be said that the first concept of entrepreneurship from Cantillon emphasis on taking risk to venture into a business. Van Praag (2005) divides entrepreneurship concept into five different groups which are classical approach, neoclassical approach, Schumpeterian, Knightian, and neo-Austrian approach. Each concept will be discussed separatelyRead MoreStartup Americ A Government Initiative1322 Words   |  6 PagesStartup America is a government initiative that is used to inspire and produce entrepreneurship throughout the country. By holding the belief that innovation is the backbone of this country, Obama created this campaign in order to create and develop entrepreneurship. As a result, the goal is trying to achieve sustainable growth and quality jobs in the economy. Overall, Startup America is a process that believes entrepreneurship is a core American value that allowed for the country to be where its at,Read MoreEntrepreneurship Risk, Rewards, And Reality1456 Words   |  6 Pagesgone because of entrepreneurship. In the article â€Å"Entrepreneurship Risk, Rewards, and Reality† by Timot hy W. 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Naturis is considered as an innovative and entrepreneurial company as it follows the concept of strategic entrepreneurship refered to as sustained regeneration by introducing new products and entering new market areas on a regularyRead MoreSocial Entrepreneurship And Social Innovation1502 Words   |  7 PagesSocial Entrepreneurship The term â€Å"social entrepreneurship† first appeared in the scholarly literature over 35 years ago in a publication titled The Sociology of Social Movements (Banks,1972). However, Social entrepreneurship has its origins in the eighteenth and nineteenth centuries when philanthropic business owners and industrialists like Robert Owen, demonstrated a concern for the welfare of employees by improving their working, schooling and cultural lives. Since then, social entrepreneurshipRead MoreCreativity and Events1595 Words   |  7 Pagesintroduce the concept of creativity, innovation and entrepreneurship within the events sector. Key theoretical concepts around the subjects will be explored in order to form a discussion for the need of creativity within events organisations. This essay will draw upon industry examples to illustrate how the concepts can be achieved in order to gain competitive advantage. Through critical analysis, the concepts can be reviewed, and an appraisal for the scope for creativity and entrepreneurship in events