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Entrepreneurship - Term Paper Example

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The concepts of entrepreneurship have been widely applied to business initiatives taken by individuals for the purpose of wealth generation, enhancing employment scope and utilize resources for the benefit of communities. …
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Entrepreneurship
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The paper provides a deeper insight into the different perspectives associated with the concept of entrepreneurship in different types of startups, contexts and roles with the aim of evaluating my personal skills and competencies in this direction.

Different types of entrepreneurial ventures require different skills and level of competencies. The size of enterprise depends on the ability of the entrepreneur to accumulate the desired investment to develop and support resource allocation for operations.

Thus entrepreneurship refers to an enterprise that exploits existing opportunities through the optimized usage of available resources for the purpose of profit making. While profit making and revenue generation may be the primary objectives of entrepreneurial activities the fact that these enterprises cannot be assumed without risks is a ground reality. Entrepreneurship in the current business environment presents multiple challenges in the form of global markets, intense competition, technology advances, and competency management that shape the competitive advantage of firms.

The contribution of entrepreneurs to economic growth and development cannot be ignored, however, a key dimension to this perspective is the ability of the entrepreneur to lead the enterprise and overcome environmental challenges that shape the industry trends. This involves the ability to identify opportunities, the skill to harness resources and the competency to mitigate risks inherent in business ventures. Leadership and managerial capability feature a high priority among potential entrepreneurs (Scheiner). The paper provides a deeper insight into the different perspectives associated with the concept of entrepreneurship in different types of startups, contexts and roles with the aim of evaluating my personal skills and competencies in this direction. Types of startup and its demand on entrepreneurship Different types of entrepreneurial ventures require different skills and level of competencies. The size of enterprise depends on the ability of the entrepreneur to accumulate the desired investment to develop and support resource allocation for operations. There are several factors that need to be considered before starting a micro enterprise. The first and foremost requirement is an in-depth understanding and knowledge of the business context and the various aspects that drive the market trends and consumer behavior in the particular segment (Henry). This involves a good knowledge of basic business management practices and knowledge in the areas of accounting, marketing, inventory, costing and pricing. One of the primary constraints facing any startup venture is the lack of adequate financial resources that limits the scope of undertaking an in-depth market assessment and research required for promoting business enterprises. Capital funding from financial institutions expose a certain degree of risk that can discourage many individuals from taking entrepreneurial initiatives (Scheiner). Among other constraints facing the micro and small enterprise development initiatives is lack of adequate knowledge and information related to industry trends, market behavior and consumer preference. Resource shortages in terms of lack of necessary equipments can also impact the ability of entrepreneurs to undertake risks. Medium and large enterprise start-ups are capital intensive and cannot be undertaken on individual basis. A strategic alliance or partnership where stakeholders have a mutual interest in promoting business goals is an important aspect related to this kind of entrepreneurship. In such cases, the entrepreneurs seek venture capital and external sources of funding to promote ...Download file to see next pagesRead More
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