Insights into Entrepreneurship - Research Paper Example

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Insights into Entrepreneurship Table of Contents Table of Contents 2 1.1. Definitions 3 1.1.1 Entrepreneurship/Entrepreneur 3 1.1.2 Start-up 4 1.2 Characteristics of an Entrepreneur 4 Ability to Deal with Risk 5 Result Oriented 5 Energy 5 Growth Potential 6 Team Player 6 Multitasking Ability 6 1.3 Reasons for Success and Failure of Start-Up Companies 7 1.4 Approaches in Founding a Company 8 References 9 1.1…
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Insights into Entrepreneurship
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Download file to see previous pages The main essence of the modern organizations greatly lies within the specialization of diversified functions. Entrepreneurship is generally understood as the starting up of one’s own business. In accordance with the views presented by economist Joseph Schumpeter, entrepreneurship is essentially the entrepreneur’s initiative and drive for the improvement that results in the change and growth of the farm (Cuervo & et. al., n.d.). Entrepreneur is "a person with leadership, which take risks to exploit certain opportunities, are based more on their forces, develop its strategy based almost entirely by personal interests” (Burdus, 2010). In normal viewpoint, an entrepreneur is a person who creates a business and is ready to endure risk at any point and under any circumstances. They usually are initiative takers and innovative in their approach with an objective to earn profits. Furthermore, it has been ascertained that they are capable of allocating the resources in a useful manner. Definitions of both entrepreneurship and entrepreneur show their comparisons. Entrepreneurship brings about the origination of primarily a farm or an organization that is created or established by an entrepreneur to continue with trade. Entrepreneurship represents the innovative function. Consequently, entrepreneur is the body that incorporates leadership skills and is capable of taking risks (Gutterman, n.d.). 1.1.2 Start-up Start-up founders are primarily the people who either register a business or simply establish something that might develop into a business. It has been observed that start-up founders are generally the entrepreneurs. The main difference lies between the start-up founders and entrepreneurs is the objective or goal. An entrepreneur commences a start-up business unit with the aim of generating value to stakeholders and shareholders. In order to derive utmost value, ethical and tactical approach of an entrepreneur is of high importance. In case of an entrepreneur of a start-up unit, the motive is constant i.e. financial growth. It has been further observed that failure of any start-up business and the entrepreneur’s fate are very closely related (Tenner, 2013). 1.2 Characteristics of an Entrepreneur Fast growing entrepreneurial organizations are in verge of absorbing candidates who continuously demonstrate the entrepreneur characteristics. It can be well observed that these entrepreneurial characteristics set the base of any organization. The various important characteristics of an entrepreneur have been explained in a detailed manner hereunder (Hadzima, 2005). Ability to Deal with Risk It is considered that an entrepreneur must be compatible enough to operate in an effective manner within the environment that is filled with risk. The entrepreneur becomes liable for building up strategies in order to deal with the any kind of risk and uncertainty. Moreover, an entrepreneur also endures the ability to formulate decisions that assist the employees in accomplishing the desired goals (Hadzima, 2005). Result Oriented It has been noted that the entrepreneur takes initiative in order to implement certain strategies for getting the work done by the employees. Furthermore, it has also been analyzed that an entrepr ...Download file to see next pagesRead More
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