Implementing Entrepreneurial Ideas - Essay Example

Entrepreneurship has been difficult to define therefore academics have mostly resorted to defining its characteristics to derive the meaning of this function. However the entrepreneur is usually an individual, a person, rather than an institution, and as a consequence, it is always the persona that is the focus in any discussion and in any environment, whether in an individualistic organization or a conglomerate. It is believed by some that the term "entrepreneur" is considered equivalent to "founder of a new business" (Gartner, 1985).

He is the one who decides on the strategy of his enterprise.Writers have described entrepreneur as a person who’s chief and distinctive abilities are to take risks, has knowledge of market functions and manufacturing know-how has marketing and management skills and finally possesses the ability to co-operate with others (Littunen 2000). He is able to foresee the unknown and be daring enough to try it out of absolute desire to take the risk. According to Wiklund and Shepherd (2003), they have a mindset that has a strategic orientation for decision making in a specific style, method, and practice.

BibliographyBird, B., (1988), Implementing entrepreneurial ideas: The case for intention. Academy of Management Review, 13, 3, pp 442-453. Retrieved June 23, 2009, from Library and Information Service, Curtin University of Technology.Bird, B., (1992), "The operation of intentions in time: the emergence of the new venture", Entrepreneurship Theory and Practice, 17, 1, pp 11-20. Retrieved June 23, 2009, from Library and Information Service, Curtin University of Technology.Gartner, W. B., (1985), A conceptual framework for describing the phenomenon of new venture creation.

Academy of Management Review, 10(4), 696-706.Littunen, H., (2000), Entrepreneurship and the characteristics of the entrepreneurial personality, International Journal of Entrepreneurial Behavior & Research, 6, 6, pp 295-309. Retrieved June 23, 2009, from Library and Information Service, Curtin University of Technology.Wiklund, J., and Shepherd, D., (2003), Knowledge-based resources, entrepreneurial orientation, and the performance of small and medium-sized businesses, Strategic Management Journal, 24 (13): 1307-1314.