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The concept of entrepreneurship - Essay Example

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The paper starts by explaining the meaning of entrepreneurship in order to gain a clear understanding of the whole concept. This is followed by a clear outline of the traits required for one to start up a small scale business venture. …
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The concept of entrepreneurship
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Download file to see previous pages The intention of this study is the concept of entrepreneurship as the process of searching the environment to identify business opportunities for improvement, to mobilise resources and implement actions to maximise these opportunities. Thus, the kind of business venture normally involves an element of risk for which a profit reward is usually sought. Entrepreneurship also encompasses aspects such as the introduction of new goods or improving the new ones, developing the new methods of production, opening new markets as well as creating new forms of business organisation. As such, it can be observed that this is not an easy feat to achieve given that there are certain characteristics and traits necessary to start, manage and develop an entrepreneurial enterprise. Some of these traits required for staring up business are discussed below. The entrepreneur is always looking for business opportunities because he has the courage to take the risk to start a business. Whilst other people would like to believe that entrepreneurs are born with special characteristics, it would be more accurate to say that entrepreneurship is learnt behaviour. The longer one continues to scout for business opportunities the more one notices profitable business opportunities. Thus, a prospective entrepreneur must always analyse himself and determine weak and strong points that characterise his personality. It can be observed that entrepreneurs possess particular characteristics that set them apart from people are not intent on starting an enterprise of their own. (Burke, 2007). Each entrepreneur has got a unique combination of characteristics and traits at his disposal for achieving success. 2.1.1 Philosophy of life The entrepreneur often tries things where the majority of people will back off (Gundill, 2006). Entrepreneurs are self starting and they are always looking for opportunities to which others have not even dreamed of and one notable aspect about these people is that they are enterprising and they approach all things positively. Through innovation and creativity, an entrepreneur is able to identify an opportunity in the market and looks at both the positive as well as negative aspects that are related to that opportunity. The key success factor of the entrepreneurs in this particular case is that they always look at positive aspects of a given situation then look at the challenges later. This enables them to be better positioned to take the risk and approach the situation with caution fully knowing the measures that can be implemented in order to overcome the challenges or any other negative aspect that can impact on the business venture. It can be observed that every big business starts off as a small business and a good example can be drawn from the cases of McDonald’s hamburger, Apple computer as well as Ford car (Steinhoff & Burgess 1993:4). McDonald’ ...Download file to see next pagesRead More
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