Entrepreneurship Management - Essay Example

Entrepreneurship Management 1st person Entrepreneurship is the art of innovation and risk taking in a business so that one can gain profits over other illegal businesses. Innovativeness and creativity makes it possible for an entrepreneur to convert a threat into an opportunity. The entrepreneur is a boss of his own business and makes his own plans concerning it. Language diversity is more relevant when it comes to business success. The language network which is a key primary skill needed for business success is a big challenge to the entrepreneur when it is not easy for him/her access.

Lack of sufficient market information which reduces the entrepreneur’s confidence in the potential of the identified opportunity and it makes them increase their risk perception.2nd person Entrepreneurship is starting a business from a point where one has to come up with the idea first, then starting up the business and managing it for a long term. For the entrepreneur to come up with such an idea he/she has to be creative. The government imposed rules like paying labor regulations, foreign trade regulations, high taxes, price control among other regulations to start a new business appear to be one of the major obstacles experienced by the entrepreneur.

The entrepreneur might have the capital to start a business without the knowledge of the high taxes imposed by the government and upon noticing he/she shies off to avoid losing much of his wealth.3rd person Entrepreneurship is a process which a particular person undertakes to organize a risky activity aimed at getting some interest. These activities could vary from trading, giving services and starting an industry. Being afraid to fail is a strong impediment to entrepreneurship. This fear is as a result of the entrepreneur risking to start an investment with his/her money without knowing whether the business will yield.

As a result of fear many people who would have ventured in entrepreneurship keep away from it. There is also issue of business monopoly which is as a result of all profitable and successful businesses being ruled by few very wealth and well-connected families. These families practice unfair competition thus monopolizing successful businesses and make them not to grow beyond a certain limit. These new entrepreneurs are either forced to sell their businesses to those monopolists or leave the business.

4th person Entrepreneurship refers to the way one thinks and acts by forming a business organization which provides goods and services aimed at economic gains. The change of investment policies, regulations and laws mostly leads to a state of instability or contradictions. There is a rapid change of these regulations and sometimes in distinct unpredictable direction which makes it extremely hazardous for a starting company that cannot withstand such sudden heavy impacts. These changes can happen at any time and most victims are usually the small businesses.

5th person Entrepreneurship is the ability to search for opportunities, take computed risks and obtain gains by setting up venture. Since the entrepreneur looks for diversification and growth he/she usually meet new challenges which he has to overcome. There is pressure from families and friends not to quit their well-paying job to something not known to them. Some of these peers still have a notion that working with the government is chance that should not be misused even if it means earning little income without developing your career.

ReferenceMarriot, N. 2008. 3rd European conference on entrepreneurship and innovation. Winchester. Academic Conferences.