The Elements of Entrepreneurship

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TOM'S Shoes

Kaplan University
AB207: Starting a Business -01
Professor David Butler
It is hard to define the elements of entrepreneurship as they can be different to each person. What each person holds in their mind about entrepreneurship is not the same as the last. When one thinks about the elements of entrepreneurship, one can think about the what the business should bring to the economy and the community. The first is that the company is able to stand out from the rest by creating a “new idea or innovation” that will make the industry better (Abrams, 2012). If a business is to stand out from the rest, it is important that the business provides something new. The second is the increase in job availability. “Total new-job creation in the United States is a result of new businesses” (Abrams, 2012). That is the best way to put it. New businesses create new jobs. This in turn leads right into the next element which is new industries (Abrams, 2012). Many times these new businesses have no classification as they do many different things which will create a new classification of its own.

The next one is flexibility. Things are changing constantly and “the smaller companies offer the job opportunities and new products our society needs until big firms figure out how to catch up” (Abrams, 2012). It is kind of like small businesses are the engineers of the business world.. They see there is a problem and they figure out what they can do to fix it. Once a solution is found, then the larger companies will make their changes according to what the smaller businesses had done. The last can be viewed as the most important. Bigger companies forget about the people that make their business a success. The customers are the only reason that there are any sales. Instead of trying to keep “wall street happy” like some of the larger companies do, these smaller businesses get back to the basics: “cash flow, profits, providing...
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