What Is Entrepreneurship

Topics: Entrepreneurship, Entrepreneur, Joseph Schumpeter Pages: 7 (1963 words) Published: April 29, 2013
In the 21 century, with the abundant appearance of entrepreneurs who make huge contribution to the social economy, the vital of entrepreneurships are much accounted of by people. Nevertheless, the definition of entrepreneurship is ambiguous and there are different functional concepts of entrepreneurship. The European Commission defines entrepreneurship as a general attitude that can be usefully applied in all working activities and in everyday life (Kathrin, Werner & Frank 2008). This explanation is a whole summary of entrepreneurship. The essay will illustrate the entrepreneurship from taxonomy terms, namely what, who, why, when and how in detail.

The ‘what’ adjective described in the term of entrepreneurship, always, either explicitly or implicitly, would be allocated into the lexicon as business entrepreneurship (Gedeon 2010). The real connotation of business entrepreneurship refers to the field of activity and what types of values are created. Generally, the entrepreneur’s internal sense of business decides the field of activity. A successful entrepreneur should has such sense that the activity could be profit seeking business activity at the beginning and in the later, it could transform such orientation into non-profit orientation sector to created more values. Making money is the primary stage of the enterprise. Then, entrepreneur starts to achieve the thought of development when having certain platform. Yu Minhong, the chairman of New Oriental Education group, is a typical entrepreneur. The inchoative establish of private training school was to making profit and only offered training on GRE and TOEFL. Nowadays, it has expanded to various fields of activities, like SAT and National English Exam. However, the entrepreneur should also pay attention to the control of the field of activity. Unlimited expanding will come into the negative effects.

In addition, what types of values created by entrepreneur is also a critical factor to define entrepreneurship. First of all, an entrepreneur should create value to the consumers. As the terminal customers and driving source, the consumer values reflect the entrepreneurship to some extent. One of the reasons for the success of New Oriental Education group is that it brings opportunities for the consumers to strive for a higher storey. Besides, the industry value created by the enterprise plays a decisive role. The growth of New Oriental Education group spurs the whole training industry. Nowadays, there are thousands of training organizations in China. Another important value is that the enterprise provides chances to the economy. With the listed of New Oriental Education group, in 2009, Wen Jiabao pointed explicitly in the government report that the training industry is the industry that will pull the China’s internal need in the future.

The traits school expressed that entrepreneurship involves individuals with certain behavioral skills, who participate in entrepreneurial activity (Steven 2008). Personality traits have been popular among the researches in the entrepreneurship. Need for achievement and internal locus of control have been considered as extremely combined with entrepreneurship (Wei & Ismail 2008).

Need for achievement reflects a person’s willing to achieve his or her ambition. Person with high achievement need has the perseverance to challenge difficulty and insist on what he or she does. This person owns the trait of entrepreneurship and can make success better than others. For instance, although Yu Minhong experienced abundant obstacles, he insisted on implementing his objective, as a result, he achieved huge success. As his saying goes ‘Don’t wait to have a good job, to start to work’, which means the things we obtain result from the efforts we make.

The internal locus of control measures the extent to which people feels in charge (Beugelsdijk, 2007). People who believe in...
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