Entrepreneurship

Topics: Entrepreneurship, Entrepreneur, Small business Pages: 5 (1358 words) Published: November 3, 2013
Over the past decade, entrepreneurship has emerged as one of the most important forces in business and management study of the world economy (Meyer, G et al. 2000). Entrepreneurship has demonstrated that the definition of success is not only due to luck. There is no absolute definition of an “entrepreneur” as it depends on the perspectives and argues of people. Entrepreneurs have multiple characteristics but most numbers of them are common with successful businesspeople. Any individual that starts a business is referred as an entrepreneur but not all small business owners are considered as entrepreneurs. There are some differences between “entrepreneurs” and “business owners”. It is important to understanding about the concept of “entrepreneurial self-efficacy” and how it related to the performances. In recent years, entrepreneurs’ self-efficacy is also plays an important role to develop the intentions of entrepreneurs as well as influences their actions.

Entrepreneurship is referred as many different competencies such as risk – taker, fascinated discoverer that always having new ideas to change. They have high self-confident to face with any challenges and situation could happen. It could be regarded to successful businesspeople as good entrepreneurs are not success because of lucky. They are smart and they are smart enough to realize when they are getting lucky (Peabody, B 2005). It also does not mean that all of entrepreneurs are going to be successful however, these inspired creatures starting with fundamental innovative, they work hard, independent and looking for chances to make things different. There are too many definitions of this term that depending on which criteria of majors and jobs. According to Stepheson (2013) that successful entrepreneurs have 25 common characteristics such as they do enjoy and take things seriously of what they are doing. Everything is planned very carefully and manages resources very wisely. They create the competitive advantage and grab attention of people…

Any individuals that start a business could refer as entrepreneurs, however this is also not an accurate definition as not all small business owners are entrepreneurs. An individual that starts a business, they could see a market’s opportunities, they take risk and want to be independent therefore, they could be an entrepreneurs that having a new idea to starting a business. Even though, not many businesses are going to be successful and entrepreneurs is someone that not being afraid of facing challenge. Lots of people argued that entrepreneurs are born not made, but learning from failures and getting more experienced is also one of entrepreneurs’ characteristics. It could be made as well as how people grow and think better after a lesson or experience in life. So, at this point, they are more than just a business owner. A small business owner, who run business for a long term could just only maintain the same standard so it should not be referred as an entrepreneur.

According to Teoh (2011), entrepreneur and small business owner have different objectives and views. For small business owner, to make a living is their primary motivation but for entrepreneur is to make a change and impact. Business owner business strategy is creating more sales but entrepreneur is providing the value. Entrepreneur always willing to fail and facing the problems, their career objective is financial freedom and they viewed employees & customers as their assets. They want to growth anytime they see the opportunities. But small business owner tends to be more stable and their focus is about creating more sales. Therefore, their visions of business are more safety and comfortably compares to entrepreneurs. Everyday, there is a new wave of people that considered as entrepreneurs that are making a difference who desire to give back to society to build a legacy (Mayne, R 2012). Both plays a significant role in this economic society and building...

References: Boyd, N & Vozikis, G 1994, The influence of Self-efficacy on the development of entrepreneurial intentions and actions, viewed on 3rd May 2013
Busenitz LW & Barney JB 1997, Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision making. Journal of Business Venturing 12: 9-30
Carsud, A & Brannback, M 2009, Understanding the entrepreneurial mind, Springer, International Studies in Entrepreneurship, NY
Mayne, R 2012, the difference between the business owner & the entrepreneur, viewed on 3rd May 2013
Meyer, GD, Heppard, K 2000, entrepreneurship as strategy: Competing on the entrepreneurial edge, Sage Publications Inc., United States of America
Simon M, Houghton SM, Aquino K 2000 Cognitive biases, risk perception and venture formation: How individuals decide to start companies. Journal of Business Venturing 15: 115-134
Stephenson, J 2012, 25 common characteristics of successful entrepreneurs, viewed on 3rd May 2013
Teoh, L 2011, Different between an entrepreneur and a small business owner, viewed on 3rd May 2013
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