Topics: Entrepreneurship, Management, Business Pages: 3 (990 words) Published: March 12, 2009
1a) At first I will like to talk about what is entrepreneurship. There has been a great deal of attention paid to the subject of entrepreneurship over the past 2-3 decades, stemming primarily from the discovery by economic analysts that small firms contribute considerably to economic growth and vitality. Moreover, many people have chosen entrepreneurial careers because doing so seems to offer greater economic and psychological rewards than does the large company route. Many definitions of entrepreneurship can be found in the books describing business processes. The earliest definition of entrepreneurship, data which is from the 18th century, used it as an economic term describing the process of bearing the risk of buying at certain prices and selling at uncertain prices. Later commentators broadened the definition to include the concept of bringing together the factors of production. This definition led others to question whether there was any unique entrepreneurial function or whether it was simply a form of management. Early this century, the concept of innovation was added to the definition of entrepreneurship. This innovation could be process, marketing, production and even organisation. Later definitions described entrepreneurship as involving the creation of new enterprises and that the entrepreneur is the founder. Although risk bearing is an important element of entrepreneurial behaviour, many entrepreneurs have succeeded by avoiding risk where possible and seeking others to bear the risk. Creativity is often not a prerequisite for entrepreneurship either. Many successful entrepreneurs have been good at copying others and they qualify as innovators and creators only by stretching the definition beyond elastic limits. The best definitions of entrepreneurship is the practice of starting new firms or revitalising mature firms, particularly new businesses generally in response to identified opportunities. Entrepreneurship is often a difficult undertaking, as...
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