Essay of Entrepreneurship

Executive Summary of Entrepreneurship

There are about more than one tenth of a nation’s population that contribute to the entrepreneurial activities of a county. This includes a sum of total 4.2 million men and women who at their homes or in market place run a small or large business setup. Since, mid 1970s this number of self-employment and has only increased and has provided people with a sense of confidence.

Hence, the runners of these small and large businesses are always target of research and business studies to learn more about the process of entrepreneurship, entrepreneurs, their benefits to the country and society.

Part A: Things learned in the course of Entrepreneurship

Introduction of Entrepreneurship

Entrepreneurship is the process in which a person establishes a small business by taking the responsibility of the time and its revenue. This report discusses the several aspects of being an entrepreneur and how the process of entrepreneurship takes place. Also, the available literature available in this important field may help one to run and launch its own business. How one can take example of the already performed work in the field and devise its own strategies.

Entrepreneurship is the buzz word that has taken the world by storm but how many does actually know what it means and what are its important aspects.  A very little knowledge is available on the subject of entrepreneurship even though a lot of research studies have been carried out in this subject. Most of the material available in this field is usually distorted and fragmented but most importantly highly-controversial (Fritsch and Schmude, 2007)

There is not a proper foundation available to define and describe this term; the most challenging task for the researchers and academic writers. For instance, it would be highly offensive for the small business holders and proprietors when they are stripped off the title of entrepreneur. In this respect, a carefully written definition has been organized “the starting of a new business venture which had never been established before”, is called as entrepreneurship and the person running it is called as entrepreneur (Cunningham and Lischeron, 1991).

Entrepreneurship: Entrepreneurship is being defined as of Entrepreneurship

A process in which a new business is designed, launched and run, initially being called as a small business (Katila, Chen and Piezunka, 2012). An act in which a brand-new business or businesses are created while keeping the scales of profit growing (DeFillippi and Spring,1996). An activity of starting up a business venture with equal chances of profit and loss (Laureiro, Cannessa and Brusoni et al., 2014)

Entrepreneur: The term entrepreneur can be defined as of Entrepreneurship

A person who takes up the risk of starting up a new business venture with the equal responsibility of losses and gain (Evans and Leighton, 1990). A person who can develop an innovative niche in the market on its own without the exploitation of given opportunity (Brandstätter, 2011). A person who has the ability and willingness to manage a business or businesses despite the risks and rewards (Hofer and Bygrave, 1992).

Types Entrepreneurship of Entrepreneurship

As all entrepreneurship are never the same so it has been divided into four major types which are as follows;

Small Business Entrepreneurship: This type of entrepreneurship includes the small business set-ups such as travel agencies, barber shop, grocery shop, consultancies, etc. The owner can hire whomever they wish to and is practically their own boss.

Scalable Start-up Entrepreneurship: These are just as the same as small businesses but what differs them is the vision and motive. These ventures are started only with the goal to make a difference in the world and to achieve something. One of its major examples is the Silicon Valley which is an innovation cluster.

Large Company Entrepreneurship: The businesses which are launched and run by the large companies, offering new products and items with every new lifecycle. Their goal is to bring innovation in terms of their customers, technologies, competitors and legislation.

Social Entrepreneurship: The entrepreneurs who strive to make a difference socially and for the society carry out the social entrepreneurship. To make the world a better place to live in is their foremost duty which is totally opposite to the scalable startup businesses (Ulhøi, 2005) (Freytag and Thurik, 2010).

PART B: AREA OF INTEREST of Entrepreneurship

Entrepreneurship is basically a tool or mechanism one can say that is being used to open up the minds of different individuals as well as an organizations. It is a kind of added value of innovation and creativity both which mainly focuses on the investment in human capital through fostering and enhancing the can-do attitude. My area of interest an entrepreneur is business field where one can be creative as much as possible. Business is a field where risks are being taken and I am a risk taker. I love taking risks in my life and I believe that I am lucky enough in this matter. So my area of interest as an entrepreneur is business field.

Reason of Interest of Entrepreneurship

Entrepreneurs are being called as the driving force which build the economy of a country by their innovative strategies. Hence, the field of entrepreneurship brings a lot of benefits along with it which are as follows;

Economic Development of Entrepreneurship: A major chunk of capital is being invested by the entrepreneurs in their business ventures. But not only this they also attract a huge amount of capital from the market place to the country’s economy and strengthens it.

Innovations in the Industry of Entrepreneurship: An idea in the field of entrepreneurship is only appreciated and applied when it reaches the targeted demographics. Introducing a new product or item in the market is the adventure an entrepreneur looks up for.

Enhancement of Managerial Abilities of Entrepreneurship: A person gets to learn a whole new set of skills in this ground. He/she has the option to analyze its options and capabilities based on talent and have the power of decision making (Szirmai, Naudé and Goedhuys, 2011) ( Hofer and Bygrave, 1992).

Background to the chosen Entrepreneur of Entrepreneurship

- Name of the Entrepreneur: Jeff Bezos

- Educational background: Jeff Bezos is the CEO and founder of e-commerce giant Amazon and is one the top most entrepreneurs in the World. Jeff graduated from the Princeton University in 1986 with Bachelor of Science in computer science and electrical engineering.

Background to the Organization of Entrepreneurship

-  Name of the Entrepreneur’s organisation: Amazon.com

-  Location: Seattle, USA

-   Nature of business: E-commerce, online shopping store

-   Number of employees: 647,500 employees

Summary of Entrepreneurship

There are about 4.2 women and men who are entrepreneurs and are running small and big businesses on a full-time basis. What they add to the nation’s stream is there time and investment in the form of capital with the risk of wasting it. The positive aspect to it is the advantage obtained at the end in the form of profits. Just as the example of Jeff Bezos an extremely talented and skillful entrepreneur who achieved the maximum in a limited time.

References of Entrepreneurship

Cunningham, J.B. and Lischeron, J., 1991. Defining entrepreneurship. Journal of small business management, 29(1), pp.45-61.

DeFillippi, R.J. and Spring, S.E., 1996. Project entrepreneurs for project-based enterprises: Extension or complement to project management competencies. In PROCEEDINGS-PROJECT MANAGEMENT INSTITUTE (pp. 566-570).

Evans, D.S. and Leighton, L.S., 1990. Some empirical aspects of entrepreneurship. In The economics of small firms (pp. 79-99). Springer, Dordrecht.

Katila, R., Chen, E.L. and Piezunka, H., 2012. All the right moves: How entrepreneurial firms compete effectively. Strategic Entrepreneurship Journal, 6(2), pp.116-132.

Laureiro-Martínez, D., Canessa, N., Brusoni, S., Zollo, M., Hare, T., Alemanno, F. and Cappa, S.F., 2014. Frontopolar cortex and decision-making efficiency: comparing brain activity of experts with different professional background during an exploration-exploitation task. Frontiers in human neuroscience, 7, p.927.

Szirmai, A., Naudé, W. and Goedhuys, M. eds., 2011. Entrepreneurship, innovation, and economic development. Oxford University Press.

Ulhøi, J.P., 2005. The social dimensions of entrepreneurship. Technovation, 25(8), pp.939-946.

Fritsch, M. and Schmude, J. eds., 2007. Entrepreneurship in the Region (Vol. 14). Springer Science & Business Media.

Freytag, A. and Thurik, R., 2010. Introducing entrepreneurship and culture. In Entrepreneurship and culture (pp. 1-8). Springer, Berlin, Heidelberg.

Hofer, C.W. and Bygrave, W.D., 1992. Researching entrepreneurship. Entrepreneurship theory and Practice, 16(3), pp.91-100.