Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. Entrepreneurs act as managers and oversee the launch and growth of an enterprise.
This is sometimes referred to as the functionalistic approach to entrepreneurship. These scholars tend to focus on what the entrepreneur does and what traits that an entrepreneur has (see for example the text under the headings Elements below). Some view entrepreneurship as allocated to the entrepreneur. It has been studied within disciplines such as management, economics, sociology and economic history. Perspectives on entrepreneurship Īs an academic field, entrepreneurship accommodates different schools of thought. 7 Entrepreneurship training and education.5.4 Designing individual/opportunity nexus.5.1 Uncertainty perception and risk-taking.3.4 Relationship between small business and entrepreneurship.
In this sense, entrepreneurship describes activities on the part of both established firms and new businesses. In the field of economics, the term entrepreneur is used for an entity which has the ability to translate inventions or technologies into products and services. While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to "lack of funding, bad business decisions, government policies, an economic crisis, lack of market demand, or a combination of all of these." More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, which is often similar to a small business, or as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit." The people who create these businesses are often referred to as entrepreneurs. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. The process of setting up a business is known as entrepreneurship. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones.Īn entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. Entrepreneurship is the creation or extraction of economic value.
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