BBA220 Entrepreneurship and New Venture Management

Added on -2020-02-24

| BBA220| 11 pages| 2448 words| 49 views

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RUNNING HEAD: ENTREPRENEURSHIP1ENTREPRENEURSHIPStudent NameInstitute Name
ENTREPRENEURSHIP2ContentsIntroduction......................................................................................................................................3Definition of entrepreneurship.........................................................................................................3Origin of Entrepreneurship..............................................................................................................4Mindset............................................................................................................................................4Entrepreneurship and the concept of business ventures..................................................................5Market expansion.............................................................................................................................5Role of the entrepreneur..................................................................................................................6Franchises and entrepreneurship......................................................................................................6Importance of entrepreneurship.......................................................................................................7Conclusion.......................................................................................................................................9Reference.......................................................................................................................................10
ENTREPRENEURSHIP3IntroductionThe concept of entrepreneurship all across the world is taken as the important assets that every country must cultivate, motivate and also reward it well so that it can achieve the highest level possible. It is often changed the way in which people work as well as lead their lives. In case of success, the level of innovation along with creativity can increase the standard of living for the people (Silverthorne, 2017). It also means that apart from developing wealth from different venture options for entrepreneurship, it is also important to create employment options and the situations for the country and society to prosperous. Definition of entrepreneurshipThe concept or the idea of entrepreneurship can be defined as a person who initiate, organize as well as manage any establishments in the form of organization which is also surrounded by considerable amount of risks and initiatives (Ismail et al., 2016). It can be small establishment as well as big business with big risks and rewards as well. The overall concept depends on perceiving new opportunities in business and them usually shows a positive kind of biases in different perceptions. It is also amalgamated with a risk taking approach that can make them more options or alternatives as opportunities (Remund et al., 2017). Entrepreneurs should also control several commercial based undertaking with directions for different factors of production along with human, financial and material based resources that are needed for exploiting the business opportunities. (Borisseko & Boschma, 2017). An entrepreneur has to take over different positions like manager as well as they also oversees the launch and development associated with enterprise. In other words, it is a process which can help people or a team to
ENTREPRENEURSHIP4recognize a business opportunity and get as well as deploy the importance of resources needed for proper exploitation. It further may also include: - 1.Development of plan for business2.Recruiting or hiring the right kind of human resources3.Getting material and financial resources4.Providing right kind of leadership5.Acting more responsible for the success of the venture as well as failure (Kapinga and Montero, 2017)6.Matter of risk aversionOrigin of EntrepreneurshipThe word entrepreneur is taken from a French word. This word first used in the year 1723 and in the today’s world it implies as the qualities based on initiative, leadership as well as innovation in new kind of venture based designs. According to number of authors, the term is associated with the concept of team building, ability of management and essential qualities for any entrepreneur to have (Borissenko & Boschma, 2017). In historical term, the study of this conceptgoes back in late seventeenth and early eighteenth centuries when the concept of classical economics also introduced. In 20th century, the concept was thoroughly studied by authors like Joseph Schumpeter and other types of economists like Ludwig von Mises and many more. The word entrepreneurship was introduced around the year 1920 (Alvarez et al., 2016).Mindset a.The clear defining of the activities that need to be processes.

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