Entrepreneurship: Theoretical Knowledge, Traits, and Skills

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Evaluate the theoretical knowledge of entrepreneurship.............................................................3
Difference between entrepreneurial traits and skills...................................................................4
Apply entrepreneurial theories for effective understanding of traits and skills to become
successful entrepreneurship.........................................................................................................6
Explain entrepreneurship and enterprise focusing on the importance on economy....................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurs are those individuals who leads to create and develop new business by
considering risk factor and after that enjoy suitable rewards. Entrepreneurs are prominently
considered as the innovator and their source is innovative ideas products and services for their
business. Entrepreneurship plays an important role within the economy by considering their
initiatives and skills which are important in terms of bringing new ideas within the market.
Moreover, entrepreneurship is the extraction of value which is considered as the change that
leads to undertake various values instead of simplifying economic situation (Amato, and et. al.,
2017). Entrepreneurship is considered as an ability in terms of organising developing and
running a business organisation considering the uncertainty is it is helpful in terms of making
profit. Report is based on the growth and success of entrepreneurs within the dynamic business
environment because of the advancement in technology and the impact of covid-19 over it.
Therefore, the report covers the theoretical knowledge about Entrepreneurship and comparison
among the entrepreneurial skills and traits. Along with these two prominent entrepreneurship
theories are discussed considering the skills and traits of entrepreneur which are required in
terms of becoming a successful entrepreneur and also explain and the price and Entrepreneurship
by focusing on the significance towards the economy.
MAIN BODY
Evaluate the theoretical knowledge of entrepreneurship
Entrepreneurs leads to create a theme and an idea that include individuals with innovative
personality characteristics and abilities including locus of control risk taking prevents
commitment creativity vision and many more. Entrepreneurs are those individuals who bear risk
and work within various uncertainties but orientation work developed by economist for
formulating systematic theory of entrepreneurship (Doern, 2016). It is the prominent fact that
entrepreneurship is essential factor for the economic development. In terms of becoming a
successful entrepreneur it is important to have prominent skills which is being able to evaluate
ideas. It is important for an entrepreneur to prominently write down their principles by
considering their ideas in chronological way. Therefore, these ideas reflect and review
entrepreneurs in terms of refining them something in a prominent starting to consider their