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Entrepreneurship - Assignment Sample

   

Added on  2021-04-17

8 Pages3221 Words38 Views
Running head: ENTREPRENEURSHIP0Entrepreneurship and Importanceof Growing Firms

ENTREPRENEURSHIP1Entrepreneurship and Importance of growing firmsEntrepreneurship is the process of executing the innovative ideas for the betterment of the society and economy. It is considered as the key for generating wealth, employment and economic growth; a tool for decreasing poverty and unemployment. Entrepreneurship is inspired to stimulate growth because it is substitute to unemployment and the direction to abscond the poverty. The growth of the firms depends on entrepreneur as they make the innovative strategy and policy to achieve the objectives. Entrepreneurial firms are also very helpful in regional development by providing direct or indirect support in lifting up the regional economy. Entrepreneurship is very crucial to any economy. The objectives of this study are to discuss about the role of entrepreneurship in the economic development through various ways and the entrepreneurial firm’s potential for growth, relation between entrepreneurship and management and major objective is that entrepreneurship plays an important role in the growth of economy and living standard of the country (Toma and Marinescu, 2014). Entrepreneurship majorly supports the growth of economy by decreasing the unemployment in the country by providing jobs.Entrepreneurship is the act of creating a business or businesses with the motive ofgenerating profit. The meaning of entrepreneurship is very complicated. Entrepreneurshipinvolves person who take actions for transformation of the world by solving huge problemsthat many struggle with each day, or raise something comprehensive that advances society.Entrepreneurship is the process whereby an individual assess, determine and exploits abusiness opportunity (Volery and Mazzarol, 2015). An entrepreneur is the one who take theidea and execute on it instead of just had an idea stuck in the mind. Entrepreneurship isabout execution of ideas. Entrepreneurs have exceptional ability and extraordinary powers,their talents include being intelligent, innovative and ambitious. They repeatedly take actionto make sure progress of the world, they observes issues in the business environment andinstantly focuses on thinking about the solution (Drucker, 2014). They want to providesolutions to the society for day to day problems to improve and take forward their society.Whether they create jobs for decreasing the unemployment or by creating new products oralso by providing innovative services, they execute their innovative ideas for the world’sprogress. Entrepreneurs are very important in society as they put efforts on their own toimprove society. Entrepreneurs are the ones who create jobs (Naude, 2014). Their motive tocontinue their business growth is for creating new jobs, so that it could be helpful indecreasing unemployment because if the business is growing then they would require moreemployees. Entrepreneurs create changes in the society as they see opportunity everywhereand this talent to see many options in different situations is very censorious. They usuallytake risks but that does not mean to be spontaneous with risks of business, so they executetheir ideas with proper planning, strategy, analysing and observing the advantages anddisadvantages. An effective entrepreneur enhances the capacity and potential of decisionmakers to make most appropriate decision for business. A business can adopt theentrepreneurship by looking at some major factors, like; vision, mission and strategy of thebusiness, culture and structure of the organization, knowledge and creative management,technology management, effective and ethical leadership, managing the risks and corecompetencies (Decker, et al., 2014). They are generally faster to approach the market withentire new technologies; this is very helpful in taking society forward towards growth.

ENTREPRENEURSHIP2Entrepreneurs are helpful in balancing regional development as when they establish theirnew business in backward and less developed area; then they are lifting regional economiesin both direct and indirect manner because when the businesses and industries grow inthese areas then this would instigate infrastructure enhancement, such as better roads andrail links, airports, stable electricity power and water supply, schools, hospitals, shoppingmalls and other public and private services that would not otherwise be available. Innovativemind set and personality is the vital role of an entrepreneur, innovation is the process ofexecuting the creative ideas and experimentation by launching new products, technologiesand services in a different manner. It represents the firm’s likelihood to attract and hold upnew ideas through creativity and experimentation that would help in developing newproducts, services and technologies. Entrepreneurs are supposed to work actively byimplementing their creative ideas productively before their competitors (Galindo andMendez, 2014). They are proactive in nature; they set some parameters and make sure thatthey are following the same for achieving goals. They know that if something needs to bedone, they should begin it themselves. Entrepreneurs are highly motivated for achievements,in this a person with the motive of achievement would be an entrepreneur and when highlymotivated actions are implemented then result comes that is entrepreneurship. Therequirement for achievement is the feature for describing economic behaviour or people. Inthe hope of achievement, entrepreneurs perform things in different and new ways which arebetter. If someone is facing any problem in the organisation then the entrepreneurindividually take the ownership of the work to find the resolution of the problem and fix it in abetter way. They are very dedicated towards their plans, visions and dreams; this kind ofbehaviour towards the organisation is very beneficial for whole business. A positive point ofview is necessary for an entrepreneur; one should not get demotivated because of pastfailures and disappointments. Entrepreneur is the one who is very talented in monetarymanagement because without financial support one cannot enhance business for long term,so they take updates every month and make sure that it is going in the same way in whichthey had planned. Risk taking is the key feature of entrepreneurship because without takingrisk or if one is scared of taking risk then they cannot implement or execute their ideas toachieve their goals (Putta, 2015). Entrepreneurs are recognised by their behaviour of risktaking as they have this inbuilt nature of taking chance but they take risk with productive andreflective strategy. They make a well-articulated strategic orientation for future and long termgrowth.Entrepreneurial manager tries to initiate the creative ideas of the organisation with theeffective and efficient use of resources. Entrepreneurs firstly develop the idea and businessconcept then raise principal for starting up the business; they hire the employees forgathering a productive and loyal team. They make innovative strategies to compete with thecompetitors, then they implement the strategies and analyse regularly to look if the plan iseffective and productive then they it would help business in growth. Entrepreneurship isimproving the quality of life in the society through balancing the development in economyand finance (Wright, 2015). Entrepreneurs think with the society’s point of view and analysethe needs and wants of the society and then plan to fulfil the need of their communities andsocieties; this would help an entrepreneur to contribute to the development of society. Theyalso plan with the motive of creating financial wealth. Growth of the organisation is major priority of the one who makes the policies. There isconsequently an anxious scrutiny in achieving more knowledge about the policy which helps

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