Entrepreneurship and Entrepreneur

Entrepreneurship is crucial for economic growth and job creation. This report discusses the importance of entrepreneurship and entrepreneurs in economic development. It also explores the impact of entrepreneurship training and coaching on management skills. The report highlights the role of entrepreneurship in innovation, research and development, and improving standards of living.

Running Head: ENTREPRENEURSHIP 0
ENTREPRENEURSHIP AND
ENTREPRENEUR

Entrepreneurship 1
Table of Contents
Introduction................................................................................................................................2
Literature Review.......................................................................................................................2
Entrepreneurship and Entrepreneur............................................................................................3
Conclusion..................................................................................................................................5
References..................................................................................................................................6

Entrepreneurship 2
Overview
Entrepreneurial development nowadays has turn out to be very important in the perspective
of economic growth. The intentions of regional development, employment generation and
industrial development are based on entrepreneurial development (Bruton, Ahlstrom and
Obloj, 2008). The two major aspects of Entrepreneurial development are - Entrepreneurship
and Entrepreneurs.
Entrepreneurship is a process of action taken out with opening a business enterprise or a
company for completing both profit and social needs. On the other hand, an entrepreneur is
someone who builds and formulates a corporate model by acquiring essential human and
physical capital to start a fresh venture and operationalizes it and is accountable for the
success or failure (Nelson, 2008). Both these aspects collectively established a venture for
achieving various specific objectives. The next section of this report includes an explicatory
literature review of the three articles based on these two aspects.
Literature Review
In the dynamic and competitive business environment, Entrepreneurship practices need to be
incorporated in the early stage of entrepreneurs for the successful attainment of the respective
business goals and objectives. Elenurm and Reino, 2013 stated some of the interacting
arrangements and information sharing challenges of latent and early-stage entrepreneurs with
the help of a survey held in Estonia. Moreover, various creative ambition in relation to
business development is expressed and these visions are not considered to be focus area by
the entrepreneurs. Several ideas were shared with the researchers by the innovative
entrepreneur with help of cross boarder networking. On the contradictory side, other
entrepreneur just takes advice from the nearby family and friends. Both efficient-driven and
innovative-driven economies were benefitted with the help of cross border knowledge shared
between early stage entrepreneur. In the early stage of entrepreneurs, personal knowledge
management practices can be enhanced with the help of entrepreneurship education and
training and co-creative entrepreneurial directions of substantial entrepreneurs.
In entrepreneurs, management skills can be developed and improved with the help of
entrepreneurship training and coaching. Putta (2014) stated that trained entrepreneurships

Entrepreneurship 3
have more management skills to run the enterprise than entrepreneurs do without
entrepreneurship coaching. For instance, there is an entrepreneurship-training centre at
Tashkent in Uzbekistan where entrepreneurs have undergone in an entrepreneurship
management-training programme to improve their management skills. Survey shows that this
training has a positive impact on the entrepreneurs’ management skills which later on
enhance enterprise management.
With the help of International Entrepreneurship Monitor data of 29 nations, it can be said that
several factors have a significant impact on male and female entrepreneurship at the nation
level (Verheul, Stel and Thurik, 2006). The author discussed two measures in relation with
female entrepreneurship and these have differential relative impact on female and male
entrepreneurship. The first extent is used to identify whether any sort of variable having an
influence on entrepreneurship in broader aspect and additional extent was used to identify
whether aspects have a differential relative influence on male and female entrepreneurship.
For instance, whether they impact the multiplicity or gender structure of entrepreneurship.
Entrepreneurship and Entrepreneur
Entrepreneurs are considered to be as national assests that need to be motivated, cultivate,
remunerated in every possible manner. If successful, their innovation may enhance standard
of living, and for to generating capital with their entrepreneurial projects. With the process of
entrepreneurship, there can be creation of jobs and conditions in respect with the well-off
society. Entrepreneurial projects produce fresh wealth whereas remaining organizations may
remain limited to the space of current markets (Stuart and Sorenson, 2007). In addition, rise
in employment and greater remunerations also add to improved countrywide income in
relation to higher tax revenue and greater government spending.
Entrepreneurship is the dynamic process of generating incremental capital and innovative
things of value that has a bearing on the welfare of an entrepreneur (Brooks, Huang, Kearney
and Murray, 2014). With enhance of social welfare, it delivers civilization with a huge
amount of goods and services. Some of the major importance of entrepreneurship is – growth
of entrepreneurship, creation of job opportunities, innovation, enhance standards of living and
promotes research and development.

Entrepreneurship 4
There is research that shows high level of self-employment can be a part in future of
economic development. Moreover, entrepreneurship is an acute driver of innovation and
economic development and also, nurturing entrepreneurship is a significant aspect of the
economic growth strategies of many regional and nationwide governments around the globe.
For instance, in United Kingdom, the British Government offer support for the developing
entrepreneurship. They introduce various financial measures and promote international trade
by providing training programmes so as to improve performance. In UK, entrepreneurs are
seeking various sources to raise capital and thus British government has intended various
schemes to benefit small and medium business. They also introduce £75 million as Capital
Enterprise Fund, where £50 million was funded by the government (Entrepreneursuk, 2010).
Similarly, every country, nation and state are trying to fostering entrepreneurship and
promotes entrepreneur so that it will lead to the economic development of the respective
country.
Within the study of entrepreneurship, there are varieties of approaches and theories that have
been selected to describe entrepreneurs. These studies focus on entrepreneur personalities,
background, early experience, and traits that have been widely focused on behavioural
aspects of entrepreneur. Moreover, the cognitive process in the decision making also explored
in these researches.

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Conclusion
The concept of entrepreneurship has evolved over the past few decades. The interesting
interaction of entrepreneurship and economic growth grasps significant inference for the
policy makers, management in the organization, business owners and change agents.
Considering the welfares and drawbacks, a stable approach to developing entrepreneurship
can bring optimistic influence over the society and economy.
Entrepreneurship is necessary due to incompatibility, complex and uncertain environmental
changes. The first step for the organizations is to build a perfect platform for attract and
growth of potential entrepreneurs. It is important for entrepreneurs to acknowledge their traits
to bring disruption in the industry with the help of their creative and innovative ideas. This
will not only foster economic growth but also promote a spirit in many individuals to become
self-employed in this competitive market place.

Entrepreneurship 6
References
Brooks, A.W., Huang, L., Kearney, S.W. and Murray, F.E. (2014) Investors prefer
entrepreneurial ventures pitched by attractive men. Proceedings of the National Academy of
Sciences, 111(12), pp.4427-4431.
Bruton, G.D., Ahlstrom, D. and Obloj, K. (2008) Entrepreneurship in emerging economies:
Where are we today and where should the research go in the future. Entrepreneurship theory
and practice, 32(1), pp.1-14.
Elenurm, T. and Reino, A. (2013) September. Knowledge sharing challenges in developing
early-stage entrepreneurship. In European conference on knowledge management (p. 211).
Academic Conferences International Limited.
Entrepreneursuk. (2010) Entreprenuership in UK [ONLINE] Available from:
http://www.entrepreneursuk.net/ [Accessed 16/12/2018].
Nelson, R.R. (2008) Economic development from the perspective of evolutionary economic
theory. Oxford development studies, 36(1), pp.9-21.
Putta, S.S. (2014) Improving entrepreneur's management skills through entrepreneurship
training. Journal of Commerce and Management Thought, 5(3), p.459.
Stuart, T.E. and Sorenson, O. (2007) Strategic networks and entrepreneurial
ventures. Strategic Entrepreneurship Journal, 1(3‐4), pp.211-227.
Verheul, I., Stel, A.V. and Thurik, R. (2006) Explaining female and male entrepreneurship at
the country level. Entrepreneurship and regional development, 18(2), pp.151-183.