Importance of Entrepreneurship and Entrepreneurial Skills

ENTREPRENEURSHIP
LEVEL/ LEVEL 5

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is the activity of setting up a business and also take the financial risk
with an aim to increase profit. The study will help to understand the importance of
entrepreneurship and describe entrepreneurial skills. Further by using key theories, entrepreneur
will understand the trait and skills required. Lastly, study will explain entrepreneurship and
enterprise with focus on their importance to the economy.
MAIN BODY
Entrepreneurship is creation of value and it is viewed as change which further includes
other values than simply economic ones. Thus, if not properly regulated then it can lead to unfair
market practices which leads to income inequalities. Hence, fostering entrepreneurship is an
important part in which different growth strategies of many local and national government
around the world (Kraus and et.al. 2018). So it is analyzed that it is the act of creating a business
while building and scaling to generate a profit. Also, it is the meaning of entrepreneurship
involves an entrepreneur who takes an action in order to make a change in the world. Basically
there are four types of entrepreneurship such as small business, scalable startup, large company
and social entrepreneurship. So these types of entrepreneur are focus upon the producing product
and services which in turn solve the social needs and problems.
Therefore, entrepreneurship assist to improve the standard of living of a person by
increasing the income and it is the hub of an innovation which provides new product ventures.
Hence, entrepreneurship assists the organization towards a more stable as well as high quality of
community life (Monitor, 2016). Also, entrepreneurs assist drive change with an innovation
where they meet the market demand and also improved the products which in turn enable new
markets to be developed.
In addition to this, there are different traits which are possessed by the entrepreneur such
that they have motivation skills in which they keep encourage the employees to increase the
performance (Malecki, 2018). As hard working business owners are effectively motivated to
succeed and they adopt this mindset and also being able to reflect the motivation skills. Also,
creativity is another trait which an entrepreneurs and this trait makes them different from leader.
Such that most of the entrepreneurs are likely to provide range of products by applying their
creativity skills and this in turn assist to meet the market demand. Moreover, they also have a