Entrepreneurship Theory and Practice

Running Head: ENTREPRENEURSHIP
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Entrepreneurship
Entrepreneurship Theory and Practice
(Student details :)
6/14/2019

Entrepreneurship
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Contents
Entrepreneurship Theory and Practice.......................................................................................2
Introduction................................................................................................................................2
Theory of Entrepreneurship.......................................................................................................2
Case Study 1...............................................................................................................................4
Case Study 2...............................................................................................................................6
Conclusion..................................................................................................................................7
References..................................................................................................................................7

Entrepreneurship
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Entrepreneurship Theory and Practice
Introduction
This report is focused on the critical evaluation of various conceptualizations of
entrepreneurship in theory as well as practice. To do so, this discussion will demonstrate an
awareness of the ideological nature of the entrepreneurship concept. In addition to that, while
talking about the entrepreneurship theory and practice this paper will contain activities and
journey of two well-known entrepreneurs in order to illustrate the whole scenario. In general,
entrepreneurship is the activity or setting up a business, while taking on financial and other
risks within the hope of long-term profit from that business (Buckley & Ghauri, 2015). In
other words, it can be said that it is the procedure of designing, launching as well as running a
new venture or business whereas people who attempt to create such businesses are usually
known as entrepreneurs (Burns, 2016).
In this way, the main question ‘can you make an omelette without breaking eggs’ will be
evaluated and answered with the detailed case study analysis of the two famous
entrepreneurs.
Theory of Entrepreneurship
Entrepreneurship is an economic activity of the person who starts, manages as well as
assumes the financial risk within a business enterprise. Thus, entrepreneurs are the persons
who undertake all entrepreneurship activities (Bargiela et al., 2013). The modern scientists
consider that human stands at the core of all economic activities and hence he assumes
several roles within the development process like being an organizer of human and resource,
consumer, worker and being a change agent. In this way, out of the all multiple roles the
man’s role as an organizer of human resources is the basic and important one which is known
as the essence of entrepreneurship. In this context, many social scientists expressed the
entrepreneurship as the main variable that links the social-cultural milieu with that of the rate
of economic growth (Shenkar et al., 2014). The word ‘entrepreneur’ was there in the French
language dictionary far before the emergence of the theoretical concept of entrepreneurship
function. Later then, during the early 16th century, this theory was successfully applied to the
people who were engaged within military expeditions. Subsequently, in the 17th-century