Entrepreneurship Theory and Practice

Running head: ENTREPRENEURSHIP THEORY AND PRACTICE
Entrepreneurship theory and practice
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ENTREPRENEURSHIP THEORY AND PRACTICE
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Executive Summary
This report focuses on the entrepreneurial venture. In the extreme volatile business environment,
launching and running business independently has become a major trend as it is the key of
staying aside from hardcore competition in the market. It is imperative to note that strong vision
and great self-confidence are the key of running own entrepreneurial venture with utmost
efficiency. This report has presented the strengths and weaknesses of two of the famous
entrepreneurs namely Richard Branson and Mark Zuckerberg. The impact of both strength and
weakness on their career as successful entrepreneur has also been presented in the report.
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ENTREPRENEURSHIP THEORY AND PRACTICE
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Table of Contents
Introduction:....................................................................................................................................4
Conceptualization of entrepreneurship:...........................................................................................4
Characteristics of successful entrepreneurs:....................................................................................6
Strengths and weaknesses of Richard Branson and its impact on his career as entrepreneur:........7
Strengths and weaknesses of Mark Zuckerberg as successful entrepreneur:..................................9
Conclusion:....................................................................................................................................10
Reference:......................................................................................................................................11
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ENTREPRENEURSHIP THEORY AND PRACTICE
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Introduction:
In the highly volatile business environment, starting and running own business has
become a latest trend. This is the way, through a strong financial base can be acquired. There lies
the significance of successful entrepreneurship. As discussed by Drucker (2014) starting and
running own business is considered as entrepreneurship and the person, who operates own
business independently is considered as successful entrepreneur. The functions of entrepreneurial
venture comprise of discovering comprehensive business opportunity in the market and exploit
them properly for the sake of gaining immense success from business.
Entrepreneurship can have strong influence on promoting both national economies. In
addition to that,Kirzner (2015) stressed on the fact that entrepreneurship has considerable
contribution on lowering the issue of unemployment by offering wide range of job opportunity to
local people. This paper will put forth critical discussion of entrepreneurship. Fundamental
concept of entrepreneurship and the ideological nature of successful entrepreneurs will be
evaluated. The discussion will be illustrated by taking reference from Richard Branson and Peter
Jones- two of the most successful entrepreneur of UK. The strengths and weaknesses of both of
these entrepreneurs will be discussed in the paper.
Conceptualization of entrepreneurship:
According to Venkataraman (2019) entrepreneurship is defined as the process of
planning, designing and running own business. This is considered as the capacity and willingness
of organizing and managing own business venture by their own risk in order to make profit. The
chances of risk related to profit making is comparatively high in the context of entrepreneurship.
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