Entrepreneurship: Acceptable Tradeoffs and Ideological Nature

Running head: ENTREPRENEURSHIP
Entrepreneurship
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1ENTREPRENEURSHIP
Introduction
In the recent time, one of the major trends in the business scenario is emergence of the
concepts of entrepreneurship. This refers to the initiation of innovative business ideas and
opportunities by some visionary people that can change the existing business trend and scenario.
In the recent time, there are number of successful instances of entrepreneurship being emerged
with some of them went to topple the established players and corporate in the market. However,
there are number of factors that should be considered in evaluating the effectiveness of the
entrepreneurship (Toma, Grigore and Marinescu 2014). This is due to the reason that in major
cases there are number of difficulties and challenges being faced by the entrepreneurs in
developing and implementing their business ideas and vision.
Thus it is important for the successful entrepreneurs to effectively determine and balance
between the difficulties of the entrepreneurs and the level of success they gain. The more
effective will be the balance, the more will be the probability of getting success in
entrepreneurship (Murmann and Sardana 2013). There are various instances where it is being
seen that entrepreneurs went through number of difficulties in the earlier stage and became
successful further. This essay will discuss about the acceptable tradeoffs between the downside
of the concept of entrepreneurship and the success they gain. In addition, the concepts of
entrepreneurship will also be critically evaluated with the help real life examples of
entrepreneurship.
Concept of entrepreneurship
There are number of concepts being discussed and stated by different authors and the
concepts of entrepreneurship are becoming more diverse and different in nature with time. This

2ENTREPRENEURSHIP
is due to the reason that with time, the diversity in the business scenario and opportunity is
rapidly increasing. According to Miller (2015), there are numbers of downsides that can be
identified from the initiation of concept of entrepreneurship. One of the major downsides of
entrepreneurship is contradiction with traditional or conventional approach. This is due to the
reason that majority of the ideas promoted through the concept of entrepreneurship are unique
and distinctive in nature and they challenges the conventional business models. Thus according
to the author, it becomes difficult and complex for the entrepreneurs to measure the viability of
their ideas. On the other hand, it is also being stated by the author that having unconventional
ideas for the entrepreneurship also cause difficulties for other involved stakeholders. This is due
to the fact that the approach initiated by the entrepreneurs cannot get matched with that of other
stakeholders involved.
Thus, from the above opinion of the author, it can be concluded that it is important for the
entrepreneurs to break the egg first before making omelet. This is due to the reason that
challenging the mainstream and conventional ideas will lead to the difficult behavior for the
entrepreneurs. However, on the other hand it can also be concluded that in different cases the
difficult behavior for the entrepreneurs also lead to the success in future. For instance, in the case
of Steve Jobs, the approach followed by him was much different from the existing business
approaches and trends. It is reported that the major objective of Steve Jobs is not earn and
maximize profit or being the market leader in the electronic gadget market, which is expected
from a leading tech company (Clapp and Swenson 2014). He was having the objective of
providing the latest and most innovative products possible to the customers. In accordance to this
vision of him, Steve Jobs always pushed his employees to focus more product innovation over
other aspects. In addition, it is also being reported that Steve Jobs was known for his leadership