FUNDAMENTALS OF ENTREPRENEURSHIP | Paper

Running head: FUNDAMENTALS OF ENTREPRENEURSHIP
FUNDAMENTALS OF ENTREPRENEURSHIP
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FUNDAMENTALS OF ENTREPRENEURSHIP1
Introduction
Due to fact that the entrepreneurship could be considered as modern concept in context of
business market as well as increasing awareness is there for its importance along with
contribution to community, evidence is there of centers and institutions set up for promoting
spirit of entrepreneurship, enhance the activities as well as practice this in field. This paper
introduces entrepreneurship’s concept in the paper and how the government intervention could
promote this in achieving effective performance. Small businesses are dependent upon traditional
styles, technology of low level within business management as well as traditional processes of
marketing for promoting their services and products (Westhead, Wright and McElwee 2011).
Small organizations are susceptible for competitiveness which stem from the foreign
organizations as the foreign organizations have outstanding quality and high technology. Desire
in stimulating job and economic growth through application of innovation as well as
entrepreneurship has been common theme for government policy.
Business Performance
There is wide difference between performance measures of the organizations which leads
to great diversity within outcome of relationship. Objective data, in such regard, is tough in
acquiring as the respondents are quite hesitant in releasing private data to public. Though, firm
performance’s subjective evaluation is volunteered readily by managers and owners, however it
lacks strong reliability (Yoon et al. 2018). On other hand, the performance could be deemed in
having multiple dimensions. Hence, this is much more beneficial in combining several objective
and subjective performance measures for accurately measuring performance.

FUNDAMENTALS OF ENTREPRENEURSHIP2
Characteristics of Entrepreneurship
Characteristics of entrepreneurship are several as well as varied. Self-confidence,
ambition, resourcefulness, determination and passions spring in mind, however so do tolerance
of sleepless nights and risk taking. This could be challenging in keep going when customers do
not materialize and funding does not come through. Though it is possible in succeeding without
entrepreneurial spirit. Entrepreneurship’s main feature is willingness in taking risks (Malone and
Lusk 2016). This is no secret that about half of startups of small business survive for many years.
Determination goes with risk taking. One of most underrated characteristics of entrepreneurship
is perspective. This is one thing to be passionate of the business.
Several entrepreneurs select this lifestyle for autonomy and freedom this offers. Such
things are quite meaningless of balance of work and life is not right. Store owners, auto
mechanics, plumbers, hair stylists and restaurant owners are entrepreneurs, however they are
backbone of community of entrepreneurship. Classical entrepreneurs usually are has worked in
respective industry for few years and feels in starting business of their own. Those having idea
for next My Fitness Pal, Dropbox and Facebook fall under innovative entrepreneur’s category
(Chen et al. 2018). Such people mainly think to build business which would scale up rapidly so
they could sell this to one of big corporations in huge amount of money. They come often from
technical or science background as well as are adept to spot customer trends as well as new
technologies. The approach is quickly developing products and ideas for meeting the new
requirements.
Social entrepreneurs are driven by desire for creating positive change within their society
and communities at large. Businesses are started by them for helping people and be force for
good in world. Success is not measured by them with respect to profit only. Sole job of serial