Fundaments of Entrepreneurship Report 2022
Added on 2022-10-11
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Running head - FUNDAMENTS OF ENTREPRENEURSHIP
Fundaments of Entrepreneurship
Name of the student
Name of the university
Author’s note
Fundaments of Entrepreneurship
Name of the student
Name of the university
Author’s note
FUNDAMENTS OF ENTREPRENEURSHIP1
Introduction
The nature of entrepreneurship can be described as the process of launching,
designing and as well as running a new form of business in the competitive market. The
nature of the business can either be small or huge, depending on the size of the organisation
which would be created (Kirzner, 2015). The people who create the new form of business are
known as entrepreneurs. Entrepreneurship is basically described as the capability and the
willingness to develop organise and manage it ventures with other organisations. An
entrepreneur should be ready to face any form of risk in order to make profit. Therefore, not a
huge population have the capability of becoming an entrepreneur.
The following report would be discussing about how entrepreneurs shape the world
from their point of you and how they are responsible for providing new business and their
operations into the market. The aim of the research would be designing an interview
structure, and the research needed to be done over the topic which would help in knowing the
capabilities and the possibilities of people becoming an entrepreneur. The questionnaire
which would be made, will be having a brief overview of how entrepreneurs take the risk to
shape the world. The key learning of the recommendation that would be made from the report
would consist of examples of how entrepreneurship could help and also the key lessons of
forming the questionnaire.
Key lessons
The key lessons which have been gathered for forming the questionnaire have shaped
the student’s attitude towards entrepreneurship (Venkataraman, 2019). Before forming and
selecting an entrepreneur, it was necessary for the student to understand what the purpose of
the interview is. While the definition which describes entrepreneurship have typically roamed
around on the fact that it only means running a business. In fact, the term has a wider
Introduction
The nature of entrepreneurship can be described as the process of launching,
designing and as well as running a new form of business in the competitive market. The
nature of the business can either be small or huge, depending on the size of the organisation
which would be created (Kirzner, 2015). The people who create the new form of business are
known as entrepreneurs. Entrepreneurship is basically described as the capability and the
willingness to develop organise and manage it ventures with other organisations. An
entrepreneur should be ready to face any form of risk in order to make profit. Therefore, not a
huge population have the capability of becoming an entrepreneur.
The following report would be discussing about how entrepreneurs shape the world
from their point of you and how they are responsible for providing new business and their
operations into the market. The aim of the research would be designing an interview
structure, and the research needed to be done over the topic which would help in knowing the
capabilities and the possibilities of people becoming an entrepreneur. The questionnaire
which would be made, will be having a brief overview of how entrepreneurs take the risk to
shape the world. The key learning of the recommendation that would be made from the report
would consist of examples of how entrepreneurship could help and also the key lessons of
forming the questionnaire.
Key lessons
The key lessons which have been gathered for forming the questionnaire have shaped
the student’s attitude towards entrepreneurship (Venkataraman, 2019). Before forming and
selecting an entrepreneur, it was necessary for the student to understand what the purpose of
the interview is. While the definition which describes entrepreneurship have typically roamed
around on the fact that it only means running a business. In fact, the term has a wider
FUNDAMENTS OF ENTREPRENEURSHIP2
meaning in the field of economics as well as in the field of technology. Entrepreneurship
basically does not means that one will just launched and run a business. There are high
chances that the business started by the entrepreneurs’ may face a situation where there
would be a lack of funding, bad business decisions and economical crisis. Therefore, an
entrepreneur has to be more careful than just launching a business (Kuratko, 2016). It have to
be keep in mind, that it is not just about opening a business, it is about running the business
and sustainably in the competitive market.
While understanding the term entrepreneurship, the student came across a broader
definition of the term, which is used in the field of economics. In this usage, it is seen that the
entrepreneur is the sole entity which particularly has the ability to find and act over the
opportunities in translating inventions into sufficient products and services (Parker, 2018). In
this particular case, it is said that entrepreneurship have also been capturing innovative
activities along the part of establishing firms and also in addition to the similar activities in
becoming a new part of the business (Burns & Dewhurst, 2016).
While finding the appropriate entrepreneur to conduct the interview, the student came
across to the fact that entrepreneurship can be divided into several parts. The cognitive
approach helps that down to fit into many sectors of business. Industries like technology,
technological disruption, model of business income replacement and corporate awesome
typical type of entrepreneurship (Burns, 2016).
Basically entrepreneurship provides the opportunity to the people of being their own
boss. It helps in maintaining your own business without any disruption from a second party.
It has been witnessed that, many individuals want to work for themselves, as it helps them to
realise their potential and the flexibility of their work (Etzkowitz & Zhou, 2017). Basically,
traditional jobs structures which does not only limit the thinking possibility, but also limit the
meaning in the field of economics as well as in the field of technology. Entrepreneurship
basically does not means that one will just launched and run a business. There are high
chances that the business started by the entrepreneurs’ may face a situation where there
would be a lack of funding, bad business decisions and economical crisis. Therefore, an
entrepreneur has to be more careful than just launching a business (Kuratko, 2016). It have to
be keep in mind, that it is not just about opening a business, it is about running the business
and sustainably in the competitive market.
While understanding the term entrepreneurship, the student came across a broader
definition of the term, which is used in the field of economics. In this usage, it is seen that the
entrepreneur is the sole entity which particularly has the ability to find and act over the
opportunities in translating inventions into sufficient products and services (Parker, 2018). In
this particular case, it is said that entrepreneurship have also been capturing innovative
activities along the part of establishing firms and also in addition to the similar activities in
becoming a new part of the business (Burns & Dewhurst, 2016).
While finding the appropriate entrepreneur to conduct the interview, the student came
across to the fact that entrepreneurship can be divided into several parts. The cognitive
approach helps that down to fit into many sectors of business. Industries like technology,
technological disruption, model of business income replacement and corporate awesome
typical type of entrepreneurship (Burns, 2016).
Basically entrepreneurship provides the opportunity to the people of being their own
boss. It helps in maintaining your own business without any disruption from a second party.
It has been witnessed that, many individuals want to work for themselves, as it helps them to
realise their potential and the flexibility of their work (Etzkowitz & Zhou, 2017). Basically,
traditional jobs structures which does not only limit the thinking possibility, but also limit the
FUNDAMENTS OF ENTREPRENEURSHIP3
person’s capability. While being an entrepreneur, the individual is entitled to reach any
possible limit they want. It helps them pursue independent ideas, which in fact provide them
the opportunity to shape their business and to present their idea. It also helps in persuading
the financial rewards for themselves. The process is dependent on the capability of the
people. One individual can reach the sky with his capability, whereas another individual may
lose their patience while taking a hard decision (Burns & Dewhurst, 2016). In fact,
characteristics of a successful entrepreneurship can be stated as being passionate about the
business, focusing on the products and their fellow customers. It is necessary to face any kind
of failure and finally having proper intelligence and mindset to carry on the business. This
characteristics help in shaping entrepreneur to make further changes into the market (Parker,
2018).
It could be said that entrepreneur doesn’t wait for opportunities, they make them.
Basically, it is upon the entrepreneur to find the right opportunity to leap. The primary
process of making an opportunity is to find the scope of the opportunity first. Recognising the
opportunity is one of the most important step before starting a business. An entrepreneur
should have a clear set of mind for what they want to do with the collected funds (Read et al.
2016). It could be said that, these are the pillars of ideas which are helping an entrepreneur
shaping and providing new directions to the world. It is their alertness and active search
capability, along with their creativity which is helping them to provide business, a new
dimension. Their prior knowledge and social networks have always been appreciated and
acknowledged.
While forming the questionnaire to interview an entrepreneur, the student also have
researched upon how entrepreneurs are capable of creating such new innovative ideas
(Etzkowitz & Zhou, 2017). In the research for the interview, the student tried to investigate
what are the characteristics which makes an entrepreneur stand out from the line. It is the
person’s capability. While being an entrepreneur, the individual is entitled to reach any
possible limit they want. It helps them pursue independent ideas, which in fact provide them
the opportunity to shape their business and to present their idea. It also helps in persuading
the financial rewards for themselves. The process is dependent on the capability of the
people. One individual can reach the sky with his capability, whereas another individual may
lose their patience while taking a hard decision (Burns & Dewhurst, 2016). In fact,
characteristics of a successful entrepreneurship can be stated as being passionate about the
business, focusing on the products and their fellow customers. It is necessary to face any kind
of failure and finally having proper intelligence and mindset to carry on the business. This
characteristics help in shaping entrepreneur to make further changes into the market (Parker,
2018).
It could be said that entrepreneur doesn’t wait for opportunities, they make them.
Basically, it is upon the entrepreneur to find the right opportunity to leap. The primary
process of making an opportunity is to find the scope of the opportunity first. Recognising the
opportunity is one of the most important step before starting a business. An entrepreneur
should have a clear set of mind for what they want to do with the collected funds (Read et al.
2016). It could be said that, these are the pillars of ideas which are helping an entrepreneur
shaping and providing new directions to the world. It is their alertness and active search
capability, along with their creativity which is helping them to provide business, a new
dimension. Their prior knowledge and social networks have always been appreciated and
acknowledged.
While forming the questionnaire to interview an entrepreneur, the student also have
researched upon how entrepreneurs are capable of creating such new innovative ideas
(Etzkowitz & Zhou, 2017). In the research for the interview, the student tried to investigate
what are the characteristics which makes an entrepreneur stand out from the line. It is the
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