Theoretical Model of Entrepreneurship: Less Effective in Contemporary Business Environment

CMI

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
Books and Journals......................................................................................................................7

INTRODUCTION
Entrepreneurship involves creation of a business and accordingly, all the risks associated
with the new business are borne by the entrepreneur and further all they receive all the rewards
as well by taking such risks. The uncertainty or the risks associated with the entrepreneurial
venture comes because of the problem with respect to the selection of a particular effect which
may or may not results in the implementation of intended goals. Usually entrepreneurs begin
with a common desire like creating a valuable legacy, making lots of money or simply pursuing
an idea seems to be interesting or worth pursuing. Entrepreneurial contingency can be defined as
the potentiality of the occurrence of some negative event in the future for which the
entrepreneurs much provide for through analysis & implementation of measures that could
protect from such uncertainty. Entrepreneur usually applies exiting theories & principles to
overcome the risks associated with such contingencies along with conducting market research for
the purpose of formulating the strategies to penetrate it (Sarasvathy, 2001). Therefore, the
present essay would be based on the discussion pertaining to how theoretical model of
entrepreneurship found to be less effective in the contemporary business environment due to the
global dislocations and uncertainty associated with it. The critical evaluation of the same would
be done by quoting the examples of business within the discussion.
MAIN BODY
Entrepreneurship have found to be changed dramatically during the 21st Century keeping
its core reasons as the same. Everywhere across the globe, entrepreneurship have found to be
arising on large scale for providing the supply to meet the demand that has not yet fulfilled.
Therefore, in the recent years, the concept of entrepreneurship has been claimed to be a major
economic growth driver. Theoretical model of entrepreneurship suggests that entrepreneurs
strives for inventing & innovating new technologies or product or services that has not been
thought by anyone till now and accordingly, meant for solving the problems existing in the
market in an innovative manner. However, there always remain a risk of failure or uncertainty
which the entrepreneur solely bears which gives no guarantee for the continuation of business
and whether the entrepreneur would get the chance to recover the amount of capital & time they
have invested in the business.