Entrepreneurship Report: Theory, Characteristics, and Motivation

This report provides a comprehensive overview of entrepreneurship, exploring its theoretical foundations, including the innovation theory and its emphasis on profit generation through innovation. It delves into the essential characteristics of entrepreneurs, such as creativity, passion, motivation, product knowledge, networking ability, self-confidence, and vision. The report also examines the motivations behind becoming an entrepreneur, highlighting the drive for success and the importance of believing in one's ideas, using Jeff Bezos as a case study. The conclusion emphasizes the importance of a strong understanding of the product, effective skills, and a clear vision for achieving maximum profit in the business. This report is a valuable resource for students seeking to understand the core concepts and practical aspects of entrepreneurship. The report provides insights into the core concepts and practical aspects of entrepreneurship. Students can find this report, along with other educational resources, on Desklib, a platform dedicated to providing study tools and assignments.

ENTREPRENUERSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship refer to the process of developing of ideas and innovation into the work and
putting all the efforts in developing the idea to be successful and get rewards as profit making.
The report will explain the theory of entrepreneurship and the ways the entrepreneurship can
help a person in development in business. Further the report will explain the characteristics of the
entrepreneurship and the motivation.
MAIN BODY
Entrepreneurship: - Entrepreneurship refer to the process of developing the idea and innovation
into a business and making a new start-up of the ideas and actions on a particular product and
service.it is a creation or extraction of values. It is a process of designing process, launching and
running of new business. One of the worlds best example of entrepreneurship is Jeff Bezos. He is
one of the top richest man in the world and he is a role model for millions of entrepreneurs.
Entrepreneurship theory: -
Entrepreneurship theory refer to the theory explaining the importance and the ways to make
things better in the entrepreneurship. Theories of entrepreneurship focus on the three major
factor, nature of the opportunities, the nature of entrepreneur and the nature of decision-making
framework where the entrepreneur functions.
Innovation Theory of Entrepreneurship the theory of profit is proposed by Joseph. Joseph
believe that every entrepreneur can earn good profit and economic profit by introducing
successful innovation (Malecki, 2018). The main function of the theory is to explain that
entrepreneur function is to earn more profit with the innovation and introduction of innovation in
profit making. The rewards which cam out of the innovation is the profit and that is for which the
theory explain. It is important to understand the value of innovation in the management and
entrepreneur works on the innovation. The second category of the innovation include activities
which include and influence the demand of the product and services company offering. The
theory explains that the working in the entrepreneurship process on the rewards and the
dedication a person has on his innovative idea. Entrepreneurship works only on the idea and the
dedication a person on the idea and the effort they put on the innovation idea.
The innovation theory of profit posits the gains of profit and innovation is successful in the cost
of production and increasing of profit for product. The profit can be also for a longer period of
time for the entrepreneur, they just need to be patient towards the idea and need to give time to
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all the working they are doing in making the best use of the innovative idea they have. They need
to trust themselves and give a time and patient to the product and service to grow in market and
all the efforts from the entrepreneur. The introduction of new products a goods in the markets.
The introduction of new ways and new production methods in market.
Jeff Bezos born in 1964 January 12th. Is an American internet entrepreneur industrialist, he is one
of the best know CEO founder and is president of multinational company Amazon. He is the first
centi-billionaire on list of Forbes world’s richest person since 2017. Jeff started the Amazon as
the online book market place but than expanded to selling of the video games, software’s and
electronics etc. the process of dedication and hard work pays the company when they surpass the
Walmart in the retail sector as most valuable retailer in united states of America (Monitor, 2016).
Working on the idea and innovation techniques help the Jeff in becoming the best retailer in
market and dominating the market. Jeff idea was to change everything and make everything to be
sold on the busines and they are making the best service in market achieving all the goals they
had and jeff is going higher and higher on the skills and making things work best in for the
Amazon.
Entrepreneurship Characteristic: -
Entrepreneurship characteristics are as follows: -
Creativity: - Creativity is one of the most important characteristics of the entrepreneur as it is
important to have a different creativity in the product and service or the idea and innovation, they
are offering to their customer (Kuratko, 2016). It is very important to stand different in market as
it is necessary to separate from market so that your idea and creativity can help you in achieving
the goals and objective. Jeff Bezos had totally different idea and the innovation of technologies
he adapted helps him in making Amazon one of the biggest companies in market.
Passion: Every entrepreneur needs to have a passion toward the idea and the innovation they are
offering to their customer because they need to make sur e they have the passion so that they
work hard for that to achieve the best in market and develop the working. Passion helps in
development of performance as it increases a person to put more efforts in the working of the
ideas and working of product and service. Passion is required in the entrepreneurship because it
help the person to stay focus on the target and work better in improving the performance
(Greene, 2020).
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Motivation: Motivation is one of the characteristics of the entrepreneurship because it is
important for the entrepreneur to stay motivated and work on the idea and innovation he is
offering to the audience as product or service. Motivation is required because it helps in
development headwork and motivation keeps a person going and make them feel that they need
to work hard and they can achieve all the desired result they are waiting for. Motivation is one of
the best ways to get the result as motivated person works better then demotivated.
Product and knowledge: product and knowledge to the working is important in business and
entrepreneur need to have a good knowledge of their product they are offering to audience, it is
important to have a good knowledge of product so that they can find the best result and skills
helps in making understand the situation if any place the product stuck in market (Soenarto and
et.al., 2018). Good knowledge help in solving the issues easily and solve most of the problem in
working.
Ability of network: Network is very important for the entrepreneur who is starting the business
and is trying to launch a new product in market. Network help in product selling and helps in
product development. A good network makes it easier for the company product to get better
response in market and it also helps in development of business in wider context. It makes things
easier for the entrepreneur in expanding the market and reaching to maximum number in low
time.
Self-confidence: self confidence that the idea and the innovation the entrepreneur is offering to
the customer is good and will get a good response. Self confidence is important because the
person need to believe on the idea and innovation he wants to sell in market. Self believe helps
the product in development work and it also enable the working in more effective way. It
develops the confident and motivate towards the work.
Vision: Vision that the product will reach to this stage is one of the characteristics as it is
important to make a benchmark that the product need to achieve this benchmark and need to find
the goal so that it can be called good or bad or successful or unsuccessful.
Motivation to be an entrepreneur: -
Motivation to become entrepreneur is a choice and it comes directly when a person wants to
achieve the success. It is important to have a idea that I want to be this and want to do the
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business and want to reach the maximum achievement I can. Jeff Bezos works hard to make it
happen for himself. Staying motivated and trusting the idea which he selected and trusting the
self believe towards the work he is doing made him one of the biggest businessmen in todays
market. Motivation is very important in person to work in business, motivation force in making a
lot of changes and hard work to be put so that the process of working an be done in best way and
find the best outcome of the product and services they are offering. Amazon was started as an
online book market and then Jeff works hard and believed on the idea that I can achieve more
from my idea and he put all the knowledge about the product and made it one of the biggest
companies in recent time period (Wei, 2018).
CONCLUSION
The report concluded that working as an entrepreneur, it is important to have a good idea and
knowledge about the product and services the entrepreneur offering to the customer and it is
important for them to make the best use of the skills and process to achieve maximum profit.
They need to have a vision, passion and a process to complete the desire result and get the
maximum profit out of the business.
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REFERENCES
Books and Journals
Monitor, G.E., 2016. Global entrepreneurship monitor. Empreendedorismo no Brasil (Relatório
Nacional). Curitiba: Instituto Brasileiro de Qualidade e Produtividade,
Paraná.
Malecki, E.J., 2018. Entrepreneurship and entrepreneurial ecosystems. Geography
Compass. 12(3). p.e12359.
Greene, F.J., 2020. Entrepreneurship theory and practice. Macmillan Education.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Soenarto and et.al., 2018. Green Entrepreneurship Development Strategy Based on Local
Characteristic to Support Power Eco-Tourism Continuous at Lombok. J
Tourism Hospit. 7(394), pp.2167-0269.
Wei, H., 2018. Research on Innovation and Entrepreneurship Education for College Students in
the Internet Era.
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