ENTREPRENEURSHIP: Definition, Role, Market, and Franchises Analysis

This essay provides a comprehensive overview of entrepreneurship, beginning with its definition and historical context. It delves into the role of entrepreneurs, emphasizing their function in market expansion, risk-taking, and innovation. The essay examines the relationship between entrepreneurship and business ventures, exploring how technology and market trends influence entrepreneurial opportunities. It also discusses the significance of franchises and the importance of entrepreneurship for economic growth, employment creation, and the development of managerial capabilities. The analysis covers the evolution of entrepreneurial thought, market dynamics, and the essential qualities of successful entrepreneurs, culminating in a discussion of the impact of entrepreneurship on both individual and societal levels. The essay draws from diverse sources to present a well-rounded understanding of the subject.

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ENTREPRENEURSHIP
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Contents
Introduction................................................................................................................................... 3
Definition of entrepreneurship.......................................................................................................3
Origin of Entrepreneurship............................................................................................................ 4
Mindset.......................................................................................................................................... 4
Entrepreneurship and the concept of business ventures.................................................................5
Market expansion.......................................................................................................................... 5
Role of the entrepreneur................................................................................................................ 6
Franchises and entrepreneurship....................................................................................................6
Importance of entrepreneurship.....................................................................................................7
Conclusion..................................................................................................................................... 9
Reference..................................................................................................................................... 10

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Introduction
The concept of entrepreneurship all across the world is taken as the important assets that every
country must cultivate, motivate and also reward it well so that it can achieve the highest level
possible. It is often changed the way in which people work as well as lead their lives. In case of
success, the level of innovation along with creativity can increase the standard of living for the
people (Silverthorne, 2017). It also means that apart from developing wealth from different
venture options for entrepreneurship, it is also important to create employment options and the
situations for the country and society to prosperous.
Definition of entrepreneurship
The concept or the idea of entrepreneurship can be defined as a person who initiate, organize as
well as manage any establishments in the form of organization which is also surrounded by
considerable amount of risks and initiatives (Ismail et al., 2016). It can be small establishment as
well as big business with big risks and rewards as well. The overall concept depends on
perceiving new opportunities in business and them usually shows a positive kind of biases in
different perceptions. It is also amalgamated with a risk taking approach that can make them
more options or alternatives as opportunities (Remund et al., 2017). Entrepreneurs should also
control several commercial based undertaking with directions for different factors of production
along with human, financial and material based resources that are needed for exploiting the
business opportunities. (Borisseko & Boschma, 2017). An entrepreneur has to take over
different positions like manager as well as they also oversees the launch and development
associated with enterprise. In other words, it is a process which can help people or a team to

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recognize a business opportunity and get as well as deploy the importance of resources needed
for proper exploitation. It further may also include: -
1. Development of plan for business
2. Recruiting or hiring the right kind of human resources
3. Getting material and financial resources
4. Providing right kind of leadership
5. Acting more responsible for the success of the venture as well as failure (Kapinga and
Montero, 2017)
6. Matter of risk aversion
Origin of Entrepreneurship
The word entrepreneur is taken from a French word. This word first used in the year 1723 and in
the today’s world it implies as the qualities based on initiative, leadership as well as innovation
in new kind of venture based designs. According to number of authors, the term is associated
with the concept of team building, ability of management and essential qualities for any
entrepreneur to have (Borissenko & Boschma, 2017). In historical term, the study of this concept
goes back in late seventeenth and early eighteenth centuries when the concept of classical
economics also introduced. In 20th century, the concept was thoroughly studied by authors like
Joseph Schumpeter and other types of economists like Ludwig von Mises and many more. The
word entrepreneurship was introduced around the year 1920 (Alvarez et al., 2016).
Mindset
a. The clear defining of the activities that need to be processes.

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b. The protection and the management of the time. A proper planning of the day
c. Outcome oriented
d. Dealing with the different actual facts
e. Living for providing a better value.
f. Performance of the mind makeover.
Entrepreneurship and the concept of business ventures
For many years to come, advancement in technology will help in creating more and more kind of
jobs in several respective industries all across the world. At the same time, the present
technology industry can also become one of the most lucrative industries in terms opportunities
for prospective or potential entrepreneurs like food and beverages. Such industry can expect a
steady level of development next few years (Kirzner, 2015). It is important to understand here
that technology is making several industries very appealing for many entrepreneurs and it is also
crucial for any entrepreneur and their business career to do something that can help in generating
returns at steady pace before actually moving on other projects.
Market expansion
The market obviously looks for the opportunities to expand in several industries and can be taken
as one of the stepping stone towards several business operations. This is why, it become easier to
develop the business in rapid manner and also expand the personal wealth of the entrepreneur.
After the recession that hit the world economy in the year 2008, people in many developed
countries like USA, is spending more and more money on forms like entertainment instead of
taking high prices vacation or sports (Kuratko, 2016). The economies of several countries are
still recovering, the trend however continues since the future looks bright for such ventures. The

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focus is developing in this niche market with affordable kind of entertainment (Coviello et al.,
2017). The level of affordability will also result in business partners and leveraging the future
because of stagnant prices of liquor and there will also be an interest which will help in setting
the bar.
Role of the entrepreneur
As far as role of entrepreneur is concerned, the fist basic or on fundamental grounds, there is
neoclassical form of theory that has no role for the entrepreneurs because the market is based on
achieving the equilibrium in market which also means no profit. As per the Austrian theory, the
concept is also based on driving profit in the market which further pushes the market towards the
level of equilibrium (Schaper et al., 2014).
Then there is role of discovery and as per neoclassical theory, it suggests that the overall decision
and the results are not rightly corrected or modified. There is no kind of evolvement or level of
improvement. It is important to understand here that incorrect or wrong decisions are further
corrected by attentive kinds of entrepreneurs (Shiri, 2017). In addition, the entrepreneurs also
help in stimulating the additional form of discovery with the help of profit based options
presented when there is any mistake and this cycle further pushes the market towards achieving a
level of equilibrium. (Coviello & Tanev, 2017). However, the important fact is that it is never
achieved because of the constant change.
Franchises and entrepreneurship
The business or organization has great opportunities of achieving success and to initiate the
process, the marketing strategy consists of many potential ideas like franchises. There are so

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many competitors as well that create individual level of location for the strong customer based
and the idea to expand the overall scale along with product for the business will help in
accomplishing the success. The company will also help in setting up like a corporation and
business that tends to identify the right strengths of every element tend to achieve success in
right manner. Since there is also some kind of need to take final decisions within the companies,
it is right for every founder to accomplish the same money for right kind of input as well as
investment. In such cases, the struggle for the companies to move forward becomes long term
plan (Storey, 2016).
The first year of the organization is expected to struggle to achieve the target and the sales as
expected since this is the time to make foundations and form deep roots. In order to establish
business at large scale and in large city, it is expected to make moderate amount of profit given
all right steps are taken in this direction.
Importance of entrepreneurship
The concept of entrepreneurship usually develops a set of options for the sake of employment
and on initiating the business with the help of monetary assets, the owners or the entrepreneur
needs to share the load of word in equal manner. It is also important to understand and employ
right kind of people to work since over a period of time, the overall satisfaction with the
investment will come when every element has been used and optimized in right manner. When
the size or the scale of the business is huge, it becomes their ability to offer more employment
opportunities for people. The concept of entrepreneurship also helps in boosting the growth of
the economy and through properly creating the employment, people normally creates more
wealth (Storey, 2016). In addition, the entrepreneurship and innovation in it tend to provide the

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product of high quality at the lowest possible rates. People therefore get to experience the best
products and at the same time, saves a huge amount of money. The strengths help in boosting the
economy of the country. In addition, the concept of entrepreneurship also helps in strengthen the
small scale businesses. These kinds of functions and activities normally offer right kind of
strength to small businesses as well and as an outcome, the current niche market further
flourishes to give some kind of strength for the national economy. This is why, the concept of
entrepreneurship is an investment and it is also perceived as a paramount for the current
economy of the world. (Drucker, 2014).
Finally, entrepreneurship is crucial or important for the overall enhancement of the managerial
level of capabilities. The large important of this concept is based on the fact it helps in the
recognizing and developing the managerial capabilities of the entrepreneur. The study is also
based on the issue that decides the option in comparison of the advantages and the overall cost
involved with it and in the end based on the best option (Baum et al., 2014). The process also
helps in honing or sharpening the talent or skills of taking right decisions. In addition, the owner
or entrepreneurs also use all these skills to develop new set of products and advanced
technologies, which can switch or replace the older options with high level of performance.
The entrepreneurs can actually be taken as gamblers who have the skill to take risk and the
chances of winning rise when he has the power and ability to use right skills. It is important to
have some level of tolerance for taking right kind of risk that is important feature for the
entrepreneurs. (Shiri, 2017). The risk taking ability can be taken as an activity even if the
consequences are negative by nature. Establishing a business from scratch is risky business and
especially when the money of people gets involved in it. There is time when there is a risk of

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convincing investors to come along with new venture or by also forming the team of
entrepreneurs (Shepherd, 2015).
Conclusion
The concept and overall advantages of the concept of entrepreneurship cannot be
underestimated. This is why, people must move from the mentality of forming category in the
sectors of small business to a separate distinct entity. The concept of entrepreneurship is the
foundation of achieving great form of businesses and for the current economy as a whole it is
important to accomplish it in long run (Shepherd, 2015).

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Reference
Alvarez, A,S., Audretsch, D and Link, N, A., 2016. Advancing Our Understanding of Theory in
Entrepreneurship http://onlinelibrary.wiley.com/doi/10.1002/sej.1216/full
Baum, J.R., Frese, M. and Baron, R.A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Borissenko, J. and Boschma, R., 2017. A critical review of entrepreneurial ecosystems research: towards
a future research agenda (No. 2017/3). Lund University, CIRCLE-Center for Innovation, Research and
Competences in the Learning Economy.
Coviello, N. and Tanev, S., 2017. Initiating a New Research Phase in the Field of International
Entrepreneurship: An Interview with Professor Nicole Coviello. Technology Innovation Management
Review, 7(5).
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
http://hbswk.hbs.edu/item/meet-the-oddball-entrepreneurs-who-invented-green-businesses
Ismail, I., Husin, N., Rahim, N.A., Kamal, M.H.M. and Mat, R.C., 2016. Entrepreneurial success among
single mothers: the role of motivation and passion. Procedia Economics and Finance, 37, pp.121-128.
Kapinga, F, A., and Montero, S, C., 2017. Exploring the socio-cultural challenges of food
processing women entrepreneurs in IRINGA, TANZANIA and strategies used to tackle them
https://journal-jger.springeropen.com/articles/10.1186/s40497-017-0076-0
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.

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Remund, C, M., Peris-Ortiz, M., Gehrke,J,H., 2017. The Vitruvian Man of Leonardo da Vinci as
a model of innovative entrepreneurship at the intersection of business, art and technology
https://innovation-entrepreneurship.springeropen.com/articles/10.1186/s13731-017-0077-9
Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small
business.
Shepherd, D.A., 2015. Party On! A call for entrepreneurship research that is more interactive,
activity based, cognitively hot, compassionate, and prosocial.
Shiri, A.T., 2017. Business Models for Social Entrepreneurs. In Entrepreneurship: Concepts,
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Silverthorne, S., 2017. Meet the Oddball Entrepreneurs Who Invented Green Businesses
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