Art in the Entrepreneurship - Example

ART IN THE ENTREPRENEURSHIP Introduction Entrepreneurship is the most significant process in the modern economy. All through the history of mankind, entrepreneurs act as the most important players in the course of economics, sociological and technological development. When an individual enters into a business, numerous transactions are carried out. The long-term financial obligations are taken with money from institutions, strangers, relatives or friends. One works day and night, with 14-hour per day schedule for the better future and productivity of the business. To be an entrepreneur, it is important to have a sufficient understanding of all business areas. An entrepreneur must be able to combine and use talents of different individuals and manage these talents to earn greater benefits. Different researches have been conducted to analyze the reasons and factors that cause an individual to opt to become an entrepreneur and what makes them successful. Moreover, researches have been conducted to know about different human characteristics that are crucial to stand firmly in entrepreneurship. Such measures have been assessed and worked on properly through intense empirical studies. Modern theories have helped the entrepreneurs to guide and use the empirics and interpret the outcomes. This report has explored and discussed the relevant theories and studies of entrepreneurship that will help to understand the entrepreneurial personality approach. Primarily, the paper has discussed the common phenomenon that ‘Entrepreneurship is an art rather than a job’, continuing with the benefits it presents in the modern economy. Secondarily, the state of entrepreneurship in developed, developing and underdeveloped countries is discussed to know the role of entrepreneurship especially when globalization is the core of businesses. In the end, the report has mentioned the challenges it comes across and its future perspectives. Definition Of Entrepreneurship Entrepreneurship is defined in several ways by different people. The term has developed its historical meaning to the greater degree. The word entrepreneurship is derived from the French word ‘entreprendre’ which means ‘to undertake’. When viewed from the economic perspectives, entrepreneurship defines the three critical characteristics that are; bringing innovation, investing into new business projects for higher profits and taking risk. Entrepreneurship is defined as the act of applying competencies, talents and knowledge in a combined manner and distribution of skills throughout the organization. Entrepreneurship means to generate new ideas to develop an enterprise de novo or diversifying an existing company to distinct from others by looking for self employment in a trade or profession. This is done by an individual to pursue growth and prosperity while creating opportunities for more employment, increasing wealth and social betterment (National Knowledge Commission). In the study of entrepreneurship, the fact that the most brilliant people grow to be entrepreneurs as they possess the best skill-set of creativity and leadership, proves to be the wrong concept these days. Entrepreneur can be the one, who owns a small dry-cleaning shop and hires two workers to assist him, and cleans the suit of someone who makes half million dollars annually at an executive position is an employee of another person. So, measuring the ability by comparing a typical dry cleaner with an executive would be difficult on a practical basis. Benefits Of Entrepreneurship In Modern Business The concept of entrepreneurship is generally referred to the development of new production opportunities or idea generations. This concept also leads to numerous organizational benefits in terms of improvement in profits, rising competitive forces and situations and regenerating strategies of an existing organization. New characteristics of entrepreneurship are continuously evolving and developing that are entirely different from existing characteristics. Modernity of entrepreneurship has following main characteristics: Progressiveness, Social responsibility, Knowledge creation, Competitiveness, Technology and information utilization, Innovation, Creation of social values to attain business benefits. Within the corporate world, the perception of innovation is the foundation of entrepreneurship that supports the businesses to compete in the market by bringing internal innovation in the production processes and products (Greblikaite, Jolita, and Kestutis, 20-26). The following are some prominent benefits of entrepreneurship in modern business: Source of Competitive Advantage: Modernity in the entrepreneurship activities or adaptation to new approaches with the progressiveness and competitiveness are directly linked with the dimensions of enterprise’s sustainable development. Entrepreneurship gives an opportunity to create products efficiently and effectively, and can offer products to public at the rate which others cannot turn out by using new resources, access to information and raw material. This gives the entrepreneurs a competitive edge over others (Markman, and Phan, 176). Source of Creativity And Innovation: Entrepreneurial activities are largely dependent on the knowledge and technology. Entrepreneurs bring together their ideas to develop new products or services using interactive processes and by researching and creating innovation, new knowledge and technologies. They built-in the knowledge sharing culture within the organization gives a boost to communication. This is helpful for the people as it increases the motivation to create new knowledge and lead to form innovation their products. The better communication within the organization, the more productive results and performance will be apparent, and this will ultimately create the sources to bring creativity and innovation (Purcarea, Irina, Maria and Andreea, 1096-1107). Generating New Strategies Entrepreneurs are responsive to the benefits of both business and society. To continue their competitive activities with benefits to the world, they need to develop new strategies that can best act upon their objectives. To attain sustainable development, new strategies are formed that give a complete new view to be more cost-effective and competitive. Dynamism: Using new technologies and knowledge to create variability, agility and efficiency in entrepreneurial activities are the source of dynamism for the organization. Entrepreneurs use significant business mobility factors while changing bringing change, innovation, changing forms, developing new strategies and becoming more effective. Dynamism in entrepreneurship is important to deal with rapidly developing economic situations (Greblikaite, Jolita, and Kestutis, 20-26). Social Responsibility: Entrepreneurs look for all appropriate means to create good relationships between society and organization and serve with their willingness to response for actions and behaviors that are morally, politically, legally, and socially responsible. Such actions create the high social responsibility within entrepreneurs, forcing other companies to act in socially responsible way in order to be competent in the society. This responsible behavior develops motivation to work with supreme quality, leading to high business ethics under the condition of strong competition. Role Of Entrepreneurship In Modern Business And Impact Of Globalization In the modern world, it is observed that in urban areas the innovative entrepreneurs are given favorable conditions by different geographical conditions. Opportunities are created to make broader economic network globally and locally to create informal spatial specific business segments. This modern trend of business is favorable to the economic performance and it is attracting entrepreneurs. The entrepreneurship impact on the regional level has been analyzed on the regional level. Traditional inputs such as labor or capital are important factors that impact the kind of entrepreneurship and these factors significantly influence the level of entrepreneurship. The individual or regional investigation urbanizes the economies and explains the labor productivity and it affects the micro level to agglomerate effect and explain it. On the other hand, the global entrepreneur is monitored through the database program that explores its behavior and its perception. There are many factors that influence the urbanization economic conditions and introduce labor productivity that takes it towards the higher growth level. In the entrepreneurship the additional regional variation in the labor productivity that indicates regional labor to the higher level of productivity. It is extremely crucial that entrepreneurship is concerned about high growth, and positive links include the effects of the urbanization economies with the high growth required to the entrepreneurship. The innovations within entrepreneurship have to deal with explanations, and it could complement the urbanization economies globally. The entrepreneurs in the modern business have significant influence globally. Entrepreneurship involves the economic capacity, and in essential conditions entrepreneurship generates new activities and firms. It is vital for the entrepreneur to grow business economically and in the long term practices entrepreneurs need to up great the combinations of resources. This new economy required the investment in the department of research and development and it is extremely significant to grow the business in regional or global level. The entrepreneur is concerned about two vital things, the growth and innovation. The growth can only be possible in the organization which is usually growing rapidly. However most of the businesses usually take a large share by providing employment and make growth. This significance of national and regional economic innovatively create entrepreneurs in the challenging market (Fritsch, 12-25). The entrepreneurship drives the new insight regional economic performance and features. The impact on the urban features within the region may exceed at the global level as well as on the economic growth in consequence of populated areas. Current Developments in Entrepreneurship The developments in the domain of entrepreneurship is considering with every passing day. With the turn of the 21st century, the entrepreneurship has taken multiple dimensions of growth. From the traditional perspective of the entrepreneurship, the focus on the contemporary discussion is based on the firms that constitute the major section of the economies. For instance, according to Davidsson and Wiklund (81-100), studies of entrepreneurs in modern world are more focused towards the identification of the aspects that are become the reason of the success or the failure of the small and medium sized entrepreneurial setups. Further, the debates in entrepreneurship related studies have also attempted to explore the growth of the field in the international business arena. The book in a way has led the foundation for the growth and understanding of the systems of entrepreneurship for the across the border as well as across the field of management. The assessment of the cross dimensional field of study is another trend that has developed since recent past. The field of strategic entrepreneurship, as explored in the work of Ireland, Hitt, and Sirmon (963-989), has focus on five perspectives that are critical in the modern business world. The first aspect is related to the learning of the organization and resources management. Among the most critical resource of the entrepreneurs is recognized as a leader who plays the role of a director in moving a venture toward a particular direction. The aspect is being given attention in the modern world of business for the strategic leadership. Third, most of the entrepreneurship ventures are based on the innovative ideas; hence, this aspect is also given a considerable attention in the perspective of the strategic management and entrepreneurship for the growth for strategic entrepreneurship. Under the impact of globalization, the perspectives of internationalization and strategic alliances are discussed for the growth of networking in the business. Growth of entrepreneurship is also considered in order to determine and path for inculcating a due strategic mindset in the younger generations (Zahra and George, 255-288). The increased attention for the growth of the field in order to contribute towards the growth of strategic development, Hitt et al (57-75), in a paper, has developed a systemic input process output model. The model defined as a system of input process and output plan upon effective and efficient implementation is expected to produce the core values not only for the entrepreneurs but also at the same time for the individuals working in and for the entrepreneurial set-up and the overall society. The model is shown below: Hitt et al (61) One of the most important developments of the recent era for the growth of the entrepreneurship has led to the detail attention towards the entrepreneurial finance. Chemmanur and Fulghieri (1-19), in a paper, have referred to the growth of different forms of financing such as venture capital and angel finance etc. Chemmanur and Fulghieri (1) have referred to the venture capital and other associated forms of financing with respect to entrepreneurial growth. Chemmanur and Fulghieri (1) have pointed that different forms of entrepreneurial financing has also evolved due to impact of globalization as well as the technological innovation. It further states that globalization and developments in terms of technologies have increased the investments in cross border industries. Alongside, the paper also asserts to the role of technological innovations that have made the communication and coordination so simple that ventures across borders have become similar to ventures in next window. Furthermore, growth of the entrepreneurship has also given rise to the alternative sources financing. For example, the angels have been playing important role in the start-up of ventures. Angels refer to the high net worth individuals who have been facilitating investment to the start-up ventures. Another development in the entrepreneurial finance has resulted in the evolution of the crowd funding. The system of crowd funding is based on raising money from the large number of people through internet. The money from private sources as raised in the form of crowd funding requires investors to invest in small amount. This way the risk of a start-up entrepreneur is spread across the wider group of people Chemmanur and Fulghieri (1-19). In addition to the above aspects, the developments in the entrepreneurship in the recent past have required the discipline to move ahead from theories to the practical growth. For instance, Dacin, Dacin, and Matear (42-43) in a paper has assessed the concept of social entrepreneurship. The paper has also addressed the difference between the social entrepreneurship and other forms of entrepreneurship such as financial and economical etc. The study in reviewing the difference between the social entrepreneurship and the other forms of entrepreneurship states that the two fields does not have much of a difference as each form of entrepreneurship generates some value for the society. The current trends are in the development of the discipline of entrepreneurship is the more driven towards in-depth assessment of the aspect that has an impact on the discipline. For instance, Massetti (7), in a study, have developed a matrix which is known as Social Entrepreneur Matrix (SEM). The matrix can be employed to determine if the entrepreneurial venture is being driven by objectives that are market driven or have the society oriented mission. The development of the assessment matrix is based on the factors that clearly distinguish between the traditional and the social entrepreneurs. Hence, in order to generate the greater benefit from the field of entrepreneurship, the cross disciplinary studies are being recommended as against the development of further theories. Furthermore, the current developments are also directed for the growth of in-depth analysis of each aspect and dimension that constitute the growth of the entrepreneurship as a field of study and business growth. Challenges In Entrepreneurship The growth of entrepreneurship has taken a massive growth since recent past. Importantly, the growth of the entrepreneurship has been multidisciplinary and multidimensional. One most important dimension of growth of the field of any field is gauged from its growth in terms of research. The growth of the field of entrepreneurship has alongside steeped over time in the practical as well as theoretical research development; however, the field is also faced with the challenges.  For instance, Short et al. (6-15) in a study has reported that  Journal of Business Venturing (JBV) and Entrepreneurship Theory & Practice (ETP) which are among the most leading journals of the entrepreneurship. On the other hand, evidences also report that development and growth of entrepreneurship with respect to the field of study further requires growth and development with improvements (Short et al., 6-15). Ketchen, Boyd, & Bergh (2008) in a paper have notified the challenge of the field of entrepreneurship with respect to the research. The study reports that successful growth of the field of the research of entrepreneurship is dependent on the strength of the methodological processes. The study further states that sound methodological processes are an important way to develop some conclusions about the field of study. In a paper Short et al., (6-15) has referred to the challenges faced by the entrepreneurship study with respect to sampling as the size of the sample. These implications already have reflection on the practical aspects. For instance, Cooper (241-253) in a paper has referred to the challenges in predicting the performance of the new ventures in terms of impact of environmental factors such as risks arising from the new products or service having an impact on the firm’s products and limited resources available to the business etc. The similar paper also referred to the issues from the planning process in the entrepreneur like the mission, reason to reason to initiate the business and future prospect. Kuratko (176) has produced a graphical prediction of the challenges that venture capitalists and entrepreneurs are facing as follows: (Kuratko, 176) Kuratko (176) has also referred to the challenge of entrepreneurship development and stated that lack of comparability of data across industries has also played an incremental role. However, some of the common challenges that are faced by the initiators of the art of the development of entrepreneurship are: Lack of insight about trends and future growth of the market, Lack of understanding of the critical factors that have an impact on the success or failure of the ventures, The venture starters are often found lacking on the evaluating the future of the business, Inability to offer unique idea in terms of product, service, business model that is able to differentiate the business from the competitors already existing in the market, And most importantly, the lack of the ability of the venture starters to address the due legal formalities (Kuratko, 273). Haase and Lautenschläger (146-147), in a study, have also referred to the challenge of entrepreneurship education that is most critical to the entrepreneurship growth in the modern world. It has been identified as challenge in the research work put forward by Haase and Lautenschläger (145-162). Haase and Lautenschläger (146-147) have referred that education of entrepreneurship shall move on from the hard core planning such as financial, marketing and management plans etc, the entrepreneurship can only flourish with the growing attention attributed to the soft skills as well as entrepreneurship mindset. The growth of an entrepreneur talent and motivation are the ladders for the growth of entrepreneurship. Hence, the art of the ventures and entrepreneurship is dependent on the well defined systems that enable the starters to address some critical factors as standard procedures in order to ensure that businesses are able to survive and sustain in the long run. This in turn will also play an effective role in the development of industry specific information for the ventures. Future of Entrepreneurship Entrepreneurship as a field has much more potential to develop. The potential to develop is present in both aspects which include the development of the field of study as well as the practical development. (Short et al., 6-15) has referred that the young field of entrepreneurship has arrived to the current status by importing the methodologies from other disciplines. Hence, the future growth of the discipline of the entrepreneurship is highly dependent on the development of the research methodologies that suit well to the needs and characteristics of the field of the entrepreneurship. The referred development will play an effective role in the development of the field in the way that has greater practical implications.   Kuratko has referred to the four critical success factors for ensuring the survival and success of the entrepreneurs in their ventures. The five factors include the ability of the business to offer uniqueness to the potential customers in one aspect for the other. This differentiation by offering non-routine aspects to customers in a direct or an indirect way can only sustain the new venture capital in the competitive business environment. Marketability of the innovative business venture requires certain size of initial investment as the ventures do not immediately start making money. The survival of the ventures is dependent on the expected growth of the profitability as the venture moves onwards from the start up phase. Most importantly, the success of the ventures is dependent on the availability of the customers and the product as the business plans to start. Hence, as all these factors have been developed in general view, the future development of the field will result in the development of the industry specific critical success factors and systems to the survive and sustain in respective industries. In coming years, the scope of entrepreneurship will change in terms of goals from the current entrepreneurship situations. The traditional entrepreneurship demands modern manifestation in order to survive in future as enterprise paradigm and development paradigm are meeting the shifts that will keep on changing to endure the human civilization. As far as unsustainable development has been created by entrepreneurs, it must be altered and harnessed the innovation, dynamism and key personality characteristics to develop high economic performance and make certain upholding human developments at macro levels. Considering entrepreneurs at the micro level, it is essential to adjust their mission, vision, strategies and character as according to the new society and societal demands. In the present time, merchants, traders, financial operators, speculators, contractors profit seekers etc are all working as entrepreneurs. Therefore, entrepreneurs need to be extremely flexible and responsive to make changes in the development paradigm by the time. Seeing the future needs, entrepreneur needs to build its social architecture with its clear mission, effective strategies, organizational structure, and system of governance. Moreover, entrepreneur also has to integrate the stakeholders within the organization. With the legitimacy and viability, organizations will need to move from conventional paradigm to a new paradigm. To act according to the social architectures of paradigms of enterprise, the entrepreneurs will act more like a sociopreneur and entrepreneur-trustee in the future (Bhargava, 57). Entrepreneurship In Developed, Developing And Under-Developing Countries Entrepreneurship in Developed Countries In developed countries, the entrepreneurship consist of many elements like it contain policymakers, and the business practitioners. Entrepreneurship is the unique process that needs particular and different steps. In the developed countries, the entrepreneurs generate incentives manage society wide attitude, and entrepreneurs also support other people. These things are done due to the processes of starting a business which are opposed by the currently running businesses in the country. In the developed countries, the business establishment is concerned about the low to high economy of the country. The new business owners are at the stage of early development of the economy as many businesses are started in such countries, but some of them sustain. It is a fact that the developed economy with many established businesses allow fewer new startup businesses to survive. The discontinuation in businesses directly affects the country economy. For new businesses, the innovative economies could be taken towards the development level by positively analyzing the business need and the reasons of failure (Kelley, Singer and Herrington, 7-22). Entrepreneurship in Developing Countries The entrepreneurship in the developing countries is the small or medium enterprises. These entrepreneurs’ activities in the developing countries usually exchange informal sectors. Many small or medium manufacturing industries usually has few employees, this keeps them to be the small business enterprise. The small businesses and traders are now increasing their employees and expanding their businesses. According to the study of the World Bank, these entrepreneurs are focused on small business or related with the informal sector. For this purpose, a database has been established for SME sector, and it is concerned with the constant income group. The discipline of entrepreneurship is going to examine through the opportunities and business reorganization, as well as how these businesses utilizes their resources and how they deliver their products and services within the firm (Ács, and Virgill, 5). The main focus is on entrepreneurs, their activities and their conceptual approaches. There are three main approaches that an entrepreneur uses. The very first approach is functional which is concerned with the dynamic actors which help in making decisions on investments, innovation, research, location, development and production. It is the psychological perspectives that refer to the entrepreneurship dynamics and creativity and manage the organizational activities. Secondly, economic actors help owners like a joint stock companies that are incorporated to form a joint venture and subsidiaries of multinational firms. These firms make investment and form new activities including economic performance, business strategies, capabilities and innovative ideas. The owner operated enterprise is the approach in which the entrepreneur is the owner. The owner is highly concerned with the running business operations (United Nations University, 2-8). Entrepreneurship in Under- Developed Countries In the underdeveloped countries, the entrepreneurs need to develop the overhaul existence in order to remove the obstacles for innovations. The entrepreneurs usually succeed by maintaining innovation, and it deeply adverse the environment to manage high cost in dong business. In such businesses, the property rights and capital markets usually create appropriate business model to achieve the cheap and highly skilled labor. This practice need to reform the labor market and the capital investments to get the access of better finance with improved protections and innovative environment and reform the international business sector. In the under-developed countries, innovation impact is extremely important, and through this factor the local innovation of local entrepreneurs works on policies and environmental behaviors. In such countries, the governmental support is extremely crucial through which many environmental reforms are tapping to migrants. The innovative behaviors of entrepreneurs change the policy and determined the institutional environment. However, these countries are mostly based on the private sectors in partnerships (United Nations University, 2-8). Entrepreneurship And Small Business The small scale business owners and entrepreneur are the interchangeable names used, however the role of the entrepreneur is completely different from the small businesses owners. Entrepreneurs are the dynamic force in the organization or in a new setup and their involvement in the business, or operations can significantly make an impact on the outcome. The entrepreneur designs the products and efficiently adopts its production methods that could find the company to have more and more customers. On the other hand, the small businesses could be easily managed in comparison to starting a new business. Managing small business operation is different from entrepreneurship. In small business, the main objective of the company is to grow itself and efficiently operates in larger entity (Kelley, Singer and Herrington, 7-26). The entrepreneur is usually successful and posses the ability to identify the customers’ demands for the products and services. Entrepreneur fundamentally has to create the company with its necessary predictive activities and abilities. The entrepreneurial company usually based on one personality creator. Entrepreneur runs the office for maximum hours in a day and expects from other members of the team to corporate with them and provides long commit hours. On the other hand, in small business the manager seeks for the most efficient ideas. The manager of small business creates a well organized work environment and the effective communicator that inspire with the maximum effort. Small business always tries to grow the profit with slow and continuous success (Steyaert, and Landström, 47-51). Entrepreneurs have to face much higher risk of failure than small businesses. This failure of the entrepreneur could take it towards a great loss for the company. The entrepreneurship and the small businesses usually exist in the same development pattern, and it increases the difference in the various traditional countries. Entrepreneurship and small businesses have raised the informal contracts and emerges in the business field to maintain the influence manage the raising problems. However, the private financial risk always follows such businesses. The entrepreneurship is the complicated chargeable phenomenon that defines and acknowledges the business disagreements. The entrepreneur attempts to relate the business with following the innovative ideas. On the other hand, the small businesses are concerned in making the internal changes within the organization for the prosperity of the organization. The entrepreneurship is the social phenomenon that excludes the real time studies and failure. Conclusion The art of entrepreneurship does not only include a set of learned skills combined with the innate traits or characteristics which includes courage, risk taking, and ability to put together efforts and create significant impacts on society. But also to determine and get hold of an opportunity to set up a new business and congregate human as well as financial resources to create better incorporation and relationships in order to reach the best of the potential is the challenge that depends on the entrepreneur. Entrepreneurship demands the artistic feature of an individual to cope up with the attitude, make things happen with productivity by facing all the situations as opportunities to learn, discover, explore and grow. Further the report has presented benefits that entrepreneurship can have in modern businesses. Entrepreneurship leads to numerous organizational benefits in terms of improvement in profits, growing competitive forces and situations and regenerating strategies of an existing organization. There are certain situations and economic conditions in developing, under developing and developed countries that support the entrepreneurial activities and sometimes create barriers. Globalization is one of the major factors that arise the need of entrepreneurship. Entrepreneurs’ ultimate goal is to attain maximum profits while one contributed to the entire economy of the country and development of nations. Although entrepreneurs have changed the nature of business with numerous good and profitable attributes, but consciously or unconsciously they are the contributor to unsustainable economic development and have damaged the modern industrial evolution. The study has also referred to a considerable extent about the developments in the field of entrepreneurship. Additionally, the paper has also cited various challenges that the field has been facing and their potentials remedies in order to ensure growth of the discipline and the business. Therefore, the future prospect of entrepreneurship will have to be aligned with the concept of social-entrepreneurship and entrepreneur-trustee by changing and adjusting the development paradigm and enterprise paradigm. Works Cited Ács, Zoltán J., and Nicola Virgill. Entrepreneurship in developing countries. No. 2009, 023. Jena economic research papers, 2009. Bhargava, Shivganesh, ed. Developmental Aspects of Entrepreneurship. SAGE Publications Pvt. Limited, 2007. Bula, Hannah Orwa. "Evolution and Theories of Entrepreneurship: A Critical Review on the Kenyan Perspective." International Journal of Business & Commerce 1.11 (2012): Chemmanur, Thomas J., and Paolo Fulghieri. 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