The paper "Critical Reflection on Entrepreneurship " is a perfect example of a business assignment. The term ‘ entrepreneur’ originates from the French word ‘ entreprendre’ that means to undertake or take in between. Entrepreneurship refers to the process that involves designing, initiating and running a new business that offers products or services to the society on cash sale or hiring terms (Kusmintarti, Thoyib, Ashar, & Maskie, 2014). It is imperative to note that entrepreneurship plays a critical role in both the social and economic sectors of every nation since it serves several important roles in society.
For instance, entrepreneurship greatly assists to drive the economy, leads to the creation of companies that offer various employment opportunities, which has led to the reduction of the rate of unemployment. It additionally assists in triggering creativity in the economic market, leads to the provision of new goods and services as well as analyzing the social and environmental impact of their products and activities. This paper will critically review the concept of entrepreneurship through identifying the various types and perspectives of entrepreneurs in addition to selecting two entrepreneurs and analysing the start-up and development of their entrepreneurial venture. It is critical to know the origin of entrepreneurship and entrepreneurial ideas to get a better view and understanding of wide concept entrepreneurship.
Previously the word entrepreneur, which comes from the French word ‘ entreprendre’ referred to, to undertake or take in between (Baugh, 2016). However, this word has gained a new meaning in contemporary society meaning a business or social innovator with the ability to identify and taking advantage of opportunities and converting the seized opportunities into viable ideas.
An entrepreneur also takes a calculated risk to implement the idea despite the competition in the market and consequently achieve rewards from implementing those ideas. Several other languages and cultures also practiced entrepreneurship and had different words to refer to them. For instance, the Thai term ‘ Pupagongan’ refers to a person that brings people together while in Malay, the term ‘ Ushawan’ means an individual that engages in commercial activities that have some financial risk (Shefsky, 1994).
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