The paper "Innovation and Entrepreneurship" is a great example of an assignment on business. To become an entrepreneur, one needs to possess clear forecasting skills, clear knowledge, and understanding regarding the activity being carried out as well as clearly outlined responsibilities. Over the years, there has been a problem in defining what really entrepreneurship is. The entrepreneurship concept has been in use for a long, and according to Smith and Chimucheka (2014), entrepreneurship is as old as economics. Ideally, the concept of entrepreneurship is originally derived from the French concept” “ entreprendre” , which when translated to English, means “ to undertake” .
From a business perspective, undertaking means starting up a business (Smith and Chimucheka, 2014). Long ago, wars were often carried because of economic reasons, and many times, entrepreneurs could be mostly found among the merchants (Oncioiu, 2012). However, in the modern world, entrepreneurs are supposed to spot changes and exploit the changes converting them into business opportunities (Abouzeedan, Hedner, and Klofsten, 2010). An entrepreneur plays a number of roles in the development of the economy. However, various theories hold different views regarding who an entrepreneur is.
On one hand, the economic theorists argue that an entrepreneur is an agent of economic growth whereas, on the other hand, the non-economic theorists hold the view that an entrepreneur is a risk-taker. This essay, therefore, seeks to unravel the mystery surrounding entrepreneurship, trying to establish what entrepreneurship really is, the role it plays in the economy and society, and how its concepts are relevant in the modern business world. Evaluate the complexity and importance of entrepreneurship in the economy and society In spite of the limitation of resources, entrepreneurs counter challenges on a daily basis and act differently, with an aim of bringing about impact in society.
According to Mason and Harvey (2013), there would be no social and economic impact in society if entrepreneurs never acted differently. Therefore, the complexity in entrepreneurship arises due to the availability of different perceptions regarding what entrepreneurship really is and what activities mound to entrepreneurship. Entrepreneurship contributes more to the development of the economy and society (Siemon, 2007). A number of issues have been raised regarding the contribution of entrepreneurship to the development of society.
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