The paper “ Legal Structures a Business Can Operate under, Difference Between Patent, Trademark, and Industrial Design, and the Parts of Operations Process” is a persuading variant of assignment on business. Entrepreneurship is the practice undertaken to venture into a new business or the act of reviving existing businesses to capitalize on the newly discovered opportunities. This practice is driven by an entrepreneur who owns a firm, ventures into it and focuses on its development. Entrepreneurship is considered to be a tough proposition since most of the new businesses do not take off.
As a result, entrepreneurial activities differ on the basis of which type of business involved. The act of entrepreneurship is normally associated with uncertainty, particularly if it concerns the creation of something new that has no existing market. The ability of entrepreneurs to embrace opportunities irrespective of the available resources is perceived to be a significant aspect of entrepreneurship. However, successful entrepreneurship requires the business owners to be resourceful and continuously search for ways of obtaining the needed resources such as capital in order to achieve the situated objectives. The majority of the management experts support that a vast number of entrepreneurs are driven by the desire to control their own life, and thus limited to entrepreneurship.
Today, people are well-informed about the importance of entrepreneurship as it can be examined that they are no longer confining themselves to a single business, but emerging as serial entrepreneurs. Although entrepreneurship involves the ability to come up with new businesses, it can stimulate both innovation and invigorate the local markets. However, the challenge in developing countries remains to search for the aspects of entrepreneurship that can meet the various needs of the poor (Shane & Venkataraman, 164). Why are existing entrepreneurial opportunities discovered and exploited by certain individuals (entrepreneur) and not by others? Opportunity recognition is a basic research concern in entrepreneurship development.
It is has been considered as the main entrepreneurial capability. Furthermore, the recognition ability is perceived to be a source of an entrepreneur’ s competitive advantage as well as a significant component in entrepreneurship education. The entrepreneurial opportunity recognition and its associated exploitation mechanisms are the key constructs that fall into the unique domain of entrepreneurship, and thus should be viewed as the central focus of business research.
The primary activity and goal of entrepreneurship is the creation of a new venture and a new venture that is presented as a process. Therefore, opportunity recognition should be at the initial stage of the entrepreneurship process. Empirical study indicates that the capability to identify opportunities is associated with the human capital variables such as education, individual work experiences and entrepreneurial experience, previous knowledge of the customer problems as well as experiential knowledge (Ucbasaran et al. , 68).
This ability is also a cognitive task that enables some people, though not others, to effectively identify business opportunities to venture in. Such Individuals have the capacity to identify opportunities because they uniquely possess diverse forms of knowledge or the human capital that aid them in venturing into the new business of their choices (Venkataraman, 132). Which entrepreneurial traits suggested from the behaviorist approach have received wide attention in the literature and show a high level of validity?