Generally, the paper "Nature of Entrepreneurship " is a perfect example of business coursework. With the globalization as well as advancement in technology, the world has become a global village. In it, people engage in different businesses in order to realize both personal goals and the goals of others. Entrepreneurship as a concept has drawn much attention from scholars and the society at large with efforts to develop it being unveiled as time progresses. Entrepreneurs have been seen as people who risk their investments into ventures of whatever size with the mind of making profits.
The paper will evaluate the nature of entrepreneurship elucidating lucidly the behaviors of the entrepreneurs that make them unique. The paper will also discuss the essential components of an entrepreneurial business plan as well as touch on the ways in which entrepreneurs can manage the rapidly growing obstacles in the entrepreneurial environment. Lastly, the paper also covers the sources of information paying a closer look at the entrepreneurs themselves as well as past significant events that date back to fifty years. Entrepreneurship There are different definitions of the word entrepreneurship provided by various authors based on different perspectives (Chand, 2015).
However, for simplicity, entrepreneurship may mean the willingness and capacity to develop, strategize, organize, and effectively manage a business venture along with the associated risks with the core agenda of making profits (Chand, 2015). Most economies are dependent on the entrepreneurship that is taking place on a global scale. There are very many types of entrepreneurs. Innovative entrepreneurs have the ability to think of new and better economic ideas of management and business organizations. Imitating entrepreneurs, on the other hand, follow the path already taken by the innovative lot (Chand, 2015).
There is also the Fabian entrepreneur that basically leverages developments and innovations to motivate them (Chand, 2015). The other lot is the drone entrepreneurs who are conservative and believe in the slow progress of the business. Lastly, there are also social entrepreneurs that promote social innovation as well as transformation in a variety of fields where profits can be gotten (Chand, 2015). Nature of Entrepreneurship There are very many unique attributes of entrepreneurship (Bygrave & Zacharakis, 2007). First off, it is an economic activity that involves the creation, management, and operation of ventures or enterprises with the core aim of making profits while at the same time creating value or wealth through equitable and maximum utilization of resources (Bygrave & Zacharakis, 2007).
The entrepreneurial process is continuous despite the unbalanced business environment and has been referred to as a dynamic force in most literature (Chand, 2015). Second, entrepreneurship is directly linked to innovation. There is a continuous search of new ideas that will help create value and utilize resources to the maximum.
As such, entrepreneurship compels individuals to evaluate the existing modes of operations in business and come up with better and efficient ways or systems of doing things that are adaptable. For that matter, entrepreneurship can be seen as a continuous method of performance optimization in the global business world. The third nature of entrepreneurship is that it has profit potential. The chief aim of entrepreneurship as previously seen is to make profits. Profits come as compensation to the entrepreneur for the risk they have undertaken (Bygrave & Zacharakis, 2007).
This removes the threat of entrepreneurship being abstract and theoretical in nature. Fourthly, entrepreneurship itself is a risk-bearing activity (Bygrave & Zacharakis, 2007). The entrepreneurs are uncertain about the markets tomorrow but take a go ahead and invest. In this way, entrepreneurship proves to be processed where assuming risks is part of normal life.
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