The paper "Understanding What Entrepreneurship Entails" Is a wonderful example of a Management Essay. Entrepreneurship has become a hot topic in recent times. In the past, people used to attend colleges and universities with the hope of getting employment in large organizations and the public sector. However, with the declining job opportunities available in large organizations and public sectors, the focus has shifted sharply towards entrepreneurship (Steyaert and Hjorth 2008, p. 34). Currently, governments in all parts of the world are encouraging young people to embrace the spirit of entrepreneurship. In most countries, entrepreneurship is increasingly being introduced as a mandatory subject of study in schools as a way of preparing college and university students to become great entrepreneurs and job creators once they leave schools rather than becoming job seekers (Erkkilä 2000, p.
4). The Australian government, for example, has embarked on the promotion of entrepreneurship campaigns and education to help create great entrepreneurs of the future. In the United States, many Americans currently prefer being entrepreneurs rather than seeking employment. The Intelligent Office (2012) study found that about 65% of American workers prefer being entrepreneurs or independent employees instead of work in an office setup.
However, even as entrepreneurship is being encouraged by young people, the concept of entrepreneurship is not still well understood. The aim of this paper is to explain why the concept of entrepreneurship is still not well understood using theory. The Concept of Entrepreneurship Entrepreneurship is a concept that has been used in the business field for many years. However, the terms remain difficult to precisely define (Fayolle 2014, p. 2). For instance, whereas the dictionary defines entrepreneurship in terms of operating and organizing a business, the concept is defined in original French in terms of adventure and risk-taking (Kuratko 2016, p.
3). According to the Oxford Dictionary, entrepreneurship refers to a concept that involves coming up with an innovative idea, risk-taking, and managing a new business venture. Stevenson of the Harvard Business School, however, defines the term entrepreneurship as the pursuit of opportunity beyond the control of resources. Fayolle (2014, p. 2) defines an entrepreneur as an individual who begins and/or operates a business and assumes all the financial risks, depends on creativity and personal motivation to achieve the business objectives.
Gottlieb of Hustle Branding states that an entrepreneur is a person who has the capacity to take any idea, be it a service or a product, possess the skills and the will, and do all it takes by assuming all the risks involved to make the concept a reality by making the concept viable (Eisenmann, 2013). As such, it becomes clear that the concept of entrepreneurship has no single agreeable definition, which the concept having many issues that makes it difficult to understand. Contemporary Entrepreneurship Issues As They Relate To the Problem of Defining Entrepreneurship The term entrepreneurship is complex and difficult to understand.
The difficulty as revealed in the above definitions is made by the fact that there are many issues that are involved in the definition of the concept of entrepreneurship. The first contemporary issue that relates to the definition of entrepreneurship pertains to idea creation/innovation. Entrepreneurship has associated with a person coming up with a new idea and turning the concept into a viable product or service.
According to Anastakis ( 2007, p. 2), a person cannot be considered an entrepreneur if he/she cannot come up with an idea and turn the idea into a realistic and successful business. This implies that, for a person to be considered a great entrepreneur, then the person must be creative and be able to conceive and idea and turn the idea into a viable and successful business. The late Steve Jobs of Apple has been cited as a good example of an entrepreneur with great ideas.
Steve Jobs managed to come up with an innovative idea with his colleagues which they developed to become a great product that resulted in the birth of Apple, which has become one of the most successful technology companies in the world (James 2013, p. 13).
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