Essays on Entrepreneurship

Essays on Entrepreneurship

Entrepreneurship is an initiative activity of economic entities associated with the innovative use of property, money and other resources in order to achieve commercial and other success based on a combination of personal benefit with public benefit. In the field of tourism activities, entrepreneurship is largely associated with the provision of services. Business entities (entrepreneurs) can be both individual individuals acting on their own behalf and under their own property responsibility, and associations of partners acting under the responsibility of a legal entity.

Two models of entrepreneurship are known: classical entrepreneurship and innovative entrepreneurship. Classic entrepreneurship is traditional, conservative entrepreneurship aimed at maximizing the return on resources while using traditional business practices to increase the profitability of an organization's activities and update the range of services. Innovative entrepreneurship is primarily associated with innovation in entrepreneurial activity.

The role of the entrepreneur is reduced to the creation of innovations that were not previously known, through the use of traditional economic factors, but through a new combination of them. Such innovative activities, as a rule, produce more tangible results than traditional entrepreneurship, but it places special demands on the entrepreneur. For the successful organization of a profitable business in modern conditions, an entrepreneur must have good professional training, the necessary knowledge in the field of economics, politics, psychology, jurisprudence, organization of production of products and services, and also be able to cooperate with scientists, marketing specialists, capital owners. An entrepreneur's success depends on the conditions in which he operates.

Entrepreneurship essay 300 words

The theory of entrepreneurship has evolved with the development of the human economic activity. The first entrepreneurial theorist was Richard Cantillon, whose work dates back to the early 18th century. He first drew attention to the supply and demand discrepancies and market imbalances that allow individuals to generate speculative income. He noted the risky activities of such people, the flexibility of their economic behavior, the non-standard of the decisions made.

Adam Smith saw an entrepreneur as a person who uses the owner's capital to generate income. Jean Baptiste Say described the entrepreneur as follows: "The entrepreneur moves economic resources from a region with a lower to an area with higher productivity and efficiency."
At the end of the 19th century, the concepts of "entrepreneur" and "owner of capital" were separated. During this period, a great contribution to the development of the theory of entrepreneurship was made by J.A. Schumpeter. In his work "Theory of Economic Development", he considered the economic system not as a passive process of circulation of funds, but as a constantly developing dynamic system. This development is based on new combinations of factors of production. It is up to the entrepreneur to carry out these combinations.

In modern interpretations of entrepreneurship, the following features are distinguished:

  • ability to organize and manage production;
  • proactive, innovative activity;
  • risky activity.

The most complete modern definition of entrepreneurship is given by Hizrech and Peters in their book Entrepreneurship. A similar definition of entrepreneurship is given by Studdart in Keys to the World of Business. In general, the compiled definition looks like this: "Entrepreneurship is an innovative initiative activity of subjects of a property aimed at creating economic and organizational conditions for the production of material goods and services and making a profit."

Thus, the main features of entrepreneurship are:

  • Proactive activity.
  • Innovative activity.
  • Activities for the organization and management of production.
  • Risky activity.
  • Getting entrepreneurial income.

Entrepreneurship essay 500 words

Entrepreneurship is a proactive, innovative activity of economic entities that take risks, aimed at making a profit.

An employee carries out the physical process of using someone else's property (machine, machine, computer) for the direct production of goods and services. The difference between an entrepreneur and an employee is that he is entrusted with the use of the joint property - the firm - with all the resulting responsibility.

Entrepreneurship is:

  • the process of creating a new one with value;
  • a process involving the assumption of financial, moral and social responsibility;
  • a process that results in cash income and personal satisfaction.

Effective entrepreneurial activity is possible only in conditions of personal freedom of the entrepreneur and a competitive market. The development of entrepreneurship leads to the growth of national wealth and the well-being of the nation.

The entrepreneur is an entrepreneur. An entrepreneur is not necessarily an owner. Lee Iacocca, the president of Chrysler, who gave it a dominant position in the market, was not the owner of the company. Therefore, the entrepreneur is the owner, manager, or any person who undertakes to organize a business at his own peril and risk.

But if the owner can be passive, then the entrepreneur is active, acts as an independent market agent, acting at his own peril and risk and bearing property responsibility. A manager is an employee who organizes the fulfillment of the entrepreneur's goals. It is necessary to distinguish between owner and manager - these are two completely different roles. They have different goals. The main motive of a manager is building his own career, not necessarily within the framework of one particular business. It is important for the owner to build up capital. The owner is tied to the growth in the value of the business. The value of a manager is determined by how much money he brought to his owner, how effective he is as a manager, and not by what he personally took possession of.
Entrepreneur's goals:

  • production of goods and services;
  • Receiving a profit;
  • social goals;
  • business development.

The role of entrepreneurship in the production of goods and services is realized through its functions:

  • Resource - a combination of factors of production.
  • Organizational - decision making.
  • Creative - the introduction of innovations.
  • Risk bearing.
  • Providing a tendency towards equilibrium.
  • Common traits of entrepreneurs:
  • the need for scientific and technological achievements, preference, to be personally responsible for solving problems, goals set and for achieving these goals by their own efforts;
  • propensity (average) to take risks;
  • the need for leadership;
  • belief in the ability to influence the course of events.
  • Economic benefits of entrepreneurship existence:
  • Increasing the production capability curve or changing its slope.
  • Creation of new products, services.
  • Achieving balance (in conjunction with other balance factors).
  • Growth of national wealth.

The types of entrepreneurship differ in the areas of entrepreneurial activity:

  • industrial entrepreneurship;
  • commercial entrepreneurship;
  • financial entrepreneurship;
  • innovative entrepreneurship.

Entrepreneurship essay 1000 words

Entrepreneurship is the subject of many disciplines. Hence the multiplicity of his interpretations and definitions. The essence of entrepreneurship, as an economic category, is determined by its nature and features like a specific type of economic behavior, the ability of business entities to respond to a potential source of profit.

Entrepreneurship is a proactive, business-risk-based activity aimed at finding the best use of resources for the purpose of generating income and increasing property.

By its economic nature, entrepreneurship is inextricably linked with the market economy and is its product. As a property of economic activity, it externally manifests itself in the desire to extract additional benefits in the exchange process. Meanwhile, the exchange itself is not yet a source of entrepreneurship. It becomes such when it turns into an integral part of a single economic turnover, and production for exchange becomes the defining function of economic entities. Commodity production is historically and genetically the starting point of entrepreneurship. Exchange, firstly, stimulates the search for new opportunities, i.e. initiative. Secondly, it is in the process of exchange that the entrepreneur sees the source of the possible benefit, which is both a motive and an assessment of the success of his initiative. Thirdly, when faced in the exchange process with persons similar to himself, the entrepreneur perceives his activities as competitive. Fourth, as a mechanism for meeting social needs, exchange determines the social nature of the entrepreneurial activity.

The economic nature of entrepreneurship is characterized through its characteristics: initiative, commercial risk and responsibility, a combination of factors of production, innovation.

Entrepreneurship is an initiative activity. The constant desire to search for something new, whether it is the production of new goods or the development of new markets, in a word, the search for new opportunities for deriving profit is the hallmark of an entrepreneur. The entrepreneurial initiative is a desire to realize the opportunities provided by the process of market exchange itself, carried out to the mutual benefit of the participants in this process. Entrepreneurship should not be associated with deception and violence, but with the extraction of profit through the satisfaction of social needs - with the "spirit of non-violent acquisition."

Although the initiative is a property of human nature, its manifestation as a functional feature of entrepreneurial activity is due to the very nature of the market economy. When initiating their endeavors, any entrepreneur undoubtedly relies on the possession of certain advantages that give him confidence in success. Such advantages can be derived from the market environment itself, for example, due to information asymmetries. Individuals with more information receive certain advantages, which gives rise to the initiative as a desire to use them to their own advantage.

Being public in nature, entrepreneurial activity is aimed at meeting social needs. But the entrepreneur does not take on the property risk out of charitable motives. Material interest expressed in income is an incentive for entrepreneurial activity. It should be borne in mind, however, that not all income is the result of entrepreneurship. It acts as such only when it appears to be the result of a better use of the factors of production. Therefore, various kinds of rental income, interest on capital cannot be considered as income from entrepreneurship. In reality, entrepreneurial income is presented in the form of economic profit, which is a direct form of entrepreneurship motivation. What is the purpose of an entrepreneur?

Since the hypothesis of the entrepreneur's desire to maximize his profit was introduced into scientific circulation, it has been subjected to various kinds of criticism more than once. The fact is that with the increasing complexity of the hierarchical organization of firms, there was a dispersal of the functional characteristics of entrepreneurship among the participants in the entrepreneurial process. The goal is formed already under the influence of the interests of representatives of various parties involved in the implementation of the entrepreneurial function, and cannot be expressed in terms of maximization. On the other hand, an entrepreneur cannot but react to external influences, adapting to changes in the market situation, which presupposes the specification and differentiation of target settings into short-term, medium-term and long-term ones. Ultimately, all this leads to the modification of the entrepreneur's target aspirations into management guidelines, whether it be sales growth or the development of a new market segment, achieving a leading position in the industry or the economic growth of the company.

This does not mean that profit is losing its role as a target for entrepreneurship. Although the target settings of firms can be different, and besides, they change under the influence of internal and external factors, any of them is acceptable under one indispensable condition - ensuring an acceptable rate of return. This limitation is not accidental and is due to the role that profit plays in the entire process of entrepreneurship. Profit is a source of income for an entrepreneur and the development of a company, serves as an indicator of the efficiency of resource use and an assessment of investment opportunities, and finally, an assessment of success and a psychological incentive. This suggests that even though it does not appear outwardly, profit, nevertheless, occupies a dominant place in the hierarchy of the entrepreneur's goals.

Thus, as a business executive, an entrepreneur strives to ensure stable conditions for the implementation and development of his entrepreneurial function. From this side, its task is to balance the multidirectional forces that make it possible to effectively carry out the entrepreneurial function in the long term. At the same time, realizing the function of the owner, he must ensure the greatest profitability from the resources used, expressed in maximizing profits. The resolution of this contradiction can take a variety of forms, but they all ultimately boil down to ensuring an acceptable rate of return. Profit satisfaction means nothing more than a compromise between the various aspects of the entrepreneurial function.

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Find extra essay topics on Essays on Entrepreneurship by our writers.

Entrepreneurship is the creation or extraction of value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones.
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Era

Large-scale entrepreneurs emerged in the second half of the 1800s—the Entrepreneurship Era. They built business empires, created enormous wealth, and raised the standard of living for the entire country. Yet success came with a price. Jobs became more specialized—increasing productivity while lowering costs and prices.


Steps

It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth. These phases are summarized in this table, and the Opportunity Evaluation and Planning steps are expanded in greater detail below.


Strategy

Entrepreneurial strategy is the means through which an organization establishes and re- establishes its fundamental set of relationships with its environment. It is strategy characterized by widespread and more-or-less simultaneous change in the pattern of decisions taken by an organization.


Experience

In essence, entrepreneurship is an experience consisting of large numbers of key events such as a first sale, hiring a first employee, losing a big account – events that are processed and made sense of by the entrepreneur.


Entrepreneur industries

  • Startup company
  • Finance
  • Marketing
  • Sales
  • Investment

Entrepreneur books

  • The Lean Startup
  • The 4‑Hour Workweek
  • How to win friends a...
  • Zero to One
  • Rework

Frequently asked questions

What is entrepreneurship in your own words essay?
Entrepreneurship is the process of designing, launching, and running a new business or enterprise. Individuals who are entrepreneurial are often characterized as risk-takers, innovators, and problem-solvers.The concept of entrepreneurship has been around for centuries, but it was not until the late 18th and early 19th centuries that it began to be studied as a separate field of inquiry. The term entrepreneur" was first coined in the early 19th century by French economist Jean-Baptiste Say.Today, entrepreneurship is widely recognized as a critical driver of economic growth and innovation. It is often cited as a key factor in the success of small businesses and start-ups.There are a variety of different approaches to studying entrepreneurship. One common approach is to focus on the individual entrepreneur and try to understand the psychological and social factors that drive them to start a new business.Another approach is to focus on the entrepreneurial process itself, looking at how new businesses are created and how they grow.There is no one single definition of entrepreneurship. However, there are a few key elements that are often cited as being essential to the entrepreneurial process. These elements include creativity, risk-taking, opportunity recognition, and value creation."
What is entrepreneurship and its importance essay?
Entrepreneurship is the process of designing, launching, and running a new business or enterprise. Individuals who are successful in entrepreneurship display many qualities, including creativity, risk-taking, determination, and perseverance.The importance of entrepreneurship cannot be understated. Individuals who are successful in entrepreneurship create new businesses and jobs, drive economic growth, and bring new products and services to market. They are also often innovators and early adopters of new technologies and business models.In today's global economy, entrepreneurship is more important than ever. With the rise of the gig economy and the decline of traditional jobs, more and more people are turning to entrepreneurship to make a living. The ability to start and grow a successful business is becoming increasingly important.Entrepreneurship is also important for social and economic development. Individuals who are successful in entrepreneurship help to create new businesses, jobs, and wealth. They also drive innovation and bring new products and services to market. In doing so, they contribute to the growth of the economy and make the world a better place.
Why is entrepreneurship important in our life?
For one, entrepreneurship allows us to be in control of our own destiny. We are the ones who decide what we want to do and how we want to do it. We are also the ones who decide how successful we want to be.Another reason why entrepreneurship is important is because it allows us to create something new and innovative. We can take our ideas and turn them into reality. We can also help others by providing them with products or services that they need.Lastly, entrepreneurship is important because it allows us to make a difference in the world. We can use our talents and skills to make the world a better place. We can also inspire others to do the same.

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