Definition of Entrepreneurship

Entrepreneurship can be defined as the method of utilising one’s individual creativity and inventiveness to bring in changes to an already existing business or to initiate a new business with a view to developing and expanding it and make it an economically profitable venture. Peter Drucker defines entrepreneurship as knowledge base and practice of this knowledge. Entrepreneurship is a module in that is often a topic for assignment writing.

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Entrepreneurship includes characteristics such as the identification of new ideas, improving upon the presented opportunities, marshalling the necessary finances, infrastructure, human resources and management skills, and braving risks and hurdles to venture into the market with innovative products, processes or services.

What is entrepreneurship development?

Entrepreneurship development is the method of instilling and improving the knowledge and skills needed for becoming an entrepreneur. This is carried out through appropriate training and enterprise-creating packages that aim to prepare the young entrepreneur in not only handling the new venture in the highly competitive industrial and marketing milieu, but also in making the venture as successful as possible.

What are the different theories and characteristics of entrepreneurship?

Entrepreneurship can be viewed through the perspective of different theories such as the perspective of the economist, the sociologist, the psychologist and the manager. The entrepreneur is linked to the economics of the market and making a profitable business venture and at the same time contributes to the social and cultural aspects prevalent at the place or region of the establishment. Entrepreneurs are different from the average managers of an organisation in their psychological make-up such as risk-taking, creativity, being the change agent, looking for opportunities and their hard-working nature. The managerial knowledge and skills are not just confined to one level in an entrepreneur, but is multi-level comprising of the administrative, financial, operational, HRM as well as proprietorship aspects of the organisation.

What are the challenges facing entrepreneurship?

Entrepreneurship, as discussed earlier, comprises of all the aspects of the new venture and the entrepreneur can face challenges from all of them. For instances, the finances for the enterprise has to be calculated, planned, accessed and distributed according to the project plan. For start-up ventures, the establishment and infrastructure costs will be high initially and an interval has to be allowed for the profits to show up in the accounts. The necessary permits, licenses and governmental procedures for starting the venture have to be procured in time for starting the production. Hiring of adequately skilled employees, building a strong sales-force, building a relationship with the consumers by getting to know their needs and satisfying these needs at a fair price, and satisfying the investors by turning into a profitable venture as soon as possible are also challenges that the entrepreneur has to learn to handle effectively and efficiently.

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