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Understanding Entrepreneurship

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Understanding Entrepreneurship

 Understanding Entrepreneurship

Entrepreneurship is nothing but self-employing. An entrepreneur should have innovative ideas and should plan proper strategies to implement those ideas. The process of entrepreneurship also involves decision-making and forecasting. To start any business, entrepreneur has to find sources for financing the business and then earn profits from the business deals. The entrepreneurs have come up with a lot of new business ideas which has developed different types of entrepreneurial ventures (Drucker, 2014). The type of entrepreneurship can divided under many bases. Based on the type of business occupation, there are five types of entrepreneurship as given below-

        i.        Business Entrepreneurs- These types of entrepreneurs are those individuals who develop new ideas for a particular product or service. After that they try to convert their idea into materialistic business by means of developing new business opportunities. The entrepreneurs seek for resources to run their business and production. The size of their entrepreneurial business venture can be big or mall. Mostly the size of all the ventures is small and the owners are called the small business entrepreneurs. Example, advertising agency, tour and travel agency, confectionery, ready-made garments, textile processing house, etc. These small business enterprises have flourished in the manufacturing business and have significantly contributed towards the economy.

       ii.        Trading entrepreneurs- The trading entrepreneurs do not involve in the business of manufacturing good and services, they are concerned with the trading. They identify the potential market and create the demand for their products amongst the customers. The buyers become interested to purchase their products. Trading entrepreneurs are involved in both the national and international trade (Colquitt, Lepine & Wesson, 2011).

      iii.        Industrial Entrepreneur- The industrial entrepreneurs are those who specifically manufacture goods and services according the customer needs. These entrepreneurs are product-oriented who start their ventures with the thought of producing new products. The industrial entrepreneurs have the capability to convert the economic resources into a profitable venture with the help of technology. Example- textile units, machine tool manufacturers, electronic industry, etc. 

     iv.         Corporate Entrepreneur- These types of entrepreneurs are the ones who manage corporate undertakings and demonstrate their innovative skills. the corporate undertaking are those ventures which are registered under specific regulatory Act to run as a separate legal entity. The corporate entrepreneurs have to make sure that they run their business according to the rules and regulations under which their company is registered.

       v.        Agricultural Entrepreneurs- The agricultural entrepreneurs take up business activities of agriculture. They produce and market the agricultural crops, fertilizers and other such products related to agriculture. They use the method of irrigation and utilize the technology for dry land to increase the productivity of the agricultural sector (Goffee and Scase, 2015).

All the entrepreneurs of different entrepreneurial ventures study the market and the behaviour of their prospective customers. They analyse the products and are always ready to take calculated risks. The main in every business is to run successfully by providing effective service and qualitative products to the customers.  

There are certain similarities between the above-mentioned types of entrepreneurial ventures. The most common thing between all the entrepreneurs is that they are risk takers. Every business involves some amount of unavoidable risks. The entrepreneurs have the ability to convert their innovative ideas into realistic work. When they try to allocate their resources or when they try to take up any new manufacturing decision, or in any other situation, there are risks involved, which the entrepreneurs are ready to take. The entrepreneurs have the capability to manage their finances from the very beginning of their business process. They know which product would give them the maximum return and which will not. All types of entrepreneurial ventures aim at satisfying their customers. They spend time in doing proper market research and they try to study the behaviour of the customers. This helps them to provide the right kind of product and services to the customers (Bridge and O'Neill, 2012). All the entrepreneurs formulate plan for every types of situations and follow it so that the entire organization runs in a systematic way.

 

Reference List

Books

Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).

Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business. Palgrave Macmillan.

Colquitt, J., Lepine, J. A., & Wesson, M. J. (2011). Organizational behavior: Improving performance and commitment in the workplace. McGraw-Hill Irwin.

Drucker, P., 2014. Innovation and entrepreneurship. Routledge.

Goffee, R. and Scase, R., 2015. Entrepreneurship in Europe (Routledge Revivals): The Social Processes. Routledge.

Journals

 Audretsch, D., 2012. Entrepreneurship research. Management Decision, 50(5), pp.755-764.

Awogbenle, A.C. and Iwuamadi, K.C., 2010. Youth unemployment: Entrepreneurship development programme as an intervention mechanism. African Journal of Business Management, 4(6), p.831.

Dacin, M.T., Dacin, P.A. and Tracey, P., 2011. Social entrepreneurship: A critique and future directions. Organization science, 22(5), pp.1203-1213.

Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of Small Business Management, 53(1), pp.75-93.

Jaskiewicz, P., Combs, J.G. and Rau, S.B., 2015. Entrepreneurial legacy: Toward a theory of how some family firms nurture transgenerational entrepreneurship. Journal of Business Venturing, 30(1), pp.29-49.

Klein, P.G., Mahoney, J.T., McGahan, A.M. and Pitelis, C.N., 2010. Toward a theory of public entrepreneurship. European management review, 7(1), pp.1-15.

Lofstrom, M., Bates, T. and Parker, S.C., 2014. Why are some people more likely to become small-businesses owners than others: Entrepreneurship entry and industry-specific barriers. Journal of Business Venturing, 29(2), pp.232-251.

Martin, B.C., McNally, J.J. and Kay, M.J., 2013. Examining the formation of human capital in entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of Business Venturing, 28(2), pp.211-224

McKenzie, D.J. and Woodruff, C., 2012. What are we learning from business training and entrepreneurship evaluations around the developing world? (Vol. 6202). World Bank, Development Research Group, Finance and Private Sector Development Team.

Neck, H.M. and Greene, P.G., 2011. Entrepreneurship education: known worlds and new frontiers. Journal of Small Business Management, 49(1), pp.55-70.

Raposo, M. and Do Paço, A., 2011. Entrepreneurship education: Relationship between education and entrepreneurial activity. Psicothema, 23(3), pp.453-457.

Santos, F.M., 2012. A positive theory of social entrepreneurship. Journal of business ethics, 111(3), pp.335-351.

Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small business.

Thurik, A.R., Stam, E. and Audretsch, D.B., 2013. The rise of the entrepreneurial economy and the future of dynamic capitalism. Technovation, 33(8), pp.302-310.



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