Entrepreneurship is everywhere around us. It can foundin smal family shops in any country and it can be found in every globalorganization in the world.
Our economy is based on entrepreneurship. Fordecades already, entrepreneurship created great interest among academics andthe amount of literature and studies about entrepreneurship can be quite much. Inrecent, the interest in entrepreneurship has rise to another level.
Successfulentrepreneurs such as Steve Jobs, Bill Gates and Mark Zuckerberg can known byanyone in any part of the world. Entrepreneurshiphas an important role in the creation and growth of businesses now affecting growthand success of countries. Entrepreneurship is the key for business to achieve.Almost all explanations for business, and for economy itself, depend onentrepreneurship. Many people around the world engage entrepreneurship. Entrepreneurshiptakes a different forms and it appears in both small and big businesses, in newventures, in legal and illegalactivities, in the formal and informal economies, in innovative and traditionalcases and in all countries and economic areas.
Entrepreneurship is the key toeconomic development. Governments and academics intend to encourageentrepreneurs to its importance to employment creation and economy. Without thecreation of new businesses, our economy would end. And business school studentsare very interested in entrepreneurship. Most people study entrepreneurship becauseof its importance in creating wealth. However, a financial view can be restrictiveand it prevents us from understanding the true impact entrepreneurship has topeople.
The entrepreneur is considered to be the means of changing and revisingthe economy. The entrepreneurial thinking indicates the discovery,assessment and exploitation of opportunities, in other words, new products,services or production processes; new strategies and organizational forms andnew markets for products and inputs that cannot be existed. The entrepreneurialopportunity is an unexpected and as yet under valued economic opportunity. Entrepreneurialopportunities exist because different individuals have different ideas on the similarresources or when resources are turned from inputs into outputs. The theory ofthe entrepreneur focuses on the beliefs about the value of resources.
Entrepreneurshipcan be theorized as the discovery of opportunities and the successive creationof new economic activity, often with creation of a new organization. Because ofthe fact that there is no market for opportunities, entrepreneur must find outthem, meaning that entrepreneur must develop his or her capabilities to get resources,as well as organize and find opportunities. The downside to the ideas or opportunitieslies in the difficulty involved in protecting ownership rights of ideas thatare not associated with patents or copyrights of the different expectationsheld by entrepreneurs and investors on the economic value of ideas and businessopportunities, and of the entrepreneur’s need to withhold information that mayaffect the value of the project. Entrepreneurship is often discussed under thetitle of the entrepreneurial aspect, entrepreneurial initiative, theentrepreneurial function, and entrepreneurial behavior and is even referred toas the entrepreneurial life.
The entrepreneurial factor is understood to be anew factor in production that is different to the classic ideas of earth, workand capital, which must be explained with compensation through income for theentrepreneur along with the shortage of people with entrepreneurial capabilities.Its considered as an entrepreneurial function refers to the discovery andexploitation of opportunities or to the creation of venture. Entrepreneurial behavioris seen as behavior that manages to combine innovation, risk-taking and pro-activeness.Entrepreneurial initiative underlines the reasons for correctly foreseeing marketimperfections or the capacity to innovate in order to create a new mixture. Entrepreneurialinitiative covers the concepts of creation, risk-taking, revitalization orinnovation inside or outside an existing organization.
Lastly, the entrepreneurialspirit emphasizes exploration, search and innovation, as opposed to the exploitationof business opportunities pertaining to managers.