Entrepreneurship Theory & Practice Assignment Sample
Introduction
The study states that Entrepreneurship is the extraction and creation of different economic values. It is accessible and able to grow, organize, develop and run a business operation to make valuable profit and benefits. The best example of this role is starting a new business. In economics, entrepreneurship is tied with labor, resources, natural and land that must generate some profit in the output. They are always ready to take risks regarding the business and have a lot of courage to invest in the new business idea and guiding the company to success. It is types of management in which new ideas and creative thinking are perform to grow the structure of the administration. The main aim of the topic is to sharp on the different business programmed.
Part A: Report
1. Identification of entrepreneurship activity in an organization
Entrepreneurship activity involves the ability to put forth budding and innovative ideas in producing market products, to undertake risks to take an organization to the pinnacle of success, and the capacity to introduce advancements and updated modes and modules. The intention that most organizations are emerging is to compete with their rivals in this 21st century. The fundamentals that set the fulcrum of entrepreneurship activity encompass the five most essential processes including doing proper research of an organisation (Saebi et al. 2019). Apart from those, the quality of managing financial sources to avoid any kind of economic crunches, embarking on adventurous and risky tasks, bringing in developmental activities, and above all, the finesse to address the overall council of an organization are necessary. It involves the endeavouring tasks meant for generating an excessive amount of worth for an organisation by creating and expanding financial activity.
Others include inventing newfound products and services, replacing the older ones in place of them as per market demand, and bringing in newish and customer-oriented activities. Leaving the kinds and number of entrepreneurship activities such as Small, Large Social, Imitator, Researcher, and Huster entrepreneurship, all the entrepreneurs, are bound to follow the fundamentals of entrepreneurship activity since these the pillars that lay the foundation of an organisation and, thereby, it will fortify the base to flourish and thrive in coming days. An entrepreneur may lack technological development (Elia et al. 2020). Therefore, it is imperative to adopt advanced technologies to encourage the growth and nourishment of an organisation. Besides being a help to an organisation, they are a great help to society as they come up with job creation scopes providing sources of livelihood.
2. Five core literature
2.1 Skills of entrepreneurship
Running a business organisation is all about how efficient an entrepreneur is. The obvious quality to make an organisation prosperous is a never-ending attitude, the attribute of being a learner. The skills needed to veer an institution in a growth-accelerating direction are excellent communication and strategizing programs. The remaining are the efficiency of selling, focusing on targets, and learning behaviour. Along with the growing competition and global demands, a simple human needs to bear a sound knowledge of business managing skills. Management can be successful only after the eagerness to listen to an entrepreneur. Before stepping in to take any risk, the ability to think critically and rationally is a prerequisite (Covin and Wales, 2019). Time passes rapidly, and similarly, the old, decayed ideas-based products and services are about to go away and here come the critical thinking ability of an entrepreneur. Success defines the ranges that a successful organisation encompasses. This expansion is possible only when an entrepreneur starts putting a lot of effort into networking the business.
2.2 Skills for a robust entrepreneurship
The presence of skills and gifted with innate finesse will not foster an organisation to be robust and successful. The thing that it demands is a victorious and triumphant implementation of the skills in a well-planned manner. A successful entrepreneur must be rife with the capacity to do multiple activities. They were multidimensional means the power to survey all the segments of an organisation, beginning with the allocation of funds, distribution, the satisfaction of the employees, and ensuring a conductive working environment (Nussholz, 2018). An ideal personality of a leader satisfies the employees and easily delegates responsibilities to those at the bottom. Besides devolving the jobs, with the skill of communication, one can comprehend; the problems faced and can resolve them with immediate effect. Solving the issues at an early stage helps an organisation to keep the negative aspects low and increase its profit.
2.3 Factors related to entrepreneurship skills
Many factors affect entrepreneurship in several directions, sometimes positive and sometimes negative. The connotations that affect the growth of an organisation include risk endurance, advantages secured from the benefits, stimulation to the opportunities, intellectual property rights, and leadership. Intellectual property rights are a guarding factor that protects from copied and stolen (Aldrich and Ruef, 2018). Changing dreams into reality is the result of a successful leader. Responding to the newer trends and the market is a primary difference between a failed and a successful model. Taking risks and bearing the setbacks of the risks is essential to growing.
2.4 Characteristics of entrepreneurship skills affecting a business
A company reaches the zenith of success only when the entrepreneur can bring forth motivation and can inculcate the motivation in others’ minds. Here, the Theory of Need for Achievement is reminiscent of the motivation to achieve success. According to him, excellent performance, and the encouragement to yield that need is helping an individual to run an organisation. The Behaviour Theory defines that entrepreneurial progress depends on the present social and economic aspirations. This sounds very much similar to the characteristic of having a broad vision. Being visionary means staying focused on long-term goals and steps planned to initiate.
The Economic Theory has highlighted the strong demand for economic growth and accelerating the financial backup leads an organisation to be an ideal to those yearning to generate and anchor higher amounts of revenue (Clayton, et al. 2018). Here, again the characteristic of being innovative and flexible is visible. The more innovations an entrepreneur generates within an organisation, the more amplitudes, and opportunities the institution receives. Coming up with newish ideas and experimenting with them in the needed areas is an opportunity of bringing a sea change in the realm of the net worth of a company, increasing the market valuation of an organisation.
2.5 Sources to acquire entrepreneurship
Entrepreneurship is the backbone of a country employing the growth of a country and the organisation. As per a study, 2.5% of the global (GDP) revenue comes from the field of entrepreneurship. Very often comes from personal experience, sometimes it is a gift of birth. The qualities adopted from birth need care, handling, and polish to excel and others come from past working experience, strength-abilities, hobbies, and books-magazines.
3. Impact of entrepreneurial management on organisational growth and performance
Figure 1: Impact of entrepreneurs on organisational growth
(Source: Khalid et al. 2019)
Entrepreneurs always boost financial and economic growth and development by explaining innovative ideas, products, technologies and many valuable services (Basco et al. 2020). An important thing about this role is that the entrepreneur does not think about the failure and risk. Entrepreneurial activity always increases the productivity of the company and its economy with the help of various types of strategies that are implemented (Gupta et al. 2020). They always accelerate many structural interchanges by restoring established sclerotic organisations. Entrepreneurship always provides a positive impact on organisational growth and its performance as they are having the ability to take risks. Entrepreneurs associated with the government and private sectors are having flexible schedules to full control of the schedule for growing social and mental activities of their work (Khalid et al. 2019). They must attract lots of business leaders and tycoons for participating in their thinking and idea. As they are having innovative ideas and many strategies is to build a business very profitable in less period. Its characteristics are innovative ideas, ability to take the various risk, open-mindedness, leadership quality and knowledge of the product that always help in making strategies for the growth of the business.
Entrepreneurs assist in increasing the economy of the company and the country by introducing and starting a new business (Liang et al. 2018). The importance of entrepreneurship for the growth of an organisation and its performance is as follows: Innovation is the centre of the innovation that must produce new product technology, venture, quality of goods and market. It also helps in increasing the quality of living of persons (Roundy and Fayard, 2019). Community and society development, a community and society always become larger if the employment is big and diverse.
It promotes many facilities like better sanitation, higher expenditure on the health and education sector and less amount of slums (Madriz et al. 2018). Creation of employment, they provide and create employment by starting a new business and helping in improving the economy. Increase standard of living, they assist to improve the quality of life by providing better income. It means an increase in the utilisation of services and goods. Entrepreneurs met with new people and take ideas about the start-up by talking to them, they always focus on the business-related ideas and strategies for searching for profit from the idea (Marques et al. 2018). An entrepreneur is a home business or small business to multinational companies, they can work from anywhere around the world. They do not need any type of office or desk to work for the company’s growth and development.
Part B: Reflective
Concrete Experience
In entrepreneurship, we must realise the basic need of the customer and the satisfaction of the customer that making an unrelated relationship with customers. It may assist to build important business and gives us the technology for understanding the business and system (Păunescu et al. 2018). I feel they should think about the needs of the market and customers and provide them with quality products. Entrepreneurs are very innovative and do not hesitate to take risks as they are having many business ideas research and strategies.
Reflective Observation
The topic helps to gain ideas from the risks, innovative ideas and strategies and must apply all this in real life (Reyad et al. 2019). With the help of this research, I must find that innovativeness is most relevant in business organisations and firms.
Abstract Conceptualization
Creating new and valuable ideas and concepts with having advanced technologies, strategies and innovations also provides valuable things in life like the standard of living, ability to handle issues, self-confidence and leadership quality.
Active Experimentation
I have noticed that it might depend on the different innovative ideas, economy and psychological theories. We must say that a settled businessperson creates unique and advanced ideas (Gupta et al. 2020). New entrepreneurs are not having any idea about business with no experience and they must face many difficulties in achieving their goals. In my point of view, starting failure in business may come because failure is the first step toward success in life and business.
Conclusion
This topic comes to end with the entrepreneurship practices and theories, as they must have some effective properties and huge interest in starting a new business. Entrepreneurship is an innovative role for investing in new ideas and organising many types of new business ideas. They are highly motivated and have risk-taking ability with the help of advanced strategies. In this topic, a different activity performed by the entrepreneur in an organisation has discussed. Source and many skills or entrepreneurship and the characteristics also explained in a detailed manner for better understanding. This study also proposed a conclusion, which speaks about the qualities of a successful entrepreneur. The innate qualities and the adopted skills of a successful leader are crucial and how they help in the successful implementation of the project, plans and strategies are present here. The by-products of the skills of entrepreneurship such as the personal aspects of an individual are too visible here. It demonstrates how an average human can become an entrepreneur and how can become an asset to an organization.
References
Journals
Aldrich, H.E. and Ruef, M., 2018. Unicorns, gazelles, and other distractions on the way to understanding real entrepreneurship in the United States. Academy of Management Perspectives, 32(4), pp.458-472.
Basco, R., Hernández-Perlines, F. and Rodríguez-García, M., 2020. The effect of entrepreneurial orientation on firm performance: A multigroup analysis comparing China, Mexico, and Spain. Journal of Business Research, 113, pp.409-421.
Clayton, P., Feldman, M. and Lowe, N., 2018. Behind the scenes: Intermediary organizations that facilitate science commercialization through entrepreneurship. Academy of Management Perspectives, 32(1), pp.104-124.
Elia, G., Margherita, A. and Passiante, G., 2020. Digital entrepreneurship ecosystem: How digital technologies and collective intelligence are reshaping the entrepreneurial process. Technological Forecasting and Social Change, 150, p.119791.
Gupta, P., Chauhan, S., Paul, J. and Jaiswal, M.P., 2020. Social entrepreneurship research: A review and future research agenda. Journal of Business Research, 113, pp.209-229.
Khalid, N., Islam, D.M.Z. and Ahmed, M.R.M., 2019. Sentrepreneurial Training and Organizational Performance: Implications for Future. Humanities & Social Sciences Reviews, 7(2), pp.590-593.
Liang, J., Wang, H. and Lazear, E.P., 2018. Demographics and entrepreneurship. Journal of Political Economy, 126(S1), pp.S140-S196.
Madriz, C., Leiva, J.C. and Henn, R., 2018. Human and social capital as drivers of entrepreneurship. Small Business International Review (SBIR), 2(1), pp.29-42.
Marques, C.S., Valente, S. and Lages, M., 2018. The influence of personal and organisational factors on entrepreneurship intention: An application in the health care sector. Journal of Nursing Management, 26(6), pp.696-706.
Nussholz, J.L., 2018. A circular business model mapping tool for creating value from prolonged product lifetime and closed material loops. Journal of Cleaner Production, 197, pp.185-194.
Păunescu, C., Popescu, M.C. and Duennweber, M., 2018. Factors determining desirability of entrepreneurship in Romania. Sustainability, 10(11), p.3893.
Reyad, S.M.R., Al-Sartawi, A.M., Badawi, S. and Hamdan, A., 2019. Do entrepreneurial skills affect entrepreneurship attitudes in accounting education?. Higher Education, Skills and Work-Based Learning.
Roundy, P.T. and Fayard, D., 2019. Dynamic capabilities and entrepreneurial ecosystems: The micro-foundations of regional entrepreneurship. The Journal of Entrepreneurship, 28(1), pp.94-120.
Saebi, T., Foss, N.J. and Linder, S., 2019. Social entrepreneurship research: Past achievements and future promises. Journal of Management, 45(1), pp.70-95.
Soomro, B.A. and Shah, N., 2019. Determining the impact of entrepreneurial orientation and organizational culture on job satisfaction, organizational commitment, and employee’s performance. South Asian Journal of Business Studies.
………………………………………………………………………………………………………………………..
Know more about UniqueSubmission’s other writing services:
