Concept and Value of Entrepreneurship
Question: What is entrepreneurship? Illustrate your answer with suitable examples from your home country.
Nowadays, entrepreneurship places an important determinant of development in the society and regarded as the “rock stars” in the business world. According to Global Entrepreneurship Monitor (GEM), entrepreneurship is defined as: 'any attempt to create a new business enterprise or to expand an existing business by an individual, a team of individuals or an established business’. It means that the individuals or an established business are able to make a unique, innovative and creative contribution whether in employment or self-employment. At the same time, entrepreneurship represents people who are driven to act on opportunities and environmental catalysts in the face of limited resources. At its core, entrepreneurship is starting a business from idea conception to managing the company for the long term. There is no doubt that entrepreneurship deserves the reputation for the reason that it has the level of freedom of which traditional managers can only dream.( Morrison, 2000)
In order to inquire entrepreneurship deeply, this article illustrates two essential parts to analysis entrepreneurship. The first aspect is giving the concept of entrepreneurship including the explanation of entrepreneurship and discussing whether entrepreneurship is aroused from nature or nurture. The second part is considering the value of entrepreneurship.
Part one: the concept of entrepreneurship
Entrepreneurship can be explained into various approaches, including economic approach, personality approach and other approaches. In this part, the article put emphasis on the economic dimension and personality dimension to analyze the features distinguished entrepreneurs.
The role of entrepreneurship is embedded in the mainstream economic models. Considering the direction of causality between entrepreneurship and economy, it can be proved that economic development
Nowadays, entrepreneurship places an important determinant of development in the society and regarded as the “rock stars” in the business world. According to Global Entrepreneurship Monitor (GEM), entrepreneurship is defined as: 'any attempt to create a new business enterprise or to expand an existing business by an individual, a team of individuals or an established business’. It means that the individuals or an established business are able to make a unique, innovative and creative contribution whether in employment or self-employment. At the same time, entrepreneurship represents people who are driven to act on opportunities and environmental catalysts in the face of limited resources. At its core, entrepreneurship is starting a business from idea conception to managing the company for the long term. There is no doubt that entrepreneurship deserves the reputation for the reason that it has the level of freedom of which traditional managers can only dream.( Morrison, 2000)
In order to inquire entrepreneurship deeply, this article illustrates two essential parts to analysis entrepreneurship. The first aspect is giving the concept of entrepreneurship including the explanation of entrepreneurship and discussing whether entrepreneurship is aroused from nature or nurture. The second part is considering the value of entrepreneurship.
Part one: the concept of entrepreneurship
Entrepreneurship can be explained into various approaches, including economic approach, personality approach and other approaches. In this part, the article put emphasis on the economic dimension and personality dimension to analyze the features distinguished entrepreneurs.
The role of entrepreneurship is embedded in the mainstream economic models. Considering the direction of causality between entrepreneurship and economy, it can be proved that economic development
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