Business - entrepreneurs - skills - economic change
Every enterprise begins with an entrepreneur. Hence, the entrepreneur holds the key to the success or failure of a business. However, there is no definite definition of an entrepreneur. It can be a manager undertaking an activity. An entrepreneur can also be an agent of economic change with regard to the impacts he or she has in a firm's economic system. Moreover, it can be an individual in terms of his or her personality, psychology, and personal characteristics. However, entrepreneurs are mainly recognized by the tasks they undertake. This means that an individual can be an entrepreneur even if he or she does not own the venture that he or she manages. For instance, nowadays, employees are increasingly acquiring the opportunity to own part of organizations through the provision of shares. Nonetheless, Kimberley (2012) claims that this just encourages Entrepreneurism but does not make one an entrepreneur.
The most common perception of an entrepreneur is the person who establishes a new business venture. This person undertakes the function of bringing different organizational elements together, and subsequently allocating them separate legal entities. These elements include productive resources and employees, among others. Johnson (2010) says that such entrepreneurs are important to economic development in developing nations.
However, other entrepreneurs buy firms that are already running. They may then expand and develop them, or just absorb them (Kimberley, 2012). Examples include Ray Kroc of McDonalds and Alan Sugar of Sinclair Scientific. Such entrepreneurs encourage creativity in the business sector; an essential aspect of entrepreneurship success. This creativity can mean more than just new technology or products. It may include any method that adds value to a process.
[...] In fact, this is why some businesses like Google have prospered universally to top ranks. Other business men should emulate such organizational structures and look out for the skills that may be lacking in order to attain a competitive advantage over the top ranked businesses. This will ensure the maintenance of competition in the business sector as well as continued economic development. References Joel, L., & Bailey, S. (2012). Developing work and study skills. London: Thomson Learning. Johnson, K. (2010). [...]
[...] However, other entrepreneurs buy firms that are already running. They may then expand and develop them, or just absorb them (Kimberley, 2012). Examples include Ray Kroc of McDonalds and Alan Sugar of Sinclair Scientific. Such entrepreneurs encourage creativity in the business sector; an essential aspect of entrepreneurship success. This creativity can mean more than just new technology or products. It may include any method that adds value to a process. An example is a new way of advertising or promotion of the business service delivery. [...]
[...] None is greater than the others are since other circumstances determine the kind of business decision that an entrepreneur undertakes. The type of business endeavor is one such circumstance. For instance, in a business dealing with IT activities, logical decisions hold the upper hand. On the other hand, in a religious setting, like selling religious artifacts, moral decisions are the most important. Nonetheless, this does not mean that these entrepreneurs cannot make other types of decisions. Lyndon Johnson quotes in business, “doing what is right is not hard, knowing the right option is. [...]
[...] However, this does not apply to all entrepreneurs. For instance, Lord Hanson aims at maximizing shareholder returns. In other perspective, classic economics assumes that there is availability of all information about a market for use by both producers and consumers. However, since people do not use all this information, entrepreneurs look out for the unexploited information. They take advantage of this and exploit the information for profit in order to ensure a more efficient market. In other words, this describes the cognitive aspect of entrepreneurship that attempts to understand how businessmen make decisions, act, and react in situations. [...]
[...] Sharpe. Aspire Training & Consulting. (2003). Developing business skills: Level 3 activity book. Melbourne, Vic: Aspire Training & Consulting. [...]
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