This website uses cookies to ensure you have the best experience. Learn more

Entrepreneur & Entrepreneurship Essay

5553 words - 23 pages

1.0 Introduction 1.1 Objectives 1.2 Entrepreneurship as a Career Option 1.3 Concepts and Definitions 1.3.1 Entrepreneur
1.3.2 Entrepreneurship
1.3.3 Enterprise
1.3.4 Difference between Entrepreneur and Entrepreneurship
1.4 Role of Entrepreneurship in Economic Development 1.4.1 Entrepreneurship and Economic Development
1.4.2Entrepreneurship and Education
1.5 Functions of an Entrepreneur 1.6 Innovation 1.7 Risk and Uncertainty Bearing 1.8 Organization 1.9 Functions Performed by an Imitator Entrepreneur 1.10Entrepreneur vs. Manager Relationship
1.11 Summary
1.12 Glossary
1.13 Self-Assessment Questions
1.14 Further ...view middle of the document...

And let us remind you that this career
opportunity is not only for boys but also for girls - all those girls who think smart,
are ready to act and script the story of their own life - like Shehnaz Hussain or
Ritu Kumar or Kiran Majumdar Shaw.
After going through this lesson you should be able to:
• Inculcate the Desire to take up Entrepreneurship as a Career
• Differentiate between Wage employment, Self-employment and Entrepreneurship
• Define and know the Meaning of the terms Entrepreneur, Entrepreneurship and Enterprise
• Learn about the Functions performed by an Entrepreneur
• Understand the Role of Entrepreneurship in Economic Development
• Differentiate the roles of an Entrepreneur and a Manager
After finishing your graduation you will be at the crossroads of life. You will face
the dilemma of choosing what you have to do in life. The vast majority of human
beings direct their activities towards earning a living, generating wealth and
improving their standard of living. You can choose your career from two broad
categories of options - Wage Employment or Entrepreneurship. The term 'career'
signifies a continuous, ever evolving, ever expanding opportunity for personal as
well as business growth and development. We may define entrepreneurship as a
career in your own business [YOB] rather than wage employment [JOB] .If you
opt for a job then you will work for others. In case you opt for entrepreneurship
you will be your own boss.
In case of wage employment one is engaged in routine work carried on for others
for which he receives salary or wages. He has to follow instructions and execute
plans laid down by his superior. One can choose to be employed in Government
Service or the Public Sector or the Private sector. Some of the main differences
between entrepreneurship and wage employment career options are as under-

Wage Employment Entrepreneurship
Work for Others
Follow Instructions
Routine Job
Earning is fixed, never
Does not create wealth
Can choose from-
Government service
Public Sector
Private Sector
Own Boss Make own plans
Creative activity
Can be negative sometimes,
generally surplus
Creates Wealth, contributes to
Can choose from-
Trade or
Service Enterprise
Fig 1.1 - Difference between Wage Employment and Entrepreneurship
In the context of employment generation the three terms- Income generation, Self-
employment and Entrepreneurship are often used interchangeably.
Income generation is the initial stage in the entrepreneurial process in which one
tries to generate surplus or profit. They are often taken on part- time or casual
basis to supplement income e.g. a man with some surplus money might put his
money in a fixed deposit account in a bank or a chit -fund to earn some interest.
Self-employment is the second stage in the entrepreneurial process and refers to
an individual's fulltime involvement in his own occupation. e.g. a...

Other Papers Like Entrepreneur & Entrepreneurship

Consumer Behaviour Essay

754 words - 4 pages Entrepreneur & the Business HEADING: Innovation, Entrepreneurship in Developing organisations. Introduction Defining Innovation and Entrepreneurship Traditional Drivers of Innovation Examining entrepreneur influences (public policy) Examining & evaluating Conclusion HEADING: Innovation, Entrepreneurship in Developing organisations. Introduction Entrepreneurship, as an engine of organisational change and development, defies

Term Paper

1082 words - 5 pages Questions: 1.) Define entrepreneurship? Atleast 2 definition. 2.) What is entrepreneur? 3.) Characteristics of entrepreneurship. 4.) Advantages or Benefits of becoming an Entrepreneur. 5.) Disadvantages of becoming an Entrepreneur. Answer. 1.) Entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. An


2094 words - 9 pages , there has to be willingness and ability to perceive new economic opportunities(new products, new production methods, new organizational schemes and new product-market combinations). Entrepreneurship can thus be seen as the activity of an entrepreneur. Entrepreneur Hisrich and Peters (1998) ,see an entrepreneur as someone creating something new with value by devoting time and effort, assuming the accompanying financial, physical and social

Hostel Management System

648 words - 3 pages   BLUECREST COLLEGE NAME: SAMUEL OWUSU DANSO COURSE: SMALL BUSINESS MANAGEMENT & ENTREPRENEURSHIP LEVEL: 300 SEMESTER 2 PROGRAM: BACHELOR OF SCIENCE IN INFORMATION  TECHNOLOGY(BSc.IT) ASSIGNMENT I AN ENTREPRENEUR  INTERVIEW  BIOGRAPHY OF THE ENTREPRENEUR Mr. Gabriel Takyi is a young man of thirty six (36) years old  born at Abura Dunkwa a district in the  Central Region of south Ghana. He is married for the past six(6) years with his

Sustainability and Entrepreneurship

899 words - 4 pages consumers as we look as an organisation members channelled their intention to consume through their environment and this intention will be converted action. As an entrepreneur we can convert this environmental and social impact issue to opportunities. We like the idea of sustainable entrepreneurship can be seen as the process of sustaining a level of entrepreneurial development as to create a paradigm shift in economic activity such that national GDP

Entrepreneurship and Business

2345 words - 10 pages Nowadays, entrepreneurs are increasingly prevalent in the society and it seems that they function as an inseparable part in the context of economic development since their close involvement in the processes of manufacture, trading and profit generation. However, it also appears that the term entrepreneurship is not easy to understand although this subject seems similar to the term of entrepreneur. Based on this background, this essay will first

Characteristics Of A Successful Entrepreneur

1726 words - 7 pages Characteristics of a Successful Entrepreneur ABSTRACT First, there was an interview with a successful entrepreneur. Second, there was a talk on entrepreneurship by a guest speaker, Mr. Azmi Ahmad (the CEO of and later, an "elevator speech" by fellow students on various issues related to entrepreneurship. This collective information and some reading on entrepreneurship journals, books and articles have brought to the idea on

Discuss the Relationship Between Entrepreneurship, Innovation and Economic Development. What Roles If Any Do Creativity and Problem Solving Play in This Relationship? Refer to Both Theory and Examples...

916 words - 4 pages . Innovation can be protected by entrepreneurship because it relies on innovation. As Thomson Edison* said, his inventions were from seeing a worthwhile need to be met and trailed after it until it came. So it can be seen as innovations are from solving problem and creativity. As an entrepreneur, spotting a problem and turn it into opportunity by creativity is called entrepreneurship. Entrepreneurship sets innovation to processing first and then


2247 words - 9 pages BMA 246 -What is entrepreneurship Jin Mingming 199151 Considering the influence of the context, Entrepreneurship should be perceived as a living and breathing human being, who act as a social animal and is growth with the sensibility to opportunities and threats around.This article is mainly talking about the importance of sensing and manipulating as a entrepreneur. Firstly, two pictures of entrepreneurship will be illustrated with

Become An Entrepreneur

1040 words - 5 pages   What is entrepreneur? Is someone who starts a business or organization. Also who manage their business. But who organizes the stuff of organization. And assume the responsibility of the enterprise. A loanword (entrepreneur) it is defined as an individual who organizes or operates a business or businesses. How to become an entrepreneurship? You can become an entrepreneur by having an idea what you want in the business industries and the

The Main Diffirence Between Manager and Entrepreneur Is Risk Taking Propensity.Doc

1682 words - 7 pages is therefore creating larger debts. It is just awful. I often have people saying they are going to sell everything and become an entrepreneur, and I say for goodness sake don’t do it. Very few people are wealth creators and it is really important that people realise where their strength lies’(The Sunday Times, 2007). Another survey conducted by Northeastern University’s School of Technological Entrepreneurship also revealed that entrepreneurs

Related Essays

Entrepreneurship Essay

634 words - 3 pages Questions: 1. What is an Entrepreneurship? 2. Who is an Entrepreneur? 3. Distinguish Entrepreneur from manager. 4. Give at least 10 characteristic of an Entrepreneurship. 5. What are the benefits that one can get from being an Entrepreneur? Answers: 1. -Entrepreneurship is the act of being of being an entrepreneur, which can be defined as one “who finance and business acumen in an effort to transform innovations into

A Primer In Entrepreneurship Essay

2413 words - 10 pages  Kaiser A primer in Entrepreneurship Spring semester 2008 2 1 I. A. 1. 2. 3. Introduction to Entrepreneurship What is Entrepreneurship? “Entrepreneur” derives from the French words entre, meaning “between,” and  p prendre, meaning “to take”  , g Originally used to describe people who “take on the risk” between buyers and  sellers or who “undertake” a task such as starting a new venture Inventors and entrepreneurs differ from one

Entrepreneurship Essay

543 words - 3 pages 'Entrepreneurship' Meaning An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Concept Entrepreneurship can be defined as the process of using private initiative to transform a business concept into a new venture or to grow and diversify an existing venture or enterprise with high growth potential. Entrepreneurs identify an innovation to seize an

Entrpreneurs Who Are Born Or Made

1300 words - 6 pages Introduction Entrepreneurs are born. This statement by Professor James V. Koch from Old Dominion University, Virginia, USA reflects that entrepreneurs have entrepreneurship skills that are part of a person’s innate traits one must be born with (Kuratko 2014). Entrepreneur who is born is the entrepreneur that has a family business. The entrepreneur inherits their parent’s business. Inheritance can make a person to be an entrepreneur. Matter