ENTREPRENEURSHIP

Entrepreneurship and Small Business

Entrepreneurship and Small Business

Chapter 1 - Entrepreneurship: definition and evolution

In this chapter element of entrepreneurship have been discussed much of the argument over the definition of entrepreneurship revolves around the factors considered necessary for entrepreneurship to occur. Author defined five factors; these factors have been commonly known for entrepreneurship to take place. Chapter highlighted that an entrepreneur requires a market opportunity, adequate resources, a business organization and a favourable environment. Five factors are considered contingencies something that must be present in the phenomenon but can materialize in many different ways. The entrepreneur is responsible for bringing these contingencies together to create new value. These five factors include entrepreneur, opportunities, resources, organization and environment.

Several critical stage have been discussed in this chapter, firstly it is the discovery of an opportunity. Central to the process of new venture formation is the founding individual. The second stage is the evaluation of the opportunity. After having identified a promising opportunity, the actual decision to attempt to launch the venture arises from a clear intention and this implies action. The third stage is the exploitation of the opportunity just as the would-be entrepreneur must decide to attempt to found a business, would-be entrepreneurs must finally decide whether to proceed or abandon the attempt.

There are certain factors, which are essential for entrepreneurship that can help a country. In this chapter a study over history of economics has been done, this study identified that economic institution and politics of any country play an important role for the development of entrepreneurship. In context of values, the willingness to live with this believe, it is important if society gets richer. On the other hand politics play an important role at macro level, it provides an entrepreneurship framework. Economic institutions are important tools utilized by entrepreneurs that can capitalize opportunities and convert these opportunities into marketable services or products.

Chapter 3 - Creativity, innovation and entrepreneurship

In this chapter author have highlighted Innovation creativity and entrepreneurship; chapter highlighted certain factors that can affect creativity. Encouragement, autonomy, resources availability and workload pressures are important factors to consider in this respect. In addition to organisational constraints, creativity can be impeded at the individual level because of various mental blocks.

On the other hand chapter have focused on various sources of innovation, most innovations takes place because of purposeful opportunities, these are found in very few situations, author discussed Drucker four key areas of opportunity that exist within an industry or company in includes market and industry changes, unexpected occurrences, process needs and incongruities.

Lastly, chapter focused on steps which are important for screening opportunity it includes creativity innovation entrepreneurship process essentially implies evaluating and shaping opportunities. Along this process, business ideas will assess to determine if they represent a real entrepreneurial opportunity a situation where sustainable value can be created for the entrepreneur and the customer. One such tool is the R-W-W ("real, win, worth it") screen. The process consists of a series of strict filters that are first used to screen ...