BUSINESS ENTREPRENEURSHIP

Business Entrepreneurship

Table of Contents

Introduction1

Aims and Objectives of the research2

Role of Entrepreneurship in Modern Business2

The three Es of business management4

Characteristics of an Entrepreneurial Environment6

Recommendation and Conclusion8

Business Entrepreneurship

Introduction

Creative Entrepreneurship is a practice of setting up oneself as self-employed or setting up a business in the creative industry. Traditionally, there is an argument that new innovative businesses move the less innovative enterprises out of the business. This has gradually led towards an economic growth of the industry. Besides biotechnology, the policy makers consider creative industry to be among the few economic divisions that possess potentials for creating employment and growth. These industries accounts around 5 percent of the GNP in majority of the countries in UK and has shown higher growth rate than the other industries. In addition to this, Creative industry has provided important inputs to other industries, for example: the product designing or tourism (ACS, Florida and Lee 2007).

Good entrepreneurs should have the ability of identifying the needs, satisfy them, expertly fill them, and then lead the team to success. They always find opportunity in any situation they fall in. Their skills are of introducing new ideas and implementing them within the organization (Casson, 2003). An entrepreneurial leader should have the capability of leading his team in such a way that the organization gain profits out of its efficiency. Entrepreneurial leaders should have the quality of good observation, framing the challenges, building commitment, leading a team, creative ideas, etc. These are essential qualities that entrepreneurial leaders should possess.

Aims and Objectives of the research

This research aims to investigate the concept of entrepreneurship and the role that entrepreneurs play in modern business and its impact the organizational performance. So, the objectives of this study are to:

Find out the role of entrepreneurship in modern business.

What role do entrepreneurs play in sustaining business in the modern era?

What are challenges that entrepreneurs face in the modern economic conditions?

Make recommendations for entrepreneurs on how to face the challenges of the modern world.

Role of Entrepreneurship in Modern Business

The individual personality characteristics determine the entrepreneurship skills, but the corporate culture also plays a role. The entrepreneur of a multinational business must ensure that the management team with local market is taking the right decisions at the right time and that mechanisms exist for everyone in the company to learn from those decisions (Acs, Florida and Lee 2007). There must be some sort of coordination mechanism that enables the entire company to learn from local successes. It is a great challenge for leaders. The achievement of employee turnover is something but not everything. It is necessary to do more. It is necessary that the information flow for the proper coordination and collaboration (ACS, Florida and Lee 2007).

Global entrepreneurs should include not only the culture and markets in other countries, but also know how to manage the resulting diversity of these differences. They should ask themselves: How do I organize to manage the differences between countries but still have a dynamic coordinated worldwide product? How ...