Entrepreneurship Concept and Techniques

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Table of Contents

Discussion
Conclusion
Work Cited

Entrepreneurship is the act of being an entrepreneur through being innovative and intelligent in terms of finance and business management with the chief purpose to transform creativity, innovation and originality into economic productivity (De Bruin and Dupuis 4).

Generally, the most common form of entrepreneurship is that of setting up a new business. Mostly, entrepreneurship activities vary depending with the category of organization and the level of innovativeness involved. As such, this research paper will assess and make an in-depth analysis of entrepreneurial techniques in order to understand the whole concept of entrepreneurship in general.

Discussion

Internal and external factors of Entrepreneurship. In business, there are both negative and positive factors that affect the performance of any business; these factors are events and situations which impact the business in diverse ways; such factors can generally be referred as environmental factors or driving factors. Environmental driving factors can be subdivided into two categories; internal and external driving factors.

Internal factors are those forces that impact the business internally or within an organization but can be influenced by the organization. For an example, the internal driving factors can include; technological competence, management system, financial supervision, organization background and employees ability among other factors (De Bruin and Dupuis 43).

While external factors are those driving forces outside the organization and can not be controlled in anyway by the organization. Examples of external driving factors include; outside competition, demographic factors, political influence, and economical situation among other factors (De Bruin and Dupuis 51).

All driving factors influence changes in any business and therefore for success in the business, it is important to know how such changes are occurring which might include, increase or reduction of business competition, increase in business economy, political influence and change in customer behavior. Such factors may also affect the products in terms of its demand since customers would prefer unique products.

Theory of entrepreneurship. There are numerous theories explaining the concept of entrepreneurship and examples includes; sociological theories, economical entrepreneurship innovation theory, and motivation theory among others. The entrepreneurship innovation theory was developed by Joseph Schumpeter (De Bruin and Dupuis 77). According to Schumpter he believes that an entrepreneur facilitates the process of economical progression in any given economy.

He also argues that, a good entrepreneur is the one who holds the opinion of creativity, innovations and is always ambitious. The theory basis it argument in the fact that, an entrepreneur who incorporates new products, integrates new techniques, opens new avenues of marketing, develops new supply sources of raw material and makes new organization strategies is a genuine and successful entrepreneur (De Bruin and Dupuis 89).

Role of theories in understanding entrepreneurs. Different theories are appropriate at different stages of entrepreneurial growth and therefore diverse theories should always be applied in different context; for instance, economical theories influence business expectations while the sociological theories are applicable in assessing entrepreneurial performance at different stages (Virtanen 6).

The knowledge of different theories in entrepreneurship equips an entrepreneur with high levels of creativity and innovativeness, quality management abilities and the business expertise.

Conclusion

In conclusion, it’s clear that a good entrepreneur should apply the concept of originality through being innovative and applying creativity of the highest level in order to incorporate new business techniques. On the other hand, through understanding, different theories of entrepreneurship, an entrepreneur can be able to learn innovation, creativity, management skills, and the business know-how which are essential characteristics for success in business (Virtanen 2).

Work Cited

Entrepreneur.com. Entrepreneurship: Theory and Practice.2001. Web.18^th August 2011 https://www.entrepreneur.com/

De Bruin, Anne & Dupuis, Ann. Entrepreneurship: new perspectives in a global age. Farnham: Ashgate Publishing, Ltd, 2003. Print.

Virtanen, Markku. The role of different entrepreneurship theories. 2011. Web.

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Entrepreneurship Concept and Techniques

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