Evolution of Entrepreneurship Essay

Entrepreneurship is a term, which has evolved over the years. Previously entrepreneurs were doing so many things that it broadened the true definition of a entrepreneur. The definition of an entrepreneur is one who undertakes to organize, manage, and assume the risks of a business (Kuratko). In the 21st century entrepreneur atomic number 18 looked upon as innovator or developer who recognize and seize opportunity. These types of people argon also responsible for(p) for converting the opportunities into workable/marketable ideas (Kuratko). The term entrepreneur went from subject matter risk- bearing to now the 21st century meaning inventor, innovator, marketer, manager, and organizer and risk taker. Those are the quality normally possessed by an entrepreneur.The Ten Myths Associated With Entrepreneurship1. Entrepreneurs are doers, not thinkers Doing is great but if your not using your head, because your actions wont grasp you far. 2. Entrepreneurs are born, not made A person can be born with tenacity or good communion skills but that doesnt mean these traits must be possessed to be a good entrepreneur. straight off colleges are teaching entrepreneurship classes, these classes help future businessmen unlock the key ingredients to being successful. 3. Entrepreneurs are forever inventors Some people re-invent the wheel to be more efficient. Most entrepreneurs are taking something that is already established, some twisting the established product or idea and selling it. 4. Entrepreneurs are academic and social misfits This comes the media energy the fact that many large and successful companies have owners or creators that were high school or college drop come outs. in that respect are so many entrepreneurs today, and you only see of the ones who are dropouts and doing well for themselves. How often do you hear about the Harvard or Yale graduate who runs a multi-million dollar business? Those kinds of owners are a dime a dozen. 5. Entrepreneurs must fit th e profile Its impossible to say that you must look a veritable way to get ahead in life. If thats the case Bill Gates should work at McDonalds. Today many Americans link success to good-looking people. 6. exclusively entrepreneurs need is money Money helps with plainly about everything. It normally takes a little money to earn a little money. This isnt always the case though, look at the elfin dot com businesses that started with college guys working out of a basement or garage. Through good financial planning and a well managed business anyone can be an entrepreneur. 7. All entrepreneurs need is luck. Luck can certainly play a role in running a successful business. Although, proper planning and preparedness are normally the reason behind such success. 8. Ignorance is gratification for entrepreneurs. This relates a lot to luck, if you are oblivious to something within the business, it was luck that let you get by. Again, planning and preparation are the core values a entreprene ur must possess to not just get by, but to succeed in the long run. 9. Entrepreneurs seek success but experience high ill fortune rates Not all entrepreneurs fail, for example Bill Gates. There isnt a business out there that has never been through rough times, its inevitable. 10. Entrepreneurs are extreme risk takers Most entrepreneurs know what kind of risk there taking, its normally a well-thought out plan that there trying to achieve.What are the major elements in the framework for entrepreneurship presented in Figure 2.4? Give examples of each element There are four major elements in the framework for entrepreneurship. The first is The Individual the factors of this dimension are need for achievement, locale of control, risk- taking propensity, job satisfaction, previous work experience, entrepreneurial parents, age and education. The second is The Environment which includes factors such as venture capital availability, presence of experienced entrepreneurs, technically skill ed labor force, to name a few. The trinity dimension is The Organization which has fewer factors including type of firm, entrepreneurial environment, partners, strategic variable and competitive entry wedges. The become dimension is The Process which holds factors such as locating a business opportunity, accumulating resources, marketing products and services. List and explain, in detail, the three (3) advantages of developing an intrapreneurial philosophy. Intrapreneurship is the process of profitably creating innovation within an organizational setting.The first advantage is it takes fourfold approaches innovative managers encourage several projects to proceed in parallel development. The second advantage is it displays interactive acquire within an innovative environment, learning and investigating ideas that are cut across traditional functional line in the organization. The last advantage is the skunkwork, which means every highly innovative enterprise uses groups that fun ction external traditional lines of authority. Intrapreneurial Strategy Managers need to 1.) develop the vision, 2.) encourage innovation, 3.) structure for an intrapreneurial climate and 4.) develop venture teams. share vision is critical to a company that is set on high standards, including high achievement and goals. Next, encourage innovation is key to long-term success of a company.If the company isnt moving forward then they will eventually fall off. Keeping up with the competition will only get you as far as them, using radical innovation is the real key winner. Structuring for an intrapreneurial climate means maintaining a peaceful environment for the employees. The environment not only deals with noise related problems but attitudes amongst employees and individualism. The last dodging is venture team, which is composed of two or more people who formally create and share the self-possession of a new organization. In a sense a venture team is a small business operating within a large business and its strength is its focus on creation issues for innovative activities (Kuratko).ReferencesKuratko, Donald F. and Hodgetts, Richard M. Entrepreneurship Theory, Process, and Practices, Sixth Edition