Entrepreneurship Management Study
Entrepreneurship is the terms, which is used for designing, launching and running a new business, initially who create a small business, are called entrepreneurs. Entrepreneurship is the process to translate inventions or technologies into products or services, to develop, organize and manage a business venture, with high risks involved in launching a start-up, to make profit. The Entrepreneurship Management is the most important part of management and business, especially for enthusiastic people. management entrepreneurship and its importance meaning, Nature, Scope, Functions depend upon market surveys and research. Therefore entrepreneurship Management becomes an essential part of of management curriculum studies.
Elements Of Entrepreneurship
The French economist Jean-Baptiste in the early 19th century given a broad definition of entrepreneurship, according to him entrepreneurship "transfers lower economic resources to higher productivity and higher yields products or resources". Entrepreneurship largely ignored theoretically, during the late 19th and early 20th centuries, In the 20th century the work of economists Joseph Schumpeter in the 1930s, and other Austrian economists such as Karl Menger, Ludwig von Miesz and Friedrich von Hayek. give more emphasis on the entrepreneurship, According to Schumpeter, Entrepreneurship employment is called, the thunderstorm of creative destruction, creating new products, or business models, replace whole or partially inferior products or business in markets. creative destruction is largely responsible for the mobility of industries and economic growth.
There are following entrepreneurial's exploitation opportunities, which include,
developing a business plan,
hiring human resources,
providing financial and material resources, providing leadership,
being responsible for both the success or failure of the enterprise,
Entrepreneurship types that can operate within an ecosystem includes,
government programs and services that promote entrepreneurship and support entrepreneurs, and start-ups non-governmental organizations such as small business associations and organizations, that support entrepreneurs.
governments should increase support for small business, by making friendly laws and regulations. Entrepreneurship education and training programs provided by schools, colleges, and universities, financing Loans, venture capital financing, private angel investment and government grants.
Types of Entrepreneurs
There are following types of entrepreneurs.
In the United States and Europe, self-employed business owners who belong to racial or ethnic minority groups, was ethnic entrepreneurship. academic research find the experiences and strategies of ethnic entrepreneurs, as they attempt to integrate economically, American or European mainstream society. in the 19th and early 20th centuries, Chinese and Japanese small business owners, restaurants, farmers, shop owners on the West Coast are ethnic entrepreneurship. In the 2010s, ethnic entrepreneurship has been studied in the case of Cuban business owners in Miami, China, Indian motel owners in the United States, and Chinese business owners in Chinatown in the United States. entrepreneurship provides these groups many opportunities for economic advancement, self-employment, and business ownership in the United States.
American born British economist Edith Penrose has described the modern organizations, and collective nature of entrepreneurship. to combine human resources to capture better opportunities and create business opportunities. Sociologist Paul DiMaggio has expanded this view to say that, "when organized artists are born with sufficient resources institutional entrepreneur, they give high importance to opportunity to realize the interests that they have". The notion has been widely applied.
Christopher Rea and Nicolai Wolland explain cultural entrepreneurship, according to them, it is the practices of individual and collective agency, characterized by the cultural businesses and cultural production", which refers to creative industry.
Who applies feminist values and attitudes, in entrepreneurship, is called feminist entrepreneur, their goal is to improving the quality of life and well-being of girls and women. Many are doing this by creating enterprises, for women, by women. Feminist entrepreneurs are motivated for enter into commercial markets, with a desire for wealth and social change, on the ethics of cooperation, and mutual respect.
Social entrepreneurship companies and entrepreneurs deal with, fund and implement of solutions to social, cultural or environmental issues. This concept can be applied to different organizations with different shapes, objectives and beliefs. social entrepreneurs are nonprofitable or benefit to produce a positive change to society". Social entrepreneurship generally works on broader social, cultural and environmental issues. such as poverty alleviation, health care and community development. Sometimes, profit making social enterprises can be established, to support for the social or cultural goals of the organization, For example, an organization that aims to provide housing and employment to the homeless, they can operate a restaurant to raise funds, and to provide employment for the homeless.
A newborn entrepreneur or nascent entrepreneur can be seen as pursuing an opportunity, possibility to introducing new services or products, for serving new markets or developing more efficient products for making profit. Its precedence and value cannot be pre-confirmed, but nascent entrepreneur undertakes actions towards setting up an enterprise, Finally these actions can lead to a path, that makes the nascent entrepreneur more attractive viable, to emerge business. over time, the nascent enterprise may move toward closure or successfully emerge an operating entity. behavior-based classification is The difference between newcomers, serial and portfolio entrepreneurs. newborn entrepreneurs often seek and purchase facilities and equipment, receiving financial support, forming legal institutions, organizing teams, and dedicate all your time and energy to your business.
Project entrepreneurs are temporary organizations. they are repeatedly engaged in assemblies or building the organizations, with limited lifetimes till the creation of a singular project or goal, and dissolve rapidly upon project completion. Project Based Industries are widespread include, sound recording, film production, software development, television production, new media and production. To make project-based entrepreneurs must reestablish these temporary ventures, and modify them to suit the needs of new project opportunities. A project entrepreneur who used a certain approach and team for a project, face two important challenges, which are the creation of a new venture, and finding the right team to take advantage. Solving the first challenge requires the extensive information needed to seize new investment opportunities. Solving the second challenge requires, to make collaborative team that has to fit in to reduce the risk and best performance.
The term "millennial entrepreneur" refers to a business owner, who were born in the 1980s and early 1990s called Y generation. these business owners are well equipped with new technology like digital technology, mass media, and knowledge of new business models with strong hold on his business. There are many strong businesses for centuries, such as Mark Zuckerberg, who created Facebook. in Millennial business, who start latter is higher. The reason for this is because they grew up in a different generation and outlook, than their elders. Some barriers to entry for Millennial entrepreneurs are the challenges of the economy, loans from Bank, and governments regulatory compliance.
Entrepreneurship Entrepreneurial Behaviors
Innovation, a designer of new ideas business processes, management skills, strong team building capabilities and leadership qualities are very essential for a successful entrepreneurs. There are following entrepreneurial behaviors should be in a good entrepreneurs.
Uncertainty Perception And Risk Taking
Theorists Frank Knight and Peter Drucker defined entrepreneurship is a risk taking process. The entrepreneur take risk for his new idea, and willing to put his career and financial security in line, and spend time as well as capital on an uncertain venture.
Coachability And Advice Taking
The advice from early investors and other partners is an important factor for entrepreneurial success. This research also suggests that older and older founding teams, perhaps with greater subject expertise, are less restrained than younger and younger founding teams.
There are following Strategies that entrepreneurs use.
Innovation of new products, services, or processes,
Continuous process improvement (CPI),
Exploring new business models using technology,
Using business intelligence to use cost-effective strategic,
Future Development of products and services,
Customized talent management
Designing Individual Opportunity Nexus
According to Shane and Venkataraman, entrepreneurship includes both entrepreneurial individuals, and entrepreneurial opportunities. There is a nexus between individuals and opportunities, Reynolds et al, argue that individuals are motivated to engage in entrepreneurial endeavors, by need or opportunity, individual pursues entrepreneurship primarily because of commercial opportunities, that meet their need for achievement of high economic growth.
Opportunity Perception And Biases
According to Joseph Schumpeter, Entrepreneurs characteristics are, to introduce new technologies, products, services, increase efficiency and productivity, or generate new products or services. The entrepreneur has the ability to see the needs of the market, and find out what others are thinking, mass media plays an important role in shaping ideas and demand.
Entrepreneurs should have effective communication within their firm, external partners, and investors to start and develop an enterprise. Entrepreneurs should be charismatic leaders, so that they can effectively communicate a vision for their team, to build a strong team. According to Bom et al. and Cause and Pozner, vision should be communicated to team or others, through written statements and in-person communication. leaders communication is very important, to convince potential investors, shareholders, partners, and employees about the potential of an enterprise. Nonverbal elements in speech such as tone of voice, appearance, eyes contac, body language, gestures of the hand, and state of emotion are also important communication tools. entrepreneurs effective communication should be able, to reduce the losses, accelerate the benefits of their new product or service, and persuade others to support their venture.