Evolution of Entrepreneurship Essay

Entrepreneurship is a term, which has evolved over the years. Previously entrepreneurs were doing so galore(postnominal) things that it broadened the rightful(a) definition of a entrepreneur. The definition of an entrepreneur is one who undertakes to organize, manage, and assume the risks of a caper (Kuratko). In the 21st century entrepreneur atomic number 18 human faceed upon as innovator or developer who recognize and seize opportunity. These types of tidy sum are alike responsible for converting the opportunities into workable/marketable ideas (Kuratko). The term entrepreneur went from meaning risk- way to now the 21st century meaning inventor, innovator, marketer, manager, and organizer and risk taker. Those are the quality norm completelyy possessed by an entrepreneur.The Ten Myths Associated With Entrepreneurship1. Entrepreneurs are doers, non thinkers Doing is great still if your not using your head, then your actions wont get you furthest. 2. Entrepreneurs are bor n, not made A person butt joint be born with tenacity or good communication skills but that doesnt mean these traits must be possessed to be a good entrepreneur.Today colleges are teaching entrepreneurship classes, these classes help future argumentmen unlock the key ingredients to being lucky. 3. Entrepreneurs are always inventors Some people re-invent the wheel to be more efficient. Most entrepreneurs are taking something that is already established, slightly twisting the established product or idea and marketing it. 4. Entrepreneurs are academic and social misfits This comes the media pushing the fact that many large(p) and successful companies have owners or creators that were high school or college drop extincts. there are so many entrepreneurs today, and you moreover hear of the ones who are dropouts and doing rise up 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 d ozen. 5. Entrepreneurs must fit the profile Its impossible to say that you must look a certain 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.All entrepreneurs need is money coin helps with precisely about everything. It unremarkably takes a little money to ingest a little money. This isnt always the case though, look at the small 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 surely play a role in running a successful business. Although, proper planning and preparation are normally the reason skunk much(prenominal) success. 8. Ignorance is bliss for entrepreneurs. This relates a lot to luck, if you are oblivious to something inwardly the business, it was luck that let you get by. Again, planning and preparatio n are the warmheartedness values a entrepreneur must possess to not just get by, but to succeed in the long run. 9. Entrepreneurs seek success but experience high failure 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 utmost(a) 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 components 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 offset printing is The Individual the factors of this dimension are need for achievement, locus of control, risk- taking propensity, byplay satisfaction, previous work experience, entrepreneurial parents, age and education. The second is The Environment which includes factors such as venture capital availabili ty, presence of experienced entrepreneurs, technically dexterous labor force, to name a few. The third dimension is The Organization which has less factors including type of firm, entrepreneurial environment, partners, strategic variable and competitive entry wedges. The live on 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) avails of developing an intrapreneurial philosophy. Intrapreneurship is the process of fruitfully creating innovation in spite of appearance an organizational setting.The first advantage is it takes multiple approaches advance(a) managers encourage several projects to proceed in parallel development. The second advantage is it displays interactive learning within an innovative environment, learning and investigating ideas that are cut across traditional take to the woodsal lined in the organization. The brave out adv antage is the skunkwork, which means every highly innovative enterprise uses groups that function outside traditional lines of authority. Intrapreneurial Strategy Managers need to 1.) develop the vision, 2.) encourage innovation, 3.) social organization for an intrapreneurial humour and 4.) develop venture teams. Shared vision is critical to a company that is set on high standards, including high achievement and goals. Next, supporting(a) innovation is key to long-term success of a company.If the company isnt moving forward then they will eventually fall off. guardianship 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 strategy is venture team, which is imperturbable of two or more people who formally create and dower the ownership 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 intent issues for innovative activities (Kuratko).ReferencesKuratko, Donald F. and Hodgetts, Richard M. Entrepreneurship Theory, Process, and Practices, Sixth Edition