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Table of Contents
Critically analysing the definition of entrepreneurship.
Origin of entrepreneurial ideas and opportunities.
Sustainable value of entrepreneurs for business and society.
Entrepreneurship plays an integral role, as it not only aid entrepreneurs to enhance the standards of living but also for its related businesses. In fact, it should be mentioned here that effective entrepreneurial activities help in increasing the organizations’ productivity along with its economies (Dhaliwal, 2016).
In this essay, detailed information will be provided regarding the origin of entrepreneurial ideas and opportunities along with the sustainable values of entrepreneurs related to business and society.
To date, a number of scholarly authors have come up with the idea of entrepreneurship. According to eminent scholars like Knight, Musselman and Jackson, Richard Kentilam, in the article by Triyowati & Masnita (2016), entrepreneurship is nothing but a risk bearing capacity. The same scholars also added that entrepreneurship is the institution of desire where the entrepreneurs take up challenges in order to face the uncertainties. In fact, Macleod also supported this fact and claimed that entrepreneurs having the risk bearing capacity can obtain high achievements in entrepreneurship. From a different perspective, Richman and Copen, Higgins, Frederick Harbison, Frantz and others entrepreneurship has been defined as the quality to enhance the resources required for the organisation thereby increasing the human capabilities along with leadership capabilities to develop new and creative ideas. On the other hand, Copen, Kaul and Young (1971) argumentatively claimed that entrepreneurship is not wholly individualistic but the reactiveness that tends to emerge at the group level and is mainly happens due to reactive groups in society.
In this context, it is to be mentioned here that in the article López‐Fernández, Serrano‐Bedia, & Pérez‐Pérez (2016), there is evidence that the authors have identified an overlap between that of family firm domains and entrepreneurship. In fact, it has also been noticed that the bibliometric analysis of entrepreneurship literature claims that the family form is mainly not available in the research area context among the entrepreneurship scholars. Eminent economists like Alfred Marshall and J.B. Say while discussing entrepreneurship stated that it is a mixture of different activities consisting of gathering resources of production and that of management adapting of commodity and techniques. According to Schumpeter (1965), entrepreneurship can be defined as the way by which it can work in order to develop a new invention thereby implementing it and bringing about improvements in the method of production.
Entrepreneurship mainly happens when an individual tends to take advantage of the prophet opportunity from the economy. What is interesting is, the entrepreneur might observe that one person is trying to sell something at will for less than someone to pay at will; therefore, it can be said that the entrepreneur might be considered as the middle man, making profits from purchasing at lower price and selling at higher. It is to be mentioned here that the profit that the entrepreneur received was wholly developed by the effective activities of the same. As a reason it can be said that if the entrepreneur had failed to notice the profit opportunity, the sale would have been considered. Additionally, it can be said that the activity of the entrepreneur has not only benefited the buyer and the seller but it has helped the entire economy at the same time. Hence, when Parker (2018) defined entrepreneurship as a risk-bearing factor, this profit opportunity stands as a perfect example in this entrepreneurial opportunity and ideas arose. In the light of innovation, Bouquet, Barsoux & Wade (2018) identified that entrepreneurial opportunities and ideas often arises out of innovation that helps an organisation to prosper economically. Hence, breakthrough innovations are necessary from where entrepreneurs can gather profit opportunities and ideas.
While discussing the origin of entrepreneurial opportunities and ideas, mention of The Kirzner’s model of entrepreneurship is utterly important as it focuses on the equilibrating role of entrepreneurial action (Kirzner, 2015). According to the model, ideas and opportunities of entrepreneurship highly develop when entrepreneurs or individuals look into the earlier unnoticed profit opportunities and the management works efficiently in order to develop effective and efficient production processes.
Psychological trait theories of entrepreneurshipstate that some psychological and attitudinal attributes create differences between entrepreneurs and non-entrepreneurs and successful and unsuccessful entrepreneurs. In this context, mention of the Psychodynamic model should be used as it highly describes the behavioural characteristic of the extreme category of people leaving behind the others. Reuber et al. (2018) commented that sustainable entrepreneurs are highly motivated to create a positive influence on the business as well as society at the same time. In the field of sustainable, social and environmental entrepreneurship, entrepreneurs mainly look into determining the opportunities developing from the problems in society that have either been avoided or not properly solved by private or public society organisations. Bedukadze-Mamatsashvili (2018) pointed out while comparing regular entrepreneurs with that of sustainable entrepreneurs, the latter faces certain specific risks while setting up their businesses.
Additionally, it can be said that one of the sustainable values of sustainable entrepreneurs is that they make sure the new path they have chosen to carry out things provides value not only to them but also to the potential customers at the same time. This further provides aid in developing business and society as well. Another important sustainable value of the entrepreneurs that needs to be considered is that before entering the global markets they prepare themselves to cope up with the growing and fast changing global markets with varied strategies and practices. From different market analysis, it has been noticed that there are various entrepreneurs that are engaged into non-profit business forms as well. This has also created values for them towards business and society. As an example, mention of Kiva should be considered as it is a non-profit organization and the entrepreneurs of the company have indulged into connecting people by lending to alleviate poverty.
From the above discussion, it can be said that entrepreneurship does play an important role and not only helps the entrepreneurs but the entire business and its economy at the same time. The Kirzner’s model of entrepreneurship along with the Psychodynamic model under the Psychological trait theories of entrepreneurship clearly states that the equilibrating role within entrepreneurial activities can be the origin of opportunities and sustainable values of entrepreneurs within business and society respectively.
Bedukadze-Mamatsashvili, N. (2018). MARKET ECONOMY AND ENTREPRENEURSHIP DEVELOPMENT IN GEORGIA. Tbilisi-2018, 6, 98.
Bouquet, C. Barsoux, L.L. & Wade, M. (2018). Bring Your Breakthrough Ideas to Life. Harvard Business Review.
Dhaliwal, A. (2016). Role of entrepreneurship in economic development. International Journal of Scientific Research and Management, 4(6).
Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.
López‐Fernández, M. C., Serrano‐Bedia, A. M., & Pérez‐Pérez, M. (2016). Entrepreneurship and family firm research: A bibliometric analysis of an emerging field. Journal of Small Business Management, 54(2), 622-639.
Parker, S. C. (2018). The economics of entrepreneurship. Cambridge University Press.
Reuber, A. R., Knight, G. A., Liesch, P. W., & Zhou, L. (2018). International entrepreneurship: The pursuit of entrepreneurial opportunities across national borders.
Schumpeter J. A. (1965). Economic Theory and Entrepreneurial History. In: Aitken HG (ed) Explorations in enterprise. Harvard University Press, Cambridge, MA
Triyowati, H., & Masnita, Y. (2016). The Role of Financial Inclusion Movement For Development of Micro And Small Enterprises (MSES), Entrepreneurship And Poverty Alleviation. International Journal of Technical Research and Application, 4(1), 71-76.
Young, F. W. (1971). A macrosociological interpretation of entrepreneurship. Entrepreneurship and economic development, 139-150.
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