Entrepreneurship - Assignment

3288 words - 14 pages

Definition of Entrepreneurship

Entrepreneurship can be defined as "a process of creating something different, with value, by allotting the necessary time and effort, presupposing the taking of financial, social and physical risks, and obtaining monetary rewards and satisfaction." (Hisrich & Peters 1998, cited in Misra & Kumar, 2000), however, entrepreneurship is described as a "multidimensional term that is extremely difficult to define" (Carree & Thurik 2006, p. 68). Throughout the past, there have been many entrepreneurs who had a great impact in the world from Marco Polo, Harrison Ford, the Wright brothers, Thomas Edison, and Nikola Tesla to Steve Jobs. The data required to capture an entrepreneurial opportunity is received from the basic information available to society although the entrepreneur might also need information on a time and place to create and test the business idea. For example, Holcombe (2003, p. 29) states Mc Donald's was existing restaurant started by another individual until Ray Kroc transformed it into a multinational fast food restaurant, this was possible because Ray Kroc had the right information and knowledge about the restaurant industry. These opportunities come from three different approaches, first entrepreneurs can identify an opportunity by observing trends, the second way of identifying opportunities is by solving a problem, and the third method will be to find gaps in a marketplace.

Origins of the Entrepreneurial Opportunities.
The first approach observing trends which are divided into four main trends that are important to observe when capturing an entrepreneurial opportunity, the primary trend is economic forces which help entrepreneurs to understand the areas that are suitable for new ventures and which ones to avoid such as ventures that help customers save money, for example, Catch of The Day which helps customers save money when purchasing goods or other high-end products for a discounted price, it also important to take into account how this force impacts consumer behavior and past searching for discounted prices, for example, if the economy is poor, individuals seek and start to work to earn a profit, therefore, providing opportunities for applications such as Seek-Jobs.
Another trend would be social forces. This trend focuses on how the force impacts new products, services, business ideas, and consumer behavior, for example, fast-food restaurants are booming because individuals do not have time to prepare meals for themselves since this type of market relies on fulfilling the social needs of the consumer. This trend can also include social networks where entrepreneurs can study and communicate with society to recognize new ideas and be used as an important source of information. Lim and Xavier (2015, p. 108) mention that research has shown that social networks have helped entrepreneurs with numerous opportunities. This trend would be the most effective since there is a vast range of soc...

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