Purpose/ Uses of Entrepreneurship Choosing a career path to gain profit for the long haul is the most important reason why people opt for entrepreneurship. Maintaining a reliable source of income is the best and the most important way to create a stable job. Keeping this in mind, being your own boss and having things in your control are what majority of the people desire. To fulfil this need, entrepreneurs start their own business to control their career. 1.Several
Entrepreneurship is someone who starts his own process of business. Meanwhile, the entrepreneurship should be responsible for his business or organization, his success or failure. They are not only good at creating but more adept at management. They are not inventors, but they may face more failure of the practice than inventors. Entrepreneurships prefer to take risks.
In fact, until the 1950s the majority of definitions and references to entrepreneurship had come from economists. For example, Cantillon (1971), just mentioned; Jean Baptiste Say (1845), the renowned French economists; and Joseph Schumpeter (1934), a twentieth-century economic genius, all wrote about entrepreneurs and its impact on economic development. Entrepreneurship as a topic for discussion and analysis was introduced by the economists of the eighteenth century, and it continued to attract the interests of economists in the nineteenth century. In the twentieth century, the word became synonymous or at least closely linked with free enterprise and capitalism. Also, it was generally recognized that entrepreneurs serve as agents of change; provide creative, innovative ideas for business enterprises; and help business grow and become profitable (Kuratko & Hodgetts, 2007) to regain a competitive lead in the world economy (Baumol et al, 2007).
The importance of entrepreneurship in the development and growth of the South African economy. To understand the importance of entrepreneurship in the development and growth of the country one must firstly understand the concept of entrepreneurship, Nieuwenhuizen and Oostuizen (2014:48) found that entrepreneurship is the behavior of focusing on opportunities and that it can happen in small, medium or large organizations. They explained it further by saying that it could be a feature of a manager, but that it is important that one understands that not all managers are entrepreneurs and that not all entrepreneurs are managers. Nieuwenhuizen and Oostuizen (2014:49) also explained that South Africa has to grow by 6% a year in the next few years
Sustainable development has also become very familiar among the banks concerns (Jeucken, 2001). Many banks will commit themselves to reduce energy consumption by favouring the use of recycling papers, energy saving bulbs and renewable energy. These are examples how banks show concerns about the environment. As per Giddings et al (2002), race and sex representation with regards to air travelling policies for active employees within the institution are not seen as extraordinary anymore. Furthermore, on 29 December 2003, Kofi Annan (the former UN General) stated that most people around the world are not exposed enough to financial services be it savings, insurance or credit and the real challenge here is how to make them participate in this sector.
Emphasis should be given on vocational education. 1.4 Discuss three ways in which entrepreneurship can help to combat unemployment and improve the economy of South Africa. • An entrepreneur is self-employed and has created a job opportunity for himself thereby lessening the level of unemployment. • Entrepreneurs eventually expand their business and employ other people thus combatting unemployment. • When an entrepreneur is making a product, he requires raw materials from other companies thus creating job opportunities in those companies .New skills are also needed for new products and this opens up the job market for scarce skills.
It is not difficult to figure out the huge success the company achieves. Entrepreneurial process is very important for entrepreneurship. During the entrepreneurial process, entrepreneurs are asked to answer questions about opportunities, strategies, goals and role. To set the right pace, entrepreneurs must consider many factors, such as economics of
Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit” (www.businessdictionary.com). Entrepreneurship takes the economy and the society to the state of progress and prosperity. New businesses can create new jobs and therefore will increase the employment rate of the nation. This will also generate income to the entirety of the nation. People who pursue entrepreneurship can generate new ideas which will provide a diversity of offerings for the consumer (Ramos, 2014).
Entrepreneurship is the process of generating new ideas and introducing it into the market in the form of a new product, service or a process. It gives rise to entrepreneurs who are dynamic and flexible and introduce a new business from the purpose of being successful. For example, Sachin and Binny Bansal, the proud owners of one of the biggest e-commerce giant “Flipkart” are big entrepreneurs who have become so successful with their abilities of self-confidence and risk taking with proper planning and execution. When an entrepreneur has a new idea and his/her intention is to bring it into the market with a new business venture, the key for success is the good idea and a very good plan to execute that idea. Not only this, an entrepreneur also needs a proper business plan for more clarity about what is to be done when.