The exact definition for the term entrepreneur is: an individual who wills to start his/her own business while bearing the risk of new factors involved in success to achieve prosperity and profits. This paper is going to highlight the facts about entrepreneurship and will elaborate to answer the questions: What is entrepreneurship? What are the benefits and drawbacks of being an entrepreneur? What factors can lead to success? Supportive examples are giving for better understanding of the paper along with authentic resources.
Entrepreneurship can be conceptualized as initiating own business. An entrepreneur is one who is prepared to tolerate the risk of a new scheme if there are chances for growth and for profit as well. Economists believe that an entrepreneur is a trendsetter who disseminates his trend. Some believe that entrepreneurs build up new procedures and products that are in current demand and yet short of availability. The concept however was recognized in the 1700s. Since then the meaning of this term has shaped and progressed (Department of State, 2008).
Joseph Schumpeter, an economist of the 20th century critically focused on the changes and turmoil brought by the creativity of an entrepreneur. He acknowledged and demonstrated entrepreneurship as “creative destruction”. This is due to the change that intervenes; the entrepreneur brings out certain strategies that are comparatively new to the previously followed ones. Thus, making these strategies superseded, recognized methods of doing business are demolished by the involvement of innovative and enhanced ways (Backhaus &Schumpeter, 2003).
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