Section 1: Introduction to Entrepreneurship
1.1 Entrepreneurship
Entrepreneurship is a practice of starting a new organization or revitalizing a more mature organization, particularly new business when there are identified opportunities (Wikipedia). It is also be defined as what entrepreneur do which is descript as an individual who recognize opportunities, where other see chaos or confusion. Entrepreneur engage with calculated risk with their innovative new ideas to solve problems or/and satisfy the current market (Bodell et al, 1991). Entrepreneurs plan, persuade, raise resources and create new ventures. Entrepreneurs bring about change to achieve their objective; most measureable objective is financial, as mention entrepreneurs are more satisfy knowing that what they had done have made better changes or achieved their desired non monetary objective (Kretchman et al.,1991). Entrepreneur are different from Small-Business Owners. Small-Business owner are normally independently owned and operated, they are not dominant in their fields and seldom or do not engage in many new or innovative practices. They normally grow in steady pace as owners prefer more stable and less aggressive approach. Conversely, entrepreneurs are more result orientated; they focus on innovation, profitability and growth, continuously seeking rapid growth and immediate profits. They may even seek sales for their business if there is a potential large capital gain (Kuratko, 2009).
1.2 Entrepreneur Mindset
What does it take to become an entrepreneur? To entrepreneur entrepreneurship is more than creating business, for them it’s not the complete picture. Entrepreneur not only seek opportunity and taking risks beyond security, they also seeking satisfaction in pushing their idea through to reality to achieve their original desire which is mush satisfying comparing with financial rewards. Therefore an entrepreneur is driven by intense commitment and determined perseverance. They are...
