Entrepreneurship

January 30, 2007

Entrepreneurship

Though both an exciting and important area of study, entrepreneurship research has been characterized by little consistency or established theory, and therefore impossible to be concretely defined. Some definitions to date have described entrepreneurship as the performance of an economic function, the result of characteristic personal attributes, and the pursuit of opportunity without regard to resources currently controlled. While the wording in these definitions may confuse some, the idea of entrepreneurship is very simple. In my opinion, entrepreneurship is about seeing opportunities and bringing about change. An entrepreneur is a leader, a thinker, a doer, a risk taker, and a visionary. They have the opportunity to make a difference in society, should they become successful, by bringing growth to the economy, new technologies and innovations, and by making things work better.

Entrepreneurship certainly serves an economic function. In fact, the government, in an effort to stimulate the economy, may offer entrepreneurs access to inexpensive capital, tax exemptions, and management advice. Venture capitalists, too, have proven the benefits in standing behind entrepreneurs.

I believe America’s booming entrepreneurial sector is responsible for much of today’s economic prosperity. Entrepreneurs take advantage of new wealth-creating opportunities that arise daily from constant change. The U.S. is among the most “entrepreneurial” nations because Americans believe they have opportunities to start businesses and live in a culture that respects entrepreneurship as an occupation. Each year Americans start 600,000 – 800,000 businesses with employees and about two million Americans start their own self-employment ventures. These business starts are the foundation of an entrepreneurial economy

The most successful economies will be those where established industries rapidly adjust to changes in the global environment....