The Understanding of Entrepreneur, Entrepreneurship, Enterprise and Self Reflection on Entrepreneurial Skills

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Date Submitted: 04/22/2013 03:41 AM

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The understanding of entrepreneur, entrepreneurship, enterprise and self reflection on entrepreneurial skills

Entrepreneur, entrepreneurship and enterprise becoming famously used by many authors, successful business people, and also this area is been acknowledged by education institutions as an interesting module to add. There is big interest in society in a way in how an individual succeeded in becoming well known business owner. Most are familiar with Bill Gates and Richard Branson innovations and ideas. There are many followers who are dreaming in becoming them. But first of all this essay needs to look at definitions and understanding of the entrepreneur, entrepreneurship and enterprise. There are many definitions available by various authors but this essay will simply define entrepreneur, as an individual who is able to identify opportunity or market gap and is not afraid in taking risks while innovating new products or services. Entrepreneurship is a creation of the new firms and a tool in achieving a goal or passion enterprise is a positive outcome in achieving new firm or business. An entrepreneur is someone who starts and runs enterprise and from market change they identify commercial opportunities while looking for new areas to explore with their innovating products and services. They are willing to learn by engaging and participating in task and achievements then reflect in many areas for new businesses. Uncertainty proves strength and in a short time it can be a success while forcing a need in continuity of working harder. Being entrepreneur involves risks and failures and in many cases entrepreneurs make decisions often without knowing in how it will affect their business idea. Burns (2007) states that entrepreneurs use market change and identify commercial opportunities were they use innovation to create change for the purpose of making profits. Enterprises on the other hand are their businesses. In this essay Small Medium...