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Compose a 1750 words assignment on entrepreneurship in description. Needs to be plagiarism free!
Compose a 1750 words assignment on entrepreneurship in description. Needs to be plagiarism free! He is the one who decides on the strategy of his enterprise.
An entrepreneur is a person whose chief and distinctive abilities are to take risks, has knowledge of market functions and manufacturing know-how, has marketing and management skills, and finally possesses the ability to co-operate with others (Littunen 2000). He is able to foresee the unknown and be daring enough to try it out of absolute desire to take risks. He identifies an opportunity, goes against conventional wisdom, and pursues an untried strategy for the joy of achievement of his desired intention. Profit is but a secondary motive to the individual entrepreneur although in a corporate environment, as he cannot ignore it, he skillfully builds his actions around it.
Interestingly Bird (1988, 1992) says that entrepreneurship is a state of mind that reflects how a person focuses his attention and uses his experience and behavior to a specific objective. Intentions are what differentiates an entrepreneur from a normal person. According to Wiklund and Shepherd (2003), they have a mindset that has a strategic orientation for decision making in a specific style, method, and practice. These characteristics can be individualistic or may even exist in a team and are capable of making strategic responses to situations in a different manner as these people are always on the lookout for opportunity. They are known to possess a proactive, prospector mindset that is in pursuit of attractive opportunities. They are capable of using the energies of others to focus on the implementation of innovative ideas, are willing to take risks but are driven by a desire to be independent and be competitively responsive to customer needs (McGrath and MacMillan 2000).
Personal factors, mixed with contextual situations and external environments combine to shape intentions. Most individual intentions tend to influence decisions.
