Entrepreneurship

Entrepreneurship: Entrepreneurship is the act of being an entrepreneur. One who

undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in businesses. According to Paul Reynolds, "entrepreneurship scholar and creator of the Global". According to Joseph Schumpeter, "Entrepreneurship is associated with creativity and innovativeness which are essential for infusing dynamism in the development of an organization. Monitor. Many kinds of organizations now exist to support would-be entrepreneurs including specialized government agencies, business incubators, science parks, and some NGOs. Al last Entrepreneurship is not applicable only to profit making institution. For Example: Health care, the traditional hospital which appeared in Vienna in the late 17005 has changed greatly. response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new

Entrepreneur

1. Entrepreneur: We will define the entrepreneur as a person who tasks the risks necessary to organize and manage a business and receives the financial profits and nonmonetary rewards. Now We can see it, and it come from Harvard Business School, of all places. It was conceived 37 years ago by HBS professor Howard Stevenson. I came across it in the book Breakthrough Entrepreneurship (which I highly recommend) by entrepreneur and teacher Jon Burgstone and writer Bill Murphy, Jr. Of Stevenson's definition, Burgstone says, "people often need to say it out loud 50 or 100 times before they really understand what it means. An entrepreneur is an enterprising individual who builds capital through risk and initiative. Entrepreneurs exhibit many different behaviors; searching for a specific personality pattern is very difficult. Some entrepreneurs are quiet, introverted, and analytical. Example: Of how an entrepreneur operates is Polaroids Edwin land, one day as he took pictures of his daughter, she asked impatiently why they had to wait for the picture to be developed . He question sparked her dads imagination Land worked, put his ideas together and developed the fir st Polaroid instant camera. He combined his experienced with cameras and firms with his creativity to change history. Social Entrepreneur Serial Entrepreneur

Lifestyle Entrepreneur 1.1 Social Entrepreneur:

Cooperative Entrepreneur

Figure : Entrepreneur

A social entrepreneur is motivated by a desire to help, improve and transform social, environmental, educational and economic conditions. The social entrepreneur is driven by an emotional desire to address some of the big social and economic conditions in the world. For Example: poverty and educational deprivation, rather than by the desire for profit. Social entrepreneurs act within a market aiming to create social value through the improvement of goods and services offered to the community. 1.2 Serial Entrepreneur: A serial entrepreneur is one who continuously comes up with new ideas and starts new businesses. In the media, the serial entrepreneur is represented as possessing a higher propensity for risk, innovation and achievement. 1.3 Lifestyle Entrepreneur : A lifestyle entrepreneur places passion before profit when launching a business in order to combine personal interests and talent with the ability to earn a living. Many entrepreneurs may be primarily motivated by the intention to make their business profitable in order to sell to shareholders. 1.4 Cooperative Entrepreneur A cooperative entrepreneur doesn't just work alone, but rather collaborates with other cooperative entrepreneurs to develop projects, particularly cooperative projects. Each cooperative entrepreneur might bring different skill sets to the table, but collectively they share in the risk and success of the venture.

Enterprise
2. Enterprise: Enterprise architecture is an ongoing business function that helps an 'enterprise' figure out how to best execute the strategies that drive its development. The MIT Center for Information Systems Research defines enterprise architecture as the specific aspects of a business that are under examination: Enterprise architecture is the organizing logic for business processes and IT infrastructure reflecting the integration and standardization requirements of the company's operating model. The operating model is the desired state of business process integration and business process standardization for delivering goods and services to customers. An entrepreneurial person employed by a corporation and encouraged to by innovative and creative. 3. The essential Functions of an Entrepreneur: An entrepreneur performs a series of functions necessary right from the genesis of an idea up to the establishment and effective operation of an enterprise. According some economists, the functions of an entrepreneur is classified into five broad categories: Risk-bearing function Organisational function Innovative function

Managerial function

Decision function

Figure: The essential function of an entrepreneur.

3.1 Risk-bearing junction: The functions of an entrepreneur as risk bearer is specific in nature. The entrepreneur assumes all possible risks of business which emerges due to the possibility of changes in the tastes of consumers, modern techniques of production and new inventions. Such risks are not insurable and incalculable. In simple terms such risks are known as uncertainty concerning a loss. The entrepreneur, according to Kinght, "is the economic functionary who undertakes such responsibility of uncertainty which by its very nature cannot be insured nor capitalised nor salaried too. 3.2. Organisational Function: Entrepreneur as an organiser and his organising function is described by J.B. Say as a function whereby the entrepreneur brings together various factors of production, ensures continuing management and renders risk-bearing functions as well. Marshall also advocated the significance of organisation among the services of special class of business undertakers. 3.3. Innovative Function: The basic function an entrepreneur performs is to innovate new products, services, ideas and informations for the enterprise. As an innovator, the entrepreneur foresees the potentially profitable opportunity and tries to exploit it. According to Peter Drucker, "Innovation is the means by which the entrepreneur either creates new wealth producing resources or endows existing resources with enhanced potential for creating wealth". Whenever a new idea occurs entrepreneurial efforts are essential to convert the idea into practical application. The introduction of a new product in the market with which the customers are not get familiar with.

Introduction of a new method of production technology which is not yet tested by experience in the branch of manufacture concerned. The opening of a new market into which the specific product has not previously entered. The discovery of a new source of supply of raw material, irrespective of whether this source already exists or has first to be created. The carrying out of the new form of oranisation of any industry by creating of a monopoly position or the breaking up of it. 3.4 Managerial Function: Entrepreneur also performs a variety of managerial function like determination of business objectives, formulation of production plans, product analysis and market research, organization of sales procuring machine and material, recruitment of men and undertaking, of business operations. 3.5. Making Function: The most vital function an entrepreneur discharges refers to decision making in various fields of the business enterprise. He is the decision maker of all activities of the enterprise. A. H. Cole described an entrepreneur as a decision maker and attributed the following functions to him. He determines the business objectives suitable for the enterprise. He develops an organization and creates an atmosphere for maintaining a cordial relationship with subordinates and all employees of the organization. He decides in securing adequate financial resources for the organisation and maintains good relations with the existing and potential investors and financiers. He decides in introducing advanced modern technology in the enterprise to cope up with changing scenario of manufacturing process.

He decides the development of a market for his product, develops new product or modify the existing product in accordance with the changing consumer's fashion, taste and preference. He also decides to maintain good relations with the public authorities as well as with the society at large for improving the firms image before others. 4. The growth oriented Entrepreneur: Why do entrepreneurs continue to emerge when significant risks, time, and energy are needed to successful? Researchers studying the entrepreneurial personality have made some interesting discoveries. For Example: Researcher Donold sexton compared founders of highgrowth firms with founders of companies that exhibited little or no growth. Sextons findings were similar to those in much earlier studies conducted by david mcClelland, a noted social psychologist. There different type of growth Entrepreneur: 1) Need for achievement 2) Low need to conform 3) Persistence 4) High energy level. 5) Risk taking tendency 1) Need for achievement: A strong desire to grow to accomplish challenging tasks. Growth oriented entrepreneurs have a high need for achievement they need to succeed, to achieve, to accomplish challenging tasks. Such entrepreneurs need to be free to set their own course, establish their own goals. and use their own style. The need for achievement may help explain why growth oriented entrepreneurs are not satisfied with founding or working in one firm they need to prove themselves again and again.

2) Low need to conform: Growth oriented entrepreneurs listen, but they able ignore others advice. Also handing skeptics is easy for entrepreneurs. Taking the unpopular course of action. If they consider it best is the way they do business. 3) Persistence: Growth oriented entrepreneurs are persistent, deggedly doing what is best for the business to succeed. They work hard on the details and relentlessly attempt to find ways to become more profitable. 4) High energy level: The capacity for sustained effort requires a high energy level. All the necessary work planning, organizing, directing, creating strategy, and finding funds can only be accomplished on a demanding schedule the 60 to 80 hour workweek is common. 5) Risk taking tendency: McClelland findings suggest that people with a high need for achievement tend to take risks. Growth oriented entrepreneurs believe so strongly in their ability to achieve that they do not see much possibility of failure. Thus they accept risk and find in motivating. 5. Entrepreneurship development in Bangladesh: Bangladesh became independent in the year 1971 after bloody war against Pakistanis who created second colonial era in this part of the then Pakistan. When the country was independent, entrepreneurship among the local people was limited only two percent of the total population. It was irony that the at that time non-Bangles largely controlled entrepreneurship. But Bangladesh has a magnificent model of entrepreneurial activities in a given region. The SMEs in Bangladesh face significant problems in access to finance for their business activities. This relates to getting the right amount of fund at the right time at reasonable rates with suitable repayment schedule and facing

minimum bureaucratic hurdles. In this context, lack of capital has been identified as the number one constraint to the development of SMEs in Bangladesh. Vision 2021 can be able to resolve mainly through creation of entrepreneurship development. We have to come out the individualistic attitude and refrain from illegal activities to take possession like garage in Dhaka city in the name of apartment society. Collective way to develop the country is being needed for which entrepreneurship development is being required through creation of core competent human capital. 6. Entrepreneurial Environment : Few innovations in organizational practice have seen such widespread application as the principles of entrepreneurship. Organizations as large as the US military have encouraged efficiency by adopting entrepreneurial cultures, and many operational management theories rely heavily upon frameworks which are entrepreneurial in spirit. Although modern corporate management generally espouses "entrepreneurship" within the workforce, managers themselves differ substantially on just what is meant by the term, and how its use should benefit the organization as a whole. The goal of this paper is to examine a small set of management structures which draw upon entrepreneurial principles, and to determine the specific features of these structures which offer the most substantial benefit to the corporation as a whole.

7. Principle of entrepreneurship: Entrepreneurship resides not only in the school of business, but also in the Zeitgeist of liberal and contemporary culture. However, today the world is spammed and clogged by the myriads of companies and proprietorships each yearning for their piece of the pin. That is why the entrepreneur of today must be equipped and be prepared to face the difficulties of today's often hindering

commercial world. If success does ever waiver for an entrepreneur he may seek to either choose to: 1. Convert and incorporate the entrepreneurship into an actual partnership or corporation 2. Sell the rights of the company or it's assets usually for reparations Or even 3. Remain as a one-manned company and continue as an entrepreneurship probably inheriting the rights to his son, family friend, etc. However, with this said, there are many positives and negatives to converting a sole ownership but that topic is too broad and multitudinous to cover here, but work will be done in the future about the topic of the different types of incorporations. 8. Group of entrepreneurship The past decade has seen a dramatic increase in the importance in entrepreneurial activity: the role of new enterprises in fomenting innovation, stimulating employment, and creating value for investors increased dramatically. Moreover, the resources available to support young firms also increased sharply; for instance, the pool of venture capital increased by nearly ten-fold. Yet surprisingly, academic research - particularly in economics - has not kept pace. The number of articles on entrepreneurship issues in the major economics journals actually declined in the 1990s from the levels seen in the 1980s. The Working Group has three components. First, there is a regular series of workshops where new work is presented. Second, there are special projects that look at important themes relating to the economics of entrepreneurship. Finally, there is a provision for advanced doctoral students to visit the NBER's entrepreneurship meetings.

9. Conclusion: There is an unfortunate tendency among proponents of high immigration on the one hand and those favoring lower levels of immigration on the other hand to exaggerate the attributes of immigrants. In the case of entrepreneurship, the findings of this report indicate that the arguments made by the advocates of high immigration about immigrant entrepreneurship are simply not supported by the available data. While at one time immigrants do seem to have been significantly more entrepreneurial than natives, since 1980 there is little difference between immigrants and natives. In fact, in 1997, the full-time selfemployment rate of natives of 11.8 percent was slightly higher than the 11.3 percent for immigrants. Detailed comparisons of immigrants and natives in 1997 show that they are remarkably similar not only in their full-time selfemployment rates but also in terms of their part-time self-employment rates, selfemployment income, and in the number of workers they employ.

Reference:
http://www.preservearticles.com/201101143322/functions-of-anentrepreneur.html The growth oriented entrepreneur introduction to business writer skinner ivancevich. http://en.wikiversity.org/wiki/principlesofentrepreneurship http://www.nber.org/workinggroups/ent/ent.html http://www.cis.org/articles/1999/selfemployment/conclusion.html.