example of essay about entrepreneurship

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Essay on Entrepreneurship – 10 Lines, 100 to 1500 Words

Essay on Entrepreneurship: Entrepreneurship is a dynamic and ever-evolving field that plays a crucial role in driving innovation, creating jobs, and fostering economic growth. In this essay, we will explore the various aspects of entrepreneurship, including the traits and skills required to succeed as an entrepreneur, the challenges and opportunities that come with starting and running a business, and the impact of entrepreneurship on society as a whole. Join us as we delve into the world of entrepreneurship and uncover the secrets to entrepreneurial success.

Table of Contents

Entrepreneurship Essay Writing Tips

1. Start by defining entrepreneurship: Begin your essay by providing a clear definition of what entrepreneurship is. This will help set the stage for the rest of your essay and ensure that your readers have a solid understanding of the topic.

2. Discuss the importance of entrepreneurship: Explain why entrepreneurship is important in today’s society. Highlight the role that entrepreneurs play in driving innovation, creating jobs, and stimulating economic growth.

3. Explore the characteristics of successful entrepreneurs: Identify the key traits and qualities that successful entrepreneurs possess. This could include qualities such as creativity, resilience, and a willingness to take risks.

4. Discuss the challenges that entrepreneurs face: Highlight some of the common challenges that entrepreneurs encounter, such as securing funding, managing cash flow, and dealing with uncertainty. Discuss how successful entrepreneurs navigate these challenges.

5. Provide examples of successful entrepreneurs: Share examples of successful entrepreneurs who have made a significant impact in their industries. Discuss what sets these individuals apart and how they have achieved success.

6. Explore the role of entrepreneurship in driving social change: Discuss how entrepreneurship can be a powerful tool for driving social change and addressing pressing issues such as poverty, inequality, and environmental sustainability.

7. Discuss the future of entrepreneurship: Consider how entrepreneurship is evolving in response to changing technological, economic, and social trends. Discuss the opportunities and challenges that lie ahead for aspiring entrepreneurs.

8. Offer practical tips for aspiring entrepreneurs: Provide practical advice and tips for individuals who are interested in pursuing entrepreneurship. This could include advice on how to develop a business idea, secure funding, and build a strong network of supporters.

9. Conclude with a call to action: End your essay with a call to action, encouraging readers to consider the role that entrepreneurship can play in their own lives and communities. Encourage them to embrace their entrepreneurial spirit and pursue their dreams.

By following these writing tips, you can create a compelling and informative essay on entrepreneurship that engages readers and inspires them to think more deeply about the role of entrepreneurship in society.

Essay on Entrepreneurship in 10 Lines – Examples

1. Entrepreneurship is the process of starting a new business or venture. 2. It involves taking risks and making decisions to create and grow a successful business. 3. Entrepreneurs are individuals who have a vision and are willing to take on the challenges of starting and running a business. 4. They often have a passion for their idea and are driven to see it succeed. 5. Entrepreneurship can lead to innovation and the creation of new products or services. 6. It can also create job opportunities and stimulate economic growth in a community. 7. Successful entrepreneurs are often creative, resilient, and adaptable to change. 8. They must be able to identify market opportunities and effectively manage resources. 9. Entrepreneurship requires hard work, dedication, and a willingness to learn from failures. 10. Overall, entrepreneurship plays a vital role in driving economic development and shaping the future of industries.

Sample Essay on Entrepreneurship in 100-180 Words

Entrepreneurship is the act of creating and managing a business venture with the aim of making a profit. It involves taking risks, being innovative, and having a strong drive to succeed. Entrepreneurs are often seen as visionaries who are able to identify opportunities in the market and turn them into successful businesses.

Entrepreneurship plays a crucial role in driving economic growth and creating jobs. It fosters creativity and innovation, leading to the development of new products and services that can improve people’s lives. Entrepreneurs also contribute to the overall prosperity of society by generating wealth and driving competition in the market.

Successful entrepreneurs possess qualities such as resilience, determination, and a willingness to take calculated risks. They are constantly seeking ways to improve and grow their businesses, adapting to changing market conditions and seizing opportunities as they arise.

In conclusion, entrepreneurship is a vital engine for economic development and innovation, and it is essential for driving progress and prosperity in society.

Short Essay on Entrepreneurship in 200-500 Words

Entrepreneurship is the process of creating and managing a business venture in order to make a profit. It involves taking risks, being innovative, and having the ability to identify and capitalize on opportunities. Entrepreneurs are individuals who are willing to take on these challenges in order to achieve success.

One of the key characteristics of entrepreneurship is the willingness to take risks. Starting a business involves a great deal of uncertainty, and there is always the possibility of failure. However, successful entrepreneurs are able to assess the risks and make informed decisions that will benefit their business in the long run. They are not afraid to step out of their comfort zone and try new things in order to achieve their goals.

In addition to taking risks, entrepreneurs must also be innovative. In order to succeed in today’s competitive business environment, it is important to constantly come up with new ideas and ways of doing things. This may involve developing new products or services, finding new markets to target, or implementing new technologies to improve efficiency. Entrepreneurs must be able to think outside the box and be willing to challenge the status quo in order to stay ahead of the competition.

Another important aspect of entrepreneurship is the ability to identify and capitalize on opportunities. Successful entrepreneurs are always on the lookout for new trends, emerging markets, and untapped niches that they can exploit. They are able to see potential where others may not and are quick to act on these opportunities in order to gain a competitive advantage. By being proactive and seizing opportunities when they arise, entrepreneurs are able to position themselves for success in the marketplace.

Entrepreneurship is not without its challenges, however. Starting and running a business requires a great deal of hard work, dedication, and perseverance. Entrepreneurs must be willing to put in long hours, make sacrifices, and overcome obstacles in order to achieve their goals. They must also be able to adapt to changing market conditions and be flexible in their approach in order to stay relevant and competitive.

Despite the challenges, entrepreneurship can be a rewarding and fulfilling experience. For many entrepreneurs, the ability to create something from nothing, to see their ideas come to life, and to make a positive impact on the world is what drives them to succeed. The sense of accomplishment and satisfaction that comes from building a successful business can be incredibly gratifying and can make all the hard work and effort worthwhile.

In conclusion, entrepreneurship is a dynamic and challenging field that requires a unique set of skills and qualities. Entrepreneurs must be willing to take risks, be innovative, and seize opportunities in order to succeed. While the road to entrepreneurship may be difficult, the rewards can be great for those who are willing to put in the effort and dedication required to make their dreams a reality.

Essay on Entrepreneurship in 1000-1500 Words

Entrepreneurship is a concept that has gained significant attention in recent years, as more and more individuals are choosing to start their own businesses and pursue their passions. In this essay, we will explore the meaning of entrepreneurship, its importance in today’s economy, and the key characteristics of successful entrepreneurs.

Entrepreneurship can be defined as the process of starting and running a business, taking on financial risks in the hope of making a profit. It involves identifying opportunities, creating innovative solutions, and taking calculated risks to achieve success. Entrepreneurs are individuals who possess a unique set of skills and qualities that enable them to navigate the challenges of starting and growing a business.

One of the key reasons why entrepreneurship is important in today’s economy is its role in driving innovation and economic growth. Entrepreneurs are often the driving force behind new ideas, products, and services that can disrupt industries and create new markets. By taking risks and pursuing their visions, entrepreneurs can create jobs, generate wealth, and contribute to overall economic development.

Moreover, entrepreneurship plays a crucial role in fostering competition and driving efficiency in the marketplace. When entrepreneurs enter a market with a new product or service, they force existing businesses to innovate and improve their offerings in order to stay competitive. This competition ultimately benefits consumers, as it leads to lower prices, better quality products, and more choices in the marketplace.

Successful entrepreneurs possess a number of key characteristics that set them apart from others. One of the most important qualities of an entrepreneur is resilience. Starting and running a business can be a challenging and unpredictable journey, and entrepreneurs must be able to bounce back from setbacks and failures. They must also be willing to take risks and step outside of their comfort zones in order to pursue their goals.

Another important characteristic of successful entrepreneurs is creativity. Entrepreneurs are often faced with complex problems that require innovative solutions. They must be able to think outside the box, come up with new ideas, and adapt to changing market conditions in order to succeed. Additionally, entrepreneurs must have a strong work ethic and be willing to put in the time and effort required to build a successful business.

In addition to these qualities, successful entrepreneurs also possess strong leadership skills. They must be able to inspire and motivate their team, make tough decisions, and effectively communicate their vision to others. Entrepreneurs must also be able to build strong relationships with customers, suppliers, and other stakeholders in order to grow their business and achieve long-term success.

While entrepreneurship offers many opportunities for individuals to pursue their passions and create value in the marketplace, it also comes with its own set of challenges. One of the biggest challenges that entrepreneurs face is access to capital. Starting and growing a business requires a significant amount of financial resources, and many entrepreneurs struggle to secure funding from banks, investors, or other sources.

Another challenge that entrepreneurs face is navigating the complex regulatory environment. Starting a business involves complying with a wide range of laws and regulations, which can be daunting for first-time entrepreneurs. Additionally, entrepreneurs must also be able to manage risk effectively and make sound financial decisions in order to ensure the long-term success of their business.

Despite these challenges, entrepreneurship continues to be a popular and rewarding career choice for many individuals. The ability to create something from nothing, pursue one’s passions, and make a positive impact on the world is a powerful motivator for many aspiring entrepreneurs. By developing the necessary skills, qualities, and mindset, individuals can increase their chances of success in the competitive world of entrepreneurship.

In conclusion, entrepreneurship is a dynamic and exciting field that offers many opportunities for individuals to pursue their dreams and create value in the marketplace. By taking risks, thinking creatively, and developing strong leadership skills, entrepreneurs can build successful businesses that drive innovation, economic growth, and competition. While entrepreneurship comes with its own set of challenges, the rewards of building a successful business and making a positive impact on the world make it a worthwhile and fulfilling pursuit.

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Essay Samples on Entrepreneurship

What is entrepreneurship in your own words.

What is entrepreneurship in your own words? To me, entrepreneurship is the art of turning imagination into reality, the courage to chart unexplored territories, and the commitment to leave a lasting mark on the world. It's a journey of boundless creativity, relentless innovation, and unwavering...

• Entrepreneurship

What is Entrepreneurship: Unveiling the Essence

What is entrepreneurship? This seemingly straightforward question encapsulates a world of innovation, risk-taking, and enterprise. Entrepreneurship is not merely a business concept; it's a mindset, a journey, and a force that drives economic growth and societal progress. In this essay, we delve into the multifaceted...

Social Entrepreneurship: Harnessing Innovation

Social entrepreneurship is a transformative approach that merges business principles with social consciousness to address pressing societal challenges. This unique form of entrepreneurship goes beyond profit-seeking and focuses on generating innovative solutions that create positive change in communities. In this essay, we explore the concept...

Evolution of Entrepreneurship: Economic Progress

Evolution of entrepreneurship is a fascinating journey that mirrors the changes in society, economy, and technology throughout history. From humble beginnings as small-scale trade to the modern era of startups, innovation hubs, and global business networks, entrepreneurship has continuously adapted to the dynamic landscape. This...

Importance of Entrepreneurship: Economic Growth and Societal Transformation

Importance of entrepreneurship transcends its role as a mere business activity; it stands as a driving force behind innovation, economic growth, and societal transformation. Entrepreneurship fosters the creation of new products, services, and industries, while also generating employment opportunities and catalyzing economic development. This essay...

• Economic Growth

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Entrepreneurship as a Career: Navigating the Path of Innovation

Entrepreneurship as a career is a compelling journey that offers individuals the opportunity to create their own path, shape their destiny, and contribute to the economy through innovation. While the road to entrepreneurship is laden with challenges and uncertainties, it is also marked by the...

Corporate Entrepreneurship: Fostering Innovation

Corporate entrepreneurship represents a strategic approach that empowers established organizations to embrace innovation, take calculated risks, and explore new opportunities. In an ever-evolving business landscape, the concept of corporate entrepreneurship has gained prominence as companies seek to maintain their competitive edge and adapt to changing...

Challenges Faced by Entrepreneurs: Innovation and Success

Challenges faced by entrepreneurs are a testament to the intricate journey of turning visionary ideas into tangible realities. While entrepreneurship is often associated with innovation and opportunity, it's also characterized by a multitude of hurdles and obstacles that test an entrepreneur's resilience and determination. In...

300 Words About Entrepreneurship: Navigating Innovation and Opportunity

About entrepreneurship is a dynamic journey that involves the pursuit of innovation, creation, and the realization of opportunities. It is the process of identifying gaps in the market, envisioning solutions, and taking calculated risks to bring new products, services, or ventures to life. Entrepreneurs are...

Best topics on Entrepreneurship

1. What is Entrepreneurship in Your Own Words

2. What is Entrepreneurship: Unveiling the Essence

3. Social Entrepreneurship: Harnessing Innovation

4. Evolution of Entrepreneurship: Economic Progress

5. Importance of Entrepreneurship: Economic Growth and Societal Transformation

6. Entrepreneurship as a Career: Navigating the Path of Innovation

7. Corporate Entrepreneurship: Fostering Innovation

8. Challenges Faced by Entrepreneurs: Innovation and Success

9. 300 Words About Entrepreneurship: Navigating Innovation and Opportunity

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Essay on Entrepreneurship

Introduction

Entrepreneurship is a term that is widely applicable in the world of business. There are different definitions of the term entrepreneurship. The first definition identifies entrepreneurship as the process of creating a new business, with a view of making profits while bearing in mind all the risks that are involved. Different scholars have had their opinions about the description of the term entrepreneurship, including Stevenson, a renown expert in the topic. He defined entrepreneurship as the pursuit of opportunity beyond resources controlled. His definition is still widely applied by many in the world of business (Venkataraman, 2019). The second definition is linked to one Frank Knight, who defined it as the bearing of uncertainty and responsibility for risks within the financial market. Joseph Schumpeter also contributed significantly by defining entrepreneurship as the creation of new things in search of profits. Schumpeter also asserts that the role of creating new things is not only left to companies and other businesses but also individuals who make efforts in the area. The researcher introduced the concept of creative destruction to mean creation and invention of a new idea in the market that calls for the demise of the existing competitor. For instance, the emergence of Smartphones killed use traditional means of communication, such as telephone boots and regular use of letters. As such, Joseph Schumpeter contributed significantly as the term creative destruction is universal in the marketing. Marketing is a lucrative field that requires creativity for one to make an impact in the market. Fourth is Israel Kirzner who defined entrepreneurship as the process that led to discovery. It is important to note that most of the definitions by various scholars share a familiar concept, risk-taking and opportunity exploration.

A venture is considered as a small business that is started by one individual or groups with a view of gaining financially. The profits from the investment benefit all the backers of that particular project or business. There are many different ventures that an individual can offer to invest in. An enterprise should aim to make a financial gain to the individual or group that invested. The risk-taking tendency by entrepreneurs and the idea of profit making coincides with the typology of entrepreneurship. Examples of entrepreneurship ventures that many can get into include gazelle, microenterprise, small/lifestyle and medium enterprises.

A gazelle enterprise is a business venture that experiences rapid growth annually for period of over four years. Revenues of such an enterprise increase yearly by over 20% and must have a base capital of at least $100,000. Such companies experience high sales growth rates regardless of their size. However, most of such business ventures operate on the lower end of the scale. Company growth can be measured by the turnover or the number of employees working for the enterprise.

The second entrepreneurial venture is a microenterprise that employs a small number of people, usually less than 10. Microenterprises are started by small amounts of capital and they specialize in providing goods and services within its locality. All microenterprises venture into simple product lines and operate on small scale. Microenterprises contribute largely to the economy as they create employment. Business owners in such ventures enjoy small profits, which they use to improve their standards of living. As such, microenterprises agree to the typology of entrepreneurship by making profits for those who invest.

Small or lifestyle enterprises are business ventures started with aim of sustaining or maintaining a certain level of income. Such enterprises aim at sustaining a certain level of lifestyle for the entrepreneur. They employ a small number of people and maintain certain level of assets for owners. Lifestyle enterprises play a key role in employing people at the same time maintains a particular lifestyle for the owner, thereby, complying with the typology of entrepreneurship.

Medium size enterprises employ between 50 and 500 employees depending on the legislation in that specific nation. Such enterprises have a specified value of assets and in the UK, they have less than 250 employees. In the year 2013, there were over 5.2 million medium sized businesses, which comprised of over 99% of enterprises in the country. The aim of medium business enterprises is to make profit like any other entrepreneurial venture. As such, medium sized business enterprises agree to the typology of entrepreneurship.

According to Wennekers and Thurik (1999), a Schumpeterian entrepreneur is one who aims at capitalizing on the existing entrepreneurial abilities to make profits. In other words, a Schumpeterian entrepreneur will assess the current businesses that are operating and think of better services to people. The Schumpeter concept is Austrian. Existing product and service lines in the market require improvements for better service delivery (Wennekers & Thurik, 1999). A Schumpeter entrepreneur is an individual who capitalizes on such opportunities with a view of providing better services while making profits. An intrepreneur is a person who works for a particular organization and identifies better ways to improve quality and service delivery to customers. Innovative product development and marketing is the role of a manager working for that specific organization. As such, the manager is referred to as an entrepreneur. Managerial business owner is an individual who invests in a venture and entirely owns the business. Administrative business owners are not responsible for innovation and creative destruction in the market as these remains the work of managerial entrepreneurs. The main difference between the three terms described is that an administrative business owner is responsible for financing the venture while the rest work for the owner to ensure innovation and product development. A similarity known among the three types of entrepreneurs is the fact that they all aim to make profits for the owner of the business.

Miles & Snow (2009) classified organizations into four types, including prospector, defender, analytical and follower businesses. A prospector implies an organization that has difficulties in locating and exploiting a new product in the market. Such ventures require constant examination of the continually changing business world to succeed. The element of unpredictability makes a continuous check-up of the market a necessity to establish strategic production. According to the two researchers, prospector organizations have comprehensive product and service lines. Production in such cases prefers to promote creativity to efficiency. Defender organizations are defined as those entities that cannot survive in unstable environments (Miles, Miles, Snow, Blomqvist & Rocha, 2009). Their worry is how to maintain their current market share hence the need for them to operate in a relatively stable business environment. Cost leadership and specialization in a specific product line can well help solve the problem. Analyzer organizations refer to those that have both prospector and defender organization characteristics. They face a challenge of establishing in new markets and at the same have a problem of maintaining their current market share. Follower organizations refer to organizations that do not make long-term plans for business but instead ensure that managers study the dynamic world fast enough to cope with the changes.

Steve Blank in 2010 asserts that there are four types of entrepreneurs, namely small business owners, scalable, large business owners and large entrepreneurs. Small business owners face known risks in the market as they venture into product lines and services that are already known. A scalable business idea digs into the existing opportunity and turns it into a larger business through the expansion of its business activities. The aim of setting up such business entities is to take over the existing market and turn it out to make huge profits. On the other hand, a large business is an entity that has over 5000 employees or has a high financial turnover of over 1.5 billion Euros in a year (Blank, 2010). Any venture that does not feature any of the two characteristics or both of them cannot be termed as a large business. Social entrepreneurship involves start-up companies raising funds to solve cultural, social and environmental problems.

The data presented is indicative of the importance of having small businesses and startups within the economy. The data is extracted from the office of national statistics in the United Kingdom. Moreover, the data presented include information regarding micro-businesses and small businesses contribution to the economy of the region that they operate. For instance, from the year 2010 to 2017, the country has been registering an increasing trend indicating that such businesses play a crucial role. On employment, micro-business ventures employed over 4,618,315 people in 2010, and by 2017 (“Employment – ONS”, 2019), the number of those depending on such businesses rose to 5,491,009. On the other hand, small businesses employed over 3,785, 801 people in the year 2010 to a whopping 4,450, 716 by 2017. As such, micro and small businesses within the economy play a key role in ensuring increased employment opportunities as indicated by statistics from the national office in the UK.

Another vital aspect presented in the data provided is the turnover involved annually in the event of operating such businesses. Like the data on employment, the turnover for both micro and small businesses has been fluctuating from the year 2010. It is also critical to note from the data that in some years, the turnover reduced instead of increasing. For instance, in 2010 the turnover for both micro and small businesses was 589,871,148 and 549,139,326 billions of Euros, respectively. In the following year 2011, the turnover reduced to 552,345,550 and 508,579,840, respectively. However, the figures have increased as of 2017 to 791,771,342 and 616,807,735 respectively. The growth in the turnover of micro and small businesses is a clear indication that they contribute positively to the growth of the economy in the United Kingdom.

In terms of inventory and general count, micro and other small businesses have significantly contributed and have seen an expansion. This is indicated by the data provided as the numbers have changed from 2010 to 2017. In the year 2010, micro-businesses had a count of 1,861,590, which increased to 2,386, 740 by 2017. Additionally, small businesses increased their count from 196, 520 in the year 2010 to a whopping 231, 715 in the year 2017. The graphs provided indicates the trend that has been experienced in the economy in regards to micro and other small businesses. Such ventures are contributing positively to the economy of the United Kingdom.

Small businesses and start-ups play a crucial role in the growth of the social economy. Social economy comprises a diversity of enterprises and organizations sharing common values and features. Such may include cooperatives, mutuals, associations, foundations, paritarian institutions and social enterprises who value social objectives over capital. The first and most important role that the businesses play is the creation of employment (Burns, 2016). For instance, in the United States in the year 2015, small businesses and startups created over 1.9 million jobs. There are over 30.2 million small businesses in the United States who employ approximately 58 million people. As such, small businesses contribute primarily to the growth of the economy by creating jobs.

Second, small scale businesses and start-ups contribute by ensuring that the GDP of the country grows. Social economy contributes to the overall GDP sum and its growth projects more taxes to be paid. A small business thriving locally will have more to give as taxes to the local government and hence a contribution to the GDP. Such money can be used locally to develop infrastructure within the community. As such, small businesses play a vital role in ensuring that the well-being of the community improves in the long run.

Small businesses quickly adjust to changes in the economic environment and act as a cushion to the local economy in cases where large businesses have failed. This is because in cases of unpredictability in the market, small business owners are customer-oriented and can flex quickly to suit the needs of the market. Large businesses have few options in case of a similar predicament and may not help the local economy as anticipated. As such, all small businesses around the world contribute positively to the growth of the social economy as their interest is not capital-driven.

Blank, S. (2010). What’s A Startup? First Principles.  Steve Blank .

Burns, P. (2016).  Entrepreneurship and small business . Palgrave Macmillan Limited.

Employment – ONS. (2019). Retrieved 23 July 2019, from https://webarchive.nationalarchives.gov.uk/20160105164129/http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Employment

Miles, R. E., Miles, G., Snow, C. C., Blomqvist, K., & Rocha, H. (2009). The I-form organization.  California Management Review ,  51 (4), 61-76.

Venkataraman, S. (2019). The distinctive domain of entrepreneurship research. In  Seminal Ideas for the Next Twenty-Five Years of Advances  (pp. 5-20). Emerald Publishing Limited.

Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and economic growth.  Small business economics ,  13 (1), 27-56.

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Entrepreneurship Essay: Topics & Samples about Entrepreneurship

In the course of your studies for management, marketing, or finance degree, you can be asked to write an entrepreneurship essay. Those who tried it know how challenging it is to compose a convincing and fact-based paper about business.

An entrepreneurship essay requires you to carry out thorough research. You have to arrange the findings to substantiate your opinion wisely. It shall be engaging for the reader. Usually, your purpose is not to inform but to explain your view on an economic phenomenon.

Entrepreneurship is about calculating one’s chances for success. It aims to establish a business opportunity and avail of it. In most cases, it involves product or process innovation. Thus, the goal of an entrepreneurship essay is to train your business thinking. It develops a habit of using subject-specific terminology and theories.

This article is your way to a perfect essay about entrepreneurship. Our team has prepared a guide and a list of topics where you can find an excellent sample essay about entrepreneurship. Yet, we know that the most challenging thing for many students is to come up with specific questions.

You can rely on the following steps while working on your paper:

• Pick or create a topic. The best essays focus on a narrow problem. Pick an idea that offers solutions or specifies how the reader can relate. Convey it all in your topic.
• Research thoroughly. Good preliminary research will prevent you from discussing stale news. Look for currently topical issues that many people face.
• Write an introduction. It is the most “selling” part of your entrepreneurship essay. Provide background information about the problem you are going to explore. Why did it arise, and who was affected?
• Work out a thesis statement. This sentence contains the central message of your writing. Specify your position on the narrow topic. For example, “Employee turnover is not always a negative thing.”
• Develop an argumentation. Make a list of all arguments that support your position and a few counterarguments. You will refine it when writing the main body. Include only the vital ideas and examples in your essay on entrepreneurship.
• Think of a conclusion. Mind that your readers will remember this paragraph most of all. What were the central ideas of your work? Summarize your arguments and restate your thesis with a development.
• Come up with an engaging title. It should make the readers want to keep on reading your text. An entrepreneurship essay title should reveal the problem you are going to discuss.

15 Entrepreneurship Essay Topics

To write a successful essay, you’ll need engaging topics on entrepreneurship. A good idea inspires you and gives a substantial reason for discussion.

Here we have collected the best entrepreneurship topics for your essay:

• Is becoming a successful entrepreneur an inborn quality or a developed skill?
• Is it efficient to unite researchers and entrepreneurs into one organization?
• Is contemporary entrepreneurship possible without online marketing?
• How can creativity make your business more identifiable?
• Does a model of economic development help entrepreneurs to achieve their goals, or does it limit their imagination?
• What are the psychological causes that urge entrepreneurs to seek profit?
• What are the reasons that spur the growing expertise of individuals in business issues?
• Which factors can bring entrepreneurship to bankruptcy?
• How could governments incentivize individuals to become sole entrepreneurs?
• What are the leadership characteristics of successful entrepreneurial management?
• Does gender influence a person’s skills in entrepreneurship as a career?
• Is it better to have a small enterprise or work for a large corporation, provided that the salary is the same?
• Compare the approaches entrepreneurs who start only one business and those who invest in multiple enterprises.
• How can MBA help you to become an entrepreneur?
• Analyze the path of a successful entrepreneur and suggest what could be improved.

5 Entrepreneurship Essay Questions

Your college or school professors can give you detailed essay questions. They direct your thought to make sure you do not diverge from the central idea.

Here you can check a list of entrepreneurship essay questions:

• In your opinion, is there a moment when an entrepreneur should stop expanding their business? Small business is easier to manage, but it provides less revenue. Big enterprises earn more but bring their investors to more serious risks and more significant expenses. Substantiate your point of view.
• What makes a successful business plan? Is it more important to calculate the economic feasibility of the future enterprise or predict the reaction of the target audience? Give examples of both approaches.
• Explain the concept of entrepreneurship. The essay should synthesize different formulations of prominent economists and sociologists. Make up your explanation of the term based on your synthesis.
• What can be done to avoid cutting the expenses of an enterprise? Staff reduction, renting smaller premises, and cutting salaries usually have negative aftermath. Are there any universal ways to make your business survive a recession?
• Imagine you are looking for a business partner. Which questions would you ask the candidates during the interview? Are there any traits you would look for? What kind of behavior would immediately tell you it is the wrong person?

Thanks for reading the article! Below you can find sample essays about entrepreneurship illustrating the structure that we have described above.

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• Entrepreneurship Essays

Entrepreneurship Essays (Examples)

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Entrepreneurship Essay Examples & Topics

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The Importance of Having Goals and Objectives in Personal and Professional Growth

1. Introduction Simply put, a goal is a specific, quantifiable result that one person or organization intends to create within a specific amount of time. For example, most people have the simple goal of owning a house, yet they may not progress in any real manner toward that goal for years. On the other hand, if Joe Smith considered purchasing a home, he would have an objective to meet in order to reach the goal. Truly, the main purpose of a goal is to serve as a target. It gives you something ...

The Impact of Vision and Opportunity on Personal and Professional Growth

1. Introduction The word vision is often used in describing a person's aspirations. All great leaders have had personal visions. But what is encompassed by vision? There are two elements in a vision: aspiration and desire. Aspiration - the projection of oneself into the future, that is, the setting of objectives and determining what project one wants to undertake. Desire - the people need to be drawn by the compelling nature of the project, and not just driven by the forceful personality of the ...

The Role of Academic Institutions in Fostering Entrepreneurship

1. Introduction Over the years, a combination of equilibrium models of asset markets and informational feedback models has been developed, which have had a wide impact because of the compelling empirical support they receive. Most elements of these models are generally viewed as quite rudimentary, even though only a minor part of the picture has been uncovered. People often exchange assets with nonfinancial motives; there are many security types, yet surprisingly few securities trade; signals a ...

Los beneficios y desafíos de implementar estrategias de sostenibilidad para un negocio

1. Introducción a la sostenibilidad empresarial La sostenibilidad empresarial es considerada una moda porque empresas de todo el mundo, independientemente de los sectores y sus ubicaciones geográficas, están adoptando nuevas estrategias de negocios para ejercer comercio de manera social y ecológicamente responsable. Para ser considerada no sólo una moda sino una conciencia colectiva que determine organizacionalmente la práctica empresarial ilustrada, se deben considerar las dimensiones temporal ...

La influencia de la dirección de una empresa en su éxito o fracaso

1. Introducción Los empresarios de grandes empresas quieren elementos esenciales para alcanzar una posición de liderazgo que confirme la preferencia de sus clientes. Uno de estos elementos es el liderazgo basado en el comportamiento (LBC) que busca respuestas del líder a preguntas como: ¿qué acciones realiza el líder? ¿De qué modo actúa? ¿Cómo utiliza el líder todas las técnicas y elementos a su disposición dentro de la empresa? Hasta el momento hay unanimidad en considerar que el LBC ejerce un ...

Strategies for Achieving Your Dream Job

1. Introduction to Dream Jobs Remember when you were a child and people would ask you what you wanted to be when you grew up? Whatever your answer was, that is what job you fantasized about. In a sense, your dream job was the primary reason you wanted to grow up. Now, as an adult, what is your dream job? You may know instantly, or you may have to give the question some thought. If you are one of the people who already know your dream job, do you actually have that job right now? If your answer ...

El desempeño del liderazgo en la gestión empresarial moderna

1. Introducción En la gestión empresarial moderna, es de fundamental importancia la función del líder. Se vivencia de manera relevante, se opina y se teoriza en las universidades y ámbitos académicos de formación, pero también, y claramente, en las empresas que empiezan a reconocer la influencia que esta realidad tiene sobre los "resultados de hoy" y "mañana" de sus equipos de trabajo. Los trabajos se dirigen a cuestiones centrando el análisis en los líderes de nivel micro, principalmente en el ...

La importancia de desarrollar habilidades de liderazgo en el siglo XXI

1. Introducción Las proyecciones para el siglo XXI indican que un 75% de los empleos requerirán del desarrollo de competencias y habilidades no necesariamente técnicas para poder enfrentar las demandas laborales. La globalización, la dispersión geográfica, la diversidad e innovaciones tecnológicas, de producto y proceso, han generado cambios muy profundos en las organizaciones, lo que ha implicado un cambio en la forma de liderar, lo que naturalmente desencadena en un cambio de habilidades de l ...

La importancia de desarrollar habilidades de liderazgo en el ámbito profesional

1. Introducción Las habilidades o competencias directivas son el conjunto de conocimientos, actitudes y conductas necesarias para llevar a cabo la gestión. Estas habilidades pueden ser adquiridas con el tiempo, pero también son desarrolladas en el tiempo que se invierte en tener un cargo directivo. Si las habilidades directivas no se ponen en práctica, quien las tenga no significará que sea un buen líder, pero será un requisito indispensable para desempeñar una buena labor en un equipo de traba ...

The Importance of Developing Entrepreneurial Skills for Success in the Modern Business World

1. Introduction Modern day business world is highly competitive and risky. To succeed in this environment, it is beneficial to have good entrepreneurial skills. They enable individuals to succeed no matter what they choose to do. The ability to bring concepts to implementation is important. This could be launching a new product or service within a new or existing organization. The process must also protect stakeholders' interests. Key entrepreneurial skills are necessary right from the inceptio ...

The Importance of Setting Goals for Personal and Professional Development

1. Introduction Amidst current global struggles, it’s easy to fall into periods of confusion, complacency, or feeling stuck. However, no matter the situation, development and growth never need to stop. Improvement can greatly benefit personal, professional, financial, and other important dimensions of our lives. Self-improvement can help lead to success and happiness. We should work to continuously learn and develop ourselves. One way to ensure this process happens effectively and efficiently i ...

The Keys to Achieving Personal and Professional Goals

1. Introduction Imagine opening the door to your house or apartment and, to your surprise, finding no locks or keys. Now imagine trying to drive your car without keys. Or try to imagine how easy it would be to operate an office building or factory if there were no locks or keys. The fact is that our entire way of life is based on locks and keys, which can deny or admit people into almost every area in which we are active. Moreover, when we are allowed into the areas for which we have keys, it i ...

The Impact of Technology, Business, and Nature on Society

1. Introduction The global society, shaped by the activities of the sensors of technology, business, and nature, is leading to a reformation of the values, norms, and institutions that have guided the well-being of humankind for a long time. The forces of technology have led to a reduction of transaction time and cost, perceptual changes, convergence, and the formation of new markets, especially in finance. The creation of global business in international banking, multinational corporations, li ...

El impacto del desarrollo personal y profesional en el éxito laboral

1. Introducción En el mundo empresarial hay dos factores por encima de los demás que nos vienen a la cabeza cuando pensamos en cómo lograr buenos resultados. Si no es el primero en cada lista de cualidades exigibles, siempre aparecen pegados a él, y esos son el desarrollo profesional y el desarrollo personal. A nivel de empresa, para conseguir buenos resultados es necesario que el colectivo de profesionales vaya desarrollándose profesionalmente. Además, dentro del desarrollo profesional de cada ...

Las estrategias más efectivas para superar los desafíos personales y profesionales

1. Introducción En la vida cotidiana, los seres humanos enfrentan constantes desafíos, algunos más simples y otros más complejos, donde deben aplicar distintas estrategias para superarlos. Algunas veces se usan estrategias inadecuadas o que no funcionan, lo que lleva a un estado de incapacidad o inefectividad del individuo, generando tensión. Estas situaciones, comúnmente de alto impacto personal y/o profesional, son conocidas también como "crisis" o "emergencias". Existe la creencia de que el ...

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Entrepreneurship - Essay Samples And Topic Ideas For Free

Entrepreneurship involves the process of designing, launching, and running a new business, which is often initially a small business, offering a product, process, or service for sale or hire. Essays might cover the characteristics of successful entrepreneurs, the challenges and rewards of entrepreneurship, the impact of entrepreneurship on economies, and various support systems and resources for entrepreneurs. We’ve gathered an extensive assortment of free essay samples on the topic of Entrepreneurship you can find at Papersowl. You can use our samples for inspiration to write your own essay, research paper, or just to explore a new topic for yourself.

Entrepreneurship Training in Quetta: Transforming Local Communities

Entrepreneurship has become a crucial driver of economic growth and innovation worldwide, with cities like Quetta recognizing its importance for local development. This essay delves into a descriptive research study conducted in Quetta, aimed at evaluating the effectiveness of awareness and training sessions designed to foster entrepreneurship. By circulating 100 questionnaires, the study sought to capture public opinion on whether these sessions indeed enhance entrepreneurial skills and ignite interest in business ventures. The findings from this survey provide valuable insights […]

Entrepreneurship’s Prelude: the Formative Years of Mark Cuban and Maverick Success

The journey of Mark Cuban, from a bartender to a billionaire, offers an arresting narrative that traces the contours of American entrepreneurial spirit. His early years are not just a prelude to his later success; they form the crucible in which the mettle of the man was tested and shaped. This exploration delves into the lesser-discussed epoch of Cuban’s life – his formative young years – to glean insights into the making of an iconoclast business magnate. Born in July […]

The Interconnectedness of Failure and Success

Introduction Life is a tapestry woven with threads of both bright and negative experiences, each contributing to the intricate pattern of our existence. Among these experiences, two phenomena stand out as defining aspects of human life: failure and success. While success is often celebrated, failure is frequently viewed with disdain. However, the journey of life teaches us that failure is not merely an endpoint but a stepping stone toward greater achievements. This essay will explore the interconnectedness of failure and […]

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What is Entrepreneurship: Traits, Risks, and the Pursuit of Dreams

Unlocking the Entrepreneurial Spirit: Characteristics of Business Success One of the biggest aspirations of the American dream is to own your own business. However, most people will never realize this dream because they do not possess the character, skills, and motivation required to start and grow a successful business. An entrepreneur, as defined in the context of business, is one who is successful at starting and growing a business and is able to initiate change through business decisions and leadership […]

Entrepreneurship Crafted: Lori Greiner’s Ingenious Path to Success

Lori Greiner's journey from a young, spirited inventor to a self-made millionaire embodies the quintessential American dream of innovation and entrepreneurship. Before she became known to millions as the "Warm Blooded Shark" on ABC's "Shark Tank," Greiner's foray into the world of business began with a simple, yet revolutionary, idea. This essay chronicles the early career of Lori Greiner and the formative experiences that molded her into a powerhouse of entrepreneurship. Greiner's voyage into the entrepreneurial landscape began in the […]

Leadership Philosophy in Technology and Social Reform

Introduction Leadership comes in many forms, and the impact of a leader often transcends their immediate sphere of influence, leaving a mark on history. Two such figures, Steve Jobs and Mahatma Gandhi, despite their vastly different domains—technology and political activism—demonstrated leadership qualities that have inspired millions. This essay explores the parallels and contrasts between Jobs, the co-founder of Apple Computer, and Gandhi, the leader of India's non-violent independence movement. Both visionaries revolutionized their respective fields through unique leadership styles, dedication […]

The Entrepreneurial Journey of Ruslan Kogan: Innovation in E-commerce

In the ever-evolving landscape of e-commerce, few stories inspire as much as that of Ruslan Kogan, the Australian entrepreneur behind Kogan. com. From humble beginnings as a child collecting and selling lost golf balls, Kogan has emerged as a pioneering force in online retail. His journey is marked by a keen eye for opportunity, a relentless work ethic instilled by his parents, and an innovative approach to leveraging technology in business. This essay will explore Kogan's entrepreneurial journey, his strategic […]

Failure and Opportunity: the Entrepreneurial Journey of Apple

Failure is not a state, not a status, not an attribute proper to some, “losers”; it is a possible step in any life course, and in an entrepreneur’s life, failure is naturally linked to risk-taking. Introduction Not all entrepreneurs have the same relationship to their company, however, all have a relationship to success and failure. Losing the business that one has created is first a personal injury, narcissistic, intimate, and it is often a traumatic event on many levels. In […]

SME Development Programs in AJK

The vitality of Small and Medium-sized Enterprises (SMEs) to economic development is universally acknowledged, especially in regions like Azad Jammu and Kashmir (AJK), where they constitute over 90% of non-agricultural businesses. Understanding the dynamics of SME growth involves examining the effectiveness of development programs and the demographic factors influencing entrepreneurship. This essay aims to explore these themes by analyzing the challenges faced by SMEs in AJK, assessing the role of public and private sector programs, and examining how demographic variables […]

Technological Development

As a group we have decided to discuss innovation as it pertains to leadership. When looking at the transformational map we have discovered five major keys related to innovation which are business model innovation, innovation for social benefit, innovation systems, technological innovation, and government innovation. After performing extensive research on each of these categories we have ultimately decided to focus on technological innovation as we believe that it may be one of the most impactful influencers on leaders moving forward. […]

Family: the Backbone of Entrepreneurial Success

The saying, "Behind the success of every small business, there is a family," encapsulates the essence of family-owned businesses as a thriving segment in the entrepreneurial landscape. These businesses, deeply rooted in various cultures and regions, have played an indispensable role in economic development across the world. Aspiring entrepreneurs can learn valuable lessons from the unique dynamics of family-owned enterprises, including their distinct challenges and rewards. The best insights often come from seasoned entrepreneurs who have walked this path and […]

Improving the Work of the Company’s Employees with the Help of Public Works

In reviewing the case of former President, CEO, and founder of Ryla, Inc., Mr. Mark Wilson, I was able to distinguish several traits of his personality. Mr. Wilson appeared to have a Type “A” personality, characterized by an eagerness to achieve levels never seen before within call center management. Type “A” entrepreneurs tend to make starting a business their number one priority. The ambitons that drive them include taking high risks to make their visions a reality and succeeding in […]

Sociological Gender Perspectives

Defined as the unequal treatment of individuals based on gender, inequality remains a significant challenge in modern society. This systemic issue arises from both socially constructed gender roles and inherent biological differences, such as variations in chromosomes, brain structure, and hormones. Despite progress in recent decades, gender inequality persists in many societies, including those considered progressive and industrialized, such as the United States. This essay will explore the complex nature of gender inequality, examining both direct and indirect forms of […]

We Must Practice Kindness

When I first began writing this speech, the only thing I could think of was the hundreds, if not thousands, of people in the audience who would expect so much from me. Who was I to let them down? So, I did what any reasonable person my age would do: I asked my parents for help. They only said one thing—to speak from the heart. I then got to thinking about this class and this year. Teachers have said we […]

Chemical Engineering Evolution

Sustainability in engineering is a transformative approach toward enhancing human life while preserving the planet's resources for future generations. This essay delves into sustainable engineering, which involves using materials and resources in a way that allows subsequent generations to meet their needs. The concept extends beyond mere resource management to encompass productivity enhancements that maximize output for future generations. Sustainable engineering is a multifaceted discipline applicable to various fields, including materials, products, processes, design, chemicals, and energy. This essay will […]

Revitalizing IBM: Navigating the AI Wave

Introduction Our focus is on driving significant revenue growth while upholding corporate values and enhancing brand reputation. AI: The Future of Technology Our macro environmental analysis underscores that artificial intelligence (AI) is not just a trend but the future of technology, poised to deliver substantial economic benefits. As industries digitize, they generate vast amounts of data, which, when harnessed, can fuel AI development. The economic potential of AI is staggering: a report by Columbus in 2017 suggests that by 2035, […]

How to Become a Successful Entrepreneur

Introduction A career that I am interested in pursuing is entrepreneurship. An entrepreneur is a person who organizes and operates a business, often taking on greater than normal financial risks to do so. The allure of entrepreneurship lies not only in the potential financial rewards but also in the autonomy it offers. Being an entrepreneur means being your own boss, making critical decisions, and shaping the direction of your enterprise. However, the journey to success in entrepreneurship is fraught with […]

The Enduring Charm of the Vermont Teddy Bear Company

Founded in 1981 The Vermont Teddy Bear Company has carved out a special place in the hearts of teddy bear enthusiasts worldwide. What began as a humble operation in a small garage has blossomed into a beloved brand known for its craftsmanship creativity and commitment to quality. The company's success story is not just about plush toys; it's a testament to entrepreneurial spirit and a deep understanding of customer sentiment. Central to The Vermont Teddy Bear Company's appeal is its […]

Ryan Reynolds: a Hollywood Star’s Multifaceted Journey

Ryan Reynolds, born on October 23, 1976, in Vancouver, British Columbia, has become one of the most beloved figures in contemporary cinema. His career is a fascinating blend of unexpected shifts, personal reinventions, and entrepreneurial ventures. Beyond his remarkable acting talent, Reynolds' journey reflects a unique combination of wit, resilience, and business savvy. Reynolds' path to stardom began in the early 1990s with humble beginnings. His initial foray into acting came through the Canadian teen soap opera "Hillside" (also known […]

A Look at the Life and Legacy of Calvin Johnson

Calvin Johnson, dubbed "Megatron" for his incredible height, speed, and skill on the field, is still a well-known figure in the American football community. Throughout his life and career, Johnson—who was born on September 29, 1985—has made major contributions to the sport and left a lasting influence on both players and fans. Calvin Johnson will be 38 years old in 2024. His roots in football excellence date back to his high school years at Sandy Creek High School in Tyrone, […]

The Alchemy of Economics: Factors of Production in a Fantasy World

In a mystical realm where dragons soar and wizards weave spells, the economy still hinges on four fundamental pillars: land, labor, capital, and entrepreneurship. These factors of production, essential in our mundane world, also dictate the prosperity of fantastical kingdoms. By exploring these elements through a magical lens, we can unveil the unique dynamics that fuel both economic growth and enchantment in this extraordinary world. Land, the cornerstone of any economy, takes on an entirely new dimension in a fantasy […]

The Vibrant Phenomenon of the Sunbelt

The Sunbelt, a region synonymous with warmth, growth, and opportunity, encompasses the southern tier of the United States. Stretching from the Atlantic coast of Florida to the Pacific shores of California, this expansive area has undergone remarkable transformation over the past century, evolving into a dynamic economic powerhouse and a cultural melting pot. At the heart of the Sunbelt's allure is its climate. With its abundant sunshine and mild winters, the region beckons those seeking respite from harsher climates. This […]

The Ownership of Coors Brewing Company

Coors Brewing Company, an emblematic figure in the annals of American beer culture, boasts a storied lineage tracing back to the latter part of the 19th century. Established in 1873 by Adolph Coors and Jacob Schueler in Golden, Colorado, Coors has transcended its origins as a modest local brewery to emerge as a formidable contender in the global beer arena. However, the ownership of Coors Brewing Company has traversed significant metamorphoses over time, mirroring broader trends in the beer industry […]

The Genesis of Amazon: how Jeff Bezos Built an E-Commerce Empire

In the early '90s, Jeff Bezos was a successful senior vice president at D.E. Shaw, a prominent Wall Street firm. Despite his lucrative career, Bezos couldn't ignore the massive potential he saw in the internet, which was growing at a mind-boggling rate of 2,300% per year. This statistic wasn't just a number to Bezos—it was a call to action. He realized that the internet could fundamentally change how people shopped and consumed information. So, in 1994, Bezos made a bold […]

The Benefits of Capitalism: a Driving Force for Prosperity

Capitalism, as an economic framework, has stood as the cornerstone of advancement and affluence in numerous nations globally. It is distinguished by private proprietorship, liberated markets, and rivalry, which collectively nurture ingenuity, efficacy, and economic progression. Though capitalism encounters dissent, its advocates contend that its societal merits are manifold and substantial. This exposition delves into the merits of capitalism and its contribution to communal welfare. A paramount merit of capitalism is its aptitude to propel economic progression. By stimulating competition […]

The Legacy of Patrick Joseph Kennedy

Patrick Joseph Kennedy, a figure of significant historical and political importance, occupies a prominent place in American consciousness. Born into the Kennedy dynasty on July 14, 1967, Patrick, often referred to as "P.J.," emerged as a multifaceted individual with a profound impact on various spheres of society. While the Kennedy family is renowned for its political prowess, Patrick's contributions extend beyond the realm of politics, encompassing advocacy, mental health awareness, and social entrepreneurship. Despite being overshadowed by the towering legacy […]

The Impact of Carrie Underwood’s Age on her Musical Evolution and Industry Influence

Carrie Underwood, since winning "American Idol" in 2005, has navigated her musical career through various stages of life, each reflected in her evolving music style and growing influence in the industry. As she transitioned from a young newcomer into a seasoned performer, her musical evolution mirrors her personal growth, maturing in themes and complexity, paralleled by her increasing impact on the music industry. Starting as a young artist in her early twenties, Underwood’s initial music was vibrant, youthful, and heavily […]

The Enigmatic Fortune of Sam Walton: a Look into his Staggering Net Worth

In the annals of American business history, few names resonate as profoundly as Sam Walton, the visionary founder of Walmart. Walton's journey from humble beginnings to amassing one of the largest fortunes in modern times is a testament to entrepreneurial ingenuity and relentless ambition. Central to understanding his legacy is delving into the intricacies of his net worth, a figure that continues to captivate economists, historians, and aspiring business leaders alike. Sam Walton's net worth at the time of his […]

The Entrepreneurial Spirit of Mark Cuban: a Look at his Formative Years

Mark Cuban, a name synonymous with entrepreneurial success and a prominent figure in the worlds of business and entertainment, was born on July 31, 1958, in Pittsburgh, Pennsylvania. His story is often cited as a quintessential example of the American Dream, showing how determination, intelligence, and a bit of risk-taking can lead to monumental success. This post will delve into Cuban's early life and the formative experiences that shaped him into the business magnate known today. From a young age, […]

Barbara Corcoran: an Entrepreneurship Journey of Resilience and Success

Barbara Corcoran's appellation epitomizes resilience, ingenuity, and triumph within the fiercely competitive realms of real estate and entrepreneurial enterprise. Renowned for her formidable presence as a "Shark" on the acclaimed television series "Shark Tank," Corcoran's odyssey from humble diner waitress to real estate magnate and influential business luminary serves as a testament to her unwavering resolve and astuteness. This exposition delves into the import of Barbara Corcoran's age vis-à-vis her professional trajectory, accentuating that her accomplishments transcend temporal confines, embodying […]

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Good Essay On Entrepreneurship

Type of paper: Essay

Topic: Entrepreneurship , Business , Company , Venture Capital , Theory , Innovation , Finance , Development

Words: 2500

Published: 02/20/2023

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PERSONAL REFLECTION ON BUSINESS PLAN DEVELOPMENT

Personal Reflection on Business Plan Development Reflection on Business Plan The significance of innovation and flexibility for the contemporary organizations is essential following the latest changes occurring in the business sector. Nowadays, the companies have to deal with the technological progress, alteration of the traditional business strategies, and globalization. In the conditions of fierce competition the organizations today have to invent new ways of surviving in the business world. With the present-day conditions in mind, it is possible to imply that entrepreneurship can be a productive solution. During the period of start-up, a lot of novice entrepreneurs encounter with a wide range of problems, from financial issues to technical barriers. In this case, new business initiatives have to take into account the specificity of drafting a business plan that will have to include the marketing strategy, environmental analysis, human resources strategy, financial specificity, legal issues, and the evaluation of risks of entry and exit of the business. It was admitted that each year the number of start-ups is increasing, so as the interest of new entrepreneurs in each segment (Josien, 2012). It becomes more difficult to innovate and remain creative in the modern times, which implies that the start-ups both in small and medium enterprises (SMEs) have to take into account the most important aspects of preparing the business plan. First of all, before starting a venture, it is important to craft an idea that may be valuable for the market. At the same time, it is important to provide maximum information and address the demand-supply chain. One of the crucial things is to find a niche, where new company can propose its unique solution for the existing problem. Once, the idea is crafted, the main step is the implementation that would follow particular steps. Each step has to be meticulously calculated, as, for example, incorrect market segmentation can lead to the inability to meet the consumers’ demands and an eventual failure. Another example of a possible loss is lack of investments into the marketing campaign that will lead to the lack of clients as well as their interest in the product or service. One of the most important lessons I had during the development of the business plan is that all aspects of business are closely interrelated. Inadequate financial calculations can cause not only economic losses, but hinder the company from innovations. Wrong advertisement may scare off the potential buyers and mistakes in market research can lead to underestimation of the competitors. An effective business plan has to include every aspect a company has, from the financial management to the HR. Therefore, despite becoming innovating and planning to grow, a start-up has tom make sure that all analyses are performed, including marketing mix evaluation (4Ps), PESTLE, and SWOT assessment in order to evaluate each aspect of market and its impact on the start-up (Kuratko & Audretsch, 2009). By calculating the strength, weaknesses, opportunities, and threats to business, the entrepreneur has to focus on the real-life patterns existing in the market by adding statistics and evidence for each point. By evaluating product, prices, promotion, and place, it is essential to be sure what kind of product/service the company has to sell in order to meet the demands from the public. As it was mentioned, it seems to be hard to create something new in the environment overwhelmed with innovations and technical gadgets. However, there are still companies that manage to enter the market with novice ideas that eventually bring millions to the entrepreneurs. For example, Local Motors is the company that managed to enter automobile industry, which is one of the most difficult markets for the new companies due to the need for vast investments and severe competition. It was created by john Rogers, who used crowdsourcing as the innovative method for designing the vehicles and the option to develop cars by involving the community (Norton & Dann, 2010). Overall, the entrepreneur managed to create a virtual presence for LM and attract a lot of automobile designers creating a contest for the best project (Norton & Dann, 2010). Another example is the recently developed company Carbon3D that decided to create adjustable and customizable parts made of resin that can be used in almost all business segments (Schrage, 2016). There are tons of such companies that usually started being small or medium businesses that grew to multinational giants. Nowadays, in the age of accessible information, it is particularly easy to create a business plan. At the same time, it is crucial to evaluate the market, prices, and consumers objectively taking into account such variables as culture, modern trends in a particular segment, and demand for a specific product (Barba-Sanchez & Martinez-Ruiz 2010). There are a lot of ways to create a viable start-up by using incubators, corporate entrepreneurship, or attracting the investors (McDougall-Covin, Jones, & Serapio, 2014). Also, it is possible to create a business that does not require substantial investments, like a small cleaning company or web design firm. Such businesses require a thorough assessment of the competition in the region and demand for a specific service. Within such markets, the companies can enjoy easy enter and exit with the minimum financial risks involved. However, innovative ideas require the monitoring of legal issues, contingencies, and the issues connected to authorship. Each of these aspects has to be evaluated by analyzing the local and national legislation and risks involved in a particular segment of business. It has to be noted that because of the technological progress, it is possible for the novice businesses to use the services of outsourcing or crowdsourcing in order to achieve the plans regarding the HR management (Bogenhold, Heinonen, & Akola, 2014). For example, if a firm requires legal support, it is possible to fill the gap in the respective department by delegating these responsibilities to the third parties. It is expected to hire specialists in legal advice at the beginning of the company’s operation and in the time when it will be required. In such a way, the company can save the finances and implement sustainable strategy for business management, which is one of the latest trends in business that is usually pursued by both SMEs and multinationals.

Entrepreneurship is a very complex phenomenon that is difficult to interpret with one theoretical framework or simple words. Throughout time, entrepreneurs were perceived from different perspectives. Several decades ago some experts insisted that entrepreneurs must have certain innate skills in order to succeed, the others implied that the right environment molds effective entrepreneurship (Morris, Lewis, & Sexton, 1994). Both approaches were predetermined by the evolution of psychology and perception of individual characteristics of a person. Nowadays, the scholars address this topic with another paradigm that stems from the motivational factors and the desire to innovate (Tapsell & Woods, 2008). Moreover, it is customary today for making entrepreneurship an umbrella term for other phenomena, like self-employment, free-lancers, and independent professionals. Each of these concepts can be different in nature and in characteristics needed for the individuals. There are also a lot of theories that try to explain the phenomenon of entrepreneurship. Some of them, like innovation theory or the theory of high achievement emphasize the importance of skills for the entrepreneur in order to gain success (Baumol, 2010). Specifically, high achievement theory states that the entrepreneurs create new things either under the pressure or in the environment where it is possible to make things better (Bornstein & Davis, 2010). Innovational theory claims that the entrepreneurs develop the economy of the country with their novice ideas and the comfort they bring to the society (Goldsby & Nelson, 2012; McKenzie & Sud, 2009). Also, there are frameworks that limited their aspect in entrepreneurship, namely sociological and psychological theories, where the first emphasizes the importance of the environment for the entrepreneurs and the second insists that such individuals are born with the specific psychological characteristics (Jain, 2009; Chatterjee & Das, 2015). However, there is another view towards entrepreneurship that concerns motivation. According to the motivational theory, the individuals tend to become entrepreneurs due to their striving for power, affiliation, and/or achievement (Sautet, 2013). At the same time, the most important conversation has to concern businessmen who managed to launch a venture, even if it consists of one employee. Small enterprises can also be effective if they employ effective principles of growing and expansion, yet the start-up may be initiated even at the level of working from home. There are certain barriers and factors hindering entrepreneurship from growing, like the loss of stable salary when a person decides to start a new company or sudden economic meltdown in the country (Parker, 2003). At the same time, due to the technological progress and globalization, even newly launched ventures can easily work with the foreign clients, investors, and suppliers as well as expanding business abroad. There are also positive factors that foster entrepreneurship, like the governmental policies that are designed specifically for the mission of supporting new businesses. For instance, in the UK the government together with the Bank of England launches a program of the Start-Up Loan scheme and the Business Angel Co-Investment Fund for supporting new businesses by investments and effective education (Department for Business Innovation and Skills, 2015). At the same time, it was emphasized that entrepreneurs are not supported by the taxation schemes, especially what concerns the small enterprises. Specifically, the experts agree that the current tax policy in the UK prefers the large corporations that can afford to circumvent the law by hiring effective lawyers, while the smaller companies have to get used to the high taxes (Swinford, 2014). Nevertheless, the new businesses have to make sure that each of the aspects in their venture is well-thought and analyzed before creating a new firm, despite the area where the company will have to operate. Each of the components, from legislation to marketing has to be clearly articulated and, if needed, customized to create innovational idea that will be attractive for the consumers.

Self-Reflection

It is difficult to self-assess oneself in regard to the entrepreneurial skills, as the modern paradigms evaluating this phenomenon are quite ambiguous at one point. After the analysis of this topic and my personal observations of the successful entrepreneurs, I can say that I can be effective in this area if I get to know all aspects connected to entrepreneurship in a specific area. To my point of view, it is necessary to monitor a particular field before claiming to be a good entrepreneur. For instance, a start-up in IT may have the threats of entry due to high competition with large companies, simultaneously, entrepreneurship in the retail sector requires the new firms to propose something unique in order to survive in this area. Therefore, the start-up here will depend on the personal skills and creativity, which will designate the ability to succeed. I have to conclude that I will be the effective entrepreneur only when I gain certain experience in addressing the financial issues, which I have little expertise in. I consider it to be my weakest point, because during the business plan design it took me quite long to interpret the financial analytics. The implementation of environmental and marketing analyses like SWOT, PESTLE, and 4Ps has become particularly important in terms of understanding the market. It is quite clear at this point that the entrepreneur has to be innovative, creative, resourceful, and practical in terms of development of a start-up. It is possible to conclude that my path of entrepreneurship will begin when I make sure that each of the aspects of business is calculated and measured properly for creating viable and successful venture.

Barba-Sanchez, V. & Martinez-Ruiz, M. 2010. A Longitudinal Study to Assess the Most Influential Entrepreneurial Features on a New Firm's Growth. Journal of Small Business and Entrepreneurship, 22(3), pp. 253-266. Baumol, W. J. 2010. The Microtheory of Innovative Entrepreneurship. Princeton, NJ: Princeton University Press. Bogenhold, D., Heinonen, J., & Akola, E. 2014. Entrepreneurship and Independent Professionals: Social and Economic Logics. International Advances in Economic Research, 20(3), pp. 295-311. Bornstein, D., & Davis, S. 2010. Social Entrepreneurship: What Everyone Needs to Know. New York: Oxford University Press. Chatterjee, N., & Das, N. 2015. Key Psychological Factors as Predictors of Entrepreneurial Success: A Conceptual Framework. Academy of Entrepreneurship Journal, 21(1), pp. 102-114. Goldsby, M. G., & Nelson, T. E. 2012. Entrepreneurial Design: A Design Based Theory of Entrepreneurship. Journal of Business and Entrepreneurship, 23(2), pp. 80-98. Jain, T. K. 2009. Discovering Social Entrepreneurship. Asia-Pacific Business Review, 5(1), 21-36. Josien, L. 2012. Entrepreneurial Orientation: An Empirical Study of the Risk-Propensity Dimension of Entrepreneurs. Academy of Entrepreneurship Journal, 18(1), pp. 21-36. Kuratko, D. F. & Audretsch, D. B 2009. Strategic Entrepreneurship: Exploring Different Perspectives of an Emerging Concept. Entrepreneurship, 33(1), pp. 1-18. McDougall-Covin, P., Jones, M. V., & Serapio, M. G. 2014. High-Potential Concepts, Phenomena, and Theories for the Advancement of International Entrepreneurship Research. Entrepreneurship: Theory and Practice, 38(1), 1-11. McKenzie, B., & Sud, M. 2009. Prolegomena to a New Ecological Perspective in Entrepreneurship. Academy of Entrepreneurship Journal, 15(1-2), 43-58. Morris, M. H., Lewis, P. S., & Sexton, D. L. 1994. Reconceptualizing Entrepreneurship: An Input-Output Perspective. SAM Advanced Management Journal, 59(1), pp. 21-36. Norton, M. I. & Dann, J. 2010. Local Motors: Designed by the Crowd, Built by the Customer. Harvard Business School Case 510-062, pp. 1-21. Parker, S. C. 2003. What Is Entrepreneurship? A Proposal for a Data-Based Methodology. Academy of Entrepreneurship Journal, 9(1-2), pp. 45-55. Sautet, F. 2013. Local and Systemic Entrepreneurship: Solving the Puzzle of Entrepreneurship and Economic Development. Entrepreneurship: Theory and Practice, 37(2), pp. 387-399. Schrage, M. 2016. Companies Are Now Making Innovation Everyone’s Job. Harvard Business Review. [Online] (updated 21 Jan. 2016) Available at: <https://hbr.org/2016/01/companies-are-now-making-innovation-everyones-job> [Accessed 13 Mar. 2016]. Swinford, S. 2014. Britain Must Cut Taxes and Red Tape to Produce More Entrepreneurs. Telegraph. [Online] (updated 27 Apr. 2014) Available at: <http://www.telegraph.co.uk/finance/economics/10791901/Britain-must-cut-taxes-and-red-tape-to-produce-more-entrepreneurs.html> [Accessed 14 Mar. 2016]. Tapsell, P., & Woods, C. 2008. A Spiral of Innovation Framework for Social Entrepreneurship: Social Innovation at the Generational Divide in an Indigenous Context. Emergence: Complexity and Organization, 10(3), pp. 25-31.

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