Thursday, October 17, 2019

Entreprenurship ENTREPRENEURSHIP Assignment Question (2000 words) Essay

Entreprenurship ENTREPRENEURSHIP Assignment Question (2000 words) Entrepreneurs are believed to create their opp - Essay Example They further observe that entrepreneurs have certain characteristics that enable them to handle situations where there is incomplete decision or make decisions when confronted by conflicting status. Literature Review They describe such situations that entrepreneurs find themselves as comfortable and that in difficult situations; they still exhibit calm and comfort ability. Secondly, the authors use five words to describe an entrepreneur and they include; self-starters, optimists, perseverant, energetic and action oriented. This attributes reflect the ability of the entrepreneur to see a new opportunity. Moreover, entrepreneurs have the ability to persuade others and form networks that give create situations, which eventually heighten their chances of finding opportunities. These individuals exploit the resources people offer by interacting and engaging with others in addition to being highly innovative and imaginative. They are not afraid to take risks and have the ability to create opportunities where others might consider as hostile environment or situations. In their pursuit of opportunities, entrepreneurs remain open to change and employ their analytical skills to evaluate situations and come up with new ideas that propel their ambitions. It is these attributes that some argue that enable entrepreneurs to engineer situations in a way that increase their chances of finding opportunities. The entrepreneurship process entails identifying, recognizing, evaluating and exploiting opportunities that introduce new goods, services and ways of organization by applying efforts that had hitherto not existed or exploited (Shane and Venkataraman, 2000). Entrepreneurship therefore calls for the existence of exploitable opportunities or situations that entrepreneurs can modify to increase their chances of finding those opportunities, which provide platforms for the use of new means-ends structures to recombine resources to achieve a certain goal. Accordingly, opportunities are an essential part of the entrepreneurial process; indeed, the existence of varied opportunities can offer a viable explanation for the patterns that are observed in the entrepreneurial process. The existence of opportunities coupled with the entrepreneur’s ability to effectively engineer situations in a manner that puts them at an advantage of finding opportunities to exploit largely makes the distinction between a great entrepreneur and others. Entrepreneurial opportunity is defined as a situation that aids the possibility of an individual creating new means-ends structures for exploiting available resources that the said individual believes will be profitable (Shane, 2010). Entrepreneurs identify these favourable set of environments that create opportunities for creation of a new manufactured goods, business or service; besides, they all recognize situations that can heighten their chances of discovering entrepreneurial opportunities. An entrepreneurial opportunity is not just an idea and is believed to have four essential qualities. The opportunity has to be timely, attractive to the cause, long-lasting and augmented in a product, service or business that generates or adds value for its buyer or end user. The prospect must be open for an

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