Entrepreneurship Essay Example | Topics and Well Written Essays - 1000 words - 1

Entrepreneurship - Essay ExampleThe entire process of investigating demand and supply patterns of given product in a given business environment, and establishment of businesses to address the potential and existing demand entails the process of entrepreneurship. Entrepreneurship refers to the act of collecting and incorporating business ideas aimed at achieving purposeful and unique purpose in the fruit of a given product or service (Carsrud and Malin 7). Innovation in the context of entrepreneurship may result in various advantages much(prenominal) as introducing new or improved product in the market, new production techniques, and identification of newer markets for a product or service as rise up as identifying new source of supply of raw materials. It is imperative to understand that entrepreneurship is not only about starting of new business organization, but backside also involve ideas to improve the state and performance of an existing organization. Importance of Entrepre neurship to America Entrepreneurship is a powerful tool for economic growth in whatever country. It is because of entrepreneurship and presence of globally acclaimed entrepreneurs that the American nation tops the list of worlds best performing economies. ... Since entrepreneurship involves creation and introduction of new ideas, it has helped the development of search and innovation in the American economy. About two out of three innovations in America are as result of entrepreneurship. These innovations flip eased production processes while improving the quality of products, accomplishments that have collectively spurred the growth rate of the American economy (Bordogna 13). Since entrepreneurship entails creation of new opportunities, it has empowered and facilitated the development and growth of internal wealth (Miller). Income earned by entrepreneurs and their employees has expanded public expenditure as people purchase raw materials and finished products of entrepreneurshi p, encouraging national production. Bordogna adds that entrepreneurship has helped in providing ego sufficiency to the American populace as people can afford and easily find what they need for their consumption (13). Self sufficiency in the American economy also relates to increased local production of goods and services that ensure cheap and affordable prices for goods and services. Characteristics of Successful Entrepreneurs Entrepreneurs are individuals with the brains bearing or capacity to award entrepreneurial skills. Entrepreneurs identify business opportunities, gather and collect ideas that they use to establish businesses or improve state of particular firm. For entrepreneurs to emerge successful in implementing their ideas, they have to exhibit or posses particular characteristics. Unique ambition is one of the defining characteristics required of an entrepreneur. Ambition helps entrepreneurs to face the potential competition in the given intentness with aims on achiev ing the desired goals (Gitman and Carl 14). Entrepreneurs are