...economy, a phenomena commonly referred to as knowledge based economy (Formica, 2005). Entrepreneurship as a whole contributes to social-economic wealth by creating new markets, new industries, new technology, new institutional forms, new jobs, and net increases in real productivity (Ngugi, 2014). Despite the vital role entrepreneurship plays in the economy, there are numerous challenges facing entrepreneurship development. The Micro and Small enterprises bear the brunt of it all (Pike 2007). It is estimated that as many as 75% of small enterprises started in Kenya fail within three years of their birth. Indeed an enterprise that is more than three years old is regarded as having achieved some measure of success. Therefore, there is the need to strengthen entrepreneurship to nurture nascent entrepreneurs and achieve the goal of enterprise development. The following are methods of strengthening entrepreneurship in Kenya: Strengthening financial systems The biggest challenge to entrepreneurial ventures is lack of capital to realize entrepreneurial dreams. A lack of resilient financial systems has been a hindrance to development of MSEs and hence entrepreneurship. A sound financial system therefore improves the entrepreneurial ecosystem. Private equity and venture capital are an important source of seed money. Overall, access to credit is some of the financial challenges of entrepreneurship in Kenya. Development of capital markets is the key to encouraging graduation of SMEs...
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...acknowledging the importance of entrepreneurship in economic growth. Entrepreneurship in any society is influenced by various environments. Whilst entrepreneurship supports economic growth by turning knowledge into new products, new jobs and new firms, the entrepreneurial process is not full of roses; it comes with its own challenges. The writer will discuss about entrepreneurship, define concepts and sum up the discussion through a conclusion. Definition of key terms Entrepreneurship Timmons (2000), believes entrepreneurship is the process of creating or seizing an opportunity and pursuing it, regardless of the resources currently controlled. Wennekers and Thurik (2001) argued that entrepreneurship is the ability and willingness of individuals, on their own, in teams within and outside existing organizations, to perceive and create new economic opportunities (new products, new production methods, new organizational schemes and new product-market combinations) and to introduce their ideas in the market, in the face of uncertainty and other obstacles, by making decisions on location, form and the use of resources and institutions. Unlike Timmons (ibid), Wennekers and Thurik believe that entrepreneurship is not limited to creating or seizing a business opportunity, there has to be willingness and ability to perceive new economic opportunities(new products, new production methods, new organizational schemes and new product-market combinations). Entrepreneurship can thus be seen as...
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...providing graduate students skills in technology entrepreneurship and the commercialization of technology. We describe the lessons we have learned from fourteen years of developing commercialization of technology pedagogy and adapting it for use on four continents and within numerous corporations. We demonstrate that the straightforward theory-driven approach that we use to shape the curriculum improves our ability to learn from our mistakes and to structure small experiments to improve the pedagogy. INTRODUCTION Interest in the commercialization of technology and high technology entrepreneurship has increased significantly in the past decade. It is apparent that in many increasingly knowledge-based economies, effective managers will need to be better trained in dealing with technologists and in creating business growth and advantage through commercializing technology. Technical education faces new demands as well. For example, the National Academy of Sciences (COSEPP, 1995) issued a committee statement calling for rethinking graduate education for scientists and engineers to include the skills to promote the commercialization of technologies that they create. As interest in commercialization of technology has increased, so has academic research interest in this area. For example, the Journal of Product Innovation Management recently published a 2 issue special topic volume on technology commercialization and entrepreneurship. Topics included a meta analysis of success factors...
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...The Differences between Entrepreneurship and Small Businesses; Strategies to create a Strong Entrepreneurs Shakarra Warner Principles of Management 27 January 2015 The Differences between Entrepreneurship and Small Businesses; Strategies to create a Strong Entrepreneurs In the modern world, people do not always rely on the traditional aspect of working for someone or a company. Many individuals want more control and power over their lives and money. With inspiration from a hobby or skill, some people decide to become entrepreneurs. According to Bateman and Snell, 2013 “…an entrepreneur is an enterprising individual who pursues a lucrative opportunity.” Entrepreneurs increase job development and decrease unemployment amounts that affect the economic growth. With all the benefits of entrepreneurship, state agencies strive to promote the awareness of resources available to build a better economic system while distinguishing an enterprise from a small business. Sometimes there is confusion between the meaning of entrepreneur and small business owner. Entrepreneurs are managers just as small business owners, but in a less formal aspect and without a hierarchy of management levels (Bateman and Snell, 2013). Entrepreneurs make an effort for growth and high profitability as their principal objective, whereas small businesses expect regular to reasonable sales and fixed growth (Bateman and Snell, 2013). It is important to know the difference between the two when deciding the types...
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...Bibliography 13 1 Introduction Entrepreneurship is one of a major factor influencing the economy of countries in terms of international trade, infrastructure, employment and living standards as well as capital growth. It also reflects the effectiveness of government policies. Entrepreneurship relates to national policies (taxation, regulations, ease of doing business), entrepreneurship financing (banks, government support), economic circumstances (economic freedom), marketing (competitiveness), public agency assistance (government support), and expertise etc.. The level of entrepreneurial activity not only interacts with the factors above, but also with cultural or geographical factors and regulations. Personality characteristics, behavior and motivation are also the major elements, which should be taken into consideration. There are many determinants of being or becoming self-employed which are dealt with in the literature, such as employment status, minority behavior, immigrant behavior, family firm effects and attitudinal effects (Freytak/Thurik 2006, 6). The assignment compares the level of entrepreneurial activity between the U.S. and China as these locations have contrasting characteristics regarding all these different aspects of entrepreneurial activity. It discovers and compares the reason how some of them – cultural factors, government policies, funding & financing and finally education & training – are influencing entrepreneurship in these countries. ...
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...only when he actually carries out the new combinations and loses that character as soon as he has built up his business.” (The Theory of Development, 1934). His belief holds true to a large extent and modifies the way we commonly think of an entrepreneur. He describes entrepreneurship to be process or activity that is carried out by a person. Thus the quality of this entrepreneurial spirit is possessed for only a certain period of time and doesn’t last forever. It’s the ability of an entrepreneur to identify what the market is devoid of, reacting creatively to the opportunity with new ideas and acting upon these ideas through a process of innovation to produce new goods, creating demand for it and giving it market value. Such a process leads to correction of market failures and deficiencies (Leibenstein, 1995, Schumpeter 1942). It causes changes in the market by creating disequilibrium of market forces. These changes act as sources of opportunities for the entrepreneur, which can be exploited. An entrepreneur plays the role of a risk taker who is able and willing to experiment with ideas and pool in resources to carry out the production process. This involves a high degree of uncertainty. ENTREPRENEURSHIP AND GROWTH Entrepreneurs are seen as agents that drive the economy into a period of growth....
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...Strategic Entrepreneurship Introduction: In this article, the main topic that is covered relates to precisely how strategic and entrepreneurial management are both combined and unified as a single management function. That is, Strategic Entrepreneurship which is a term vaguely coined by many describes the constant need of mangers focusing on objectives such as finding new business opportunities and taking advantage of creating short-term competition. An expectation of meeting such objectives creates a problem that is caused by having a select few elements of strategic management and entrepreneurship that overlap each other. Due to the general obscure understanding of how both strategic management and entrepreneurship are related, many studies have been conducted in order to better define Strategic Entrepreneurship. The article notes that in recent time, only one study goes to show a conceptual model of SE (Ireland 2003), but lacking in formulating a feedback loop between strategic management and entrepreneurship. Even though SE can be defined as simultaneous pursuit of opportunities and strategic advantages, the model presented by most early studies failed to pinpoint the correlation between the two. Due to the fact that SE is a new field of study, the article reviews all information on entrepreneurship, strategic management, and strategic information in order to determine the origin of SE, find the locus of integration, highlight the common components or elements, and...
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...Preperation questions: How much money has Bob Reiss made from his venture "Trivia Inc."? Learning outcomes: * Knowing two theories on the origin of business ideas: Kirzner vs. Schumpeter * Knowing the industry analysis "Porter's Five Forces" and being able to use this tool in entrepreneurship * Knowing the limits of "Porter's Five Forces" in entrepreneurship and being able to discuss these limits * Entrepreneurship as "Rule Breaking Behavior" * Creating and managing virtual enterprises * Theory of "Social Capital" and obtaining resources via networks * Discussing Branding * Discussing Cold calls * Discussing Portfolio businesses * Competitive advantages that origins from business model innovation * "Give and Get - Risk and Reward-Matrix" * Discussing factors of success in entrepreneurship * The concept of "sunken costs" and risk minimization * Knowing the relationship between upfront investment costs (potential sunken costs), variable costs and lot size * Knowing the relation between costs, earnings, and live cycle * Critically discussing the theory of the entrepreneur as the risk taker * Knowing Entrepreneurship as an exceptional form of value creation Formularende Thema 3 Nantucket Nectars, 26.11.2014 The decission that needs to be taken: exit the business (IPO, sale) or continue under private ownership? But the case has by far more to offer. Topics covered by the case include but are not limited to: ...
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...1. Creating Shared Value; Porter & Kramer CSR is the idea that companies should begin to expand their strategies out to focus on how their company can serve to help the societal issues around them. This strategy is important because the strategies used by companies today are only effective for the short-term. By restructuring the way a firm is run to accommodate both societal and economic needs, the firms will see a greater long-term success and profit. The incentive for firms is that the lack of success in the society around the company will eventually get back to them and become a cost within their company known as an externality. The strategies idea is to treat the societal issues the way economical issues have been treated. But, by treating the issue like a business where the company can see a profit, there can be success within the firm and within the society. 2. Social Entrepreneurship: A Case for Definition; Martin & Osberg Martin and Osberg try to formulate boundaries for the definition of a social entrepreneur because they believe it’s significant in order for society to move forward. The authors believe that they are not taken seriously now but are beginning to generate some stir within society because they are causing a positive social change. A social entrepreneur is defined by someone who finds a crisis within a disadvantaged sector of people who do not have enough resources in order to get themselves out of it. Once they find the crisis, they see it as an opportunity...
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...If society and economics are to be revitalized by youth entrepreneurship, we have to start with instilling in youths the right mentality. Youth should never start with money-oriented mindset in endeavoring to be entrepreneurs. It is easy to make money but it is difficult to make money yet make a real social impact at the same time. Youths should never start with the question ‘to make money, what business should I do?’ This will plunge society into a worsen situation. Instead, the right question should be ‘I really hate this aspect of society. How could I get rid of this problem by turning this into a business model that is self-sustaining?’ Our current societal problems lie with our education not preparing youths to look beyond money and to define their meaningful life. How do we all justify our existence? What makes our life meaningful? Our conventional thinking is money is almost everything. Being an entrepreneur is about meeting not just our physical needs but also our soul needs. Look at America, the money-priority business models have plunged America into a divided society leaving the Government with little power to make changes. In its wake of gun ramping fatality, the Government could not revamp the law to prevent its citizens from owning heavy machine and high-tech guns. What hope is in there for America if they cannot even make laws to make people safer against gun industry lobbyists? Looking at successful business corporations, their business visions are more than just...
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...UNIVERSITY OF MODERN SCIENCES COURSE SYLLABUS TITLE: Management for the Entrepreneur CODE: BENT 415 CREDITS: 3-0-3 LEVEL: BBA COLLEGE: BUSINESS PRE-REQUISITES: BENT 301, MARK 201 CO-REQUISITES: NONE LEARNING HOURS: Approx. 45 contact hours, the exact nature of which is specified in the course syllabus LEARNING OUTCOMES On successful completion of this course the learner will be able to: Knowledge K1. Understand the basic concept of entrepreneurship. K2. Identify the misconception and importance of entrepreneurship. K3. Describe various types of business venture. Skill S1. Analyze various market opportunities. S2. Develop effective leadership’s and risk taking skill. S3. Develop an effective communication plan. Competence Autonomy & Responsibility C1. Develop and implement a business plan. Self-Development C2. Develop Vision, Mission, Goals & Objective of Startup Company. Role in Context C3. Interpret various small business opportunities available in UAE. Course Learning Outcomes V.S. Program Learning Outcomes |||||||||||||||||| |||||||||||||||Competence|| |FIN 350|||Knowledge||||Skill||||Autonomy &|Self|Role in| |Investment Analysis|||||||||||||Responsibility|Development|context| |Course|Learning||PLO1|PLO2|PLO3||||PLO4|PLO5||||PLO6|PLO7|PLO8| |Outcomes (CLOs)|||||||||||||||| |Knowledge K1|||x|||||||||||||| |Knowledge K2||||x||||||||||||| |||||||||||||||||| |Knowledge K3|||||x|||||||||||| |||||||||||||||||| |Skill S1|||||||||x||||||||...
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...manufacture, trading and profit generation. However, it also appears that the term entrepreneurship is not easy to understand although this subject seems similar to the term of entrepreneur. Based on this background, this essay will first fully analyze the principal subject of entrepreneurship reflecting various economists’ perspectives, and secondly illustrate the relationship between entrepreneurship and innovation, before suggesting that in general, entrepreneurship is closely linked with innovation and they are both significant elements in the development of economy. Furthermore, this essay will also illustrate that creativity and problem solving are effective capabilities in entrepreneurial processes of business planning and decision making in the realization of innovation. To understand the relationship between entrepreneurship, innovation and economic development, it is crucial and necessary to analyze the keywords in this statement. First of all, what is entrepreneurship? In fact, despite the potential that every individual may take a mutual view directly on the term of entrepreneurship, there is no fixed definition of this term. As is noted by Baumol (1968: 64), the concept of entrepreneurship is in fact obscure and it is not often the case that, this term can be defined explicitly in the theoretical scope. Traced back to the early history in economic context, the subject of entrepreneurship was first put forward by the economist, Richard Cantillon, in his essay named Essai...
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...Progress of Entrepreneurship development in Narayanganj Sadar Upazilla: A Short Case study Entrepreneurship - the process of starting a business; typically a startup company offering an innovative product, process or service is termed as entrepreneurship. The entrepreneur perceives an opportunity and often exhibits biases in taking the decision to exploit the opportunity. Entrepreneurship can be defined by describing what entrepreneurs do. For example: “Entrepreneurs use personal initiative, and engage in calculated risk-taking, to create new business ventures by raising resources to apply innovative new ideas solve problems, meet challenges, or satisfy the needs of a clearly defined market.” It refers to activities related to undertaking the efforts to set up an industry or business establishment. He who takes to establish business is the entrepreneur. Entrepreneurship is an entity of people with the ability to see an opportunity where necessary capital, labor & other inputs operating together & successfully along with know-how skill and have willingness to take the personal risk of success or failure. According to Jean Baptist Say, ‘Entrepreneur is an economic agent to unite all the means of production.’ An entrepreneur is an individual who takes moderate risks and brings innovation. Entrepreneurs are often contrasted with managers and administrators who are said to be more methodical and less prone to risk-taking. According to S.S. Khanka-”Entrepreneurship is a process...
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... ORGANIZATIONS. SEMESTER: SPRING 2015 INSTRUCTOR: NAMADA JULIANA ADM NO: 644067 NAME: BRIAN KIPRUTO CHELIMO Table of Contents Abstract 3 2.0 Forms of Entrepreneurship 4 1.0 Introduction 4 1CREATION OF EMPLOYMENT 4 2Poverty reduction 5 3Socio-economic and political solutions 6 4Economic growth and Development 7 2.1 Entrepreneurial Effects in the Growth of Economy 8 Conclusion 9 REFERENCES 10 Abstract According to Chell & Ozkan, (2010), an entrepreneur is someone who is willing to bear the riskofa businessventure where there is a significant chance for making profit. Entrepreneurship is basically the practice of starting a business in order to earn profit on new found opportunities. Entrepreneurship is a challenging task as many businesses which start fail to take off. Entrepreneurship has many uncertainties especially when new products are created for which there is no existing market.Entrepreneurship affects economic growth in various ways. It is through entrepreneurship thatimportant innovations enter the market leading to new products or production process whicheventually increases efficiency through bringing competition in the market. This paper discourses the impact of entrepreneurship on economies. Ideas and concepts that emerge from entrepreneurs increase our knowledge and what consumers may prefer through introducing variations of existing products and services in the market. This spe...
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...Entrpreneurship a Tool to create value: - Create new jobs - Create new industries - Provide new ideas and tools to society - Boost economic performance Who is an entrepreneur? * Being an entrepreneur is more than just creating a new business, it also implies: * Taking risks beyond security * Constantly seek new opportunities * Having the tenacity to push an idea through to reality Creativity and innovation General management skills, business know-how, and networks Low High High INVENTOR ENTREPRENEUER PROMOTER MANAGER, ADMINISTRATOR Classical Econ. Vs. Entrepreneurship * Entrepreneurship deals with “disrupting” the existing equilibrium, by creating a new firm/product/service... * Differs from the classical economics viewpoint : In an ideal economy… -Firms cannot influence prices -Products are homogeneous -No entry barriers -No transaction costs -Profits tend to zero “0”… Becoming an entrepreneur Essential ingredients to become an entrepreneur: * The vision to recognize opportunity where others see chaos, contradiction, and confusion. * The fundamental skills of building a solid business plan. * The ability to formulate an effective venture team; the creative skill to marshal needed resources. * The willingness to take calculated risks—in terms of time, equity, or career. Entrepreneurs and Age What is the relationship? * Studies show that successful entrepreneurs...
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