Entrepreneurship And Business Analysis

The term entrepreneur was borrowed in the mid nineteenth century from the French word entreprendre to English which translates as one who undertakes. An entrepreneur is one who undertakes, manages and crucially assumes the risk of a new enterprise. Entrepreneurs are mostly considered to be individuals with ideas of bringing something into being be it a product or service but it can also be a duo or group of people. The most primary characteristic about entrepreneurs is that they are problem solvers and through the process of solving a problem, a business entity emerges. Carl Voigt, dean of the Marshall School of Business at the University of Southern California, explains, “We sort of defined entrepreneurialism too narrowly as someone who wants

Entrepreneurship offers opportunities to the unemployed percentage of an economy and by so doing reduces the pressure the masses put on their governments. ‘‘Between 1980 and 2010, the gross number of jobs created annually by all establishments averaged about 18 per cent of the workforce—an average of 16.3 million jobs per year—according to calculations from the Business Dynamics Statistics. About one-sixth of this amount, an average of 2.9 million jobs annually, can be traced to new firms’’ (Decker et al,2014). In a region where there are no new firms, one can only imagine the pressure weighted on the existing firms. The results could either be positive or negative or perhaps both. Positive to employers in the sense that employees will give in their best knowing that if they don’t perform well, there are equally and highly qualified unemployed individuals who can fit their positions in their respective firms. This will lead to higher productivity in firms at the expense of creating cheap labour since people will have to accept whatever offer employers put on the table if they want to put food on the table. The only solution to bridging this gap is to created new businesses and that can be than through

For the former, these enterprises usually does not exist in the market mainly because it’s new idea being thought of and invented altogether and that will require external resources for start-up but ones its established locally, it grows from regional to national and sometimes global. Since this is a new product or service to be introduced is new to the market, a lot of resources have to be put into the development of it and how the market would react to it. All of these factors have to be taken into account and when all this is done and production starts, these enterprises often make loses in the early stages but when it’s through this stage, revenue growth sets in and they can now cover for their expenditure. However, that is not the same for the latter. Small and medium-sized businesses are what some will call ‘copy-cat’ enterprises because this type of business already has its place in the market. They are just like the regular businesses we know of .As long as you have the experience and resources, you can venture into the market because the market is already established. Not much external resources are needed compared to innovation-driven enterprises so as soon as the entrepreneur is ready to go into business, he or she mostly make revenue on their early stages in operation. For instance if one has the necessary resources