ENTREPRENEURSHIP

Entrepreneurship

Entrepreneurship

Introduction

Entrepreneurship is a practice of setting up oneself as self-employed or setting up a business in the creative industry. Traditionally, there is an argument that new, innovative businesses move the less innovative enterprises out of business. This has gradually led towards an economic growth of the industry. Besides biotechnology, the policy makers consider creative industry to be among the few economic divisions that possess potentials for creating employment and growth. These industries accounts around 5 percent of the GNP in the majority of the countries in UK and has shown higher growth rate than the other industries. In addition to this, Creative industry has provided valuable inputs to other industries, for example the product designing or tourism (Acs, Florida and Lee 2007, pp: 879-891).

Role of Entrepreneurship in Modern Business

The individual personality characteristics determine the Entrepreneurship skills, but the corporate culture also plays a role. The entrepreneur of a multinational business must ensure that the management team with local market is taking the right decisions at the right time and that mechanisms exist for everyone in the company to learn from those decisions (Acs, Florida and Lee 2007, pp: 879-891). There must be some coordination mechanism that enables the entire company to learn from local successes. It is a great challenge for leaders. The achievement of employee turnover is something but not everything. It is necessary to do more. The information flow for the proper coordination and collaboration (Acs, Florida and Lee 2007, pp: 879-891).

Global entrepreneurs should include not only the culture and markets in other countries, but also know how to manage the resulting diversity of these differences. They should ask themselves: How do I organise to manage the differences between countries but still have a dynamic, coordinated universal product? How I can create a structure based on local control that lives side by side with international or global control? It is very difficult. There will always be tensions between neighbourhood managers and international managers (Arenius and Minitti 2005, pp: 233-247).

The Entrepreneurship is responsible for managing the portfolio and make things right, and weighing whether to acquire a company or develop a strategic alliance. Transmission product lines of business or unit of business services is concerned about how to compete, how to overcome cultural differences and respond to local tastes, or how to integrate key functions or processes within your business to succeed at the local level (Arenius and Minitti 2005, pp: 233-247).

Diverse style of Entrepreneurship could be crucial to running a large multinational. Entrepreneurs located in different parts of the world may need different kinds of support. The gradual increase in the globalisation has influenced Entrepreneurship in several ways (Autio, Ho and Wong 2005, pp: 335-350). Globalisation has influenced Entrepreneurship with international employee transfer rates, increase in opportunities, and competition. Effective Entrepreneurship in one country may not result in good Entrepreneurship in another country, for many reasons (Autio, Ho and Wong 2005, pp: 335-350).

A brilliant entrepreneur may be blessed with certain traits that preferred in a country, and these traits ...