ENTREPRENEURSHIP

Entrepreneurial Opportunity-Identification and Exploitation

Entrepreneurial Opportunity-Identification and Exploitation

Introduction

The entrepreneurship is the act of creating wealth and / or employment by creating or taking over a business. Forms of entrepreneurship vary depending on the type of organization that is set up. Entrepreneurship can create jobs. The term entrepreneurship is also dealing as economics sub-discipline with the start-up activity or the creation of new organizations in response to identified opportunities and as an expression of specific founder personalities that carry a personal capital risk (Chon, 2009, p. 257).

In modern entrepreneurship literature, there are broader approaches. Entrepreneurship is more than business creation and efficient use of resources; it includes creative elements such as identification of (market) opportunities, finding new (business) ideas and their realization in the form of new business models and is not necessarily connected with the ownership function. This means that entrepreneurship can be practiced within existing businesses by non-owners (Kumar, 2007).

The concept of entrepreneurship also means the combination of business of a country or the social class of entrepreneurs, where the delineation for small business runs out of focus. But a founder without innovative business ideas, without its own staff and without growth potential in contrast to the Entrepreneur is often referred to as founders or self-employer (Kumar, 2007).

Corporate Entrepreneurship is the attempt, the basic ideas and the dynamics of entrepreneurship to permanently anchor not only in the start-up phase of a company but also further afield in the company. Closely related is the concept of corporate venturing (Chon, 2009, p. 257).

History & Background

The terms entrepreneurship has no commonly used definition. In scientific work, the consideration of the entrepreneurial function in the macroeconomic context predominates. Generally accepted models or uniform theories do not exist (Kao, 2009).

In addition to today's predominant process-oriented approach of the founding management, is well suited for modelling of start-up, there are personality theory, institutional economics, industrial economics, organization environmental and various other theoretical approaches to explain the company's founding and its success or failure factors (Kumar, 2007).

The microeconomic analysis of the phenomenon of entrepreneurship goes back to the work of Richard Cantillon and Adam Smith in the 18th Century. For Smith, the entrepreneur was the central figure; the supply and demand balances for Jean Baptist Say someone who combined the factors of production (Altenburg & Drachenfels, 2008).

In the 19th and up to the beginning of the 20th Century - with the development of large corporations - the social role of the entrepreneur has been largely neglected. Only in the last 30 to 40 years experienced the preoccupation with the subject of entrepreneurship, a Renaissance and theoretical deepening (Kumar, 2007).

The entrepreneur is the cause of changes off the old balance lead. He is not primarily inventor but an innovator, takes up the new ideas and interspersed, tangible and intangible "productive forces" creative combined and so existing structures displaced, destroyed and creates new ones. This “creative destruction” of old structures - an essentially discontinuous process - is responsible for industrial dynamics and long-term economic ...