Entrepreneurship

Entrepreneurship: Principles, Ideas and Business Models for Enterprise creation in the Information Age

Entrepreneurship: Principles, Ideas and Business Models for Enterprise creation in the Information Age

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 and 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.

The individual personality characteristics determine the entrepreneurship skills, but the corporate culture also plays a role. The entrepreneur of a multinational business must ensure effective management and appropriate decision making process. There must be some sort of coordination mechanism that enables the organization. The achievement of employee turnover is something but not everything. It is necessary to do more. It is necessary that the information flow for the proper coordination and collaboration. 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.

A brilliant entrepreneur may be blessed with certain traits that are preferred in a country, and these traits or habits may not be accepted or held highly in another country. Nations have their own social standards and cultures and this is vital while considering entrepreneurship. An entrepreneur with the vast knowledge of a country's ethics, customs, and beliefs and basic leadership skills may prove to be a beneficial entrepreneur to a business in another country. An entrepreneur can have several skills that may make them successful in the world. These skills are awareness, strong business knowledge and sensitivity to cultural differences and standards, commitment, courage, and integrity. A talented entrepreneur may not necessarily be a good businessperson in any country until he has good work ethics, professional and personal integrity and determination. If the entrepreneur understands the cultural standards of a country and shows respect for these standards, he may be effective and may be respected by the country he is trying to lead.

Entrepreneurship in the Age of Information

The concept of the entrepreneur has been developed from principles and concepts from a business, economic and psychological perspective. The psychological perspective can be viewed in terms of: cognitive variables (factors affecting the individual's alertness to opportunities); motivational variables (factors affecting the cost of taking advantage of opportunities); and social variables (factors affecting both of the above). The aspect of alertness to opportunities has been explored by focusing on entrepreneurs being more alert than the general populace, particularly in being able to see unexploited market opportunities that others do not notice (Ahls, 2001, ...