Entrepreneurship

Table of Contents

Introduction3

Discussion5

Theories on Entrepreneurship6

Importance of Entrepreneurship7

Entrepreneurs7

Success and Failure of Entrepreneurship in Small Businesses15

High-growth entrepreneurs16

Conclusion16

Entrepreneurship

Introduction

"Entrepreneurship - a set of traits and behaviors relevant primarily to entrepreneurs, entrepreneurship in economic theory is either a specific form of work, or the fourth (next to work, land, capital) factor of production. The main features of entrepreneurship include the ability to see the needs and improve the ideas and the willingness to take risks. Entrepreneurship is the foundation of economic development, striving for continuous change and improvement of production, exchange and consumption, creating new and better opportunities to meet the needs and performance. It can be defined as all activities and projects, involving the pursuit of profit and the risks associated with incurring, consisting of manufacturing, supplying, delivering and selling goods and services considered to be beneficial to meet the needs and contributing to the functioning of the national or international economy. Entrepreneurship is not primarily to obtain maximum benefit from the use of what exists, but to constantly creating something new (Johanisova, 2007).

Entrepreneurship development, as a basis for economic expansion and non-European countries, is associated with these periods of economic history, which were created the conditions for capital accumulation commercial, industrial, and banking and in which to develop the human capacity for rational management. Positions of entrepreneurship are primarily businesses, but also households, administrative institutions and the market, and therefore the sphere of daily contacts of those who buy from those who produce and sell. Entrepreneurship is an individual trait of human personality, outstanding intelligence, innovation, ability to perceive conditions and the relationship between economic phenomena and the ability to organize the activities of commercial, industrial and service providing superior income over the cost of obtaining them.

Entrepreneurship is a novelty consists in finding differences in comparison with what others are doing, finding more efficient ways of doing things on the market, offering higher usability of products and services and providing more efficient management. It is inherently competitive activity in comparison with the case of other companies. Entrepreneurship ensures that economic decisions can be coordinated according to the best interests of market participants. This is because the economic man, as a consumer, knowing the price and the amount of their income, guided by the highest utility, and economic man as a producer, knowing the price and the amount of their production capacity, committed to the highest possible profit using their resources effectively. Entrepreneurship is the foundation and condition for innovative development of the economy, increasing the life of society and individual wealth. Provides increased incomes, especially entrepreneurial business units and teams, permanent increase and improve the supply of goods and services, increasing employment, potential and competitiveness of the national economy in the world markets (Lee, & Feick, 2001) (Cohen, 2008,, 107).

Entrepreneurship is innovation involving the search of different activities from those that carry other people. It involves finding efficient ways of doing business. Entrepreneurship is thus the ability to detect new associations between things around us, between needs and whatever we meet the them ...