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What is business entrepreneurship?Where is it mostly used?
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Entrepreneurship refers to qualities and actions of individuals that involve taking the risks of venturing in to new and unknown areas of work. It generally involves creating or setting up new enterprises that engage in kind of activities that are significantly different in some way from those of other enterprises around it.
Business entrepreneurship is simply entrepreneurship practiced in business. Business entrepreneurship is simply entrepreneurship practiced in business, and one who practices entrepreneurship in business is called an entrepreneur. Joseph Schumpeter defines entrepreneur as individuals who develop and implement new combinations of the means of production. He believed entrepreneurship to be fundamental to economic development. Similarly, Peter F. Drucker also considers innovation and entrepreneurship very important for promoting well being in a society. He suggests that managers must make innovation and entrepreneurship an ongoing activity in their own work and in that of their organization. This kind of entrepreneurship practiced within the sphere of existing organizations is some times referred as intrapreneurship.
Successful entrepreneurship is frequently associated with certain individual characteristics. Characteristics of the economic environment within which an entrepreneur operates also has major impact on development and success of entrepreneurship. The individual characteristics associated with successful entrepreneurs include innovative approach, will and energy to persist in face of difficulties, and the vision of desired achievements.
Posted by krishna-agrawala on March 30, 2009 at 1:43 PM (Answer #1)
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