The Importance of Entrepreneurship in Company
http://www.mylifeatail.com/leadership/american-income-life-sga-of-the-year-simon-arias/ Entrepreneurship is the practice of designing, starting and running a new company, which is often initially a little business. The people who make these businesses are called entrepreneurs. Entrepreneurship has been described as the "capacity and willingness to grow, organize and manage a company venture alongside any of its risks in order to make a profit". While definitions of entrepreneurship normally revolve around the start and running of companies, because of the large risks involved in launching a startup, a significant percentage of start-up businesses must close due to "lack of financing, poor business decisions, an economic crisis, lack of market demand--or a combination of all these. Entrepreneurship is the act of becoming an entrepreneur, or even "an operator or manager of a business enterprise who makes money at risk and initiative". Entrepreneurs act as managers and manage the launch and growth of an enterprise. Entrepreneurship is the process by which either an individual or a team defines a business opportunity and acquires and deploys the essential resources needed for its manipulation. Early 19th century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, stating that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater return". Entrepreneurs create something new, something different--they change or transmute values. Regardless of the business size, large or little, they could partake in entrepreneurship opportunities. Four criteria are required by the chance. First, there must be opportunities or scenarios to recombine resources to generate profit. Second, entrepreneurship requires differences between people, such as preferential access to specific people or the capability to comprehend information regarding opportunities. Third, taking on risk is a necessary. The entrepreneurial process requires the organization of people and resources. The entrepreneur is a factor in microeconomics and the study of entrepreneurship reaches back to the job of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. However, entrepreneurship was mostly ignored theoretically before the late 19th and early 20th centuries and empirically until a profound resurgence in business and economics since the late 1970s. In the 20th century, the understanding of entrepreneurship owes considerably to the work of economist Joseph Schumpeter from the 1930s along with other Austrian economists such as Carl Menger, Ludwig von Mises and Friedrich von Hayek. According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or innovation into a successful innovation. Entrepreneurship employs what Schumpeter called "the
gale of creative destruction" to substitute in whole or part inferior innovations across markets and businesses, simultaneously creating new products including new business models. In this manner, creative destruction is largely responsible for the dynamism of businesses and long-term financial growth. The supposition that entrepreneurship leads to economic growth is an interpretation of the remaining in endogenous growth theory and as this is hotly debated in academic economics. An alternate description posited by Israel Kirzner implies that the majority of innovations may be more incremental improvements like the replacement of paper with plastic from the creating of drinking straws. http://www.mylifeatail.com/leadership/american-income-life-sga-of-the-year-simon-arias/