Entrepreneurship Essay Example | Topics and Well Written Essays - 3750 words - 1

Entrepreneurship - Essay Example The behemoths of Information Technology industry like. Microsoft, Yahoo, Google, the IT giants, are all results of ‘entrepreneurial vision’ of their founders. Who is an entrepreneur? What are the chief causes for the success of entrepreneurs? What are the attributes required for being an entrepreneur? What makes entrepreneurship different from regular business? How does an entrepreneur with very little resources create wealth and value? We will study ‘the entrepreneur’ along with the special strategies; he makes use of, by researching contemporary literature on entrepreneurship. Entrepreneurship is the business idea, the set of practices adopted by an entrepreneur for value enhancement and wealth creation. Entrepreneurship is a break from the past; conception and creation of a unique venture through novel means, and a synergy of strategy, technology, material, and human resources. Entrepreneurship involves a high risk factor as it can’t be forecast with certainty whether a particular entrepreneurship idea would succeed or fail. The results often vary between and extreme success and abject failure. Nevertheless, the entrepreneur, by his inherent nature, keeps on experimenting taking risks, losses and failures in his stride, till he hits upon an idea that clicks. Entrepreneurship has been differently viewed, and hence interpreted differently, over a period of time. In the earlier times entrepreneurship was related to buying and selling of commodities, whereupon a trader took upon himself the buying of a product at a certain price, and selling it for an uncertain price (Di-Masi n.d.). One of the earliest definitions of entrepreneur offered by JS Mill (1848) (quoted by Brockhaus, Sr 2000) as â€Å"one who undertakes to start and conduct an enterprise or business, assuming full control and risks† may have held to be