SE01 TERM PAPER
18 AUG 2014
Aanchal Khosla, MA2014SE001
Centre for Social Entrepreneurship,
School of Management and Labour Studies
TATA INSTITUTE OF SOCIAL SCIENCES
ENTREPRENEURSHIP may be defined as a process of organizing any enterprise, a commercial or social venture, managing it with considerable initiative, innovation and risk.
Introduction to Entrepreneurship
The course on entrepreneurship was introduced with a Case study of Mamma Mia that helped bring out and refine our preconceived and insufficient understanding of "entrepreneurship".
In the case study we tried to understand what makes Judy Craymer an entrepreneur, her decision to bounce back,in what ways was she innovative and creative, how did she manage risk. These were some
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The concern was that professionals have to travel and live in metropolitan cities due to work, leaving their old parents behind. He set up MDN in Manipal which was a company with three business activities- hardware designs, software designs and combination of both.MDN created opportunities around people and their skills, with the help of Narasimha. He explained, “My Company creates ‘social value’. MDN provides meaningful work to employees based on their skill and interest.Their profit comes from their work on high end technologies. Their clients respect them and appreciate their business philosophy. They easily connect to the social issues (about children staying away and not able to look after the aged …show more content…
With Amrita Ramachandaran’s interview, a lot of clarity on the correlation between the theory and practice of entrepreneurship was obtained through her journey and experiences as an entrepreneur. Amrita with two of her friends started Right-click, a brand communication company in 2010 and by what I understood she followed a model of effectual entrepreneurship.
According to Saras D. Sarasvathy “All entrepreneurs begin with three categories of means: (1) who they are―their traits, tastes, and abilities; (2) what they know―their education, training, expertise, and experience; and, (3) whom they know―their social and professional networks. Using these means, the entrepreneurs begin to imagine and implement possible effects that can be created with them.” 2
In the case of right click, Amrita knew that she possesses the traits and abilities to become an entrepreneur because she always desired to do something of her own. Her education and training was in mass media and communication which sought her experience and expertise in the fields of communication and branding. Her social network comprised of her colleagues from her previous jobs, clients, family and friends. All this combined enabled Amrita to take the plunge into entrepreneurship. To check if her idea is implementable She started off with taking small steps such as hiring just one employee who worked from
Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).
A) A real entrepreneur can take an idea and that can be change in to a service or product according to the needs of certain population. Because of this characteristic economists said that “entrepreneurship is becoming an important agent in the growth and wellbeing of the society”.an entrepreneur is motivated by family or society. They offer new completion and also promotes improved productivity. They can recognize and resolves social problems on a large scale. To create social value entrepreneurs act as a change agent for the society like designing and distributing new approaches. Entrepreneur react very quickly and effectively to the change so that they can take the advantage of opportunities. If they can’t capable of quick action it will be result on their process and success. Social entrepreneurs are stepping to solve the problems.
Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are open-minded, able to learn quickly, and skilled at conceptualizing.
Entrepreneurship can have multiple meanings. Business daily consider it to be a business ventures that shares a commitment to turning an idea into a profitable business (Fernandes, 2016). Bruce Bachenheimer, a clinical professor of management and executive director at Pace university also mentioned "At its core, it is a mind-set, a way of thinking and acting. It is about imagining new ways to solve problems and create value." (Fernandes, 2016). I couldn’t have agreed any more as anyone can come up with an idea but implementing it to produce change in the world is where the real work starts.
Entrepreneurship is related with the capability of recognition and evaluation of opportunities, allocation of resources and growth. Moreover, entrepreneurship has been taken as an organisational notion that contains three magnitudes: Modernisation, Bear risks and Practical alignment. It has been confirmed that the companies that were engaged in entrepreneurial activities are now most successful and efficient.
First of all, students and young entrepreneurs should understand that they are not the first or the last, who do such business. That means that a lot of data - studies, advices, stories of successful and unsuccessful forerunners - could be found from a variety of sources. However, one should also understand that every business has its own path with own decisions, communications and methods of bypassing problems – each and every firm is always in its own set of circumstances that require specific actions. When one learns, steps can be repeated after someone, when one does a business, he/she takes a role of a trail blazer, who has to discover the essence. This is not the only concept an entrepreneur should understand and there are specially adopted programs, provided in various colleges, including Paul college at UNH, that allow students to develop their own businesses being guided by their instructors (Laura Hill).
A real entrepreneur can take an idea and that can be change in to a service or product according to the needs of certain population. Because of this characteristic economists said that “entrepreneurship is becoming an important agent in the growth and wellbeing of the society”.an entrepreneur is motivated by family or society. They offer new completion and also promotes improved productivity. They can recognize and resolves social problems on a large scale. To create social value entrepreneurs act as a change agent for the society like designing and distributing new approaches. Entrepreneur react very quickly and effectively to the change so that they can take the advantage of opportunities. If they can’t capable of quick action it will be result on their process and success. Social entrepreneurs are stepping to solve the problems.
An entrepreneur is “a person who organizes and manages a business with considerable initiative and risk”. In other definitions an entrepreneur “identifies an opportunity or a gap in a market and evaluates the risk related to the establishment of the business and is prepared to take the associated risk to start the business in the quest for making profit; and has the ability to obtain the resources to establish and grow a business”. Entrepreneurship exceedingly relies on entrepreneurs to start-up, develop and produce companies across the use of their
Francisco Cantor, Booth ’16, was bitten by the entrepreneurship bug during his undergrad days. He built a company for importing and distributing mobile phone accessory in Venezuela. The company was a huge success. He sold it off after some time, and tried to venture into another vertical- Retail. This venture turned out to be a total failure. Upon reflection he realized that the offerings were too high end compared to what people were looking for.
Entrepreneurship is an attractive career choice. Most of people think of creating a new business, they think of beginning from scratch, developing your own idea and building the company from the ground up. But starting from scratch presents some distinct disadvantages, including the difficulty of building a customer base, marketing the new business, hiring employees and establishing cash flow, all without a track record or reputation to go on. Therefore, there are many decisions to be made before creating a new business (Rajiv Kumar, 2016).
They must identify opportunities, define business concepts, assess resource requirements, acquire necessary resources, and implement the concepts accordingly (Morris, Kuratko, & Covin, 2011). This paper will explain the true definition of corporate entrepreneurship, successful corporations that exhibit corporate entrepreneurship, and corporate entrepreneurship at Wilkes University.
Explain and critically analyze unique traits of an Entrepreneur, discuss these related to personal strengths and weaknesses
Entrepreneuring: efforts to bring about new economic, social, institutional, and cultural environments through the actions of an individual or group of individuals → emancipatory process with broad change potential. This view foregrounds three aspects: (1) seeking autonomy, (2) authoring, and (3) making declarations.
The term of entrepreneur has been evolved into various definitions, Drucker (1998) defined entrepreneur as individuals who commit to practice innovation systematically, and put their efforts on enhancing social potential or economic of an enterprise. This characteristic also can be found in a team of three Taiwanese young entrepreneurs who have founded a company, Gogolook. They received public praise by the executive chairman of Google due to their innovative call filtering App: Whoscall. The following parts will discussed how the three entrepreneurs put their ideas into practice and how they realised potential business opportunity in a timely manner.
Entrepreneurial cognition refers to the knowledge structures that people use to make assessments, judgments, or decisions involving opportunity evaluation, venture creation, and growth (Mitchell, Busenitz, Lant, McDaugall, Morse, & Smith, 2002). It is the approach that is characterized by the study of the type of cognitions among others that could help to define the entrepreneur, explain entrepreneurial behaviours in relation to identification of business opportunities and growth, success in business, and distinguish entrepreneurs from other