Entrepreneurial Activities

1. Give the Brief Introduction of entrepreneurial activities

In the highly volatile business environment, launching and running own business independently is one of the key trends among the people. This is the way, through staying aside from the hardcore competition can be possible. The activity of setting and running own business by taking impending financial risk with the hope of making profit is defined as entrepreneurship and the person who takes the risk of running own business is regarded as entrepreneur. Entrepreneurial activity is defined as the arrangement of human action which intends to generate value expanding the economic activity. The fundamental aim behind executing the entrepreneurial activity is to exploit the new product, process and the market.

Entrepreneurial Activity basically comprises of designing, launching, and running new business and thereby offering high quality of products that can satisfy the demand of the target market. Entrepreneurial activity is basically the result of entrepreneurial eco-system in which the individual person creates the opportunity with the intension of bringing innovation in the normal business process. This is the way, through which the underlying value of business can be executed. Innovative start-ups, high-growth start-ups, and entrepreneurial employees are some of the major manifestations of entrepreneurial activities. The entrepreneurial activity comprises of total operation of the business such as designing creating and promoting the products properly in the market in order to drag the attention of the customers .  

2. When did the entrepreneurial activities has been started and whom?

In 20^th century, Entrepreneurship has been defined first by Joseph Schumpeter. He has stated the fact that entrepreneurship is basically the activity of converting the new ideas into successful innovation. During 21^st century, entrepreneurship has extended from the non-profit organizations to social enterprise in which the fundamental goal of business is aligned with that of the social, environmental or humanitarian goals.

3. What was the need of these entrepreneurial activities?

Entrepreneurship plays a critical role in creating the opportunity for the people and lead them to put significant contribution in order to run own business venture. In the contemporary times, entrepreneurship is one of the major factors in strengthening the local, national as well as the regional economy. In addition, entrepreneurship is also playing a critical role in resolving the issues related to unemployment b recruiting wide ranges of people. The entrepreneurial ventures are the key of generating the new wealth. At the same time, the new products, services and technology offered by the entrepreneurs are the key factor of creating the new wealth in the market, which is very much needed in order to satisfy the ever increasing demand among the customers.     

4. What are the uses of these entrepreneurial activities?

Entrepreneurs are often considered as national asset which are motivated to the fullest in terms of attaining long term success from business. The entrepreneurs use high degree of innovation in order to produce high quality of products and services and thereby strengthen the position in the highly competitive market. In the contemporary times, the growing numbers of entrepreneurial ventures are acting as a driving force behind strengthening the national economy by generating new wealth. The inclusion of increased employment and higher earnings are putting significant contribution on the national income in the form of higher tax revenue and higher government spending. The government can utilize this income in order to invest in the other sectors that are facing significant issues in the way of running business in the profitable manner.

5. What is the Criticism of entrepreneurial activities?

It is true that entrepreneurship is an imperative factor in remaining profitable in the way of running business. However, there are certain risks, which the entrepreneurs might face in the way of launching and running own running own business venture independently. The entrepreneurs might face lots of stress in the way of pursuing their own entrepreneurial ventures. In addition, the entrepreneurs can also face the issues related to establishing certain chain of command which is the key of ensuring stability in the internal functionality of a firm. Launching own entrepreneurial venture requires huge amount of money. There, the entrepreneurs might face issues in the way of finding right investors.   

6. What is the related topic and concept of entrepreneurial activities?

There are several features of entrepreneurship which are as follows:

• Entrepreneurship is basically an economic activity as it comprises of the activities of creating and operating an enterprise with the intension of generating value and wealth by ensuring optimal usage of all the relevant resources.  
• Entrepreneurship consists of consistent search of new ideas and modify the existing business model in order to adopt effective and efficient system.
• Profit potential is one of the most significant features of entrepreneurship. This is the mode of developing new ideas and uses them in the new business venture.
• The true essence of entrepreneurship lies in the willingness of assuming and taking risk.