Entrepreneurship is the much-discussed topic in the universe for creating new business model for the world. As observed by AÌcs and Szerb (2011), creativity in business is the sole responsible in sustaining the business. The fact is also observed in case of generating the new ideas for products in electronic and software business. Further, it is also true that entrepreneurship helps the world of business in acquiring the best talent in the industry (Bygrave and Zacharakis, 2011). As said by Baron (2012), entrepreneurship provides an opportunity of utilizing resources more effectively due to its innovativeness and prior constraint of availability of fund (Kalantaridis and Fletcher, 2012). It is also established that entrepreneurship holds a great responsibility in creating employability in an economy (Bygrave and Zacharakis, 2011). The persons engage in this process are known as entrepreneur who does business but with different characteristics and quality of business. Therefore, they are termed with a different name by the experts (Bygrave and Zacharakis, 2011).
Entrepreneurship may be defined as the process of doing the business where new ideas can be generated and implemented in generating productivity (Dhliwayo, 2014). As criticized by Kalantaridis and Fletcher (2012), entrepreneurship is not only a process but also it is a system where both systematic and unsystematic operation can be observed while doing the business in the market. There are many theories relevant to this process are present where entrepreneurship are categorized in many ways. Though fundamentally, they all have same models of developing in a way (Kalantaridis and Fletcher, 2012). The process is mainly divided into five steps – discovery, concept development, resource allocation, actualization and collection of realized income (Klyver and Foley, 2012). Some critics will allow the process starts with discovery and innovation as this model is the oldest one as eligibility for being an entrepreneur (Bygrave and Zacharakis, 2011; KOVEOS, 2013). However, argument from Korsgaard (2011), states that entrepreneurship need not to be innovative by means of products or service, it might be the value proposed to the customers, which acts as a unique one. In a deceptive note it might be defined as the small business in a line where there are many differences in doing the whole process at a time. It is also true that small business differs from the stage venturing to customization with a different characteristic as it has least similarity with small business (Klyver and Foley, 2012).
Characteristics of entrepreneurship are many as it grows by number for the different types of entrepreneurship but with having similarity in their fundamentalism outlook. The characteristics also provide a path to indicate the source of entrepreneurs as well as the trait of them (Klyver and Foley, 2012). From the memorable research of Peter Drucker, it may be concluded that entrepreneurs come from those families who entertain to do something different in life and further, people with adventurous minded people would benefit more in this profession (Bygrave and Zacharakis, 2011; Lyons et al. 2012). He also cited that education is not a prior requirement for being an entrepreneur although it is an added advantage to reduce the cost of operation initially (Kalantaridis and Fletcher, 2012). The criticism has been risen in this case as many researchers have empirically proved from the past data of successful entrepreneurs from all over the world that education is not necessary for becoming an entrepreneur and it does not add any advantage in operation cost (Read, 2011). From the scholarly research of Weber (2012), produces the result on the average age for successful entrepreneur in USA revealing the fact that within age of 22-25, the most successful entrepreneurs have been started their business and many of them had no degree higher than high school. Prior experience also provides knowledge of business to the entrepreneurs (Klyver and Foley, 2012). The level of confidence is the main cause of becoming an entrepreneur as in case it provides them a mental bullishness for encountering the adverse situations in this process as it is observed in many times that creativity may not be enough for delivering the desired output (AÌcs and Szerb, 2011; Bygrave and Zacharakis, 2011). The strong personal traits might transform an entrepreneur into a leader for the process for which leader must show his passion and determination towards achieving the objectives as set. The dubiousness in relative characteristics of a person may create a sustainable solution for an entrepreneurship as many researches has concluded that it enhance the decision making ability among the entrepreneurs. The process of entrepreneurship has concluded that process shows an outcome of the self-depended and strong affinity towards adaptability of any situation (Bergmann, 2011; Kalantaridis and Fletcher, 2012). The development of entrepreneurship is also influenced by government policies as it recognizes the encouraging factors in the policy that may drive the entrepreneurs in developing the process (Barinaga, 2013).
The quality of entrepreneurs is the key inputs as it delivers the process a lot in actuating the normal steps of success here (Klyver and Foley, 2012). As stated by IšoraitÄ— (2014), quality such as risk appetite, hard work and accountability are the basic in this case that delivers an entrepreneurship process to build the empire of innovative business model to draw attention of the customers. The model was supported by Klyver and Foley (2012), adding that analyzing capability, dynamicity, presence of mind and strong desire are important in having a better process as it might produce better visionary for perceived values for the process as a whole. The whole process is depended on the organizer as it draws an attentive measure for the entrepreneurs in making the process successful. The socialists argued that in this process of business, an organizer must be a self-motivator where he must has the attitude of imitate the good for the process and develop the process rendezvous increment from venturing to top (Read, 2011).
There are many categories of entrepreneurs by means of functional differentiation where some of the basic characteristics do not alter - at some point of view, those show different nature in using principle. The classification from the Kalantaridis and Fletcher (2012), met the majority of the classification of entrepreneurship such as innovativeness, imitativeness, Fabians and drone. The first one is clearly goes with the main characteristics as it is in line with the fundamentally stable characteristic for being an entrepreneur in case (Bygrave and Zacharakis, 2011). Here most activities in the organization hold the line of creativeness in every stage of operation while overcoming the challenges (Klyver and Foley, 2012). Imitation is a popular way to become an entrepreneur as it provides an opportunity to the challenging minded people to take responsibility of developing a countries situation to unemployment. Further, imitation is a great answer to reduction of cost in research and development at corporate level for generating growth in business and margin. The cautious and different from others as being risk averse person in nature, Fabian makes no sense of becoming an innovator in this process as they follow only the basic challenges and avoids the newer one, which makes them to imitate others at the margin of failure (Bygrave and Zacharakis, 2011).
From the above discussion, it is understood that entrepreneurship is a process of doing business where entrepreneurs take the most important place. Entrepreneurs make the movement in this process with either innovativeness or imitation and therefore, they develop the process with the influence of many factors ranging from personal trait to government policies. Further, the process is also quality driven as delivering the process a standard system in future.
Books Weber, R. (2012). Evaluating entrepreneurship education. Wiesbaden: Springer Gabler.
Read, S. (2011). Effectual entrepreneurship. London: Routledge.
Bygrave, W. and Zacharakis, A. (2011). Entrepreneurship. Hoboken, NJ: Wiley.
Baron, R. (2012). Entrepreneurship. Cheltenham: Edward Elgar.
AÌcs, Z. and Szerb, L. (2011). The global entrepreneurship and development index 2011. Cheltenham, UK: Edward Elgar.Journals
Barinaga, E. (2013). “Politicising Social Entrepreneurship – Three Social Entrepreneurial Rationalities Toward Social Change”. Journal of Social Entrepreneurship, 4(3), pp.347-372.
Bergmann, H. (2011). “Entrepreneurship disparities within Switzerland – Do tax and language differences play a role?”. Entrepreneurship & Regional Development, 23(7-8), pp.523-548.
Dhliwayo, S. (2014). “Entrepreneurship and Competitive Strategy: An Integrative Approach”. Journal of Entrepreneurship, 23(1), pp.115-135.
IšoraitÄ—, M. (2014). “ICT and entrepreneurship: social network marketing”. JESI, pp.19-29.
Kalantaridis, C. and Fletcher, D. (2012). “Entrepreneurship and institutional change: A research agenda”.Entrepreneurship & Regional Development, 24(3-4), pp.199-214.
Klyver, K. and Foley, D. (2012). “Networking and culture in entrepreneurship”. Entrepreneurship & Regional Development, 24(7-8), pp.561-588.
Korsgaard, S. (2011). “Entrepreneurship as translation: Understanding entrepreneurial opportunities through actor-network theory”. Entrepreneurship & Regional Development, 23(7-8), pp.661-680.
KOVEOS, P. (2013). “DEVELOPMENTAL ENTREPRENEURSHIP AS A RESEARCH FIELD”. J. Dev. Entrepreneurship, 18(02), p.1301002.
Lyons, T., Alter, T., Audretsch, D. and Augustine, D. (2012). “Entrepreneurship and Community: The Next Frontier of Entrepreneurship Inquiry”. Entrepreneurship Research Journal, 2(1).
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