What do you understand to be the concept of...

What do you understand to be the concept of entrepreneurship and why has it become such an important area of focus? Q2) What do you understand to be the concept of entrepreneurship and why has it become such an important area of focus? The concept of entrepreneurship is often viewed as a function, which involves the exploitation of opportunities, which exist within a market. Such exploitation is most commonly associated with the direction and/or combination of productive inputs. Entrepreneurs usually are considered to bear risk while pursuing opportunities, and often are associated with creative and innovative actions. In addition, entrepreneurs undertake a managerial role in their activities, but routine management of an†¦show more content†¦Entrepreneurship is the dynamic process of creating incremental wealth. Individuals who assume the major risks in terms of equity, time and/or career commitment or provide value for some product or service create the wealth. The product or service may or may not be new or unique, but the entrepreneur must somehow infuse value by receiving and locating the necessary skills and resources. Although each of these definitions views entrepreneurs from a slightly different p erspective, they all contain similar notions, such as newness, organizing, creating, wealth, and risk taking. Yet each definition is somewhat restrictive, since entrepreneurs are found in all professions: education, medicine, research, law, architecture, engineering, social work, distribution and government. Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence. Four basic aspects of being an entrepreneur regardless of the field: first, entrepreneurship involves the creation process—creatingShow MoreRelatedCreativity And Innovation As The Driving Power Of Entrepreneurship1610 Words   |  7 PagesBusiness management is a continuous process of problem solving, decision making, strategy development, process improvement, etc. Every organization is constantly subject to a number of pressures that force you to react and respond to new developments in dynamic markets like these, in times of uncertainty and globalization Hence the company is unable to change, modify it to adapt to new circumstances present and future risks stagnate or disappear. 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