Entrepreneurship Evolved From Economic Theory Business Essay

Entrepreneurship Evolved From Economic Theory Business Essay The creation of a countrys wealth and dynamism depends upon the competitiveness of its firms and this, in turn, relies fundamentally on the capabilities of its entrepreneurs and managers. The essence of the modern firm lies in the specialization of functions. The businessmen that manage economic activity are, in the strictest sense, both managers and entrepreneurs, the latter in a double sense: the individual businessman (independent) and the corporate entrepreneur who, without participating significantly in terms of capital, controls the firm. Studying offers of business capabilities requires the differentiation between the functions of entrepreneur, manager and capitalist, although in many cases, the same person may perform all three which can be described as follows; Entrepreneurs, managers and capitalists Managers Capitalist Characterized By Discovers and exploits opportunities A creator who initiates and motivates the process of change Capital owner: shareholders Controlling shareholder Passive shareholder Administrates and manages resources An administrator Behavior Accepts risks Uses intuition, is alert, explores new business Leadership, initiates new ways of acting Identifies business opportunities Creation of new Enterprise Aversion to risk taking Assesses alternatives Choice of venture assets Aversion to risk taking Rational decision-maker. Explotes business Creates and maintains competitive advantage Creates trust to enhance cooperation Supervision of the administrative process Dimension of Entrepreneurship:- The entrepreneurial function implies the discovery, assessment and exploitation of opportunities, in other words, new products, services or production processes; new strategies and organizational forms and new markets for products and inputs that did not previously exist. The entrepreneurial opportunity is an unexpected and as yet unvalued economic opportunity. Entrepreneurial opportunities exist because different agents have differing ideas on the relative value of resources or when resources are turned from inputs into outputs. The theory of the entrepreneur focuses on the heterogeneity of beliefs about the value of resources. Entrepreneurship -the entrepreneurial function- can be conceptualized as the discovery of opportunities and the subsequent creation of new economic activity, often via the creation of a new organization. Due to the fact that there is no market for opportunities, the entrepreneur must exploit them, meaning that he or she must develop his or her capabilities to obtain resources, as well as organize and exploit opportunities. The downside to the market of ideas or opportunities lies in the difficulty involved in protecting ownership rights of ideas that are not associated with patents or copyrights of the different expectations held by entrepreneurs and investors on the economic value of ideas and business opportunities, and of the entrepreneurs need to withhold information that may affect the value of the project. Entrepreneurship is often discussed under the title of the entrepreneurial factor, the entrepreneurial function, entrepreneurial initiative, and entrepreneurial behavior and is even referred to as the entrepreneurial spirit. The entrepreneurial factor is understood to be a new factor in production that is different to the classic ideas of earth, work and capital, which must be explained via remuneration through income for the entrepreneur along with the shortage of people with entrepreneurial capabilities. Its consideration as an entrepreneurial function refers to the discovery and exploitation of opportunities or to the creation of enterprise. Entrepreneurial behavior is seen as behavior that manages to combine innovation, risk-taking and pro-activeness. Entrepreneurial initiative covers the concepts of creation, risk-taking, renewal or innovation inside or outside an existing organization. Lastly, the entrepreneurial spirit emphasizes exploration, search and innovation, as opposed to the exploitation of business opportunities pertaining to managers. Entrepreneurship is an essential element for economic progress as it manifests its fundamental importance in different ways: a) By identifying, assessing and exploiting business opportunities; b) By creating new firms and/or renewing existing ones by making them more dynamic; c) By driving the economy forward through innovation, competence, job creation- and by generally improving the well being of society. Entrepreneurship affects all organizations regardless of size, or age, whether they are considered a private or public body, and independently of their objectives. Its importance for the economy is reflected in its visible growth as a subject of interest for the economic press and in academic literature. For this reason, it is a matter of interest to academics, businessmen and governments the world over. Q2.Explain how entrepreneurship has influenced economic development and productivity in recent years? A. The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering economic growth and development. Entrepreneurship is one of the most important inputs in the economic development of a country. The entrepreneur acts as a trigger head to give spark to economic activities by his entrepreneurial decisions. He plays a pivotal role not only in the development of industrial sector of a country but also in the development of farm and service sector. The major roles played by an entrepreneur in the economic development of an economy are discussed in a systematic and orderly manner as follows. (1) Promotes Capital Formation: Entrepreneurs promote capital formation by mobilizing the idle savings of public. They employ their own as well as borrowed resources for setting up their enterprises. Such type of entrepreneurial activities leads to value addition and creation of wealth, which is very essential for the industrial and economic development of the country. (2) Creates Large-Scale Employment Opportunities: Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of underdeveloped nations. With the setting up.of more and more units by entrepreneurs, both on small and large-scale numerous job opportunities are created for others. As time passes, these enterprises grow, providing direct and indirect employment opportunities to many more. In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country which in turn clears the path towards economic development of the nation. (3) Promotes Balanced Regional Development: Entrepreneurs help to remove regional disparities through setting up of industries in less developed and backward areas. The growth of industries and business in these areas lead to a large number of public benefits like road transport, health, education, entertainment, etc. Setting up of more industries leads to more development of backward regions and thereby promotes balanced regional development. (4) Reduces Concentration of Economic Power: Economic power is the natural outcome of industrial and business activity. Industrial development normally leads to concentration of economic power in the hands of a few individuals which results in the growth of monopolies. In order to redress this problem a large number of entrepreneurs need to be developed, which will help reduce the concentration of economic power amongst the population. (5) Wealth Creation and Distribution: It stimulates equitable redistribution of wealth and income in the interest of the country to more people and geographic areas, thus giving benefit to larger sections of the society. Entrepreneurial activities also generate more activities and give a multiplier effect in the economy. (6) Increasing Gross National Product and Per Capita Income: Entrepreneurs are always on the look out for opportunities. They explore and exploit opportunities,, encourage effective resource mobilization of capital and skill, bring in new products and services and develops markets for growth of the economy. In this way, they help increasing gross national product as well as per capita income of the people in a country. Increase in gross national product and per capita income of the people in a country, is a sign of economic growth. (7) Improvement in the Standard of Living: Increase in the standard of living of the people is a characteristic feature of economic development of the country. Entrepreneurs play a key role in increasing the standard of living of the people by adopting latest innovations in the production of wide variety of goods and services in large scale that too at a lower cost. This enables the people to avail better quality goods at lower prices which results in the improvement of their standard of living. (8) Promotes Countrys Export Trade: Entrepreneurs help in promoting a countrys export-trade, which is an important ingredient of economic development. They produce goods and services in large scale for the purpose earning huge amount of foreign exchange from export in order to combat the import dues requirement. Hence import substitution and export promotion ensure economic independence and development. (9) Induces Backward and Forward Linkages: Entrepreneurs like to work in an environment of change and try to maximise profits by innovation. When an enterprise is established in accordance with the changing technology, it induces backward and forward linkages which stimulate the process of economic development in the country. (10) Facilitates Overall Development: Entrepreneurs act as catalytic agent for change which results in chain reaction. Once an enterprise is established, the process of industrialization is set in motion. This unit will generate demand for various types of units required by it and there will be so many other units which require the output of this unit. This leads to overall development of an area due to increase in demand and setting up of more and more units. In this way, the entrepreneurs multiply their entrepreneurial activities, thus creating an environment of enthusiasm and conveying an impetus for overall development of the area. Q3.Explain the concepts of Windows and Corridors for new ventures ? Describe the main factors that lead to success for new ventures. A. Window and Corridor Principle is the theory that for every new business that is begun, new opportunities will arise as a result. It states that an entrepreneurial venture might find that it has significantly changed its focus from the initial concept of the venture as it has continually responded and adapted to its market and the desire to optimize profitability potential. This is a simple concept that always seems to ring true for entrepreneurs and those considering the move. The corridor principle simply suggests that there are open doors you can only see when you are walking down the corridorthey are not visible from your starting point at the end of the hall. Dont expend too much energy planning for and waiting on perfection. You simply cant do it from where you are standing. Small business truly is about the journey. As I have referenced in previous posts, simply taking the first step in the general direction of your goals puts you further ahead than where you started. Compared to the world of corporate recruiting and headhunters, small business is a dynamic and less predictable space. Headhunters shuffle players between roles and companies that are often more similar than many would like to admit. Small business affords the opportunity to try a myriad of roles across a variety of industries. And once you are in that game, opportunities will find you rather than a set of indistinguishable roles. Part of my rationale in painting sometimes extreme pictures of Corporate America is to get you to think beyond the surface of what you have versus what you can do. Not many folks will truly encourage that, and many are afraid to look. Push yourself to consider the differences for yourself. Success of New Venture Entrepreneurs who launch successful new ventures are usually very knowledgeable about their market. This type of knowledge can come from first-hand information and experience or it can come from diligent research. Other factors include finding the proper niche and being well-funded. Even a promising market opportunity requires an effective business manager who is well-financed. Sound Market Analysis Market analysis looks at the potential opportunities and the pitfalls that your business will face. These opportunities and pitfalls must be realistically assessed in light of the strengths and weaknesses of your business plan. Factors usually considered in market analysis are the market size, its growth rate, the markets profitability and its cost structure and distribution channels. Be aware of trends, whether favorable or unfavorable. The more informed you are about the market, the more reliable your decision-making basis will be. Sufficient Financing Sufficient financing for a new business venture is critical to success. Insufficient financing is one of the main reasons that new businesses fail. A new business does not have a steady, ongoing clientele and its brand will not be recognizable in the marketplace. Very often a new business is financed by the savings of the founders and loans from family members. While there is nothing wrong with this strategy, you should thoroughly investigate all the costs involved so that your business is able to withstand a period of time with little to no profits. Be sure to have a realistic expectation of sales and revenue based on research. Finding the Proper Niche A new venture should create its own niche in the market or industry. The niche selected should play into the strengths of the business and, if possible, minimize its weaknesses. One way to identify a niche market is to break down the demography of the market into small categories. Evaluate the benefits and drawbacks of each market segment. Take into account factors such as the best method of reaching potential customers via marketing and the competition you may face. Consider how your service or product can be made unique in serving your niche. Many new ventures make the mistake of selecting the largest possible market segment and end up overwhelmed by the costs of marketing and the sheer number of competitors. Workable Marketing Plan A key contributor to business success is a viable marketing plan tailored to the ventures niche. A marketing plan sets goals for the organization and gives it direction and purpose. The plan contains information about your company, its products and the ventures objectives and strategies. The plan should budget the expenditures of your marketing efforts for at least one year. You should also devise a method to measure the success of the ventures marketing activities. The marketing plan should assess your products features and benefits in light of the niche markets characteristics and buying habits. Other Factors Timing In some cases you have control over business timing, and in other cases you do not. If you were to open a VHS movie rental business as DVDs were becoming popular, then your business timing may be suspect. Analyze the marketplace and pay attention to consumer trends before deciding on what kind of business to open. If you can create a business that is on the cutting edge of consumer needs, then that can contribute significantly to the success of your business. Location If you place your trucking business several miles away from the major highways, airport and train depot, then your business location can hamper success. Moving your business closer to those key locations can cut down costs, and make you one of the companies closest to where your customers. Location can be critical in the success of a business. According Houston Business, the Houston theater community is second in total seating capacity in the country with 13,000. Only New York City has more theater seats than Houston. If you were considering opening a business that catered to live theater, such as a printing business for programs or a stage production company, then you could find success by placing your business in Houston. Cost Control Controlling the costs of your business means keeping all of your overhead costs under control, including manufacturing, advertising and location operations. By continually working to reduce costs, you can free up financial resources to be applied toward expanding your product line or increasing your marketing efforts.

An Accusation of Sexual Harassment in Pro Sports Essay

Over the years sexual harassment has been revered on a higher level of unacceptability than ever before. Companies are setting high standards for employees concerning sexual harassment. Usually, they implement a code of ethics to encourage an ethical decision making process in the minds of their employees. People inside an organization need to know what is considered to be illicit behavior. With sexual harassment, the scale is very narrow. It can range from petitioning sexual favors, vulgar language, or any type of inappropriate touching. In the case study, â€Å"An accusation of Sexual harassment in Pro Sports,† the employers were dealing with being accused of verbally abusing and sexually harassing Ms. Brown Sanders over a two year period and once she blew the whistle to top management, she was fired a month later. In my opinion, what is known as sexual harassment was not as popular a decade ago. Today, I feel that the line of intended hospitality and sexual harassment is extremely thin. People must filter what they say, how they say things, and how they may innocently touch the shoulder of their fellow employees, rather male or female. Based on the facts in the Sander’s verses Madison Square Garden (MSG) case, I believe that MSG could not have prevented themselves from liability, according to the Employers Liability for Employee’s Act which states, â€Å"employers are liable for the criminal conduct of their employee’s† (smallbusiness.findlaw.com). According to Principles of Management, the author insists, â€Å"top managers are responsible for monitoring their business environment† (Williams 8). It does not even matter if top management does not know what is going on, they will still be held responsible for their employee’s conduct. If I was a part of Madison Square Garden’s top management, I would make sure that I had a well established code of ethics and I would let it be known that anyone who violates the discretionary measures will be reprimanded to the highest degree, plus fined. I say this because of the environmental changes occurring in the sports world, women are a huge part of the fan base; therefore, to uphold our image, to continue to maximize our profit momentum, to stop unfavorable publicity by the media, and to let women know that we value their opinion, would help us to remain a profitable establishment. In addition, I would do my best to deal with problematic issues with temporal  immediacy. Often victims of sexual harassment have long term effects that can have a tendency to hurt them psychologically, mentally, and emotionally. The allegation against Madison Square Garden in this case does raise an ethical question with regard to the employee’s actions. In my opinion, the company became aware of Ms Brown’s complaint and instead of helping her; they allowed her to be fired. Even when she won her case for 11 million dollars; MSG neglected their social responsibility and threatened that they will appeal the decision, rather than givi ng a formal apology to her and their commentators. One clichà © my grandmother use to say is, â€Å"the apple does not fall far from the tree.† To me, this means that many of the characteristics displayed by the employee’s are simultaneously stemmed from the top. To conclude, nowadays, it is more common for people to report to a higher authority or a supervisor that they have been sexual harassed or assaulted. Once these issues have been acknowledged and report to top management, they should not turn away with blind eyes. Certain actions must take place if a report has been made and the company must figure out what kind of harassment took place, so they can determine what the next step of discipline will be. I believe that companies who have adopted clauses for sexual harassment on men and women were long overdue; especially, with women, who have usually kept silent, but have dealt with solidified objectification for years. Works Cited An Employers Liability for Employee’s Act. Find Law. 27 September, 2014. http://www.smallbusiness.findlaw.com Dessler, Gary. Human Resource Management. An Accusation of Sexual Harassment in Pro Sports. Williams, Chuck. Principles of Management. Top Management Responsibilities. South Western: Madison, OH. 2015. pp. 8.

National Honors Society Essay Essay

If I had the power to change three things in my school or community, I would obligate all high school students to take a culture and religion class to educate students about people’s various beliefs and customs. Secondly, I would encourage students to take higher level academic classes instead of just the basics. We would send students into freshmen classrooms to and inform them about the benefits of taking some of the tougher classes. At the the same time we are trying to erase some of the misconceptions about the upper level math and science courses. Finally, I would encourage hosting more community activities. Living in the age of globalization, it is crucial for schools to offer a class that teaches global culture, including as well as the beliefs of various ethnic and religious groups. Offering such a class would be a crucial improvement in our school. We all are aware of the importance of obtaining a good education and the highest degrees in the latest and best technolog ies. In preparation for that we take the hardest classes in school and try to get into the most illustrious college and learn, but, alas, we forget the most important aspect of life: ______. We always forget that what is even more important than understanding the world in which we live in and how it functions and its sciences, is understanding each other and how we as individuals functions based on our beliefs and culture. In the real word, disagreement arises from the inability to understand someone else’s approach to something, especially if they come from a different background than you. On a bigger scale, disputes between countries due to our lack of understanding of others and their customs can often lead to war. So much unnecessary conflict arises from our ignorance and lack of education we receive from school. Therefore, making such a class mandatory for all students would also indubitably trigger healthy relationships throughout the student body, instead of the stereotypical malice that currently flows around. Secondly, I would encourage the student body to take more challenging courses. In high school, we all think about having fun and making the most of these four years, especially during our senior year. Nonetheless, we fail to realize how valuable our time is in high school. How we spend this time determines what colleges we get entry to, what scholarships you receive, but also our future career. Students often surmise that the higher level math and sciences courses are only for  Ã¢â‚¬Å"nerds† and fail to realize the benefits, including how much money it will save them in college. Therefore, I would like to create a program where students who have taken theses higher level courses go around the school during the two-week period when everyone is choosing courses for the next year and discuss the benefits of taking classes such as AP Calculus, AP Biology, AP Chemistry, and AP Physics. Furthermore, this would also clear up some of the appalling misconceptions created about some of these classes. For instance, during a personal encounter I had with a student who I was helping with math homework, she asked what math class I was in. To which I replied, â€Å"I am taking AP Calculus†. She immediately replied with comments such as, â€Å"Why bother, it’s a waste of time. No one ever use Calculus in the real world except if you’re a rocket scientist.† Obviously, she made an illegitimate claim. I had to explain to her that, in fact, the type of math most applied in any career is calculus, as it helps solve 80% of real-world problems and much more applicable than algebra or trigonometry. Reasons and encounters as such is what motivates me to create such programs so students can benefit from them and make the most out of high school. Finally, I would encourage hosting more community activities. We already have a town square where we celebrate the first Friday of every month with a small carnival. But with our small community size and our extremely diverse population, we could host annual picnics where people bring traditional dishes, stage a mixture of cultural performances, and, overall, just have a good time with each other. This kind of exposure is very beneficial for everyone, especially employees and their colleagues. Not knowing about your colleagues and their entertainment and food preferences could create unnecessary problems. One might accidently comment or reference something that is offensive to their co workers creating a spark that could potentially ignite a fire. There are many changes that can be brought to the community and school that would be very beneficial. But if I had the power to change three things in my school or community, I would obligate all high school students to take a culture and r eligion class, encourage students to take higher level academic classes instead of just the basics, and I would encourage hosting more community activities.

Christian Worldview A Christian Perspective - 1794 Words

Christian Worldview A Christian worldview is different for many believers, but the one aspect that ties it together and makes it unified, is the belief in one God and his son Jesus as a Savior. This is the foundation of Christianity. It is centered on the belief that God is an autonomous God, who loves people enough to restore them through salvation and redemption instead of vengeance. Following the belief of Christianity affects interactions with other denominations, non-believers, and cultures. Christianity provides courage, knowledge, and understanding to face the struggles of life. The underlying theme in a Christian belief is stated in Deuteronomy 4:35, â€Å"You were shown these things so that you might know that the Lord is God; besides him there is no other.† (King James Version) Regardless of the denomination, all Christians believe that there is only one God. While there is some dissention among the belief of God’s son, Jesus, as a Savior, the belief in God is unified. Outside of the Christian realm of beliefs, there is usually seen a following of different and multiple gods. The book of Genesis gives evidence to Christians of a creator, who took a darkened void and created the universe, the earth, and all that was in it. God created Adam, the first man, in His likeness. Then, from Adam, He made Eve as a companion. According to the Christian beliefs which are based on the Holy Bible, they dwelled in the Garden of Eden, in God’s presence until Satan caused themShow MoreRelatedChristian Worldview : A Christian Perspective1490 Words   |  6 PagesA Christian Worldview A Christian worldview is one that is complicated and composed of themes. These themes, and history of Christianity, can help a person comprehend what living through a Christian worldview is like. Some of these essential themes are: God speaks into the chaos, God is one and incomprehensible, Jesus is the messiah, Jesus is God, and God is not Santa Clause. 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