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Entrepreneurship and Entrepreneurship Process

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Discuss in detail differences between the entrepreneurship and entrepreneurship processes as they relate to success in new ventures. Give examples. Your response must be 250 words and reference must be included.

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ENTREPRENEURSHIP AND ENTREPRENEURSHIP PROCESS

What is entrepreneurship?
From the book of Kuratko (2004), Robert C. Ronstadt defines entrepreneurship as the dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time, and career commitment of providing value for some product or service. The product or service may either be new or not new but what is important is that, value is infused by the entrepreneur by securing and allocating the necessary resources. Kuratko (2004) further noted that ...

Solution Summary

In this report, the concept of entrepreneurship was described as the process of creating incremental wealth. To attain this, the entrepreneur must be an agent of change, innovative, creative, and effective in making the business grow and profitable. Entrepreneurship process may be seen as the approach to entrepreneurship. The approach may be integrative, assessment-based, or multidimensional in nature.

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Discussion questions on Entrepreneurship

1. What do creativity, innovation and entrepreneurship have in common?

2. How should creativity be supported in organisational settings?

3. What is the difference between an inventor and an entrepreneur?

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