Summary: Entrepreneurship Theory, Process, and Practice in the 21st Century
Entrepreneurship theory, process, and practice in the 21st century
M. Shahzad Saleem
BBA - 2019 - 45
Instructor: Dr. Haroon Karim
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Summary: Entrepreneurship Theory, Process, and Practice in the 21st Century
The article gives a general overview of entrepreneurship, including its definition, method, and application.
Entrepreneurship is introduced as the "creation of new businesses, whether by individuals or teams." After that, it
discusses several forms of entrepreneurship, such as social entrepreneurship, corporate entrepreneurship, and small
company entrepreneurship.
The process of entrepreneurship is then covered in the article. It is described as "the process of identifying,
evaluating, and exploiting opportunities." The many phases of the entrepreneurial process are covered, including
idea generation, business launch, growth, and exit.
The practice of entrepreneurship is covered in the article's final section. It is defined as "the application of the
entrepreneurial process to create and manage a business." It covers the range of competencies required for successful
entrepreneurship, such as innovation, risk-taking, leadership, and creativity.
The article's argument is that entrepreneurship is crucial for economic development and prosperity comes to a close.
It claims that "entrepreneurs are the engine of innovation" and that "economic growth is driven by entrepreneurs."
Important lessons from the article
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Whether done by people or groups, entrepreneurship is the act of starting a new enterprise.
Entrepreneurship can take many various forms, including small business, social entrepreneurship, and
corporate entrepreneurship.
Opportunities must be found, assessed, and taken advantage of as part of the entrepreneurial process.
Creativity, innovation, risk-taking, and leadership are necessary for the practice of entrepreneurship.
For economic development and growth, entrepreneurship is crucial.
Types Of Entrepreneurships
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Small company entrepreneurship is the act of starting new companies that are typically of a modest scale
and are controlled by a single person or a small group of people. Through employment creation, economic
growth, and innovation, small firms contribute significantly to the economy.
Social entrepreneurship refers to a new business's social mission, such as resolving a social issue or
offering a social benefit, is what is referred to as social entrepreneurship. Social entrepreneurs frequently
employ commercial methods to accomplish their social objectives.
Corporate entrepreneurship: Entrepreneurship within already-established firms is referred to as corporate
entrepreneurship. Corporate entrepreneurs frequently make advantage of the assets of their parent company
to launch new ventures that can compete in untapped markets or grow into untapped regions.
Conclusion & Opinion
I believe the article does a fantastic job of emphasizing the significance of entrepreneurship for societal
advancement and economic prosperity. It makes the case that entrepreneurs are the catalyst for economic expansion
and the backbone of innovation. This judgment is accurate, and I concur that entrepreneurship is crucial for a
thriving and affluent economy.
There are a few things you may do to get ready if you want to start your own business. Develop your entrepreneurial
skills and competencies first. This entails honing your innovative, risk-taking, leadership, and creative thinking
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Summary: Entrepreneurship Theory, Process, and Practice in the 21st Century
abilities. You must create your business plan second. This entails determining your target market, establishing your
goods or service, and coming up with a financial strategy. The last step is to network with other business owners and
professionals. By doing this, you can acquire the tools and assistance you need to launch and develop your company.
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