What do you understand to be the concept of entrepreneurship and why Es

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 ongoing operation is not considered to be entrepreneurship. In this sense entrepreneurial activity is fleeting. An individual may perform an entrepreneurial function in creating an organization, but later is relegated to the role of managing it without performing an entrepreneurial role. In this sense, many small-business owners would not be considered to be entrepreneurs. Individuals within organizations (i.e. non-founders) can be classified as entrepreneurs since they pursue the exploitation of opportunities. Thus intrepreneurship is appropriately considered to be a form of entrepreneurship. The concept of an entrepreneur is further refined when principles and terms from a business, managerial, and personal perspective are considered. In particular, the concept of entrepreneurship from a personal perspective has been thoroughly explored in this century. Third exploration is reflected in the following three definitions of an entrepreneur: In almost all of the definitions of entrepreneurship, there is agreement that we are talking about a kind of behavior that includes: initiative taking, the organizing and reorganising of social and economic mechanisms to turn resources and situations to practical account, and the acceptance of risk or failure. To an economist, an entrepreneur is one who brings resources, labor, materials, and other assets into combinations that make their value greater than before, and also one who introduces changes, innovations, and a new order. To a psychologist, certain forces typically drive such a person: the need to obtain or attain something, to experiment, to accomplis... ... being set up for such cases, but schools, colleges and universities all see this particular area of business as very promising and have began an extensive teaching programme, such courses available include, Law and Entrepreneur, Accountancy and Entrepreneurship. Although at the moment many individuals realise the potential of owning there own business, entrepreneurship is said to be a fad and will more than likely become dated in a way, possibly within the next ten years. However, the overall concept of entrepreneurship -according to Austrian Economist Joseph Schumpeter- is innovation (www.quickmba.com) as wealth is created when such innovation results in new demand. From this viewpoint one can define the function of the entrepreneur as one of combining various input factors in an innovative manner to generate value to the customer with the hope that this value will exceed the cost of the input factors, thus generating superior returns that result in the creation of wealth and this wealth also leads on to how entrepreneurial is an important area of focus because the wealth generated helps the economy, creating jobs, a better state and a better life for all of us.