A study on Entrepreneurship in Kenya 101 leads to finding out who an entrepreneur really is. An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change.
Entrepreneurship on the other hand has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire.
Entrepreneurship has also been defined as the “…capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit. While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of businesses have to close, due to a “…lack of funding, bad business decisions, an economic crisis — or a combination of all of these” or due to lack of market demand.
From the 2000’s, the definition of “entrepreneurship” has been expanded to explain how and why some individuals (or teams) identify opportunities, evaluate them as viable, and then decide to exploit them, whereas others do not, and, in turn, defining how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth.
Traditionally, an entrepreneur has also been defined as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk”. Rather than working as an employee, an entrepreneur runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.”
Entrepreneurs tend to be good at perceiving new business opportunities and they often exhibit positive biases in their perception (i.e., a bias towards finding new possibilities and seeing unmet market needs) and a pro-risk-taking attitude that makes them more likely to exploit the opportunity.”An Entrepreneurial spirit is characterized by innovation and risk-taking.” While entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms and in for-profit and not-for-profit organizations, including voluntary sector groups, charitable organizations and government.
In the 2000’s, a new field dubbed social entrepreneurship has been identified, in which entrepreneurs combine business activities with humanitarian, environmental or community goals and still report profits and surplus.
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