Entrepreneurship When: Term 1 The module aims to provide an awareness of the contribution entrepreneurs and entrepreneurship makes to the economy and society and to recognise the essential...

Entrepreneurship
Introduction
Entrepreneurs are the individuals who create new and innovative business. They are the persons who take most of the risks and also enjoy the various rewards in the form of high sales and profits. They are also seen as an innovator, generator of new business ideas related to goods and services and business and procedures. The entrepreneurs play an important role to flourish the economy of the country by application of their knowledge, taking various types of initiatives and skills. Entrepreneurship is one of the four economical resources which are capital, natural resources and labour. The entrepreneurs in turn amalgamates the human resources in the form of labour, natural resources like raw materials used for production and capital in the form of expenditure to produce goods and services. For this the entrepreneur recruits and hires labours, acquires the necessary raw materials necessary for converting it into finished goods and tries to acquire finance from various sources like debt financing or equity capital by issuing shares. This is how the entrepreneurs create a business plan for achieving the organizational and business objectives. But the entrepreneur also faces various difficulties and challenges during the edification of their own companies. Most of the challenges and obstacles faced by the entrepreneurs to carry on their businesses are related to hiring the best talents so that they can utilize their resources and perform well with respective to the competitors, overcoming the bureaucracy in the country in which it operates and the acquisition of financing either through debt or equity (Adam Hayes, Investopedia).
Awareness of the contribution entrepreneurs
The roles of the entrepreneurs are to help in capital formation of the organization for growth and expansion of the business, improvement in the per capita income of the people working in their organizations as well as for the common people of the country through tax and charities, creation of more employment opportunities in the community in which it operates, they will help in a maintaining the equilibrium and balanced regional as well as economic development, improvement in the standards of living of the community in which it will operates, economic development and independence of the country and finally in the forward and backward associations of the business. It also helps to inspire the other new entrepreneurs towards initiation and achieving the business objectives, it also assists to create the flow of knowledge and skills for the society, grow the business and expansion of the organization, provide the diversity of the organizations, organizing the productive resources of the society, production of the new articles and innovative resources and development of new methodologies with sophisticated technologies for the organizational development and satisfying the customer’s demands (Shubhanwita S, Economic Discussions).
Entrepreneurship makes to the economy and society
Entrepreneurs are the coordinating agents who in a capitalist economy of a country. They help in the conversion of the various resources of the economy being diverted into generation and creation of new profitability of the company. The entrepreneurs help in the movement of various resources like human and financial as well as the tangible as well as the intangible for the promotion and creation of the capital for the company. In a market where there is uncertainty in the economy, the entrepreneurs try to take risks and clear the uncertainties by making prudent judgements by interpreting the various risks. In the dynamic profit and loss system capitalism is very essential and the entrepreneurs drives the economy consistently and efficiently to reveal the knowledge towards the business for its expansion and development. Due to research and development, entrepreneurs face huge challenges while operating the already established businesses through enhanced challenges and competition. Thus the entrepreneurs try to disrupt the course towards the steady state equilibrium for the business progress.
To recognise the essential requirements of successful entrepreneurs
The entrepreneurial risks generally take the form of financial risks, career risks, business risks and emotional risks. These risks make the business of the entrepreneur unsuccessful and lead to failure. Hence, there are need to apply various skills and knowledge by the entrepreneurs to mitigate the risks of the business and make the organization successful (Evan Tarver, 2019). These skills and requirement of the successful entrepreneurs are communication, sales, focus, ability to learn and business strategy.
Communication: Each and every entrepreneur must be an effective and excellent communicator whether the entrepreneur is an individual person who runs a small or medium sized organization or an entrepreneur who operates a fortune 500 company. This is required in order to communicate effectively and strategies the business plans as per the requirements of the organization with the various stakeholders of the organization like the shareholders, customers, suppliers, employees and the government in which the organization carries on its business. It is the values of the organization which must be communicated effectively to the stakeholders of the company in order to successfully achieve the targets. It is the requisite of the entrepreneur that he must master each and every form of the communication process. These include one-on-one communication, written, oral, email; online and group and in-person communication process.
Sales: It is the soft skills of the entrepreneur which is essential for the success of the organization. The entrepreneur needs to have the essential and obligatory skills to sell anything or everything that are sold by the company. There are various other kinds of selling which the entrepreneurs have in order to become a successful entrepreneur. These are selling the idea of the business to the potential investors to acquire the finance, skills of selling the products and services to the customers and selling themselves to the employees for explaining the organizational objective by maximum utilization of the resources. Therefore, it is extremely necessary for the entrepreneur to sale his own product to the customers efficiently in order to demonstrate the values to all the stakeholders both internal and external to the company.
Focus: There are ups and down in the course of business operations. But, it’s the characteristics of successful entrepreneur who needs to be focused towards the business goals despite of the tough business conditions. Therefore, it’s the emotional stability which will help the entrepreneur to become a successful business tycoon and also recover the business from the slump to bloom. The entrepreneur has to be a good thinker and has to struggle a lot to become successful. Finally, it’s the entrepreneur’s steady vision towards the goal ends which will push him to achieve the targets.
Ability to learn: It is the failure of the entrepreneur that encourages him to learn from his mistakes. Therefore, it’s the entrepreneurships which help the entrepreneurs to learn new skills which are extremely important to become successful in the life as well as in the achievement of organizational objectives. There will be ups and downs in the business and therefore, it’s the entrepreneurs who needs to learn and must have the desire to learn more and more. Therefore, the entrepreneurs’ needs to learn in whatsoever situation it may be and even during the business failures, they need to acquire skills in order to become successful.
Business strategy: The acquisition of business strategy is extremely important for the entrepreneur to build a successful organization. It is the fifth most important element of becoming a successful entrepreneur. It’s the will power of the entrepreneurs and their strengths through which they become successful and achieves huge milestones. By employing the communication skills, superior learning skills, selling skills and a deep focus towards the business strategy the entrepreneurs will try to achieve the business strategy. Therefore, during the structuring and growth of the business, it is extremely essential that the structure and growth strategy of the business is based on prudent business mind and proficiency. Thus, the requisite of the successful entrepreneur is to edifice a solid strategy in order to expand their business from good to the best.
Theory and practice of entrepreneurship with up-to-date research
The theory and practice of entrepreneurship with up to date research is the peer reviewed academic journal which is conducted in the area of entrepreneurship studies. The research journals include the international and national studies which are necessary for the creation of the business of small and medium management, family and proprietorship businesses, the various minor and large issues in the business and entrepreneurship, for the purpose of creation of a new venture, acquisition of research methodologies, financing the venture and for the benefits of the corporate and non-profit entrepreneurship. This is a journal published by the SAGE publications which is conducted on behalf of the Baylor University. It is also the main and official journal of United States Association of Small Business and Entrepreneurship.
As per the latest 2019-20 journal, it states the impact of the entrepreneurship on the Theory and Practice is 8.570. The latest figures when compared with the Journal impact data of 2019 of the theory of entrepreneurship theory and practice it was discovered to have grew by 53.58%. The journal impact measures the average number of citations which is received in the year 2019. The entrepreneurship theory and practice provides details about the transparent, open and straight forward dimension for conducting the academic researches. Through these the academic researchers predicts the future metric and its performance through the knowledge of masses. Since the journal reflects the impact prediction system which helps to achieve the precise community motivated metric without the usage of any secret algorithms, systematic delay and hidden factors. Therefore, entrepreneurship theory and practice is an interdisciplinary scholarly journal which helps in the edification of conceptual and empirical research. This research is developed through tests and helps in the extension of the theory relating to entrepreneurship. As per the latest researches the 2 year impact factor is 16.348, the three year impact factor is 12.295 and the four year impact factor is 14.033. Therefore, these are known as the impact factors published in an academic journal based on a scienctometric factor and is also based on the annual average number of citations published by the particular journal during the last two years. Thus, it can be stated that the impact factor 2020 which is depicted above is calculated by dividing the citable publication of a journal by the average of the number of cited publications. Thus it is the impact number which is used as a proxy for the relative importance of a particular journal in the field. Generally, the journals which have higher impact factors are often deemed to have more influence over the lower ones.
Different forms of entrepreneurship, including social, civic, sustainable and philanthropic
The nine different types of leaderships are based on the skills, the effective and innovative leadership style of managing the organizations. This is because there are varieties of business and thus has different forms of entrepreneurships. Although entrepreneurship is the process of overall system of edification, implementation and operations of the business but still there are different types of entrepreneurships to manage them. Also, different entrepreneurs have different visions based on which the organization objectives and strategies are constructed and implemented. Thus, it the entrepreneurs own personal skills, characteristics and attitudes which helps them to control their businesses. Thus, for entrepreneurs the profit making should not be the only objectives rather delivering social goods to the community and the society in which it operates. Also, there are various challenges and obstacles in the organizations and the entrepreneurs have to create unique ways with the help of different resources to overcome the difficulties.
Therefore, the different types of entrepreneurships are as follows:
1. Small business entrepreneurship: Small business entrepreneurship is created by individuals who earns lesser profits and have low volume of scale in terms of its sales. The lifestyles of the business are modest and want to earn the profits mostly for their family. The number of employees working in such businesses is very less and the compensation of the staffs is modest. There are mostly small local grocery stores, small boutiques and consultants will lower annual turnover.
2. Large business entrepreneurship: The large business entrepreneurship is setup by advanced professionals and they know how to sustain for a longer period of time. Also the large business entrepreneurship has a definite timeframe of the lifecycle. The large businesses try to create new and innovative products based on the preferences of the customers and want to meet the demand of the customers. It’s the small business enterprise which grows to larger ones due to rapid expansion strategies adopted by the company and the entrepreneurs. These companies are basically the multinational companies and are present everywhere globally. These are companies like Google, Microsoft and Disney.
3. Scalable start-up enterprise: The...