The Importance of Entrepreneurship Essay - 1180 Words

Entrepreneurship Term Paper â€Å"Entrepreneur is defined as a person who starts a business and is willing to risk loss in order to make money.† (Merriam-Webster.com) Since before the Great Recession, economists have recognized how important entrepreneurship is to the health of the U.S. economy. (Strangler) â€Å"There are four benefits to the U.S. from entrepreneurs risk-filled but successful efforts. Entrepreneurs (1) use innovations to improve the quality of life, (2) create new jobs, (3) improve our position in global economic competition, and (4) create economic growth and new wealth for reinvestment in the U.S.† (Foundation) Entrepreneurs are responsible for research and development system. â€Å"Almost 2/3% of all innovations are due†¦show more content†¦Small Buisiness Administration) If you are a strong negotiator then you have a better chance at saving money and running your business. If you do not have good negotiating skills you may want to work on improving these skills †¢ Creative: â€Å"Entrepreneurs must be able to think creatively.† (The U.S. Small Buisiness Administration) If you are able to think â€Å"outside the box† then entrepreneurship may be a choice for you. †¢ Supported by others: Entrepreneurs need the support of other people. Networking is extremely critical in a business. Business mentors are a perfect go-to person for entrepreneurs. (The U.S. Small Buisiness Administration) The name of my business is Sunny Cycle. Sunny Cycle is an online store selling motorcycle helmets, sunglasses, face masks, goggles Zippo lighters, hunting equipment such as knives and flashlights. Products should be easy and inexpensive to ship to keep cost down. An online store would be a great choice for a small business. Online stores are perfect for business owners that do not have a lot of startup capital and do not want to form a Corporation. While building the business the use of drop shipping will be used. As the business takes off and I gain more capital and after knowing which products sell. I would then start contacting wholesalers to purchaseShow MoreRelatedThe Importance Of Entrepreneurship746 Words   |  3 PagesCustomers always are interested in new things created, therefore, entrepreneurs help satisfy these desires. Entrepreneurship involves the creation of new enterprise along with manufacturing and marketing the new products (Paul Di-Masi). Entrepreneurs are not just interested in money, being an entrepreneur is about creating something original and new.something that someone else did not do before. To be a successful entrepreneur, one needs a rigorous education and persuasive people skills. The flexibleRead MoreNature And Importance Of Entrepreneurship Essay2371 Words   |  10 PagesSection 03 -Entrepreneurship process 1. 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I however believe it should at least be taught, if only to provide our youth with another optionRead MoreThe Importance of Entrepreneurship and Small Business in a Worldwide Context1430 Words   |  6 PagesEntrepreneurship Report List of contents: 1 Introduction 2 Definition of enterprise, entrepreneurship and intrapreneurship 3 Skills, attributes and behaviours of entrepreneurs 4 The importance of enterprise, entrepreneurship and small business in the context of the wider economy as well as the individual or team. 5 Stages necessary to evaluate a new business idea 7 Summary and recommendations 8 List of references Introduction This essay is about entrepreneurshipRead MoreRelationship Between Entrepreneurship And The Economic Development Essay1091 Words   |  5 Pagesthe relationship between entrepreneurship and the economic development in Saudi Arabia. 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Its apparent from the literature that â€Å"significant differences exist in the levels of entrepreneurial activity across countries† (Pinillo Reyes, 2011) and existing research addresses the question as to why some countries haveRead MoreEntrepreneurship : The Entrepreneurial Function1623 Words   |  7 Pageshave differing ideas on the relative value of resources or when resources are turned from inputs into outputs. The theory of the entrepreneur focuses on the heterogeneity of beliefs about the value of resources (Alvarez and Busenitz, 2001: 756). Entrepreneurship – the entrepreneurial function, can be conceptualized as the discovery of opportunities and the subsequent creation of new economic activity, as a majority or active shareholder who, in many small and medium–sized firms, assumes both the entrepreneurialRead MoreThe International Business Field And The Entrepreneurship Field940 Words   |  4 Pagessmall and medium siz e businesses. There are studies that think of international entrepreneurship as more of a common marvel than young ventures entering international markets and slight interest is dedicated to the entrepreneurial behavior of organizations once they first enter into international markets. There is an inequality among the international business field and the entrepreneurship field, because of findings that exploit a theoretic outline, many use an outline