Free essay on evaluating the key theoretical developments of the term – entrepreneurship


In this modern era, the main aim of almost every individual is to become a great entrepreneur. But, first of all, let us know the exact meaning of the word – entrepreneur! Simply put, the entrepreneurs are those individuals who are the innovators – who have the capacity to do something different, something unique from rest of the world. They are the ones who stimulate the job growth, economic growth as well as build the stairs of development not only for them, but for thousands of employees who are working for them. It is due to these entrepreneurs that Americans got a golden opportunity to compete with and in the global economy. An entrepreneur is a person who has an attitude, behaviour in such a way that benefits local communities and advances human welfare all across the globe. They are the shining stars of the developing economy of any country!
Till now, various examples of successful entrepreneurs can be cited easily as many of them have been successful in standing odd one out from among the crowd to become different and unique! Let us go through the lives of some of the renowned entrepreneurs who have created a difference in the economy of their respective state.
Joseph Schumpeter – a well-known Austrian American economist of 20th century has served successfully as a finance minister of Austria. Schumpeter is known to be an innovator, his dynamic, and change-oriented and innovation based economics led to earn respect all over the world. His writings were so intellectual that it was included in the historical school of economics. His work on the role of innovation and entrepreneurship can be experienced even today!
Peter Drucker – another successful entrepreneur who was an Austrian-born American individual famously known for contributing immensely as a management consultant, educator, as well as an author, whose writings contributed to the philosophical and practical foundations of the modern business corporation even in the present era. He introduced a concept known as – Management by objectives, as by far, he was successful in becoming a leader in the development of management education!
David C. McClelland – a very popular intellect famously known as American psychological theorist. He was the one who developed the theories relating to the needs of an individual by actually studying the psychology of humans. Through research, he was able to provide noticeable contributions and even developed new scoring systems for the Thematic Apperception Test and its descendants. McClelland’s theory – Achievement Motivation Theory commonly referred to as need achievement or n-achievement theory is still being used by the educative institutions to make the students aware about the general psychology of mankind!
Similarly, the other entrepreneurs like Max S Wortman, Murray B. Low and Ian C. MacMillan, Mark Casson, Jean-Baptiste Say and Richard Cantilon are some of the renowned entities of their respective time that gave the world with new theories and explanations that are being applied and implied even today!

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It should be known that ‘ employment’ which is one of the most crucial things in today’s scenario is provided by entrepreneurship. According to the current reports of the economy of the world, where recession has strike in almost all the countries, the unemployment rate has been smashed tremendously which have not been recovered yet. On the other hand, the entrepreneurs are those entities who create fresh ventures that may be either small or even large-scale employment opportunities for thousands of people and gradually, with the business growing by leaps and bounds, the employees even become successful in their career as they get a fair chance to prove their unique skills in the organization. In short, the presence of more number of entrepreneurs can really curb the problem of unemployment by extending wonderful opportunities to thousands of people at a stretch.
With the presence of entrepreneurs in our lives, a significant change has been observed in the way we have been living our lives earlier with a traditional outlook and approach! The incredible innovations made by these entrepreneurs have increased the standard of living of almost every people living in every corner of the world.
Looking to the lives of the entrepreneurs, it can be noticed that almost every entrepreneur start his business either because he is immensely attached with something that he loves, or maybe he got inspired by an idea which he began to truly believe in. Thus, this positive vibe and energy for working in competitive environment overlays the way for innovations as well as unique advancements in technology which tends to directly create a difference in the economic development of any country that too in a positive way.
And if luck and efforts go hand in hand, there is even an opportunity where the business extends on a much wider scale, and production of the good is carried on global basis, making them compete on an international level and standing out as a separate identity by making a difference in the economy as a whole.
It is very interesting to know that the word – entrepreneurship is often called ” economic gardening.” the reason behind this is that entrepreneurship once started with a perfect planning and execution is surely going to bloom further. The first step is said to be crucial over here, once the pillars are set, the building can then be constructed and modified as per the need and requirement, similarly, once the pillar of business is set, rest success depends upon your constant efforts and determination to lead it to greater heights. With such businesses growing by leaps and bounds, the local communities benefit greatly by tapping into existing assets and strengthening it socially and economically. On the whole, we can very well give the whole and sole credit to entrepreneurship as it has a wide potential to increase the earnings of communities on a large scale!
For people who have broad visions and goals in life, the word entrepreneurship is not just a responsibility of a particular work but is actually a stimulating speculation which has the ability to even change the future of an individual. There is hand full of advantages attached while starting a new project.
It should be noted that it is not a cup of tea of every layman to start a business as an individual needs high level of motivation, talent, determination and desire to succeed. Apart from this, a strong business plan that can actually and practically be applied on the basis of a solid intensive research is also vital!
The punch of these entrepreneurs, who have become successful with their small ventures and later expanded their business on a global scale, is that they are actually fully determined and are capable of starting and growing a successful small business with the proper amount of required knowledge and education, determination, experience as well as hard work that they must have gained in the previous years.

Now, let us put some light on the specific skills that are needed to become a successful entrepreneur!

The first and the foremost skill required to be a successful entrepreneur is having a powerful leadership. An entrepreneur is known to be an inborn and a natural leader with a straight vision of driving the workforce to do the things right and steering his company towards the success with ease.
The other quality that is pre-requisite in an entrepreneur is confidence. He should be a person having self-confidence, as well as the one who can execute his confidence well enough in his plans.
Energetic – this is the third quality that is required by an individual to become an entrepreneur as they need amazing capacity for hard work. As far as the entrepreneurs that have succeeded till now, each and everyone was well known for their energy, high level of determination and motivation which led them to the path of success by creating a big name globally.
Creative and Innovative: the simple word for entrepreneur is businessman! Hence, he is a person who is into buying and selling of a particular product. Now, this is an essential criterion to design and sell products as it requires being smart enough to woo the public and to make them believe in you. This creative and innovative approach provides with several benefits and helps you to sustain the hard core competitive market, making sure that you are able to capture the target market on launch without much difficulty.
Organized: the other important skill or quality for an entrepreneur is that they need to be highly organized and systematic in their way of work! Being lethargic would never work here as he would be in need to achieve great targets that too in a specified time limit. It requires special ability to deliver the correct thing at the correct time. Sticking to the schedules and delivering work at the pre decided time is what is known as being organized – which is very essential to become a successful entrepreneur.
The other basic qualities found among the entrepreneurs are that they face trouble being with their subordinates as they are usually known to be people of strong-will power who don’t entertain any other people to rule over them.
Highly competitive: As we all know this statement – survival of the fittest, it is but obvious for every entrepreneur to be highly competitive who’s only aim should be to strive hard for offering better services and products than the competitors prevailing in the market.
Last but not the least, he should be a risk taker and should never hesitate to seek help as and when necessary. Entrepreneurs are quite famous to take big though calculative risks that lead them to great heights. Absence of risk will never enable a person to expand his business and move towards the growth and success.
Being self reliant, using common sense as and when necessary and specialized knowledge in that particular field are even some of the important qualities of a successful entrepreneur! Hence, if you have a business plan and want to become an entrepreneur, then, it surely can be worked out if an individual possesses the above mentioned qualities. Moreover, in addition to it, a lot of important decisions need to be made when starting and nurturing a new business. So, a smart individual possessing these qualities can take a plunge in a new venture by taking calculative risks and can adorn his life with a beautiful and an incredible gift called SUCCESS!


The topic of entrepreneurship is quite popular nowadays and is a topic of long discussions and debates among students of business and administration. But earlier, the scenario was different! The concept of entrepreneurship was only limited to big ventures and projects, whereas the other small projects were not given that importance and were underrated. But, with the passing time, people became aware about the real meaning of an entrepreneur where what actually matters is the business and not the size of the business.
Change in time gradually led to more importance about the word entrepreneurship! From a study, it has been known that during the 1970s, everything about the previous concept of entrepreneurialism has changed – the importance of entrepreneurship has been realized and understood during this time and after because it led to change in the global economy by showering at least four social benefits to the world: it fostered economic growth, increased the productivity, created new technology and new opportunities for the people at large and it rejuvenated the competition in the market.
With more technological advancements and other modernized facilities being introduced to mankind, the concept of entrepreneurship gained grounds tremendously for many reasons. Moreover, it propelled the countries to be in the competitive market individually and emerging out as the winners by contributing fairly well in the rising economy of the country. Getting accustomed to the modern lifestyle and to enjoy all the luxuries of life, the conclusion as to why people should take the importance of entrepreneurship seriously is understood – behind which the basic aim is to maintain a high standard in living of the countries, with an enhanced improved economy and innumerable opportunities for the citizens to survive, earn their bread and providing them with a chance to prove their capacity.
In short, a person can become an entrepreneur if he sees that spark in himself which drives him directly to the roads of success. The then entrepreneurs of the world had even mastered some unique skills due to which they were able to create a niche for themselves as well as their organization. The basic and prime key to their entrepreneurial skills is that they have mastered the art of introducing innovate ways of accosting social concerns and mobilizing the resources in order to support their mission – that tends to achievement and success!
Overall, the entrepreneurs bring good things to society as well as to the economy through their entrepreneurship. Looking to the current scenario where scarcity of jobs and unemployment has spread every corner of the world, anyone with the personal characteristics to become an entrepreneur should definitely go for it. Entrepreneurs and their ownership of business is one of the oldest and most respected ways of making a living in every part of the world. It is through these business leaders who have led to introduction of new markets with varied unique as well as innovative business concepts.
The personalities of these entrepreneurs are really odd one out that really shine out different from the crowd. These personalities are known to have a forward thinking, inventive, courageous and are focused driven. Many goods and services that we use them in our daily life are nothing but due to the incredible invention of these entrepreneurs.
Entrepreneurship can be stated as one of the most beneficial forms of business in modern society in a similar manner as it was prevalent in ancient societies – just with a difference of being accepted it widely in the present time. Thus, entrepreneurs are the kind of people who are known to risk everything in order to turn their passion into a sound business concept that is in the interest of each and everyone.
Summing up everything, it can be said that with an idea to carry on a small venture and to lead it to new heights is the work of an entrepreneur. This idea can be anything – a new concept, a little bit of innovation, a new invention, or an adaptation of an old concept in a new way that can be done in a better, faster, cheaper and in a smarter way.
Becoming an entrepreneur can be a way difficult task – not meant for any layman. But, once it is firmly decided to take a plunge in a venture by taking calculative risk after proper definite planning, the advantages post the business venture will definitely be worth the work and efforts put in by an individual. With this strong determination, an individual can opt for a path of becoming a successful entrepreneur and being his own boss in doing things that he loves immensely.
When, at later stages, when he starts to taste the fruits of success, the business matures and then he is able to set his own work schedule! So the main thing which is again important is patience! Be patient and be confident enough to believe on your own efforts – success will definitely find out a way and meet you. Entrepreneurs, thus add many incredible contributions to the society and to the economy due to which they as well as their contributions are being remembered and read in the literature and other public portals even now and will even continue for years to come!


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