Entrepreneurship Essay Example | Topics and Well Written Essays - 1000 words - 1

Entrepreneurship - Essay Example The entire process of investigating demand and supply patterns of given product in a given business environment, and establishment of businesses to address the potential and existing demand entails the process of entrepreneurship. Entrepreneurship refers to the act of collecting and incorporating business ideas aimed at achieving purposeful and unique innovation in the production of a given product or service (Carsrud and Malin 7). Innovation in the context of entrepreneurship may result in various advantages such as introducing new or improved product in the market, new production techniques, and identification of newer markets for a product or service as well as identifying new source of supply of raw materials. It is imperative to understand that entrepreneurship is not only about starting of new business organization, but can also involve ideas to improve the state and performance of an existing organization. Importance of Entrepreneurship to America Entrepreneurship is a powerfu l tool for economic growth in any country. It is because of entrepreneurship and presence of globally acclaimed entrepreneurs that the American nation tops the list of world’s best performing economies. ... Since entrepreneurship involves creation and introduction of new ideas, it has helped the development of research and innovation in the American economy. About two out of three innovations in America are as result of entrepreneurship. These innovations have eased production processes while improving the quality of products, accomplishments that have collectively spurred the growth rate of the American economy (Bordogna 13). Since entrepreneurship entails creation of new opportunities, it has empowered and facilitated the development and growth of national wealth (Miller). Income earned by entrepreneurs and their employees has expanded public expenditure as people purchase raw materials and finished products of entrepreneurship, encouraging national production. Bordogna adds that entrepreneurship has helped in providing self sufficiency to the American populace as people can afford and easily find what they need for their consumption (13). Self –sufficiency in the American econ omy also relates to increased local production of goods and services that ensure cheap and affordable prices for goods and services. Characteristics of Successful Entrepreneurs Entrepreneurs are individuals with the brains bearing or capacity to exhibit entrepreneurial skills. Entrepreneurs identify business opportunities, gather and collect ideas that they use to establish businesses or improve state of particular firm. For entrepreneurs to emerge successful in implementing their ideas, they have to exhibit or posses particular characteristics. Unique ambition is one of the defining characteristics required of an entrepreneur. Ambition helps entrepreneurs to face the potential competition in the given industry with aims on achieving the desired goals (Gitman and Carl 14). Entrepreneurs are