Small Firm Growth Is The Only Measure Of An Entrepreneur

Small firm growth is the only measure of an entrepreneur’s success Entrepreneurship is the process of starting a business; typically the company offers an innovative product, process or service. As per Carton et al, entrepreneurship is all about the identification of an opportunity, creation of new organization, and pursuing new ventures. There are many various studies based on entrepreneurship (directly as well as indirectly) like building and promoting a business, applying creativity to make an existing business more productive, external skills required in entrepreneurs, etc. In 1934, Schumpeter has stated that an entrepreneur not only needs to innovative and creative but also should be able to take risk. His views where then supported by Wickham in 2006. The responsibilities of an entrepreneur include developing a business plan, acquiring the required resources – financial, physical, human, technological, etc and putting them to work efficiently and also taking ownership of the success or failure of the enterprise made during this time. Th e entrepreneurs are individuals who can explore the environment, discover the opportunities, and exploit them after proper evaluation. There are studies pursued by others which differentiate between entrepreneurs and small business owners. Though these terms have been used interchangeably very often, but these studies have concluded upon noticeable differences amongst these two terms. An entrepreneur is known to have aggressively focusesShow MoreRelatedOverview Of Schumpeter Denoted Entrepreneur As An Essential Element For The Economic Growth And Entrepreneurial Process1339 Words   |  6 PagesSchumpeter denoted entrepreneur as a key in the economic growth and entrepreneurial process as a prime element in the progress and advancement of economy. Again he stated that entrepreneurship is an essential element for the development of any economy and economic and political framework condition would not affect the growth. The benefits due to entrepreneurship to community will be greater in those economies where entrepreneurs have flexibility to operate, to expand their ideas, and to obliterateRead MoreEntrepreneurship in Australia Essay1163 Words   |  5 Pagesan astonishing speed in present-day society. Business, which is divided into large, medium and small business, has become a primary symbol of the development of market economy. 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