Describe the process perspective of entrepreneurship

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Humanities

Description

  • Define entrepreneurship, and cite your definition.
    • Explain how entrepreneurs are likely to face extreme situations while working on their ventures.
  • Describe the process perspective of entrepreneurship, and explain how entrepreneurial ventures change across time.
    • Discuss the 3 phases of the process.
  • Use specific examples from the text and other resources. 1,200-1,500 words (word count for the entire paper) not including the title page and references in word count

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Explanation & Answer

Attached.

Running head: ENTREPRENEURSHIP

1

Entrepreneurship
Institution Affiliation
Date

ENTREPRENEURSHIP

2
Introduction

Entrepreneurship is the willingness and capacity to develop, organize and manage a
business venture with all its risks involved (Nordqvist, Wennberg, & Hellerstedt, 2013). Also,
entrepreneurship can be defined as the act of starting a business. Becoming an entrepreneur is
always everybody’s dream but it is not cut out for all. Many of the wealthy in society are usually
as an outcome of venturing into entrepreneurship as it has proven to be rewarding in nature.
Although this might be true, it is not an easy road as there are challenges that require resilience,
time and patience to overcome to enjoy the successes of entrepreneurship (Nordqvist, Wennberg,
& Hellerstedt, 2013).
Challenges Faced By Entrepreneurs
Entrepreneurship is marred with challenges. These challenges if not taken care of, it’s
more likely to see the fall of the business venture. One of the challenges is managing funds to
start the business. An entrepreneur has the responsibility of sourcing funds to start the business
(Baron & Shane, 2007). This can be quite challenging especially if the funds have to be sourced
in contrast to own savings. Also, the entrepreneur has to manage the daily flow of funds in the
business like managing invoices timely and following upon payments to ensure smooth running.
To manage this, it will need proper planning to maintain a proper budget to ensure covering of
all expenses associated with covering a project. The hiring of employees is another major
problem in entrepreneurship. Getting the right people for the enterprise is paramount for its
success as proper delivery is important for growth. This process has to be articulate as it takes
time getting that person that is aboveboard (Kuratko, 2016). It is also important to come up with
conditions of the type of qualifications needed and the right pay package to make it attra...


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