Starting and Developing a New Venture. Nature of Entrepreneurship Essay

Starting and Developing a New Venture. Nature of Entrepreneurship - Essay Example ameliorate further the living root words using creativity and innovation seems to be the most appropriate way of glide path up with such ventures. In spite of this, some entrepreneurs still find opportunities around them, which they develop as sensitive ideas. A new venture does not necessarily have to mean a new contrast altogether. It could be a new idea in a big companys department, or a new yield developed by an existing company. Improving on an existing product still encompasses entrepreneurial skills and innovation. However, starting a small business entity requires patience and strong entrepreneurial skills. The development of an idea to a big venture requires patience and courage. Big and established businesses in the like industry will try to push the new entrepreneur out of the business through advancement and price battles. Additionally, the giants will try to prove of experience in t he industry which they already have their customers. To attain customer confidence, the entrepreneur should ensure quality in their products and competitive pricing. Waging such a tough state of war requires commitment and dedication by the entrepreneurs. In exploring this topic of starting and developing a new venture, this physical composition will look at the entrepreneurial skills and c arers of two of the worlds most successful entrepreneurs, Stelios Haji-Ioannou of Easyjet and Richard Branson of Virgin. Many scholars have pen about entrepreneurship. According to oxford English dictionary an entrepreneur is a someone who attempts to make profit by taking risk through an initiative. Richard Cantillon is credited to be the originator of the word entrepreneur in the form 1755 in his book Essai sur la nature du commerce en general. Stokes & Wilson (2010, p. 1) believes that entrepreneurship is more than just the business of making money. According to Sjovoll & Skogen (2010, p . 8), the creativity and innovation exhibited by the members of a society and at family level are forms of entrepreneurship. Hardly do these talents get noticed however, until an idea is put into causeion. A visible entrepreneurial idea is called a venture. The different skills and attributes portrayed by a person makes them entrepreneurs, while the ability of a person to see an opportunity where other people cannot see one defines the persons entrepreneurial skills (Sarasvathy 2004, p. 521). thither exists a distinction between entrepreneurship and Intrapreneurship, which is a rather new term in the corporate world. age entrepreneurship defines both the act and the art of undertaking innovations that include introducing new things especially in the business acumen, Intrapreneurship is the act and art of entrepreneurship in large organizations. Employees who undertake to develop their organizations through creative ideas such as product development are referred to as intrapreneurs . Nature of Entrepreneurship A lot of business lines have been raised regarding the nature of entrepreneurship. mend some experts believe that great entrepreneurs are born, others believe that the best entrepreneurs are trained (Pittaway & Cope 2007, p. 212). However, the argument of whether entrepreneurial skills are an inborn talent or are a learned and acquired through the plow of experience and education, different accounts of the careers of successful entrepreneurs provides answers to this. According to scholars though, the best entrepreneurs are trained. Greene & Mole (2007,p. 14-20) strongly believes supports this. According to them, entrepreneurship as a process does not end in a person