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How To Write An Essay On Entrepreneurship: An Easy Guide
29 Aug 2021
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✍️Essay On Entrepreneurship
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You no longer have to wonder how to write an entrepreneurship essay because this article will cover it all: the characteristics of a technical essay, how to get started, how to structure it, and how to choose a great topic that’ll keep the reader hooked from start to finish.
Of the different aspects of writing entrepreneurship essays, probably the hardest thing is choosing an excellent topic. Whether you’re writing about business ideas for students , business dissertation topics for doctorate students, or how to start a business plan writing, you have to make sure that they are topics that people are actively looking for.
What is an Essay On Entrepreneurship?
Simply put, they are essays where you focus on the aspects of running or starting a business. With essays like this, you typically give expert tips on specific problems or write about case studies that highlight successes or grave blunders. If you want to provide even more data, you can explain what entrepreneurship is, details about the business world, a great business owner, and also relate to economic growth. Yes, you can write about a marketing strategy or a unique business, but make sure these don't occupy a lot of the essay. You will need to present an original essay that is a real business essay and include related topics in order to make your paper better.
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Here we can see that innovation and creativity have a huge role in any essay on entrepreneurship essay and also offer great skills and knowledge even about rules and regulations. We can also see that the college essay about entrepreneurship is essential for students who already have an idea and want to start a small business after college. This also means you will need to write an expository essay on entrepreneurship that makes a difference.
Who Does An Entrepreneurship Essay Target?
Usually, these essays are aimed to help people who are thinking of starting their own businesses, existing entrepreneurs who want to be informed about their own niche and even business students.
Do I Need To Be A Business Expert To Complete The Task?
No, you don’t. However, you do need to be good at research, and you need to be able to separate credible facts from heuristics. If you’ve never written an entrepreneurship essay before, we recommend that you get help from a business expert to get the facts straight.
Tips On How To Make Your Essay On Entrepreneurship Perfect
Entrepreneurship and entrepreneurs are complicated people. This transfers to the essays on entrepreneurship as well. Luckily for you, we have selected a few tips that can help you with the process and can make a massive difference. Most of the time, you will have to write about a small business, but not always. You may have to include traits and characteristics, a business plan, a case study, and project planning, among many other things. Let’s see these tips that will help you.
- Check The Requirements A business essay about a small business or anything similar must answer all the questions which will make it an original essay. That being said, you do need to know the requirements before you even start working on the paper. Read them and then read them again. The goal is to understand all the details and requirements.
- Create The Plan An entrepreneurship essay should start with a plan. This is a simple part of writing where you will cover elements you will include in the entrepreneurship essay introduction, body, and also the entrepreneurship essay conclusion. Once you are done, you can start writing. The more details you include in the plan, the better paper you will write.
- Research You need to do a lot of research. It can be about entrepreneurial leadership, entrepreneurship, small business, economic development, or anything else. You will see this tip in any essay guideline, so you can deduce how important it actually is. You cannot get a better grade if you skip this step.
- Write A Rough Sketch Even if you are writing about successful entrepreneurship or anything similar, you need to start with a rough sketch. It will have all three sections and rough ideas. Then you can see what you like, what you would like to add about entrepreneurship and entrepreneurs, and what you can remove. This is an essential step as well.
- Edit It Edit the paper, and you are done. You have a nice essay about small business development now or any other topic, and you can expect a great grade. This works well in practice and saves you time. A paper you didn't proofread, or edit is not going to get you the grade you like.
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Characteristics Of An Entrepreneur Essay
Typically, any good entrepreneur paper contains points that provide the audience with solutions to their problems. Below are the characteristics that you need to include in your own essay in order to make it acceptable:
Focus on a specific problem – the best essays tend to go into detail about one thing in particular. Unless it’s a business news article, these written pieces hone down on a niche problem by either:
- Inform the reader about how they can identify whether they are experiencing it.
- Provide detailed steps that they can take to solve it.
Specification of who the target audience is – an entrepreneur essay typically lets the reader know whether a particular article is addressed to them. This is done pretty early on, either in the introduction or even the headline itself.
Inclusion of examples or case studies – you don’t have to specifically write an essay about an entrepreneur to include details about one. For example, if you are writing about how you can increase your return on investment on an e-commerce store two-fold, you should definitely include case studies where that has been done. Not only does this show the reader a way in which can be done, but it also gives your essay legitimacy as you illustrate a solution that has actually worked previously.
How To Write An Essay On Entrepreneurship?
For the most part, writing an essay on starting, running, or growing your own business is much like writing any other essay. It’s in the nuances that the differences lie. Hence, if you’re already great at writing in general, then this should be easy for you. Nevertheless, it might still help to go through these tips and further improve your skills. Yes, you can always use the best custom essay writing service available online to get the help you need and get over this task in no time.
How To Start An Essay Of This Kind?
The start of the essay is extremely important. The average reader only reads the first few paragraphs of a written piece before they decide whether they’re going to go through the entire thing. This is true for everyone, from a high school student to the CEO of a megacorporation.
So, how do you ensure that the start is captivating? Just follow these tips:
- Pick an attractive headline – if you want people to read what you’ve written, you need to present a catchy headline that’ll get them to stop scrolling through a newsfeed or an archive. A good way to go about picking one is to think about what your audience needs: do they need to improve revenue? Do they need to improve productivity? Do they need to reduce mental stress? After you’ve honed down on the problem, all you need to do is promise a solution in the headline, like so: ‘Ten Proven Ways to Double Your Revenue.’
- Get to the point as soon as possible – people are impatient. They want solutions as soon as possible. Hence, you must include a brief summary of what to expect in the introduction.
- Appeal to the reader – know what your reader’s pains are and talk about them in the introduction. Those who relate to these pains will keep on reading.
What To Write About?
If you’re not sure about what topic to go for, we recommend asking yourself these questions to help you pick one:
- What’s relevant these days?
- Do lots of people have this problem?
- Can I write about this topic without conducting complex, primary research of my own?
- Has this theory been accepted or debunked?
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What Are Great Entrepreneurship Essay Topics?
As mentioned above, picking a topic is probably the most difficult part of writing an essay sometimes. But don’t worry, we’re here to help you out.
How To Choose A Topic For The Essay On Entrepreneurship?
If inspiration hasn’t struck yet, feel free to choose a topic from the list below:
- The Role Of Women in Business – write about how feminism and women help the world of business.
- Why you should become an entrepreneur – improve the quality of your life by making more money.
- The Traits Of A Successful Individual– talk about the essential traits to navigate the world of business.
- Every Entrepreneur needs to have characteristics – write about the characteristics needed for success.
- An Interview With A Successful Person - choose a successful person in a specific niche and interview him/her about their experiences.
- Are Entrepreneurs Born Or Made? - Discuss whether you’re born with business skills or whether you acquired them.
- How To Become A Successful Entrepreneur – talk about the steps you need to take to become great at business.
- The Benefits Of Becoming an Entrepreneur – inform how your life will be changed when you’re an entrepreneur.
- Entrepreneurial versus Managerial Styles – the differences between being an entrepreneur and a manager.
- How the internet has greatly helped entrepreneurs succeed – how to use the internet to propel your business.
In conclusion, if you’re wondering how to write an expository essay on entrepreneurship, we’ve covered all the important aspects of it in this article. We help you with everything from the typical characteristics of an essay to picking a great topic that you can work with.
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Essay on Entrepreneurship
Introduction
Entrepreneurship is a term that is widely applicable in the world of business. There are different definitions of the term entrepreneurship. The first definition identifies entrepreneurship as the process of creating a new business, with a view of making profits while bearing in mind all the risks that are involved. Different scholars have had their opinions about the description of the term entrepreneurship, including Stevenson, a renown expert in the topic. He defined entrepreneurship as the pursuit of opportunity beyond resources controlled. His definition is still widely applied by many in the world of business (Venkataraman, 2019). The second definition is linked to one Frank Knight, who defined it as the bearing of uncertainty and responsibility for risks within the financial market. Joseph Schumpeter also contributed significantly by defining entrepreneurship as the creation of new things in search of profits. Schumpeter also asserts that the role of creating new things is not only left to companies and other businesses but also individuals who make efforts in the area. The researcher introduced the concept of creative destruction to mean creation and invention of a new idea in the market that calls for the demise of the existing competitor. For instance, the emergence of Smartphones killed use traditional means of communication, such as telephone boots and regular use of letters. As such, Joseph Schumpeter contributed significantly as the term creative destruction is universal in the marketing. Marketing is a lucrative field that requires creativity for one to make an impact in the market. Fourth is Israel Kirzner who defined entrepreneurship as the process that led to discovery. It is important to note that most of the definitions by various scholars share a familiar concept, risk-taking and opportunity exploration.
A venture is considered as a small business that is started by one individual or groups with a view of gaining financially. The profits from the investment benefit all the backers of that particular project or business. There are many different ventures that an individual can offer to invest in. An enterprise should aim to make a financial gain to the individual or group that invested. The risk-taking tendency by entrepreneurs and the idea of profit making coincides with the typology of entrepreneurship. Examples of entrepreneurship ventures that many can get into include gazelle, microenterprise, small/lifestyle and medium enterprises.
A gazelle enterprise is a business venture that experiences rapid growth annually for period of over four years. Revenues of such an enterprise increase yearly by over 20% and must have a base capital of at least $100,000. Such companies experience high sales growth rates regardless of their size. However, most of such business ventures operate on the lower end of the scale. Company growth can be measured by the turnover or the number of employees working for the enterprise.
The second entrepreneurial venture is a microenterprise that employs a small number of people, usually less than 10. Microenterprises are started by small amounts of capital and they specialize in providing goods and services within its locality. All microenterprises venture into simple product lines and operate on small scale. Microenterprises contribute largely to the economy as they create employment. Business owners in such ventures enjoy small profits, which they use to improve their standards of living. As such, microenterprises agree to the typology of entrepreneurship by making profits for those who invest.
Small or lifestyle enterprises are business ventures started with aim of sustaining or maintaining a certain level of income. Such enterprises aim at sustaining a certain level of lifestyle for the entrepreneur. They employ a small number of people and maintain certain level of assets for owners. Lifestyle enterprises play a key role in employing people at the same time maintains a particular lifestyle for the owner, thereby, complying with the typology of entrepreneurship.
Medium size enterprises employ between 50 and 500 employees depending on the legislation in that specific nation. Such enterprises have a specified value of assets and in the UK, they have less than 250 employees. In the year 2013, there were over 5.2 million medium sized businesses, which comprised of over 99% of enterprises in the country. The aim of medium business enterprises is to make profit like any other entrepreneurial venture. As such, medium sized business enterprises agree to the typology of entrepreneurship.
According to Wennekers and Thurik (1999), a Schumpeterian entrepreneur is one who aims at capitalizing on the existing entrepreneurial abilities to make profits. In other words, a Schumpeterian entrepreneur will assess the current businesses that are operating and think of better services to people. The Schumpeter concept is Austrian. Existing product and service lines in the market require improvements for better service delivery (Wennekers & Thurik, 1999). A Schumpeter entrepreneur is an individual who capitalizes on such opportunities with a view of providing better services while making profits. An intrepreneur is a person who works for a particular organization and identifies better ways to improve quality and service delivery to customers. Innovative product development and marketing is the role of a manager working for that specific organization. As such, the manager is referred to as an entrepreneur. Managerial business owner is an individual who invests in a venture and entirely owns the business. Administrative business owners are not responsible for innovation and creative destruction in the market as these remains the work of managerial entrepreneurs. The main difference between the three terms described is that an administrative business owner is responsible for financing the venture while the rest work for the owner to ensure innovation and product development. A similarity known among the three types of entrepreneurs is the fact that they all aim to make profits for the owner of the business.
Miles & Snow (2009) classified organizations into four types, including prospector, defender, analytical and follower businesses. A prospector implies an organization that has difficulties in locating and exploiting a new product in the market. Such ventures require constant examination of the continually changing business world to succeed. The element of unpredictability makes a continuous check-up of the market a necessity to establish strategic production. According to the two researchers, prospector organizations have comprehensive product and service lines. Production in such cases prefers to promote creativity to efficiency. Defender organizations are defined as those entities that cannot survive in unstable environments (Miles, Miles, Snow, Blomqvist & Rocha, 2009). Their worry is how to maintain their current market share hence the need for them to operate in a relatively stable business environment. Cost leadership and specialization in a specific product line can well help solve the problem. Analyzer organizations refer to those that have both prospector and defender organization characteristics. They face a challenge of establishing in new markets and at the same have a problem of maintaining their current market share. Follower organizations refer to organizations that do not make long-term plans for business but instead ensure that managers study the dynamic world fast enough to cope with the changes.
Steve Blank in 2010 asserts that there are four types of entrepreneurs, namely small business owners, scalable, large business owners and large entrepreneurs. Small business owners face known risks in the market as they venture into product lines and services that are already known. A scalable business idea digs into the existing opportunity and turns it into a larger business through the expansion of its business activities. The aim of setting up such business entities is to take over the existing market and turn it out to make huge profits. On the other hand, a large business is an entity that has over 5000 employees or has a high financial turnover of over 1.5 billion Euros in a year (Blank, 2010). Any venture that does not feature any of the two characteristics or both of them cannot be termed as a large business. Social entrepreneurship involves start-up companies raising funds to solve cultural, social and environmental problems.
The data presented is indicative of the importance of having small businesses and startups within the economy. The data is extracted from the office of national statistics in the United Kingdom. Moreover, the data presented include information regarding micro-businesses and small businesses contribution to the economy of the region that they operate. For instance, from the year 2010 to 2017, the country has been registering an increasing trend indicating that such businesses play a crucial role. On employment, micro-business ventures employed over 4,618,315 people in 2010, and by 2017 (“Employment – ONS”, 2019), the number of those depending on such businesses rose to 5,491,009. On the other hand, small businesses employed over 3,785, 801 people in the year 2010 to a whopping 4,450, 716 by 2017. As such, micro and small businesses within the economy play a key role in ensuring increased employment opportunities as indicated by statistics from the national office in the UK.
Another vital aspect presented in the data provided is the turnover involved annually in the event of operating such businesses. Like the data on employment, the turnover for both micro and small businesses has been fluctuating from the year 2010. It is also critical to note from the data that in some years, the turnover reduced instead of increasing. For instance, in 2010 the turnover for both micro and small businesses was 589,871,148 and 549,139,326 billions of Euros, respectively. In the following year 2011, the turnover reduced to 552,345,550 and 508,579,840, respectively. However, the figures have increased as of 2017 to 791,771,342 and 616,807,735 respectively. The growth in the turnover of micro and small businesses is a clear indication that they contribute positively to the growth of the economy in the United Kingdom.
In terms of inventory and general count, micro and other small businesses have significantly contributed and have seen an expansion. This is indicated by the data provided as the numbers have changed from 2010 to 2017. In the year 2010, micro-businesses had a count of 1,861,590, which increased to 2,386, 740 by 2017. Additionally, small businesses increased their count from 196, 520 in the year 2010 to a whopping 231, 715 in the year 2017. The graphs provided indicates the trend that has been experienced in the economy in regards to micro and other small businesses. Such ventures are contributing positively to the economy of the United Kingdom.
Small businesses and start-ups play a crucial role in the growth of the social economy. Social economy comprises a diversity of enterprises and organizations sharing common values and features. Such may include cooperatives, mutuals, associations, foundations, paritarian institutions and social enterprises who value social objectives over capital. The first and most important role that the businesses play is the creation of employment (Burns, 2016). For instance, in the United States in the year 2015, small businesses and startups created over 1.9 million jobs. There are over 30.2 million small businesses in the United States who employ approximately 58 million people. As such, small businesses contribute primarily to the growth of the economy by creating jobs.
Second, small scale businesses and start-ups contribute by ensuring that the GDP of the country grows. Social economy contributes to the overall GDP sum and its growth projects more taxes to be paid. A small business thriving locally will have more to give as taxes to the local government and hence a contribution to the GDP. Such money can be used locally to develop infrastructure within the community. As such, small businesses play a vital role in ensuring that the well-being of the community improves in the long run.
Small businesses quickly adjust to changes in the economic environment and act as a cushion to the local economy in cases where large businesses have failed. This is because in cases of unpredictability in the market, small business owners are customer-oriented and can flex quickly to suit the needs of the market. Large businesses have few options in case of a similar predicament and may not help the local economy as anticipated. As such, all small businesses around the world contribute positively to the growth of the social economy as their interest is not capital-driven.
Blank, S. (2010). What’s A Startup? First Principles. Steve Blank .
Burns, P. (2016). Entrepreneurship and small business . Palgrave Macmillan Limited.
Employment – ONS. (2019). Retrieved 23 July 2019, from https://webarchive.nationalarchives.gov.uk/20160105164129/http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Employment
Miles, R. E., Miles, G., Snow, C. C., Blomqvist, K., & Rocha, H. (2009). The I-form organization. California Management Review , 51 (4), 61-76.
Venkataraman, S. (2019). The distinctive domain of entrepreneurship research. In Seminal Ideas for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and economic growth. Small business economics , 13 (1), 27-56.
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Disclaimer: This paper has been submitted by a student. This is not a sample of the work written by professional academic writers.
Any opinions, findings, conclusions or recommendations expressed in this work are those of the authors and do not necessarily reflect the views of StudySaurus.
While entrepreneurship is exciting and rewarding, it has some difficulties early on in the process. This means that becoming an entrepreneur doesn’t just come easy as one has to go through dozens of hardships and challenges along the way. If somebody asked me what the hardest thing about being an entrepreneur is, I would not hesitate to say it is the part of making decisions. Entrepreneurs every day in their businesses are forced to make some hard decisions on market conditions, accepting or declining business deals, prices, and costs.
There are a million reasons to love being an entrepreneur. However, if someone asked me what I do think would be most fun about being an entrepreneur, I would consider the part of being my own boss where I can set my own schedule with no one to dictate what I should do (FEDERICO, 2015). I love this freedom where I can only answer to myself.
While a good entrepreneur has to be a good manager, a good manager may not necessarily be a good entrepreneur. Most managers have a strong dislike in taking risks. On the other hand, a good entrepreneur has a high propensity for taking risks. Entrepreneurs are also higher in achievement motivation and preference for innovation compared to managers.
For a business to succeed, there has to be good management. There are common attributes that make good managers and, it is these attributes that determine the success or the failure of the business. Some of the characteristics that make a good manager include; good leadership, exemplary communication skills, willingness to innovate, willingness to focus on diversity, accountability, effective decision making, honesty, problem-solving, assertive, goal-oriented, open-minded among others (Leddy, 2017).
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Essay on Entrepreneurship: Top 9 Essays | Business Management
Here is a compilation of essays on ‘Entrepreneurship’ for class 11 and 12. Find paragraphs, long and short essays on ‘Entrepreneurship’ especially written for school and college students.
Essay on Entrepreneurship
Essay Contents:
- Essay on the Benefits of Entrepreneurship
Essay # 1. Introduction to Entrepreneurship:
Entrepreneurship is the name given to the factor of production which performs the functions of Enterprise. In economics, Land, Labour, Capital, Organisation and Enterprise are the five factors which are thought to be the basis of all the production activities.
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Entrepreneurship in a broader sense can be considered as a process of action undertaken by an entrepreneur (Person) to establish his enterprise. It is a creative and innovative response to the environment.
Entrepreneurship can be described as a creative and innovative response to the environment. Such responses may take place in any field of social endeavour may be business, agriculture, social work and education etc.
For the entrepreneur it is important to have knowledge about the economic and political environment, more particularly about the economic policies of the government and the financial as well as commercial institutions.
Thus a simple definition of entrepreneurship is doing new things or doing things which are already being done in a new way.
According to Dr. J.E. Stepenek, “Entrepreneurship” is the capacity to take risk; ability to organise and desire to diversify and make innovations in the enterprise.
According to Higgins, Entrepreneurship is meant for the function of seeing investment and production opportunity, organising in enterprise to undertake a new production process, raising capital, hiring labour, arranging the supply of raw materials, finding site, introducing new techniques and commodities, discovering new sources of raw materials and selecting top managers for day to day operation of the enterprise.
It may be concluded that entrepreneurship is a composite skill, the resultant of many qualities and traits. These include, imagination ready to take risk, ability to bring together and utilize other factors of production such as capital, land and labour along with intangible factors such as capability to mobilise scientific and technological developments.
Entrepreneurship thus involves taking risk and making essential investments under conditions of uncertainty. At the same time it is connected with innovation, planning and taking decisions so as to increase productivity in industry, business and agriculture etc. It thus plays a key role in the process of economic development.
Essay # 2. Definition of Entrepreneurship:
Entrepreneurship is a process of action an entrepreneur undertakes to establish his enterprise. Entrepreneurship is a resultant mix of many qualities and traits of an entrepreneur.
Entrepreneurship can be defined as a process undertaken by entrepreneur to augment his business interests. It is an exercise involving innovation and creativity that will go towards establishing his/her enterprise.
Entrepreneurship is the inclination of mind to take calculated risks with confidence to achieve a predetermined business or industrial objectives.
Essay # 3. Growth and Success of Entrepreneurship :
Entrepreneurship has opened avenues of great scope in the Indian economy. Our national economy is most suited to the growth of small business enterprise. Small business units offer a more convenient means of nurturing and developing entrepreneurship by providing the means of entry into business for new entrepreneurship talents. Small-scale industries are labour-intensive and can play an important role in solving the problem of unemployment.
Success of Entrepreneurship :
Following aspects are necessary for the successful entrepreneurship:
1. Regular inflow of information related to buyers, consumers, distributors, dealers, retailers, transporters etc., about raw material, quality aspects, government organisations, employees and competitors.
2. Satisfying the needs of customers.
3. Generation of adequate cash flow.
4. Regular objective assessment of the enterprise.
5. Improving productivity.
6. Maintenance of quality.
7. Use of technology of the time.
8. Be innovative.
9. Keep employees motivated.
10. Scrap or waste material be utilised properly.
11. Time management.
Essay # 4. Entrepreneurial v/s Managerial Styles :
An entrepreneur is a person who is motivated to satisfy a high need for achievement in innovative and creative activities. This creative behaviour and innovative spirit forms a process of an endless chain and is termed as entrepreneurship. An entrepreneur is also required to manage his business. He has to perform both entrepreneurial and managerial functions. After the start of the business he becomes more as manager.
Manager is one who specialises in the work of planning, organising, leading and controlling the efforts of others. He does it through systematic use of his classified knowledge and principles. He should have an insight of job requirement, which he should continuously update.
An entrepreneur must adopt the style of professional management. He must organise managerial functions by setting long term objectives, formulating strategic policies, developing management information system, monitoring and evaluation systems. He is required to possess management knowledge related to technical, economical, financial, human and administrative aspects.
There is a vast difference between owner-manager and professional-manager. The owner- manager is identified with individuality, flair, strong motivation to achieve success and prosper, while the professional-manager is concerned with the planning, organising, motivating and controlling. Owner-manager builds the organisation, assumes all business risks, and also loses his reputation and prestige in the event of failure of business, whereas professional-manager is not exposed to such risks.
Thus entrepreneurship is a process of combining resources to produce new goods or services and reappears to initiate another change. Entrepreneurs are also required to play other roles, especially those of capitalist and manager. Managerial function of an entrepreneur is a continuous process of combining the factors related to production.
Essay # 5. Entrepreneurial Development :
For the economic development, entrepreneurial development is necessary. For the purpose of entrepreneurial development, rapid growth of small scale sector is necessary. Entrepreneurial development programmes are designed to help a person in strengthening his entrepreneurial motive and in acquiring skills and capabilities necessary for playing his role effectively.
Main objective of the entrepreneurial development programme is to motivate and assist prospective and potential entrepreneurs to set up small scale units of their own and thus become self-employed and contribute significantly to production and employment in the country.
Entrepreneurial development programme must be designed properly and should incorporate the following:
(i) Developing, achievement, motivation and sharpening entrepreneurial traits and behaviour.
(ii) Project planning and development, and guidance on industrial opportunities, incentives and facilities, rules and regulations.
(iii) Developing managerial and operational capabilities.
Keeping the target group and target area in view various strategies and approaches are adopted. The process of entrepreneurial development is designed very carefully and starts from identifying the potential and right candidates, linking suitable project with each one, and then training and developing the managerial and entrepreneurial capabilities, counseling and motivating them, and then providing the required follow-up support to help them in establishing their venture.
Objectives :
Objectives of entrepreneurial development programme are to help to:
(i) Develop and strengthen their entrepreneurial quality.
(ii) Analyse environment related to small business and small industry.
(iii) Select product and its project.
(iv) Formulate projects.
(v) Understand the procedure for setting up of small enterprise.
(vi) Support needed for launching the enterprise.
(vii) Acquire basic management skills.
(viii) Appreciate the social responsibilities.
(ix) Let him set the objectives of his business.
(x) Prepare him to accept risks.
(xi) Take strategic decisions.
(xii) Develop communicating skills.
Training for Entrepreneur :
Proper training is essential for the success of any industry in production techniques, management, marketing and other aspects.
Small Industries Service Institutes and their Extension Centres are organising trainings:
(i) To improve technical skills of workers,
(ii) For acquainting the entrepreneurs with advanced production and management techniques.
The courses for workers are organised in the following areas:
(a) Shop practice courses such as machine shop practice, tool room practice, foundry, blacksmithy, electrical shop practice etc.
(b) Trade oriented courses, such as tool making, fitter, sheet metal, pattern making, carpentry etc.
(c) Process oriented courses, such as welding, heat treatment, electroplating, leather works etc.
(d) Product oriented courses, sport goods, foot wear, paint, varnish making etc.
Training programmes for entrepreneurs are of two types namely:
(i) For graduate and diploma holder engineers, physics and chemistry graduates and
(ii) For rural artisans, educated unemployed, ex-servicemen, weaker sections of the society, women entrepreneurs etc. with special courses for each of the categories of persons.
For providing training and upgradation of technology and managerial skills, specialised institutions have been set up.
For conducting entrepreneurship development programmes, the lead was given by Small Industries Development Organisation through its small industries service centres. Entrepreneurship Development Institute of India (EDII) was established in 1983 at Ahmedabad as a resource organisation at the national level for the purpose of creating the institutional infrastructure for entrepreneurship development.
National Institute for Entrepreneurship and Small Business Development (NIES BHD) was established by the central Government at New Delhi, with the objective of coordinating activities related to entrepreneurship and small business development.
In addition, institutions established by the Government are:
(i) Rural Entrepreneurship Development Institute (RED) at Ranchi.
(ii) Rural Management and Management Centres (RMEDC) at Maharashtra.
Other organisational actively conducting entrepreneurship development programmes are:
(i) State Bank of India
(iii) Centre for Entrepreneurship Development at Ahmedabad and Hubli.
(iv) State financial corporations.
(v) Industrial consultancy organisations in various states.
(vi) Small Industries Extension Training Institute, Hyderabad.
(vii) Institute of Entrepreneurship Development (IEDs) in Uttar Pradesh, Bihar and Orissa.
(viii) Management Development Institute (MDI) at Gurgaon (Haryana) near Delhi.
Some of the other institutions for entrepreneurial development are:
1. Central Institute of Tool Design, Hyderabad.
2. Central Tool Room and Training Centre, Calcutta.
3. NI SIET, Guwahati.
4. Institute for Design of Electrical Measuring Instruments, Bombay.
5. Electronic Service and Training Centre, Ramnagar.
6. Process-cum-Product Development Centre for Glass and Ceramic Industry, Ranchi.
7. Process and Product Development Centre, Agra.
8. Process and Product Development Centre, Meerut.
9. Central Institute of Hand Tools, Jalandhar.
10. Hand Tool Design Development and Training Centre, Nagpur.
11. New Indo-Danish Tool Rooms, Jamshedpur and Bhubaneswar.
12. Ino-German Tool Rooms-Indore, Ahmedabad and Aurangabad.
13. National Institute for Entrepreneurship & Small Business Development, New Delhi.
14. National Institute of Design, Ahmedabad.
15. Centre for the Improvement of Glass Industry, Firozabad.
16. National Council for Cement and Building Materials, Delhi, Ballabgarh, Hyderabad, Patna and Madras.
17. Indian Plywood Industries Research Institute, Bangalore.
18. Central Pulp and Paper Research Institute, Saharanpur.
19. National Federation of Industrial Cooperatives Limited, New Delhi.
20. Central Machine Tool Institute, Bangalore.
Essay # 6. Beliefs Regarding Entrepreneurship:
According to literature there are many myths about entrepreneurship:
But myths and realities about its are different as follows:
1. Myth about entrepreneurs is that they are born not made but “reality” is that entrepreneur characteristics and traits may be acquired through properly structured learning.
2. Myth regarding entrepreneurs is that all required is money but generally it is observed that excessive and surplus money reduces the risk taking opportunities, scarce for care resources and grasp for opportunities.
3. Myth regarding entrepreneurship is that it is profile of traits and characteristics but practically it is a combination of situational issues.
4. Myth about entrepreneurs is doer not thinkers whereas the reality is that frequent thinking in planning, creativity, innovation and risk taking is required.
5. As per myth “Business schools have no place in entrepreneurship” but in actual practice most of the successful entrepreneurs have come from engineering courses and business schools.
Essay # 7. Financing of Enterprise :
Finance is the main input of any enterprise. The entrepreneur needs capital to start with, and he also needs financial assistance at every stage of the project. Project finance is required for both short term and long term.
(a) Short-term Finance:
These usually refer to the funds required for a period of less than one year. These are usually required to meet variable, seasonal or temporary working capital requirements. Main sources for short term finance are borrowing from banks, trade credit, installment credit and customer advances.
(b) Medium-term Finance:
Period of one year to five years are regarded as a medium- term. These are generally required for permanent working capital, small expansions, replacements, modifications etc. These can be raised by issue of shares and debentures, borrowing from banks and other financial institutions, ploughing back of profits.
(c) Long-term Finance:
Periods more than 5 years are regarded as long-terms. These are required for procuring fixed assets, for substantial expansion, modernisation etc. Important sources of long-term finance are issue of shares and debentures, loans from financial institutions and ploughing back of profits.
Sources of Finance :
The sources from which the entrepreneurs can meet their financial needs for their projects are grouped as:
(a) Internal source, and
(b) External source.
In addition, the entrepreneur raises his finance by availing of available subsidies, state aid to industries etc. A judicious mix of funds from these sources should be given priority.
(a) Internal Sources of Finance:
(i) Personal and family savings.
(ii) Loans from L.I.C. and Provident Fund Account.
(iii) Loans against assets like land and property.
(iv) Loans against shares and debentures.
(v) Loans from relatives and friends.
(b) External Sources:
Substantial amount is required by an enterprise to buy machinery and equipment and to purchase land and buildings.
These finances are generally arranged from following sources:
(i) Borrowing from Banks.
(ii) Term-lending from institutions like IDBI; IFCI, Industrial Development Corporations etc.
(iii) From Government and Semi-Government agencies.
(iv) Other sources.
Institutional Finance :
Institutional finance is available for large, medium, small and tiny industries by commercial banks. Commercial banks include the State Bank of India group, nationalised banks, private sector banks and development corporations which have been especially established to provide industrial finance.
In addition, the Reserve Bank of India gives credit guarantees and the ECGC gives export guarantees to the small-scale sector. Industrial Development Bank of India (IDBI), by its refinance operations, plays a significant role in the promotion of the small scale- sector. The National Small Industries Corporation (NSIC) offers financial assistance in the form of its hire-purchase schemes.
Besides, new institutions like mutual funds, lease companies, financial service institutions, investment companies, merchant banks etc. provide financial assistance and financial services to industries.
Essay # 8. Factors Essential for Successful Entrepreneurship:
The following aspects/factors are essential for successful entrepreneurship:
1. Regular inflow of information concerning consumers or buyers, distributors and dealers/retailers, transporters, etc., about raw materials, quality aspects, competitors, government organization and employees.
2. Aspects regarding satisfaction of consumer requirements.
5. Aspects concerning productivity improvement.
6. Quality maintenance.
7. Utilization of upto date technology.
8. To be innovative in view of competition.
10. Proper utilization of scrap or waste material.
11. Proper time management.
Essay # 9. Benefits of Entrepreneurship :
Entrepreneurship has following three benefits for society:
1. Economic Growth:
These provide economic upliftment of society and generate labour employment.
2. Productivity Improvement:
It helped in improving the productivity, which means the ability to produce more goods and services with less labour and other inputs.
3. New technologies, products and services:
It helps in promoting innovative technologies, products and services.
Related Articles:
- Essay on Entrepreneurship | Management
- Essay on Entrepreneur: Top 8 Essays | Business Management
- Entrepreneurship: Compilation of Essays on Entrepreneurship
- 3 Special Challenges of Entrepreneurship | Business
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Entrepreneurship Essay: Topics & Samples about Entrepreneurship
In the course of your studies for management, marketing, or finance degree, you can be asked to write an entrepreneurship essay. Those who tried it know how challenging it is to compose a convincing and fact-based paper about business.
An entrepreneurship essay requires you to carry out thorough research. You have to arrange the findings to substantiate your opinion wisely. It shall be engaging for the reader. Usually, your purpose is not to inform but to explain your view on an economic phenomenon.
Entrepreneurship is about calculating one’s chances for success. It aims to establish a business opportunity and avail of it. In most cases, it involves product or process innovation. Thus, the goal of an entrepreneurship essay is to train your business thinking. It develops a habit of using subject-specific terminology and theories.
This article is your way to a perfect essay about entrepreneurship. Our team has prepared a guide and a list of topics where you can find an excellent sample essay about entrepreneurship. Yet, we know that the most challenging thing for many students is to come up with specific questions.
You can rely on the following steps while working on your paper:
- Pick or create a topic. The best essays focus on a narrow problem. Pick an idea that offers solutions or specifies how the reader can relate. Convey it all in your topic.
- Research thoroughly. Good preliminary research will prevent you from discussing stale news. Look for currently topical issues that many people face.
- Write an introduction. It is the most “selling” part of your entrepreneurship essay. Provide background information about the problem you are going to explore. Why did it arise, and who was affected?
- Work out a thesis statement. This sentence contains the central message of your writing. Specify your position on the narrow topic. For example, “Employee turnover is not always a negative thing.”
- Develop an argumentation. Make a list of all arguments that support your position and a few counterarguments. You will refine it when writing the main body. Include only the vital ideas and examples in your essay on entrepreneurship.
- Think of a conclusion. Mind that your readers will remember this paragraph most of all. What were the central ideas of your work? Summarize your arguments and restate your thesis with a development.
- Come up with an engaging title. It should make the readers want to keep on reading your text. An entrepreneurship essay title should reveal the problem you are going to discuss.
15 Entrepreneurship Essay Topics
To write a successful essay, you’ll need engaging topics on entrepreneurship. A good idea inspires you and gives a substantial reason for discussion.
Here we have collected the best entrepreneurship topics for your essay:
- Is becoming a successful entrepreneur an inborn quality or a developed skill?
- Is it efficient to unite researchers and entrepreneurs into one organization?
- Is contemporary entrepreneurship possible without online marketing?
- How can creativity make your business more identifiable?
- Does a model of economic development help entrepreneurs to achieve their goals, or does it limit their imagination?
- What are the psychological causes that urge entrepreneurs to seek profit?
- What are the reasons that spur the growing expertise of individuals in business issues?
- Which factors can bring entrepreneurship to bankruptcy?
- How could governments incentivize individuals to become sole entrepreneurs?
- What are the leadership characteristics of successful entrepreneurial management?
- Does gender influence a person’s skills in entrepreneurship as a career?
- Is it better to have a small enterprise or work for a large corporation, provided that the salary is the same?
- Compare the approaches entrepreneurs who start only one business and those who invest in multiple enterprises.
- How can MBA help you to become an entrepreneur?
- Analyze the path of a successful entrepreneur and suggest what could be improved.
5 Entrepreneurship Essay Questions
Your college or school professors can give you detailed essay questions. They direct your thought to make sure you do not diverge from the central idea.
Here you can check a list of entrepreneurship essay questions:
- In your opinion, is there a moment when an entrepreneur should stop expanding their business? Small business is easier to manage, but it provides less revenue. Big enterprises earn more but bring their investors to more serious risks and more significant expenses. Substantiate your point of view.
- What makes a successful business plan? Is it more important to calculate the economic feasibility of the future enterprise or predict the reaction of the target audience? Give examples of both approaches.
- Explain the concept of entrepreneurship. The essay should synthesize different formulations of prominent economists and sociologists. Make up your explanation of the term based on your synthesis.
- What can be done to avoid cutting the expenses of an enterprise? Staff reduction, renting smaller premises, and cutting salaries usually have negative aftermath. Are there any universal ways to make your business survive a recession?
- Imagine you are looking for a business partner. Which questions would you ask the candidates during the interview? Are there any traits you would look for? What kind of behavior would immediately tell you it is the wrong person?
Thanks for reading the article! Below you can find sample essays about entrepreneurship illustrating the structure that we have described above.
361 Best Sample Essays about Entrepreneurship
Starting a new business: opportunity cost, e-commerce barrier in entrepreneurship, the sunshine bag: entrepreneurship analysis.
- Words: 1978
Entrepreneurial Opportunities in Virtual Reality
- Words: 10974
The Issue of Female Entrepreneurship in China
- Words: 1792
Serenity Castle Salon and Cut: Hair Care Services Industry Profile
Independent entrepreneurship, intrapreneurship, and social entrepreneurship.
- Words: 1531
Concepts of Customer Data Dynamics and Sub-Concepts
Interesting facts in “invent & wander” by jeffrey bezos.
- Words: 3420
Innovation Management vs. Entrepreneurship
- Words: 2502
Corporate Entrepreneurship in Real-World Examples
Entrepreneurship theory and ideation techniques.
- Words: 2196
Development of Small Entrepreneurship
Netflix, tesla motors, and zoom managing growth, internal strengths and weaknesses of firms, a modern approach to phineas taylor barnum’s business model, a clothing boutique as a business idea.
- Words: 1227
Amazon and Tesco: Corporate Entrepreneurship
Business failure patterns in the united kingdom.
- Words: 3091
Use Ideation When Creating Your Startup
Social entrepreneurship: khan academy project, remote entrepreneurship in the post-covid-19 period, nascent entrepreneurs challenges in saudi arabia, the future of leadership in small business.
- Words: 3154
Entrepreneurship: A Wonderful Vocation
Eco-coffee shop: successful business plan, baldrige process reflection in manufacturing organizations.
- Words: 1395
Business Ownership: Choosing Relevant Option
The experience of the entrepreneur and networking of the founder, ways to keep your business going in hard times, entrepreneurship at a large company, basic entrepreneurial finance concepts, accounts receivable in a sole proprietorship, small and big firms’ impact on business and society, international franchising and its benefits, why an entrepreneur would choose c corporation status, entrepreneurship and innovation barriers in australia.
- Words: 2511
How Entrepreneurship Contributes to Personal Relations
- Words: 1402
Entrepreneurial Pitfalls Description
Critical thinking. start-up success and growth, entrepreneur’s strategies, traits, and habits, the benefits of considering small businesses in government contract solicitations, distinctive personal entrepreneurial traits.
- Words: 1224
Measures to Accelerate the Time to Break Even
Sustainable development of small and middle enterprises.
- Words: 1154
Aspects of the Benchmark Process
- Words: 1656
Aspects of Social Entrepreneurship Orientation
Entrepreneurship: making a business plan, sources of capital for entrepreneurs, incident management, and security training capacities for the enterprise.
- Words: 1474
Technology and Innovation: Entrepreneurial Action Research Project
- Words: 1481
Starting a Business Enterprise
- Words: 2023
Lean Start-Up Entrepreneurial Venture Development
- Words: 1098
Cooper’s Stage-Gate Model Analysis
Gender gaps and reentry into entrepreneurial ecosystems after business failure, natural hair care products as a business idea, aspects of entrepreneurial thinking, bbq restaurant in montgomery, al: business plan.
- Words: 1102
“Entrepreneurship in and Around Institutional Voids…” by Mair
- Words: 1031
A Spa: Business Scenario
Australians: not entrepreneurial model of life.
- Words: 3180
Customers’ Perceptions of M-Banking
- Words: 2046
Profitability in the UK Technology Industry
- Words: 4995
Family Business Promoting Economic Growth
- Words: 1510
Chevere Team-Cuisine: Proposed Business Plan
- Words: 1332
Creating a Startup: Exploring the Industry and Its Risks
Entrepreneurship journey case study.
- Words: 2941
International Innovative Driven Entrepreneurship
- Words: 1228
Female Entrepreneurs and Global Economic Development
Warner media and its subsidiary.
- Words: 2093
Summary of the Interview About Real Estate With the Expert in This Area
Women entrepreneurs opportunities and challenges in saudi arabia, entrepreneurship trends in uae, social entrepreneurship definition, the influence of entrepreneurial leadership on social capital.
- Words: 2122
Aspects of Entrepreneurial Orientation
The king abdullah university of science and technology helping entrepreneurship.
- Words: 1961
Entrepreneurial Activities in a Developing Country
Research, presentation and organizational communication.
- Words: 3709
Does Culture Impact Entrepreneurial Activity
- Words: 1799
Adult Day Care: An Entrepreneur Business Model
- Words: 2017
Entrepreneurship Benefits and Challenges
National business environment: creating collaborative agencies.
- Words: 1104
The Venture Challenge and Opportunities
- Words: 1651
Businessperson’s Vision, Mission, and Values Statement
The ipod entrepreneurship and corporate venturing, “how to change the world” by d. bornstein.
- Words: 1389
“Campus CEO” by Randal Pinkett
- Words: 1363
Manufacturing Enterprises: Rolls Royce, Jaguar, JCB
- Words: 1704
Personality and Values in Human Services Practice
Insurmountable obstacles as entrepreneurial opportunities, arabic coffee shop in the uae.
- Words: 1661
Leasing and Buying a Residential Property
Fighting fear: the only secret behind becoming rich.
- Words: 2732
The Discipline of Innovation: The Trimming Technique
The doctrine of insurable interest.
- Words: 2412
The Entrepreneurship: The External Market Forces
- Words: 2226
Business Partnership: Limited Liability Partnership
- Words: 2316
Entrepreneurship: Advantages and Disadvantages
- Words: 1297
Advantages and Disadvantages of IaaS
Job costing implementation: auerbach enterprises, personal it consulting and customer interaction.
- Words: 1025
Starting a Small Business and Planning
Business and corporate law: evidence-based policing, theo paphitis concepts about enterprise and small business development.
- Words: 1903
Entrepreneur: Characteristics and Mindset
Kirzner’s theory of opportunity.
- Words: 2450
Starting a Business vs. Working for an Employer
Entrepreneurship and small business management, training programs for entrepreneurs in riyadh, saudi arabia.
- Words: 9549
Essence and Examples of Social Entrepreneurship
Entrepreneurship: amara online shoe shop.
- Words: 7379
Entrepreneurial Intention in Developing Countries
- Words: 4227
Justification of the Necessity to Adjust Training Programs for Entrepreneurs
- Words: 3199
Intrapreneurship as the Corporate Culture Element
Entrepreneurs’ strengths and weaknesses, angels of hope: a nonprofit organization that helps the people, social entrepreneurship: supporting philanthropic organizations, enterprise computing challenges and enterprise resource planning.
- Words: 1449
Entrepreneurship: History, Reasons and Roles
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An entrepreneurship essay should start with a plan. This is a simple part of writing where you will cover elements you will include in the entrepreneurship essay introduction, body, and also the entrepreneurship essay conclusion. Once you are done, you can start writing. The more details you include in the plan, the better paper you will write.
Entrepreneurship is a term that is widely applicable in the world of business. There are different definitions of the term entrepreneurship. The first definition identifies entrepreneurship as the process of creating a new business, with a view of making profits while bearing in mind all the risks that are involved.
Most managers have a strong dislike in taking risks. On the other hand, a good entrepreneur has a high propensity for taking risks. Entrepreneurs are also higher in achievement motivation and preference for innovation compared to managers. For a business to succeed, there has to be good management.
Entrepreneurship is simply the process of designing, launching, and running a new business or enterprise. It can be done by anyone, regardless of their level of experience or education. Many people think that entrepreneurship is all about starting new businesses, but that’s only one aspect of it.
An entrepreneurship essay requires you to carry out thorough research. You have to arrange the findings to substantiate your opinion wisely. It shall be engaging for the reader. Usually, your purpose is not to inform but to explain your view on an economic phenomenon. Entrepreneurship is about calculating one’s chances for success.