Monday, August 26, 2019
Marketing & Entrepreneuriship Essay Example | Topics and Well Written Essays - 3000 words - 1
Marketing & Entrepreneuriship - Essay Example In order to critically evaluate the factors which determine entrepreneurial success, it is imperative to begin by explaining the meaning of entrepreneurship in order to gain a clear understanding of the whole concept. Entrepreneurship is loosely defined as the emergence and growth of new businesses. Timmons believes that entrepreneurship is the process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled. Small to medium businesses are the dominant forms of business developed by entrepreneurs in the economy and is going to be discussed below, the success of this kind of business can be attributed to many factors. For instance, venturing into a mobile business which offers fast foods is a good example of entrepreneurship given that an entrepreneur can capitalize on the opportunity of satisfying the needs of the customers who do not wish to visit restaurants. However, it is not an easy feat to successfully operate in this venture withou t taking into consideration some of the following factors. Creativity and innovation are the major factors that can lead to the success of small business. Creativity can involve the adjustment or refinement of existing procedures or products, the identification of opportunities and the identification of solutions to problems. Basically, creativity involves new ideas and every person who establishes an enterprise, adds value and strives to ensure that the enterprise continues to exist and this person is involved in economic creation.