Entrepreneurship Essay Example | Topics and Well Written Essays - 2000 words - 1

Entrepreneurship - Essay Example Capable entrepreneurs try to learn in order to find, select, elaborate and communicate the necessity of several effective new opportunities that can create a successful business venture. Successful entrepreneurs generally describe the precious contribution of a new venture and propose a design of business model which can be prolonged by several potential competitive advantages. After the development of business model, the venture team develops a strategy or road map. This developed road map or strategy will help to commercialize the new developed products or services in the potential and competitive market place with a combination of several sustained and stabilized competitive advantages (Byers, Dorf and Nelson, 2012). Entrepreneurs play an important role in the economic development of a country. Entrepreneurs are key contributors to the new job growth and technological innovation. This essay will critically analyze the statement of Kalpan, JM and Warren. Literature Review & Critica l Analysis Entrepreneurship is an important economic growth driver of a country. ... According to several common myths, it can be stated that the entrepreneurs start their business with break-through invention and take uncalculated risks in order to accomplish business goals. According to Allen (2011), entrepreneurs should have effective and detailed business plan with broad research findings. Moreover, the entrepreneurs need to have sufficient financial resources and years of work experience (Allen, 2011, p.56). Taking uncalculated risk is the major objective of a successful entrepreneur while starting a new venture. According to Sahay (2009), there are several important driving forces that create potential opportunity for the new venture (Sahay, 2009, p.121). Securing sufficient capital is an important driving force. In the early stage of business development, the entrepreneurs need to secure business capital. They can think about several options like direct investment or investment through venture capitalist. In terms of investment through venture capitalist, the entrepreneurs should design an effective business plan that can attract the venture capitalists. Reformed securities regulation is another major driving force. It helps the entrepreneurs to find business capital for their new venture. Creating entrepreneurial networks and industry clusters can help the entrepreneurs to develop business contacts. Through this process the entrepreneurs can fill specific industry niches within the networks and clusters. This process is highly beneficial to entrepreneurs and economic development strategies. The entrepreneurs should take important management and financial guidance from several professional small business assistance entities as these lessons are effective for a new