While brand-new project development shows up as the most common form of entrepreneurship, there are present other kinds. Entrepreneurship also entails the inception of improvements in the form of succeeding growth in the quantity of products created, and in present type or structure of organizational partnerships.
This article has conceptualized entrepreneurship based on resource mobilization, risk taking, and innovation. Beyond the above-mentioned economic variables, entrepreneurship can also be viewed based on a set of personal characteristics, motives and incentives of the actor in the entrepreneurship act.
Risk Taking; this is another economic variable upon which the economic perspective revolves. Risk taking distinguishes entrepreneurs from non-entrepreneurs. Entrepreneurs may not necessarily risk his or her own funds but in many cases will risk other personal capital such as reputation and the possibility of being more gainfully employed elsewhere.
Resource Mobilization; here entrepreneurship is reflected in alertness to perceived profit opportunities in the economy. This implies the allocation of resources in pursuit of opportunities with the entrepreneur playing the role of an opportunity identifier. This way, entrepreneurs are distinguished by their ability to identify persistent shocks or challenges (of long term opportunities) to the environment, and then to synthesize the information and take decisive actions based upon it.
In the entrepreneurship literature, some scholars have questioned the use of organization creation as criterion for entrepreneurship. Interesting as it might sound, the terms entrepreneurship and entrepreneur have been adopted by varied scholars to meet the innovation and spirit of the time. Activities inherent in such groups have flourished in recent years, and are increasingly being described as social entrepreneurship.
The principle of entrepreneurship is multi-dimensional. There are wide-ranging, somewhat contradictory and varied sets of meanings of the word. As a way out the definitional predicament, this post aims to clarify the fiscal point of view on entrepreneurship.
The fiscal viewpoint hinges on particular economic factor that include creativity, risk taking, and supply mobilization.