Entrepreneurship Is The Process Of Opening A New Business

Entrepreneurship is the process of opening a new business; typically the company offers an innovative product, process or service. As per Carton et al, entrepreneurship is all about the identification of an opportunity, creation of new organization, and pursuing new ventures. There are many various studies based on entrepreneurship (directly as well as indirectly) like building and promoting a business, applying creativity to make an existing business more productive, external skills required in entrepreneurs, etc. In 1934, Schumpeter has stated that an entrepreneur not only needs to innovative and creative but also should be able to take risk. His views where then supported by Wickham in 2006. The responsibilities of an entrepreneur†¦show more content†¦As opposed to this a small business owner is the one whose objective is to manage stable growth, sales, and profits for his business. Every business that comes into existence goes through these phases. Pre-inception phase where in the business model is developed, the assets are allocated and the process is defined. It is then followed by the inception phase, which incorporates the analysis of the estimated risks and costs. Then beings the construction phase, where the project plan is prepared and the stakeholders are ready for the system to function. Then comes the production phase, where the production begins commercially. It initiates growth of the firm. In the growth phase of any enterprise, there are lots of challenges with the revenues or profits increasing. The peaking of profits, additional repairs and maintenance charges in the maturity phase then follows. Post this phase, the enterprise moves towards retirement unless it splits into a new business model or is taken over. Many researchers have studied Enterprise growth for decades now. Irrespective of the fact that the enterprises are large or small and public or private, the growth of an enterprise is concerned with the plans of the enterprise to execute fundamental changes. These fundamental changes involves multiple things like modified or new relationships with the markets or / and customers, offering new products or ones differentiated from those already existing in the markets, offering new services