Entrepreneurship And Small Business Development Essay

Entrepreneurship And Small Business Development - Essay ExampleEntrepreneurship is too about making proper plans and arranging the resources required for converting the market opportunities into reality (Dyck and Neubert, 2008, p.173). While on the other(a) hand, an enterpriser is an individual who is focused on the decision of allocation and harmonization of scarce resources (Casson, 2003, p.19). Bill Gates, Steven Spielberg, surface-to-air missile Walton, Gordon Moore, Ted Turner and Alan net income ar among the eminent entrepreneurs of the world (Finance in the classroom, n.d.). However, in the context of this project Alan Sugar, the owner of Amstrad allow be chosen as the entrepreneur on whom the learn will be conducted. Alan Sugar is a successful entrepreneur and tasted success at an early age. The leadership skills of Alan Sugar are overly noticeable. Hence considering all the germane(predicate) facts Alan Sugar is the ideal person. The study will focus on the attribu tes associated with an entrepreneur and similarly the theories associate to it. The report will also highlight the relation between the entrepreneurs and the theories applied. The report will then try to give an insight about the entrepreneur by considering the literature and the practical work. Finally, by and by analyzing the finding from the study, a conclusion will be drawn which will portray whether the null guesswork holds true or it is rejected. An overview of the theory of leadership as applied to entrepreneurs Entrepreneurship has always been a subject of study that has been highly researched and theorized and is still in the developmental stage. Earlier studies have proposed that entrepreneurs are more inclined to incomparable psychological unavoidably and are also more spontaneous, motivated to achieve their goals, takes more challenges and are also prone to take more risks. Hence an entrepreneur has to adapt according to the demand of the situation. The most essen tial functions of an entrepreneur are as follows- 1. Organization building - An entrepreneur needs to organize all the relevant elements such as manpower, material and the related resources. The entrepreneur has to perform the function of planning, organization, and monitoring. The entrepreneur also needs to use the leadership skills to build a team, accumulate resources and finally solve the problems. According to Kilby, entrepreneurship is an important natural process in developing countries and encompasses the following rule. Purchasing inputs. Managing finance. Managing production. Attaining charge over the limited resource. 2. Bearing Uncertainty and seek - According to the author Andrew F. Newman, an entrepreneur has to bear huge risk and uncertainty (Newman, 2007, p.1-2). Every decision related to the creation of a new product, incorporating new technologies, and taking up foreign venture involves risk and uncertainty. therefrom in this uncertain environment entrepreneurs n eeds to make the decision by forecasting the associated risk. Since entrepreneurs are not gamblers, therefore, they take calculated risks. Entrepreneurs also lead, create and take actions. Therefore all the mentioned behaviors produce leadership competencies. lead is about selecting the appropriate style according to the situation. Also, the characteristics of the person, who is being guided need to be considered (BBC, 2006). The leadership qualities are an important characteristic for an entrepreneur.