Who Is the Entrepreneur Entrepreneurship The process of brin

Who Is the Entrepreneur?

Entrepreneurship

The process of bringing together the creative and innovative ideas and actions with the management and organizational skills necessary to mobilize the appropriate people, money, and operating resources to meet an identifiable need and create wealth in the process.

Inventors are exceptional for their technical talents, insights, and creativity. But their creations and inventions often are unsuccessful in becoming commercial or organizational realities because their interests and skills are lacking in terms of reading a market and bringing products or services to creation and then marketing and selling them effectively. Promoters are in some way just the opposite—clever at devising schemes or programs to push a product or service, but aimed more at a quick payoff than a profitable, business-building endeavor for the longer term.

Administrators, the good ones, develop strong management skills, specific business know-how, and the ability to organize people. They usually take pride in overseeing the smooth, efficient functioning of operations largely as they are. Their administrative talents are focused on creating and maintaining efficient routines and organization—creative and innovative behavior may actually be counterproductive within the organizations they operate.

The ideal entrepreneur has that unusual combination of talent: strength in both creativity and management. In a new venture, these strengths enable the entrepreneur to conceive and launch a new business as well as make it grow and succeed. In a large organization, these talents enable strong players to emerge and build new ideas into impressive new revenue streams and profitability for a larger company. Because these strengths so rarely coexist in one individual, entrepreneurship is increasingly found to involve teams of people that combine their strengths to build the business they envision. Exhibit 14.8, Global Strategy in Action, tells the story of just such a rare entrepreneur, Fred Smith, founder and chairman of Federal Express.

Many discussion opportunities come up where you need to respond to other people\'s opinions and comments. Respond to your Discussion topic after you have completed your reading.

Discussion Topic: Corporate Entrepreneurship

Please refer to Exhibit 14.7, Who Is The Entrepreneur? In your text, the top right-hand quadrant defines an entrepreneur as being one who has high creativity and innovativeness but not necessarily high management skills and business know-how (Pearce & Robinson, 2013, p. 414).

What is intrapreneurship and how is it best enabled?

Spend some time to review the responses of your fellow learners and provide feedback and challenge them. Cite your sources in APA format.

References:

Pearce, J. A., & Robinson, R. B. (2013). Strategic management: Planning for domestic & global competition (13th ed.). New York, NY: McGraw-Hill.

High Inventor Entrepreneur Creativity and Innovativeness Promoter Administrator Low High Management Skills and Business Know-How

Solution

Answer: Entrepreneurship is a combination of creativity and innovativeness along with the management skills and business know how. Entrepreneurship is a rare skill which does not easily found to exist in the individuals. There are many people who are creative and there are also many individuals who are good in management skills and business know how. It is very difficult to find people who have a combination of both these skill sets. But it is not so that entrepreneurship cannot be developed in an individual. Creative individuals by taking risk and initiative can gradually become an entrepreneur by experimenting. One needs to dare to start a creative idea as a business venture. They need to take up challenges and learn from their mistakes. Having a mentor can also help in developing entrepreneurship in the individuals. Overall if a collective effort is made to develop both creativity and management skills, then one can definitely develop as an entrepreneur provided this effort is continuous and consistent.