Entrepreneurship Essay Example | Topics and Well Written Essays - 2500 words - 1

Entrepreneurship - Essay Example se, successful entrepreneurs are those who think creatively to find and seize hidden business opportunities by innovating the products or services and by utilizing the latest technology and human capital. This piece of research presents an understanding of the underlying principles and foundations of entrepreneurship. This paper describes the entrepreneurial functions with a view to apply with the empirical studies about the entrepreneurial efforts carried out by one of the most renowned entrepreneur, Steve Jobs, the ex CEO of Apple Inc. By analyzing various literatures about entrepreneurship, Kuratko and Hodgetts (2008, p. 5) developed an integrated definition to acknowledge critical factors included needed for entrepreneurship. According to them, entrepreneurship is a dynamic process of vision, change and creation, requiring energy application and passion towards the creation and implementation of new ideas and creative solutions. An entrepreneur is one who undertakes to organize, assume and manage the risks associated with a business organization. He is a visionary who can successfully implement change by managing resistance or other obstacles and a creator of something new. Joseph A Schumpeter, the father of entrepreneurship, viewed that entrepreneur is an innovator (Carsrud and Brannback , 2007, p. 7). According to him, he is one who finds and take an opportunity to seize it and to create a new product or service or its new variance and thus create a new marketable contribution to the economy (McDaniel, 2002, p. 57). He asserted that entrepreneurship is essentially a creative activity consisting of doing such things as are generally not done in ordinary course of business (Milonakis and Fine, 2008, p. 212). Steve Jobs, the co-founder of Apple with Steve Wozniak, is a legend in the world of technology and the main brain-force behind world’s renowned brands such as Macintosh, iPad and iPod. Steve Jobs pioneered the personal computer industry by changing the