is a great aspect of the economy...
Features of Entrepreneurship
is a great aspect of the economy. It is associated with the creation of
economic opportunities for the society. Entrepreneurship leads to the creation
of businesses which create employment and are a great source of wealth to the
state and the society. Entrepreneurs survive on innovations which are based on
high levels of creativity to develop new ways of economic development through
the assessment of gaps that exists within the economy. They focus on
opportunities and utilize them to create business ideas. Entrepreneurship is
very important to the economy. It is considered as a factor of production whose
rewards is profit. There is a great argument as to the main reason that people
become entrepreneurs. In most cases, the need for profit, financial
independence, and economic development from the basis of why people become
entrepreneurs. It is usually considered as an aspect to be cultivated and
developed because of its consideration as a great asset to the development of
the economy. They lead to the development of innovations that are capable of
improving people’s living standards. One major aspect of entrepreneurship is
creativity. This is a very important and fundamental element which is
considered as entrepreneurship’s source of power. Together with intelligence,
creativity can lead to great success for business when properly harnessed.
Creativity leads to the development of new and unique ideas. At the same time,
creativity helps in enhancing problem solving. The smooth running of a business
is very important and is a predictor of success. This paper will explore the aspect of
ingenuity as an element of entrepreneurship and how it is critical to the
success of any business.
Mosey &Binks, (2009) explores the aspect of ingenuity and how important it
is for entrepreneurship. Ingenuity is a term used to describe the aspect of
creativity, originality, imagination, resourcefulness, inventiveness, and many
other important terms that are critical for a person as an entrepreneur.
Ingenuity is the engine of entrepreneurship because it is associated with the
creative process and the development of ideas. The book focuses on ingenuity
regarding how it is fundamental to business.
The book breaks down ingenuity into defining, discovery and
determination. There is the definition of the problem, and at the same time the
recognition of possible opportunities surrounding the problem. This includes
aspects of how troubles manifest themselves, what factors are affected by the
problem and the consequences the problems have. It also explores the mechanics
of the troubles regarding how it works, to determine whether it is simple or
complex and this establishes its cause (Kirkham, Mosey, & Binks, 2011).
is the discovery of potential outcomes about the problem. Discovery is
associated with the exploration of the possibilities. It involves aspects such
as the construction of a strategy to be used for tackling the problem.
Development of a short but concise statement of how the problem would be
addressed. Discovery also explores different analogies to be used for a better
understanding of the problem. The last factor is determination and involves the
evaluation of possible solutions to categorize them. There is also the
construction of possibilities that are realistic based on the use of quality
ideas. The possibilities have to be compared with one another to establish the
best possible solution. It also involves the presentation of the chosen
solution as a proposal to be used (Kirkham, Mosey, & Binks, 2011).
and ideation involve the generation n of new and unique ideas expected to have
a positive influence on a business. They propose better ways of operating
increasing efficiency and innovation. Creativity and ideation also lead to the
development of better insights on problems. This means that an entrepreneur
gets a better understanding of the problems affecting his or her project.
Creativity and ideation provide ideas and ways to tackle such problems and be
able to identify possible opportunities that may come as a result of the
interactions with the problems. Creation and ideation involve imagination.
Imagination is the main source of ideas. Having the capacity to imagine
provides an opportunity for the creation of great ideas. Creativity also allows
a person to develop great problem-solving skills. Problem-solving involves the
ability to understand problems regarding how they work their implications and
being able to find solutions. Another important aspect of creation and ideation
is the development of radical ways of innovative thinking (Honig, Lampel, &
is all about the development of innovations. However, radical, innovative
thinking allows an individual to think completely outside the box and leads to
the development of unique ideas that cause revolutionary changes to industries.
Some of the greatest development, especially in the field of information
technology, has even because of radical, innovative thinking. Ideas also have
to have a business case meaning that they ought to be well evaluated to
establish that they are worth being enforced and developed into business
projects. Not all ideas are great, and it is for this reason that there is
always a great need for the evaluation of ideas. Motivation is very important
to ensure that the spirit of development and creating new ideas is kept high
(Honig, Lampel, & Drori, 2014).
is very important for entrepreneurship. It is associated with the need to
attain higher levels of success. It is linked to the drive and the force that
affects and influences, intensity, the direction, and persistence of come
risks. However, persistence is very important. It involves trying and failing
until success arrives. In
entrepreneurship, there are a lot of uncertainties. These uncertainties can
sometimes be motivation, therefore, greatly influences effort towards the
achievement of goals and objectives of a particular venture. However, for
motivation to be valid and an entrepreneur has to be persuaded about the ideas
of his or her venture. Persuasions offer the desire and conviction that a
particular venture needs to be pursued. Persuasion needs to at such a high
level that an entrepreneur can convince others of his or her vision. The
ability to bring in other people into a venture and have a shared vision is
important. A vision for a particular venture offers an entrepreneur and his or
her team, a shared plan or guidelines that would offer them a means towards
achieving their goals and objectives. Vision offers an entrepreneur the energy
to move forward and achieve goal and objectives. It allows the entrepreneur and
his or her team have a shared path towards the achievement of goals and
objectives. It leads to the development of a culture that allows for the
sharing of insight and individual ideas about a particular endeavor. With
vision, an entrepreneur and his or her team can establish the norms of their
association, which include the making clear of expectations as well as each of
the people’s duties. Vision is important because it defines what the particular
business venture is all about and how it will achieve its goals and objectives
(Honig, Lampel, & Drori, 2014).
important aspect that is an important characteristic of entrepreneurs is
alertness. Alertness is characterized by being always aware of trends and
changes in the industry. Alertness allows an entrepreneur to have the ability
to recognize lack of balance in the market. Competitive imperfections cause the
balance within the market to change. This is important because it exposes
various opportunities and gaps that entrepreneurs could exploit. Alertness
allows them always to be aware of the characteristic of the market and makes
the better placed to exploit any loopholes. Competitive imperfections are
associated with the industry having limited knowledge and understanding about
various aspects of the market such as new technology, changes in demand and
other factors. Having such aspects of the industry means that there are
opportunities where one could exploit the lack of knowledge and understanding
and derive profit. Alertness in this sense is the ability of an individual to
be able to recognize when such imperfections occur and use them as an opportunity
for their economic benefits. Alertness is also related to opportunism.
Opportunism is the ability to identify and acknowledge the stance of
opportunities. The ability to identify gaps is very important because these
gaps become business opportunities. Being
alert and having the ability to recognize opportunities is very important for
entrepreneurs. Alertness and opportunism do not mean that entrepreneurs spend
most of their time searching for gaps. However, they can know when they occur
as they carry out their day to day activities. These gaps and opportunities
come to them as a surprise because they have not been exploited by any other
person (Thaler, 2013).
important characteristic of entrepreneurship is pro-activeness. Being proactive
means being active before situations occur. It also means being ahead of the
curve. The world of today is characterized by rapidly changing factors.
Technology and other business innovations are changing fast. Entrepreneurs,
therefore, need to be proactive by always planning. It involves controlling
situations before they occur. It is different from being reactive, which is
characterized by being responsive once a situation has already occurred.
Pro-activeness involves analyzing the business, and its future and then develop
plans and strategies that would ensure its success. One aspect of
pro-activeness in entrepreneurship is the development of a competitive
advantage that is sustainable. In most cases, businesses fail by focusing on a
single competitive advantage throughout their life cycle. A good example is in
the technology business. Several Smartphone companies have come and have gone.
Blackberry and Nokia phones were technologies that changed the world. They held
the biggest market share for some time thanks to their competitive advantage
associated with innovative technologies. However, they both relied on a single
aspect of technology. They both stuck to their operating system despite great
advancement in technologies. New and more advanced operating systems such as
Android by Google and Ios by Apple INC drove both companies out of business.
Pro-activeness in entrepreneurship is associated with acknowledging that
competitive advantage is not always an advantage and business needs to look
further from a single advantage. Pro-activeness gears an entrepreneur towards
the establishment of a plan which warrants for actions that are intentional.
They, therefore, can create their fate, environment, and futures. They create
their paths and do not wait for decisions from other people to make their own
(Honig, Lampel, & Drori, 2014).
is also a very important characteristic of entrepreneurs. Tenacity is an aspect
that is associated with persistence. It I associated with the standing firm
with ideas and values that describe the particular venture an entrepreneur is
engaged in. It is linked being strong and never giving up. With
entrepreneurship come a lot of uncertainties. It is for this reason that they
try many things before they succeed. Tenacity allows them to be strong and go
through the hardship of failure without accepting defeat. Another feature is
the willingness to adapt. Business is always changing, and as explained above,
a competitive advantage needs to be highly sustainability. Such high level of
sustainable can only be possible if the entrepreneur behind it is willing to
accept change and adapt. Willingness to adapt also makes it easy for them to be
proactive (D’Angelo, 2016).
prepares them for the future and allows them to align their goals and objectives
to changes in the industry. Willingness to adapt ensures business survival
because it offers the entrepreneur the opportunity to change. The other factor
is associated with execution. Execution involves the realization of the goals
and objectives of a particular business venture. One feature of execution is
the establishment of strategic entrepreneurship. The main goal of strategic
entrepreneurship is generating profit. Profitability needs to sustainable
meaning that it needs to be constant. Another feature of execution is the
validation of the market which involves the assessment of the various
characteristics of the market and using the information to establish goods and
services that meet the needs of the different aspects of the market. Validation
of the market is characterized by carrying out interviews on the market to find
out whether a particular product or service will be successful, it is
associated with getting the point of view of the market. Execution is also
followed by the establishment of an effective business model. A model creates
scenarios where various variables can be tested (Honig, Lampel, & Drori,
management is also a great feature of execution. Effective management of
resources leads to saving a lot of many costs. Resource management is
associated with the deployment of various resources when they are needed. It
results in the improvement of efficiency and the increased productivity within
an organization. The other important feature of execution is the assessment and
management of risk. Risk assessment and
management is very important because it results in the application of strategy
and resources to mitigate them and ensure that they do not cause damage to the
operation and reputation of a business venture (Thaler, 2013).
above are features of ingenuity. Ingenuity is a very important feature of
entrepreneurship. It is a feature which when explored and utilized effectively
leads to great success. Entrepreneurship is considered very important because
it is associated with people who are associated with the development of
innovations that change the world by improving people’s living standard. They
are creators of business and therefore, very important for the economy.
Ingenuity in entrepreneurship is also associated with the ability to solve
problems effectively. How an individual handles problems is very important
because it can lead to positive or negative results. Ingenuity explores
creativities in decision making which results in effective problem-solving (Kirkham,
Mosey, & Binks, 2011).