Essay: What is Entrepreneurship
Entrepreneurship is a type of small business which places emphasis on innovation and high risk undertaking when it comes to the operations of the business by introducing new products in the market, using new production and service quality methods, operating in new emerging markets and forming new forms of organizations. In the period between 1980s to late 1990s entrepreneurship picked up pace as more and more people started forming innovative and versatile small business on the principals of entrepreneurship.
Majority of the private sector in the US is based on the SME sector which is heavily oriented towards entrepreneurial organizations and business. “According to the National Federation of Independent Businesses (NFIB), U.S. small businesses count as the world’s third-biggest economy in their own right.” (‘Behind America’s small-business success story’, 1997)
The entrepreneurial environment has developed in the past two decades in terms of the businesses being employed, the markets in which the entrepreneurial firms are operating and the approach for management and operations taken by the companies. The entrepreneurial firms are high risk and high profit oriented which have a versatile operation structure and ability to cater to diverse markets. The following sections highlight what opportunities were available to the entrepreneurial firms and the specific barriers that were faced by them in the past two decades.
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