What do you understand to be the concept of entrepreneurship and why Es

What do you understand to be the thought of entrepreneurship and why has it become such an important argona of focus?Q2) What do you understand to be the concept of entrepreneurship andwhy has it become such an important ara of focus?The concept of entrepreneurship is often viewed as a function, whichinvolves the exploitation of opportunities, which exist within amarket. such exploitation is most commonly associated with thedirection and/or combination of productive inputs. Entrepreneursusually are considered to bear risk while pursuing opportunities, andoften are associated with creative and innovative actions. Inaddition, entrepreneurs undertake a managerial role in theiractivities, but routine management of an ongoing operation is notconsidered to be entrepreneurship. In this sense entrepreneurialactivity is fleeting. An individual may perform an entrepreneurialfunction in creating an organization, but later is relegated to therole of managing it without performing an entrepren eurial role. Inthis sense, many small-business owners would not be considered to beentrepreneurs. Individuals within organizations (i.e. non-founders) raise be classified as entrepreneurs since they pursue the exploitationof opportunities. Thus intrepreneurship is appropriately considered tobe a form of entrepreneurship.The concept of an entrepreneur is further refined when principles andterms from a business, managerial, and individualized perspective areconsidered. In particular, the concept of entrepreneurship from a soulfulnessal perspective has been thoroughly explored in this century.Third exploration is reflected in the following three definitions ofan entrepreneur In almost all of the definitions of entrepreneurship,thither is agreement that we are talking about a kind of behavior thatincludes initiative taking, the organizing and reorganising ofsocial and economic mechanisms to turn resources and situations topractical account, and the acceptance of risk or failure.To an e conomist, an entrepreneur is one(a) who brings resources, labor,materials, and other assets into combinations that make their valuegreater than before, and also one who introduces changes, innovations,and a new order. To a psychologist, certain forces typically drivesuch a person the need to obtain or attain something, to experiment,to accomplis... ... being set up for suchcases, but schools, colleges and universities all see this particulararea of business as very promising and have began an extensiveteaching programme, such courses available include, Law andEntrepreneur, Accountancy and Entrepreneurship. Although at the momentmany individuals realise the potential of owning there own business,entrepreneurship is said to be a fad and will more than likely becomedated in a way, possibly within the side by side(p) ten years. However, theoverall concept of entrepreneurship -according to Austrian EconomistJoseph Schumpeter- is innovation (www.quickmba.com) as wealth iscreated when su ch innovation results in new demand. From thisviewpoint one can define the function of the entrepreneur as one ofcombining various input factors in an innovative manner to generatevalue to the customer with the apprehend that this value will exceed thecost of the input factors, thus generating superior returns thatresult in the creation of wealth and this wealth also leads on to howentrepreneurial is an important area of focus because the wealthgenerated helps the economy, creating jobs, a better state and abetter life for all of us.