The Goals And Talents Of Entrepreneurs Commerce Essay

Published: Last Edited:

This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Essentially, an entrepreneur is a person who starts a new business venture. However, we tend to think of entrepreneurs as people who have a talent for seeing opportunities and the abilities to develop those opportunities into profit-making businesses. The entrepreneur is the main person behind a firm; he or she can demonstrate his or her quality as a leader by choosing the right managers for the firm.

Nowdays, more female are going into business due to better awareness, government support and easier funding. Historically, entrepreneurship has been a male-dominated pursuit, but today there are close to 80,000 women entrepreneurs in Malaysia, compared with below 50,000 three years ago.

Background of the study

Entrepreneurship is more than simply "starting a business."  The definition of entrepreneurship is a process through which individuals identify opportunities, allocate resources, and create value.  This creation of value is often through the identification of unmet needs or through the identification of opportunities for change. Entrepreneurs see "problems" as "opportunities," then take action to identify the solutions to those problems and the customers who will pay to have those problems solved.

Entrepreneurial success is simply a function of the ability of an entrepreneur to see these opportunities in the marketplace, initiate change (or take advantage of change) and creates value through solutions.

Today, with the internet boom, female entrepreneurs have become one of the most dynamic forces in the economy. Female entrepreneurs are now driving the technology boom, which is itself driving much of the world's economic growth. This makes woman entrepreneurs very important from a macro-economic perspective. They have become a broader economic phenomenon that has a major impact on the economy. As the globalism of business becomes even more widespread, this impact will be felt even more deeply. Woman entrepreneurs are already becoming a major force in developing nations and in the economy worldwide.

Once past those challenges, however, one would think there would be smooth sailing. Given the business has a good plan, everything should proceed with minor glitches. However, the implementation stage seems to be the real make-or-break point of an entrepreneurial venture. There are hypotheses that part of the problem is that idea people and implementation people are very different breeds of people, but there are enough exceptions to that rule that is a difficult position to defend. More realistic, perhaps, is that there are such a wide variety of skills needed at the implementation stage, that no one person can have the skills to manage all the functions well. The real talent is for entrepreneurs to recognize what they do well and then find employees or subcontractors who can fill the gaps.

Problem statement/ research question

One way to look at this implementation stage is to look at how many different skills are involved in operating a business. Operating a business involves employees, marketing, advertising, sales, communications, public relations, legal needs, government regulations, equipping the office, risk management, disaster planning, crisis management, insurance, technology, hardware, software, the internet, and the financial aspects of the company - bookkeeping, managing debt, taxes, and barter.

Without a strong technical basis, there is no business. Above and beyond this, however, is the conceptual aspect of management ethics, leadership, growth philosophy, and even the exit strategy of the company. These are much less tangible, yet set the overall theme and direction that the business will take.

Research objectives

Female entrepreneurs offer systematic solutions to the challenges that face everyone who wants to start a new business as well as specific guidance for women facing their own set of obstacles. Women are now setting up the so called new economy companies, with success in high-technology, professional services and construction. Women are also starting new businesses faster than their male counterparts, and in female entrepreneurs are responsible for 38% of all new businesses. It involves a small comparative study of women led founded businesses and determines the particular industry sectors where women are most predominant, as well as the main barriers or deterrent factors affecting women's decision to start a business. The overall objective of the research is to identify elements that could be developed into a model for promoting female entrepreneurship. A consideration dual economic nature and the impact of the euro on the promotion of female entrepreneurship will be among other interesting aspects considered in the study.

Significance of study

A common denominator for all woman entrepreneurs in Malaysia is the challenge of starting a business, be it through inventing something, looking for a new idea within a business, finding the right opportunity to break into a business or buying into a franchise. And these entire take planning organizing all the aspects so that you reach your goals. All entrepreneurs are also faced with financing their entrepreneurial venture. Even entrepreneurs usually are faced with financial hurdles within corporate rules. So unless the venture comes from your own pocket getting money is a challenge that requires preparing funding proposals or applications to be written and presented for loans, venture capital, angel investors. There is so much information written about these stages of an entrepreneurial venture that sorting the good from the bad is an overwhelming challenge in and of itself.

Scope of the study.

How students could be encouraged to become an entrepreneur and which support mechanism most effectively support the sustainability for their ventures. To explore how entrepreneurship as a career choice is perceived by students in order to encourage them to set up their own ventures in times of limited employment opportunities.

Organisational of research

The research what woman entrepreneur involves will continue to change and evolve as the world continues to change and evolve, and yet there are some common issues of how to start a business, how to finance the business, how to run the business that within this community we can share and learn from each other. Entrepreneurism is an established field with a wide range of issues at all stages of the enterprise.