ENTREPRENEURIAL VALUE.....

The value concept that is a suitable notion for investigation of social and individual development processes is viewed as an important factor of economic, technological, cultural, and interpretations relevant to the countries experiencing rapid development and changes.....

 

Values, criteria of individuals’ ideas (which also connote the uniqueness of one’s creative ability and innovative spirit) and behaviors are indispensable parts of individual and economic growth. Values display preferences between the wholeness of the beliefs of entrepreneurs who employ key performance criteria to evaluate the events of things, specific behaviors and situations. Hence, values affect the organizational structure and strategies by forming entrepreneur’s decisions and behaviors.

 

His/her interpretation of information, vision, relationships with other individuals, understanding the success, risks, degree of acceptance or rejection of objectives, organizational responsibility, work adaptability, decision making process, group behavior, communication, leadership ability, level of clash, and like strategy and behavioral patterns take some specific shape depending upon the values possessed by him/her. 

 

The value concept effects entrepreneurs’ entrepreneurial success in their business decisions but these values can only be most harnessed through an extensive educational background which makes an individual more enlightened with qualities for successful entrepreneurship. That is between an entrepreneur’s earnings and education level would determine the rate and level of success. Research shows that the higher the education level the greater the success. The reason is that college gives people additional skills that can be used within their business and to operate on a higher level than someone who only “runs” it.


The prominent entrepreneurial values are innovativeness and creativity, independence or ownership, quest for outstanding performance or achievement and respect for work.
 

 

In 1985, a renewed economist, Peter Drucker argued that innovation is the tool of entrepreneurship. In addition, both innovation and entrepreneurship demand creativity. Creativity is a process by which a symbolic domain in the culture is changed. No entrepreneur or venture, however successful and huge, can keep on holding a position of authority or leadership unless it perceives that cutting edge business in a world of galloping change which creates new problems, risk and opportunities and for which they have to mobilize the enterprise’s resources before changes make their effect felt. This is turn requires a clear definition of the company’s business which will enable it to continually adopt operations to the realities of the market place, ‘the very corner stone of survival and growth.
 

 

Innovation on the other hand is adding something new to an existing product or process Innovation is the successful exploitation of new ideas. All innovation begins with creative ideas. C creativity is the starting point for innovation. Creativity is however necessary but not sufficient condition for innovation. Innovation is the implantation of creative inspiration. These are the basis of prominent entrepreneurial values. Others includes independence or ownership, a large quest for outstanding performance or achievements which leads to substantial benefits in terms of , for instance employment generation, productivity and growth, relative to the contributions of entrepreneurs counterparts that is its control group.
 

 

Traditionally, entrepreneurship begins with the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire. It has been defined as the capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit 

 

The definitions of entrepreneurship spans across focusing on the launch and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of businesses have to close, due to a lack of funding, bad business decisions, an economic crisis — or a combination of all of these or due to lack of market demand. This is where vast knowledge in Entrepreneurial education comes to active and efficient play. In the 2000s, the definition of “entrepreneurship” has been expanded to explain how and why some individuals (or teams) identify opportunities, evaluate them as viable, and then decide to exploit them, whereas others do not, and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth.

 

Recent advances stress the fundamentally uncertain nature of the entrepreneurial process, because although opportunities exist their existence cannot be discovered or identified prior to their actualization into profits.
While the people who do so are called entrepreneurs it can be said to as “a person who starts, organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. Rather than working as an employee, an entrepreneur runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale.

 

The entrepreneur is commonly portrayed as an innovator of new ideas and business processes. Entrepreneurs tend to be good at perceiving new business opportunities and they often exhibit positive biases in their perception, that is, a bias towards finding new possibilities and seeing unmet market needs and a pro-risk-taking attitude that makes them more likely to exploit the opportunity.
Since entrepreneurship means much more than starting a new business, it denotes the whole process whereby individuals become aware of the opportunities that exist to empower themselves, develop ideas, and take personal responsibility and initiative. 

 

Entrepreneurship provides young people across the nation with valuable life skills and tools to empower them to build sustainable and prosperous futures for themselves and their communities. Entrepreneurship is the willingness and ability of an individual to seek out investment opportunities, establish, and run an enterprise successfully. The concept of entrepreneurship has been associated with several activities concerned with the establishment and operations of business enterprises. Stevenson in 1985 defined entrepreneurship as the process of creating value by putting together a unique package of resources to exploit an opportunity. Entrepreneurship is the ability to create and build something from practically nothing. It is initiating, doing, achieving, risk- taking, and building an enterprise.
 

 

Entrepreneurship instills the enterprise culture into the individuals. Enterprise here is defined as resourcefulness, initiative, drive, imagination, enthusiasm, zest, dash, ambition, energy, vitality, boldness, daring, audacity, courage, get up, and go. Entrepreneurship, therefore, encompasses all the productive functions that are not rewarded immediately by regular wages, interest and rent and non-routine human labor. It is also not investing capital funds along. It is actually, the functions of seeking investment, production opportunity, organizing an enterprise to undertake new production process, raising capital, hiring labor, allocating resources, and creating new opportunities.
 

 

Entrepreneurs have been described as people who have the ability to see and evaluate business opportunities, gather the necessary resources to take advantage of them and initiate appropriate action to ensure success. Creative entrepreneurs possess high levels of energy and great degrees of perseverance and inauguration, which combined with a willingness to take moderate and calculated risk and their contribution beings to development of an economy.
The mix of creativity and irrationality is what makes entrepreneurs tick and accounts for many of their positive contributions. Their visionary abilities and leadership qualities stand them out as human colossus. Successful entrepreneurs require an edge derived from some combination of a creative idea and a superior capacity for execution.
 

 

The values are perceived as the most important matter of economic, social, and political theories in the societies that live in a rapid change and development process. Values act as standards that lead ways in evaluation of behaviors and selection of people and events. These social, economic, and political factors are effective on entrepreneurship. Therefore, it is necessary to cognate the socio-political view of a society in order to understand its entrepreneurial features.
 

 

What distinguishes a successful entrepreneurial prowess and the next is the level of exposure in terms of knowledge within and outside the four walls of an educational environment. These include the creativity mentality, a dedicated and resilient spirit in terms of risk management, flexibility and great leadership in dealing with people and processes passion and confidence.