Question

1) In your own words, how would you define entrepreneurship?

2) There are several entrepreneurial myths. Which ones do you find most interesting or thought provoking and why?

3) Identify an entrepreneurial firm, public or private, and explain what makes them entrepreneurial.

Answer 1

Entrepreneurship can be defined as a process in which a person tries to establish a new business venture and takes some financial risks so that he or she can earn some profit in the future. In other words, it can be seen as an act of creating, launching and operating a new business organization on a smaller scale.

There are a number of myths associated with the entrepreneurship. The most significant one for me is that the entrepreneur takes a lot of risks. I think this is just a myth. The reason behind is that although there is always a chance of losing money when someone initiates a venture the investment decisions are not taken blindly by these individuals. They conduct a detailed analysis and if they think that there is a greater chance of earning good profits with some degree of risks, then only the entrepreneur will decide to invest in the given venture.

Tesla Motors can be considered as an entrepreneurial firm. The company is operating since the year 2003 and a lot of attention is paid to it in the last ten years. In the beginning, the company produced the electric cars which are sold directly o the probable customers rather than having the extensive dealership. The mission of the company to produce eco-friendly vehicle can be seen as the entrepreneurial vision.

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