Entrepreneurship and starting a small Business Term Paper

Entrepreneurship and starting a small Business - Term Paper Example Finally, conclusions with key findings and appropriate recommendations have been made. Starting one’s own business is an exciting, promising and high-risk proposition that usually stems from one single idea or a need. Study related to this process, usually referred to as entrepreneurship, has emerged as one of the most important outcomes of globalization. While significant part of a nation’s economic growth is through small business entrepreneurs, failure of this section of businessmen cannot be ruled out. In the current study, focus will be on efforts to identify various factors responsible for the success of small businesses and the challenges they face. An attempt will be made to list the core elements of successful entrepreneurship based on literature study and analysis before concluding with key findings. In his magazine article, Todorvic (2004) expresses that origins of entrepreneurship can be traced to early last century and is yet under lot of debate concerning its definition or actual meaning. He asserts that entrepreneurship is such a vast multidimensional and dynamic aspect of conducting business in the globalized world that it has been given multiple definitions from varied perspectives. Quoting various definitions from different people, Todorvic (2004) mentions that entrepreneurship, for instance, is concerned with starting one’s own business; entrepreneurship is the process by which new products, services or outcomes are created by people that can be recognized with certain specific characteristics. Specific characteristics have been associated with entrepreneurship, such as innovation, focus, discipline, passion, self-confidence, positive attitude, and persistence (Nieuwenhuizen & Machado, 2004). Koester (2010) asserts that an innovative opportunist is the one that m akes use of an opportunity in the marketplace and converts this into a promising business. Moreover, Koester (2010) also mentions that good interpersonal