Entrepreneurship Essay Example | Topics and Well Written Essays - 2500 words

Entrepreneurship - Essay Example What do you learn about the reasons for entrepreneurial success? (60 Marks) To be able to it in a better manner let us define first what is entrepreneurship? After that we will know who is an entrepreneur? Having known, what are personalities of an entrepreneur? Only after understanding may we are in a better position to answer the question: â€Å"What makes Matsushita: The worlds Greatest Entrepreneur?† Wikipedia (2006) defines entrepreneurship as â€Å"the practice of starting new organizations, particularly new businesses generally in response to identified opportunities.† Further it said: â€Å"Entrepreneurship is often a difficult undertaking, as a majority of new businesses fail. Entrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship may involve creating many job opportunities.† From the definition, we can now easily know the work of an entrepreneur and the necessary characteristics that he must have in order to undertake entrepreneurship. Since entrepreneurship entails succeeding and failing, the element of risk taking becomes as important characteristic of an entrepreneur. To understand more the work of an entrepreneur Wikipedia (2006) quoted several authors either defining or describing the work or characteristics of an entrepreneur as follows: According to Cole (1959), there are four types of entrepreneur: the innovator, the calculating inventor, the over-optimistic promoter, and the organization builder. These types are not related to the personality but to the type of opportunity the entrepreneur faces. There is basis to agree that Matsushita is an entrepreneur from the characteristics learned earlier. Since theory does not mention about entrepreneur being highly educated, there is reason to believe it may be one of them. Matsushita appears to not to be highly educated. He is a visionary (Nanus, 1992) leader and a