UMO ass 1 essay

Submitted By kissaahhkjn
Words: 1808
Pages: 8

Entrepreneurship

Entrepreneurship is one of the many passions that I have and would love to be part of in the future. I would like to venture in the business world through developing small enterprises. I have a passion for the business industry, innovation as well as creativity are my drive, I enjoy being creative. This interests me as I would love to become my own boss, being innovative as well as being in control of what I do. Entrepreneurship means someone that is willing to exercise initiative by organising a venture in order to take benefit of a fit opportunity. Dess defines the entrepreneur as someone who specializes in taking responsibility for and making judgmental decisions that affect the location, the form, and the use of goods, resources, or institutions he states that the entrepreneur is a person, not a team, committee, or organization. The person has a comparative advantage in decision making, and makes decisions that run counter to the conventional wisdom either because he/she has better information or a different perception of events and opportunities.( Gregory G. Dess 2005) Entrepreneurship requires leadership as well as creativity, although there are so many examples out there of top business men that have certainly set a standard through the industry of entrepreneurship, such as Lord Alan Sugar, Richard Branson etc., these are examples of individuals that have acted upon their drive to be innovative as well as risk takers. Although I will not be solely concentrating on a particular organisation or company, I am going to look further into the current aspects of the entrepreneurial industry.

One of the good examples of entrepreneurs is a family run business founded in 2001 by Nadir Lalani, who opened the first 99p store within the UK, decided to expand the business throughout the UK and has rapidly increased by having more than a 100 stores across the UK. Lalani is an entrepreneur that took his idea to the next level, with the help of his family they are now one of the UKs leading entrepreneurs in the UK.
The enterprise that I would like to venture in would be the hairdressing industry. The key competitors other professional running beauty stores such as the famous tony and guy who are very well known within the hair industry, “creator” also a very well-known hairdresser that owns many stores around the UK. Despite the competition within the industry the market trends within the beauty industry have increased according to the (professional beauty association 2011)

Although every industry has its competitors, entrepreneurship seems to be a part of an individual’s thinking as well as drive to become perhaps an inventor of something out of the ordinary, something new in other words a “niche market”. For example Richard Branson brought out his creative inventions to the world as he was convinced that his ideas would take him higher as an individual he was also confident that he was capable of drawing people to his invention, or product. Entrepreneurship requires risk takers, individuals that are willing to take a chance or in other words a gamble, not considering that there could be implications that can follow by taking a chance by sharing their unique idea with the world. Entrepreneurship can also mean developing and enhancing existing organisations and developing and renewing communities. It essentially focuses on acting, thinking and behaving in an enterprising and innovative manner, which makes a difference and adds value to society. (Patricia McClure 2011), however it is also known that an entrepreneur often has an interest in what their potential customer would like as well as looking into what they feel will benefit them as an individual as well as what is capable of developing into a well-respected enterprise.

There are many barriers that can stop one from getting into the entrepreneurial industry. currently there are many aspects of innovation that surround us, creativity as well as…