Entrepreneurship - Portfolio Essay Example | Topics and Well Written Essays - 1500 words

Entrepreneurship - Portfolio - Essay Example â€Å"The entrepreneur is the innovator who implements change within markets through the carrying out of new combinations. The carrying out of new combinations can take several forms; 1) the introduction of a new good or quality thereof, 2) the introduction of a new method of production, 3) the opening of a new market, 4) the conquest of a new source of supply of new materials or parts, 5) the carrying out of the new organization of any industry†(Kukoc and Regan, 2008, www.treasury.gov.au). The modern resurgence in the interest of investigating entrepreneurial culture and its attendant socio-economic dimensions has shed new light on its many ill-explored facets. This portfolio will briefly focus on some of these aspects and make insightful comments on its varied, complex and seminal conceptual dynamism. However, its primary objective is to profile its foremost elements in a manner for easier understanding. The modern business organization requires entrepreneurs who are not only farsighted but also shrewd strategists. Thus the challenge faced by modern entrepreneurs is not based merely on ‘risk’ but also on a more complex, fluid and hostile environment Strategic challenges include such factors as risk involved in making decisions about the nature and dimension of threats posed by competitors and the probable response to such threats. Schumpeter’s concept of creative destruction plays here a significant role by enabling the daring entrepreneur to innovate. Thus continuous innovation is a preemptive strategy that forestalls rivals’ anticipated moves (Eggert, 1998, p.209). Next there are functional challenges such as problems associated with production, marketing, finance, quality management, technology, public relations and communications. Each functional area needs the entrepreneur’s attention. Strategic approach enables the entrepreneur to integrate