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

Entrepreneurship - Portfolio - Essay ExampleThe entrepreneur is the innovator who implements change within markets through the carrying show up of new combinations. The carrying out of new combinations can take several forms 1) the introduction of a new well-behaved or quality thereof, 2) the introduction of a new method of production, 3) the opening of a new market, 4) the success of a new source of supply of new materials or parts, 5) the carrying out of the new organization of all 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 moult new light on its many ill-explored facets. This portfolio will briefly focus on some of these aspects and rent 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 organi zation requires entrepreneurs who are not only farsighted scarcely also shrewd strategists. Thus the challenge faced by modern entrepreneurs is not based however on risk but also on a more complex, fluid and hostile environsStrategic challenges include much(prenominal) factors as risk involved in making decisions about the nature and dimension of threats posed by competitors and the probable response to such threats. Schumpeters concept of creative remainder 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 entrepreneurs attention. Strategic approach enables the entrepreneur to integrate