Entrepreneurship : A conceptual framework
Entrepreneurship is very important. Its the essence of economy. Without entrepreneurs, societies can not progress. I have read a research paper today which struck me with new information. The author said that an entrepreneur is not defined as a person who can build businesses only. It has to do with the available opportunities. Entrepreneur can not do anything if there are no opportunities. So why some people manage to see opportunities and some don’t . According to recent studies, source of information is the main thing. Information helps the entrepreneur see new ideas, its something thats added up. He/she relates what he/she knows to what is currently happening. So in another word not all people have access to the same information at the same time and that what makes people find new ideas and some don’t. So if you see a competition and everybody are not making enough profit, then you can call this the state of “information equilibrium” which means every body has the same information. To beat this competition , some one has to get new information. Some people call it luck when some one exploit a new idea, and some relate it to individual believes. For example, when two persons hold the same new information,but they act differently on it or some one act and the other don’t. There are also other factors that influence entrepreneurship such as culture, location, industry and many more. An entrepreneur who is successful in USA does not mean he is successful in Kuwait.
