The applications of Entrepreneurship are countless. Entrepreneurship deals with the use of results to suggest policy for both these enterprises, relevant organizations and government. The creation of new organizations is among the most important forces of social and economic development. New organizations promote growth and development, advance new technologies, redefine products and processes and, in some cases, create entirely new industries. Witness the success of such firms as Facebook, Google, Amazon and others. While most would agree on the importance of new organizations, there is little agreement about how or whether we can predict their birth. Most organizations undergo a life cycle not dissimilar to product life cycles.
The entrepreneur is looking at possible capital for scaling the business. This would rate an entire new discussion but ranges from bootstrapping, angel investors or venture capital. Each source has its own risks and rewards but the entrepreneur needs to determine the appropriate balance. In addition, the entrepreneur usually transitions from the organization at this stage -whether as part of an agreement from a firm that is acquiring them or by their own design. In certain cases, you will find serial entrepreneurs those that start one firm and then move on to another. For them, it is more of a passion to see that it can be done, rather than an exact science. Finally, there is the mature phase of the business. The firm has successfully passed through all the prior stages. The challenge now is how to sustain and maintain growth (Transitions to Entrepreneurship â Robert P Mc Gowan)
Last date updated on September, 2020