Entrepreneurship Is An Integral Part Of Our Economy

Introduction: Entrepreneurship can best be defined as a way of managing that involves pursuing opportunity, assembling resources, implementing action plans, and harvesting rewards in a timely and flexible way (Shalman Stevenson). Those who find passion and purpose in the management, and conceptual thinking of entrepreneurship are known as entrepreneurs. This type of management involving entrepreneurs has become an integral part of our economy in the United States, and globally since the beginning of the modern era, impacting billions of people in its wake through many different social and political facets. As entrepreneurs set out on these ventures in growing small businesses that have changed so much about the world, there are always†¦show more content†¦This then, would suggest that the success of the business or venture started from the root, which is, of course, the entrepreneur who has been successful. Entrepreneurs start as managers who must make the leap from comfortableness to ta king major risks with a potential for growth and success, but also downfall and failure. Although there are many different types of personalities that an entrepreneur can possess there are two main elements of thinking that a manager must have to be an entrepreneur. These are that the manager must have a self-perceived power and ability to realize goals internally, and also have an external desire to find a future state that is characterized by growth and change (Shalman Stevenson.) These are two foundational characteristics that an entrepreneur must have, but having these two does not correlate to success simply on their own. Why History Matters: In order to understand the impacts of entrepreneurial businesses globally, the history itself and historical concepts behind it must also be understood. After all, most of the concepts used by entrepreneurs and professional management today have been influenced by previous experiences and historical perspectives. As an example of this, modern entrepreneurs often ask investors for startup capital, and this has always been this way. In the thirteenth century, Marco Polo, the famous explorer, wanted to trade with Asia, but wasn’t sure how to get the materials he wanted to trade there, so