Business Entrepreneurship Research Paper Example | Topics and Well Written Essays - 2250 words

Business Entrepreneurship - Research Paper Example Department of State, n.d.). The definition of an entrepreneur nowadays is largely different from that in its initial stage. Today entrepreneurship is termed to be the art and science of creating a new business idea and construct it in a manner to be rendered to the targeted market. To be accounted in this context, the definition as stated by Small Business Advancement National Center in the publication, â€Å"Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence† (SBAER, 2005). The thought of entrepreneurship in the 21st century is classified into different categories as per the characteristics that entrepreneurs possess. They are the social entrepreneurship and the business entrepreneurship in a wider perspective. Social entrepreneurs are those who focus to serve the community in an innovative manner without the intention to generate profit. But business entrepreneurs tend to be focused on attaining profit margins by marketing their idea. Hence, it is certain that the philanthropy of business entrepreneurship is a constraint to many factors like the legal and regulatory frameworks, the macroeconomic environment, the macroeconomic environment, and the microenvironment as well. Therefore, the strategic planning from the end of the entrepreneur holds immense significance in the context. Earlier the business entrepreneurs were only the adults who were experienced people and acquired enough knowledge to direct their business. But today the sector of business entrepreneurship includes young people and even minors. To be further classified, there are women entrepreneurs, and there are entrepreneurs who are physically disabled. Therefore a considerable change can be easily forecasted in the outlook of business entrepreneurship.