Definition of Entrepreneurship
Entrepreneurship is a global phenomenon
as sighted by Lu and Beamish (2001). There is no single agreed
definition of entrepreneurship. According to Krueger (2003), an
entrepreneur is one who thinks differently, in many ways.
Shane and Venkataraman (2000) define entrepreneurship as a field of
business, in a quest to identify the opportunities and how to create
Another study by Baron, Scott and Shane
(2005) suggest that entrepreneurship is a process that unfolds over
time and that moves through distinct but strongly interconnected
phases. The entrepreneurial cannot be divided or easily illustrious
stages but typically it involves the creation of new products or
services and discovery of an opportunity, assembling the resources.
The entrepreneurial process are normally influence by the group,
individual or the societal factors.
Factors of Entrepreneurship
an entrepreneur is not an easy task. Not everyone can
become a successful in entrepreneurship. It is not like
working for somebody's business, whereby a person is
committed to work from 9.00am to 5.00pm. And when the
person goes home, the entire office work is forgotten
until the person clock in the office the next morning
and start the same routine.
To be a successful entrepreneur, one has to acquire many
skills in order to maintain or sustain the entire
lifespan of the business as success factors.
Important Success Factors must
1. Need to be
persistent, Tenacious and Resilient
According to some research
by (Cahill, 1994), most projects fail due to
entrepreneurs just do not keep up persistently at their
projects because they just simply gave up for some
reasons. Being persistent and never give up attitude are
important criteria for entrepreneurs to be successful
because success rarely come overnight.