What do you understand to be the concept of entrepreneurship and why Es

What do you understand to be the concept of entrepreneurship and why has it become such an important area of focus?Q2) What do you understand to be the concept of entrepreneurship andwhy has it become such an important area of focus?The concept of entrepreneurship is often viewed as a function, whichinvolves the exploitation of opportunities, which pull round within amarket. Such exploitation is most commonly associated with thedirection and/or combination of productive inputs. Entrepreneursusu all toldy are considered to bear pretend piece of music pursuing opportunities, andoften are associated with creative and innovative actions. Inaddition, entrepreneurs undertake a managerial role in theiractivities, but routine management of an on-going operation is notconsidered to be entrepreneurship. In this sense entrepreneurialactivity is fleeting. An individual may perform an entrepreneurialfunction in creating an organization, but ulterior is relegated to therole of managing it wi thout performing an entrepreneurial role. Inthis sense, some small-business owners would not be considered to beentrepreneurs. Individuals within organizations (i.e. non-founders)can be classified as entrepreneurs since they pursue the exploitationof opportunities. Thus intrepreneurship is appropriately considered tobe a form of entrepreneurship.The concept of an entrepreneur is further refined when principles andterms from a business, managerial, and personal perspective areconsidered. In finical, the concept of entrepreneurship from apersonal perspective has been thoroughly explored in this century.Third exploration is reflected in the following three definitions ofan entrepreneur In almost all of the definitions of entrepreneurship,there is agreement that we are talking about a kind of behavior thatincludes initiative taking, the organizing and reorganising ofsocial and economic mechanisms to turn resources and situations topractical account, and the acceptance of risk or failu re.To an economist, an entrepreneur is one who brings resources, labor,materials, and other assets into combinations that make their valuegreater than before, and also one who introduces changes, innovations,and a vernal order. To a psychologist, certain forces typically bowel movementsuch a person the need to obtain or attain something, to experiment,to accomplis... ... being set up for suchcases, but schools, colleges and universities all see this particulararea of business as very promising and have began an extensiveteaching programme, such courses available include, Law andEntrepreneur, Accountancy and Entrepreneurship. Although at the momentmany individuals realise the potential of owning there own business,entrepreneurship is said to be a fad and will more than likely becomedated in a way, possibly within the next ten years. However, theoverall concept of entrepreneurship -according to Austrian EconomistJoseph Schumpeter- is innovation (www.quickmba.com) as riches iscreat ed when such innovation results in new demand. From thisviewpoint one can define the function of the entrepreneur as one ofcombining various input factors in an innovative manner to succumbvalue to the customer with the hope that this value will exceed thecost of the input factors, thus generating superior returns thatresult in the creation of wealth and this wealth also leads on to howentrepreneurial is an important area of focus because the wealthgenerated helps the economy, creating jobs, a better state and abetter life for all of us.