Monday, September 23, 2019

Economics - Entrepreneur Case study Essay Example | Topics and Well Written Essays - 1750 words

Economics - Entrepreneur Case study - Essay Example This position has further been corroborated by the fact that Peter Druker described innovation as the specific function of entrepreneurship thus the first sign of the fact that Sid is an entrepreneur is the fact that he is an innovator- a person who invented something to enhance the flexibility of working within roofing industry. The so called Rail is typical example of the fact that entrepreneurs are always technically savvy persons. Creating capital is often considered as the most important activity performed by the entrepreneur (Thompson, 1999) and the fact that the assumptions made by Sid to capture 1% of the market is indicating towards the fact that he is going to start the creation of capital which would further increase his business as well as employing other persons to create further employment opportunities. However, what is most important to note here is the fact that just innovation may not be sufficient until and unless it is not backed up by the certain characteristics as well as motivations of the entrepreneur. Creativity is considered as one of the biggest motivators for the entrepreneurs to continue to carry on activities which are not only creative in nature but also have the potential to be economically successful. (Mosakowski, 1998). The so called ladder rail of Mr. Sid is an example of how creativity has been the chief source behind the fact that he continued to work on his creative ideas despite a negative response from his company. Thus from this perspective, it is also clear and evident that Mr. Sid is an entrepreneur. Finally, perseverance is the key in entrepreneurship. It helps entrepreneurs to keep going even in the fact of difficulties. This allows them to have the necessary motivational drive to keep pursuing their dreams as once an entrepreneur decide taking a chance than it become difficult to retract from the position and that is what Mr. Sid showed. Despite reduction in the sales prices offered by the major buyers, the

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