Entrepreneurship In The Modern Era

Paper Summary:

This paper discusses entrepreneurship within the modern era and describes the substantial difficulties and challenges that entrepreneurship faces. It specifically aims to understand the implications of technological changes to entrepreneurial competency. It also discusses the necessary steps towards a successful start-up creation.

Table of Contents:
Introduction
Body
Implications

From the Paper:

"Business plans are an integral part of entrepreneurial competency; this is because it is the established means by which a business explains their short and long term goals as well as their specific advantages and disadvantages. Although it is now traditionally viewed as a document for investors and external presentations, the real purpose of the business plan is for use as an internal guiding document. Entrepreneurial competency must focus on recapturing the importance of strong business plans for several reasons. First, it is the first step towards establishing real tangible goals for a company and allows for entrepreneurs to think of the scope of the business. Second, this is a tool that will serve as a guiding principle for to the company to refer to when they lack direction or are forced to "fire-fight" throughout the duration of their business. When companies do not focus on their business plan, they often lose sight of their overall goals and forget the feasibility of their idea. The dot.com bust of the 1990s was the evident result of this, when internet companies were built upon the premise of execute now, revenue later and thus did not accurately identify the holes within their entire operational scheme."

Sample of Sources Used:

• Adamson, D. Walking the High-Tech High Wire: The Technical Entrepreneur's Guide to Running a Successful Enterprise. McGraw-Hill, 1994.
• Baird. M.L. Engineering your Start-up: A Guide for the High-Tech Entrepreneur. Professional Publications, 1997.
• Drucker, P. Innovation and Entrepreneurship. Butterworth Heinemann, 1994.
• Reinhardt, Forest. Down to Earth. Harvard Business School Press, 2000.
• Timmons, Jeffrey A. New Venture Creation. 6th edition. McGraw Hill, 2003.

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