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1. Entrepreneurship Sample Essay
An entrepreneur is an individual who creatively comes up with
ideas that he or she further transforms for the economic benefits
while assuming all related risks. Brannback and Carsrud define an
entrepreneur as an individual who is associated with generation of
new activities while ensuring the act is done (4).
Entrepreneurship is therefore the process of discovering various
ways of combing resources to realize a market value.
It additionally involves undertaking a business activity that
creates non-monetary and monetary benefits to the industrialist.
An entrepreneur according to Abrams is a person who carries out
leadership and managerial duties in an organization (3).
Industrialization is also focused on innovation and creativity
triggering distribution, production and sale of different products
and services.
The activity is additionally quite significant as it plays a focal role
in the growth of economy in the US. According to the Bureau of
Labor Statistics in the US, more than two million jobs were
created by the newly created firms in 2010. In this regard,
entrepreneurship leads to more employment opportunities in the
US and is essential because it comes up with new technologies
and ideas.
The U.S is additionally among the top countries that are
technologically advanced across the globe. New technology allows
for enhanced economic growth and offering effective solutions to
social and environmental issues (Brannback and Carsrud (6). It is
also essential in wealth creation at personal and national level.
For instance, Bill Gates designates ninety percent of his personal
earning to the foundation addressing global health issues.
Therefore, he contributed a great deal to the reduction of social
issues by offering access to wealth to the less privileged in the

2. society. Entrepreneurship is therefore paramount in the economy
of the US.
There are different features that make an industrialist success in a
business venture. To begin with, the individual should be very
passionate with what he or she is engaging in since passion
requires that a person should completely love what he or she is
doing (Abrams 4). The mindset of an entrepreneur involves
passionately looking for opportunities. The other entrepreneurial
mindset feature is risk taking.
Getting into a new business is always a risk and involves perils.
For instance an entrepreneur is not assured that the business will
ultimately generate profits and that he or she may end up losing
personal equity. An entrepreneur focuses a lot of his energy one
plan execution despite any possible challenge that one may come
across.
The entrepreneurial traditional mindset however differs a great
deal from the modern mindset since traditional industrialists have
a mind that is more fixed while modern counterparts are more
flexible growth mindset.
The intelligence level in a fixed mindset is often static while that
of a growth mindset is always growing. Industrialists traditionally
could avoid challenges in an effort to appear smart as opposed to
modern ones who embrace challenges as they come with the
desire to learn from then. An entrepreneur with a growth mindset
also embraces criticism while traditional mindset industrialist
always assumes negative feedback and even avoids learning from
critics.
In the end, the modern entrepreneur reaches a high achievement
level to become an inspiration to others.
An entrepreneur also generates new business ideas via a thorough
market research and reinvents an older idea. Market research is a

3. continuous process that involves going around to the potential
market area and identifying businesses in existence. During the
visit, an industrialist will focus on the issue in a given market
area. Therefore, he or she generates an ideal problem inventory
analysis, a method that is quite effective in generating new ideas
as well as solutions by focusing on issues.
Additionally, market research involves the use of target group that
offer information in a format that is structured. These methods
help an entrepreneur to get ideal knowledge of the market area
that he or she is interested in. other sources of business
information includes free association, modification of an existing
idea and brainstorming. An entrepreneur is can also choose to
reinvent an old idea and add value to it thus, making it a very
successful business venture.
A person through free association as well as brainstorming can
help create new ideas and venture into it. Additionally, in keeping
up with modern trends and monitoring the business market, one
can develop brilliant and exceptional entrepreneurship ideas.
Business ideas are mainly found within us and when an
industrialist encounters a challenge, he or she will try to find an
ideal solution. For example, when a person feels dissatisfied or
frustrated by a given service or product, he or she will consider
better ways to modify the product thus, becoming a successful
industrialist.
According to Brannback and Casrud, for an industrialist to get
new ideas, it is essential to have a clear understanding of the
business environment (23). The business environment includes
consumers, suppliers, competitors as well as the state. It is
therefore easy to determine whether the client is satisfied with a
given product or not. If not satisfied, the industrialist can consider
new ways of enhancing the client to ensure the client is satisfied.

4. A business idea is usually different from a business opportunity
since an opportunity is an idea that is just getting started. Ideas
are in abundance while opportunities are often scarce especially
when it comes to creating a profitable business (Brannback and
Carsrud 26). Lucrative business opportunities are often driven by
clients as the entrepreneur identifies clients with the ability to
purchase products thus generating a significant amount of cash
flow. An opportunity is also closely related to the likes of an
entrepreneur and has a passion of engaging in the business.
On the other hand, a business idea can be generated from
different sources including reading an article or even sourcing it
from a person hence, not aligned with the interests of an
entrepreneur. A business opportunity also calls for ideal timing
unlike in the case of an idea since it can be generated at any given
time and immediately put into practice.
An industrialist can also develop an idea and stay for a long period
of time trying to observe market trends until he or she is satisfied
or gets an ideal opportunity to engage in a business. Depending
on just ideas leads to failure on the part of an entrepreneur since
there is need to acknowledge an economic advantage on
competitors.
A business opportunity also involves having clear market
awareness and possible challenges that one is likely to face
(Brannback and Carsrud 28). Even so, a business opportunity can
be arrived at by observing trends in the market where an
industrialist also gets an idea. Entrepreneurship begins with
generation of an idea, identification of a lucrative business
opportunity and taking the right steps to transform the idea into a
business.
A business plan is divided into different sections that
have various objectives

5. Executive summary
An executive summary is a review of the business plan and is
usually the last thing to be drafted. The details in the summary
focus on the industrialist’s experience as well as background
details of a given venture. Its main purpose is to summary major
points of the business plan to help save the time the reader spends
on the plan (Finch 18). It also aims at tapping the attention of the
reader and to entire them into reading the entire document.
Venture description
This part contains a clear definition of products and services
including their worth, features and visual aids (Finch 18).
Protection of a product as well as its patent rights is also
contained in venture description in the plan. It also includes the
location of the business, its size, target market and brief history.
Lastly, it consists of a competitive advantage of the business
venture as well as its main purpose of offering a clear insight to
the reader on the feasibility of the venture.
Market analysis
This part of the business plan clearly outlines the knowledge of an
entrepreneur on the industry and monetary forecasts (Finch 20).
It also defines the outlook of the market and present growth rate
trends, main client groups and specific industry features. It also
consists of estimated share of the market, pricing and gross
margin targets.
Marketing plan
A marketing plan definition outlines different methods that will
be utilizes in sales marketing. Its main purpose is to achieve
measureable and reasonable promotion methods.
Management team

6. This part shows authority hierarchy in the business world from
the top management to the lowest level. It focuses on various
managerial roles in the business premise.
Operation plan
This part includes facilities and tools in the business and the stock
needed in the business.
Financial plan
Financial plan consists of complete guide on the capital required
in the business as well as the expected employee salaries.
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7. Work cited
Abrams, Rhoda. Entrepreneurship: a real world Approach. 2012.
Print.
Carsrud, Alan L, and Malin E. Brännback. Entrepreneurship.
Westport, Conn. [u.a.: Greenwood Press, 2007. Print.
Finch, Brian. How to Write a Business Plan. London: Kogan
Page, 2013. Internet resource.