Entrepreneurship and venture creation Essay Example | Topics and Well Written Essays - 4250 words

Entrepreneurship and venture creation - Essay ExampleIn the period scenario, concept of entrepreneurship has expanded, in terms of including complaisant and political activity. Entrepreneurs are often regarded as leaders who are even denoted as risk takers. These leaders constrict risks so as to accomplish set goals and explore market opportunities. Entrepreneurs are even inclined towards planning, employing and organizing resources. There are two forms of entrepreneurial skills to improve upon actual product line or design a completely upstart product. Changing mind set is also observed within entrepreneurs and this leads to formation of social entrepreneur, knowledge entrepreneur, political entrepreneur, etc. Successful entrepreneurs basically possess two important attributes such as team building skills and management skills (Audretsch and Lehman, 2005). A natural business idea is also generated by Marvin Hill as per the case study. Marvin Hill in present scenario is a mult i-millionaire. He has been able to deliver yeasty ideas and develop solutions for market based problems. Marvin Hill had worked for Ford Motor Company since six years and then he decided to shift towards building his new business. He was determined to design computer aided software for providing assistance to engine room projects. This CAD software was a relief for many large home organizations that undertake engineering projects. MarvCAD Inc., had been able to acquire desirable profit margins within few years of its incorporation. The company was more inclined towards addressing critical issues related to engineering products. Software quality designed by Marvin Hill was much higher and it was user friendly. Users could easily work with CAD in terms of facilitating search capabilities, visual, copyrighted and website content, audio, etc. The different pieces of this software were highly customized and modularized. It enabled users to attach add-ins as and when required.