Entrepreneurship

This is a Reflective Essay On - Historical and Contemporary Approaches to Entrepreneurship. Review of Polish Literature. By Iwona Pomianek (PhD, Assistant Professor, Faculty of Economic Sciences, Warsaw Universty of Sciences, Poland)

And this is based on the understanding and point of view of an student.

Most students was polarized in the stereotyping standards set in them to choose whether to be an engineer, educator, or work in the medical field over other underrated courses. Growing up and studying leads me to realization that there are lot more unfamous underestimated courses which are relevant and some might contribute in better life and family of an individual and better economy of a place or a country. Some people also think these will not leadthe way to a succesful future. In which, some of these are entrepreneursip or business related courses. Personally, continously researching and exploring this area, notably Entrepreneurship, made me desire to learn more about this. Knowing more informations about Entrepreneurship by pursuing courses linked to it and reading researches provides me greater insights and gives me more knowledge relating to it.

In reading and reviewing this case study on historical and contemporary approaches to entrepreneurship, which includes the presentation of well-known researchers' viewpoints with definite points, I gained an even greater and deeper appreciation for the way people view entrepreneurship, in addition to my own assumptions and reflections on it. In this case study, four theories of entrepreneurship in economics were discussed: theories of pure uncertainty, theories of pure innovation, theories of uncertainty and innovation ability, and theories of perception and adaptation.
First of which is, theories of pure uncertainty. As a result of this, I have realized that an entrepreneur must deal with the unpredictability of situations while also taking risks. It is also an assumption that is cleared that an entrepreneur who builds a business, leads it, face uncertain future which his business is in-line, and risks decisions that will lead wether a succesful one or not as for the driving force of it is also change or progress, which is between the two will be the result. I came to the realization that, as can be expected in the business industry, it is unlikely that a company will continue to thrive if decisions are not taken seriously and chances are not taken.

Secondly, theories of pure innovation. As what I have realized that of course, it is the innovated products and services which a business can offer. And in this theory, the entrepreneur as innovators were the driving force. I have realized that one of the most difficult questions to answer when starting or expanding a business is, "What will I sell?" or "What will I provide as a service?" Therefore, entrepreneurs must have the skills and knowledge necessary to develop new innovative goods from raw materials or scraps, to discover new solutions to problems, and/or to find new methods to market their company.

Third is the theories of uncertainty an innovation ability. Which is the combinations of first two theories mentioned in this case study. An entrepreneur who execute this two abilities to deal with unpredictability while taking risks and innovating new things or ways for the business to succeed.

An lastly on theories, the theories of perception and adaptation. Subjectivism and spontaneous order are the two main points to consider in this section. I have come to realize that entrepreneurs are susceptible to dealing with uncertainty based on their views while operating under the principle of subjectivism. And, in terms of spontaneous order, I have come to realize that an entrepreneur must be adaptable or have the capacity to adjust to changing circumstances in order for the business to flourish and thrive in accordance to market laws. Just as I thought, the Nokia Corporation, when I was a youngster, theirs was the company whose phones were the most popular on the market and the ones that were most frequently purchased. However, given the current state of affairs, I have concluded that their firm did not take risks or make the necessary adjustments to advance in order to continue to exist in today's age.

In this case study, in addition to discussing the historical basics of entrepreneurship, the contemporary definitions of entrepreneur, enterprise, and entrepreneurship were discussed in greater detail. I have come to realize that there isn't a clear definition of entrepreneurship in this context. And that the sole characteristics that has been given for its definition is its relationship to the corporate or business world. As a result, as mentioned in the case sudy, I have realized that there are different definitions of entrepreneurship depending on the field to which it is related, such as private, public, state-owned, intra, individual, team, and so on, as opposed to what I have previously known as the general definition which is taught to me.  Furthermore, it was said in this case study that the essence of entrepreneurship is best addressed by understanding and constructing its many sorts. Moreover, according to what I have read and realized, an entrepreneur is characterized by his or her primary aim in starting a firm for the economy, as well as by the traits and conduct that characterize his or her as an entrepreneur. As a result of these psychological aspects and features, the entrepreneur will be more likely to encourage or inhibit entrepreneurial operations. As far as I can understand, the attitude and mindset is extremely important, or at the very least is taken into consideration, for you want to be deemed or called as an entrepreneur.

As a conclusion, this case study has provided me with a better understanding of entrepreneurship. In spite of the fact that this research study is from Poland and that I am a Filipino, I believe it is relevant and useful to me. It is my best known that while I was in senior high school, even if the case study is from another nation and it was released in the twenty-first century, the knowledge and data included within it was still valuable. Further realizations, I will put this information to use if I want to continue my studies in the field of entrepreneurship after I graduate, or maybe in the specific time that I will put up my own business and its journey, or even now that I am still enrolled in college and studying.

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