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The major reasons for entrepreneurship becoming so important in our economy Essay

An entrepreneur is someone who is willing to take on the risk of starting a new business. Entrepreneurship creates new jobs and provides innovation in products and services. Any new business that opens, whether to provide a new product or service, or enhance an existing product or service, is the result of entrepreneurship. Millions of new businesses open in the country each year. These businesses are especially important to local economies. When steel and rubber factories closed down in Ohio and Pennsylvania, the economy suffered. Now there are many service oriented businesses in those areas.

Many former factory workers had career changes to sales and customer service. Entrepreneurship helps to rebuild and replenish local economies. Entrepreneurship also provides solutions to problems by creating new products and services. Bill Gates is the best example of how entrepreneurship solves problems through innovation. Through the innovation of Microsoft, just about everything we do can be done on computer quickly and very efficiently. That inspired other entrepreneurs who brought us Google, Yahoo, and all types of e-commerce.

• What are the two leading explanations for the massive job losses that have characterized the nations largest firms in recent years? Two leading explanation for job loss in

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recent years is technology and fraud. Technology has rendered many manual jobs obsolete. Customer service is a prime example. Computerized answering systems and account access allows customers to do every thing from order prescriptions, pay bills, and check account information by phone with no human assistance. Loan and insurance applications can be completed online eliminate need for sales and service personnel in some industries.

Many companies are moving operations overseas, and that is a major source of job loss. But in recent history, fraudulent business activities have shut some major companies down as well. Large employers like Enron and Arthur Andersen have ceased to exist because of fraudulent practices. Right now, employment in the mortgage and housing industry is in decline due to the practices at all levels, Wall Street portfolio investors, as well as local mortgage originators. • Will the concept of a job become obsolete? Jobs will never become obsolete.

But the concept of the workplace may begin to change. Because of technology, many people can do their job outside of a traditional office setting. Some customer service centers actually route calls to an individual who is at their home computer talking on their cell phone. News writers and reporters have the ability to write and submit articles from a remote computer. However, assembly jobs in the auto industry will never become obsolete, even if computers can assist with production. • Give some examples of the sources of strength of the entrepreneurial movement in different countries.

Foreign entrepreneurship is driven by the same things that drive local entrepreneurship ? job losses, the need for innovation, and support for local economies. The internet has allowed some companies to sell products and services, that might not be desirable or allowable locally, to consumers across the globe. Outsourcing is also a great supporter of foreign entrepreneurship. When the U. S. changed the telemarketing laws, some companies moved their telemarketing efforts to foreign countries that are not regulated by the U. S. As that demand increase, more local telemarketing entrepreneurs could find opportunities.

• What is outsourcing, and how has it given a boost to entrepreneurship? Outsourcing is moving internal jobs to an outside business because it is less expensive and/or more efficient. Many individuals have become entrepreneurs through downsizing and outsourcing. As mentioned, customer service functions are outsourced by many companies. An individual could take on several customer service calls from different types of organizations as long as they have internet access to the companies’ information systems. The company would pay the person as any other creditor as opposed to on biweekly payroll.

Since the person has income and expenses related to conducting customer service functions for three clients, they have become an entrepreneur. • Define market space and explain how it represents an opportunity for entrepreneurs. Market space is computerized networking for business operations. Market space allows entrepreneurs to exchange information to enhance supporting businesses. Market space can be defined as a virtual market place. It can be thought of as the electronic equivalent to a physical warehouse, shopping center, or order entry department.

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