Entrepreneurship essay
Entrepreneurship is a field of study that deals with various aspects such as business management tailored towards ensuring the effective running of the business. Entrepreneurship also focuses on product development and ensuring innovative approaches for business. The field offers an opportunity for effective understanding of the market dynamics, the type of products and services to offers to the target and various types of business in the marketplace. The business environment offers various forms of businesses which entrepreneur can engage in, such as sole property. A sole proprietorship can assist the entrepreneur in turning the business idea into reality, enabling the entrepreneur to achieve his or her set objectives in the dynamic environment (Agarwal & Braguinsky, 2014). The primary interest to pursue a PhD in entrepreneurship was triggered by the desire to come up with innovative products and service in the market. This is because the environment keeps changing hence presenting both opportunities and threats to entrepreneurs. The entrepreneurs are usually expected to maximize opportunities while counteracting with threats such as the bargaining power of consumers. Introduction of new products and services in the market while aid in resolving the varying changes of consumers tastes and preference in the marketplace. This will contributes towards increased customers satisfaction and retentions, which results in the improvement of the overall organization performance and productivity. The other reason is that our family owns small business India, acquisition of PhD in entrepreneurship will assist in broadening of the business operations into largescale. This will lead to an improvement in the overall business profitability margins as well as liquidity positions. The profitability positions for the business will be gauged in terms of returns generated while liquidity will be gauged by the ability of the business to honour its short term obligations. The knowledge acquired I will apply it to formulate viable policies tailored towards improving the business operation hence enabling the business to compete effectively with other firms in the marketplace.
Entrepreneurship is a diverse field since it entails coming up with new idea and process and turning it into reality. The knowledge acquired I will apply in the workplace to assist in the formulation of viable policies and strategies. The strategies are essential since they offer the necessary directions to the organization hence enabling the organization to achieve its strategic objectives. The strategies will be applied to broaden the organization operations, which in returns will result in broadening of the overall market share for the organizations. The higher market share will assist the organization in benefiting from economies of scale, which arises due to efficient production practices within the organizations. The practices are imperative since they enable the organization to achieve profit maximization goals as well as meeting of the stakeholder’s expectation in the competitive environment thus enabling the organization to succeed as a going concern(Qureshi, Kistruck & Bhatt, 2016). The concept stipulates that the business will remain in operations in the foreseeable future. Entrepreneurship finally presents viable areas of research such as changing customer’s needs, customer’s expectations and satisfaction, innovation etc. Research in this field is paramount since they enable the organization to gain a competitive edge, thus surviving stiff competition in the marketplace.