Week 3 Discussion 3: Business & Entreneurship

Business and Entrepreneurship
Name
Institutional Affiliation

Business and Entrepreneurship
Relevance of Entrepreneurship to a Business
An entrepreneur is a driving force in the success of business. The person is involved in the management of three essential factors. These are existing business, new-venture, and the public-service institution. Entrepreneur competence regarding the existing businesses requires an analysis of the persistent problems, policies, and practice. Carrying out the analysis assists the entrepreneur to identify areas that need innovation and how best the business can survive with the current situation. Entrepreneurship competence cuts across all fields including that of the public-service institution where most innovation challenges are present. According to Drunker (2014), change in perception and mood in the public domain is on a steady rise requiring the attention of qualified personnel to initiate and manage appropriate transformation. Comparatively, new-venture provides the perfect opportunity for the entrepreneurs to practice the taking and managing of risks in pursuing innovations.
Based on the work of Koellinger and Roy Thurik (2012), it increases agility in a company. Agility in an organization defines the coordination of movement towards a particular direction, which is the one for a change. It significantly acts to increase the innovation capital of the firm. In regards to Drunker (2014), entrepreneurship and management are entirely different departments.

Therefore, through entrepreneurship, dependence on the top management reduces, thereby enabling other employees to participate in developing ideas of innovation. Consequently, the confidence of the company and the outlook of its participants positively increase. It is imperative to consider factors necessary in making entrepreneurship relevant. These factors include the organizational receptiveness to change through enacting policies and practices that encourage the growth of innovation, an organized structure, performance measurement to identify the necessity of an entrepreneur, and a clear outline of things not to do in managing an enterprise.

References
Drunker, P. (2014). Innovation and entrepreneurships. New York, NY: Routledge.
Koellinger, P. D., & Roy Thurik, A. (2012). Entrepreneurship and the business cycle. Review of Economics and Statistics, 94(4), 1143- 1156.