Solved: Joseph Schumpeter described entrepreneurship as creative destruction. People have argued about what

Joseph Schumpeter described entrepreneurship as creative destruction. People have argued about what this means. Some people think it means that the entrepreneurial process is dangerous. What do you think Schumpeter actually meant by this?

Expert Answer

Entrepreneur refers to the person who start a business with the goal to make profit by taking financial risk. Entrepreneurial thinking is nothing but the way by which opportunities are recognized in the marketplace and make planning to act upon those opportunities which can be beneficial for business.

Entrepreneurial thinking plays important role in strategic planning because

  • entrepreneurial thinking requires actions that is very much essential for strategic planning.
  • entrepreneurial think different possibilities and how to deal in different situations. Strategic planning is a dynamic process and entrepreneurial thinking is essential for making effective plans.
  • entrepreneurial think in an ambiguous way and cope up with conflicting views of different people. They also focus on innovation.
  • entrepreneurial thinking focus on adding value thus they make the strategic planning process more effective by providing innovative ideas and knowledge.
  • entrepreneurial thinking gives more importance to internal factors that is very much essential for long term planning.

Owning a business can be good and a new entrepreneur can make his or her business successful by his or commitment to perform the task, planning and executing appropriately and making strategies in order to be successful in the long run.

Entrepreneurship is considered as creative destruction by Joseph Schumpeter because it has the following characteristics: –

  • Need for achievement – This is an important psychological characteristic that is very important for entrepreneur. This include taking personal responsibility at work, focus on performance as well as take risk, creating high performance work teams, etc. High need for achievement will make the individual to manage their business effectively in order to meet their business goals.
  • Internal locus of control – An entrepreneur has the ability to control its work environment through his or her actions or behavior. A person can manage his or her business effectively if he or she manages the business environment appropriately.
  • Coping up with uncertainties – An entrepreneur has the ability to deal with challenging situation, adapt to change and make strategies to deal with uncertainties. They can handle multiple assignments irrespective of their difficulty level.
  • Risk-taking ability – Entrepreneur has the ability to take risk and are more aggressive in terms of making business decisions.
  • Work-style – An entrepreneur’s orientation towards work depends on his or her abilities, interest, values, talents and knowledge. So a person will want to accomplish the goals based on these factors by creative thinking, overcoming obstacles and take risks.
  • Demographic and background factors – Parent’s occupation, parent’s socio-economic status and birth order of entrepreneur are important demographic and background factors that makes the entrepreneur different from others.

The greatest risk in starting a business is financial risk. It would be risky for the new entrepreneur to be financially stable at the initial stage. The greatest reward’s include you being the boss, setting up things as per your convenience and having control on your earnings. Thus, entrepreneurship is a creative destruction.

 

iWriteHomework
Order NOW for a 10% Discount
Pages (550 words)
Approximate price: -

Why Us?

Top Quality and Well-Researched Papers

All ourbpapers are written from scratch. In fact, Clients who ask for paraphrasing services are highly discouraged. We have writers ready to craft any paper from scratch and deliver quality ahead of time.

Professional and Experienced Academic Writers

Our writers keeps you posted on your papers progress - providing you with paper outline/draft. You are also at liberty to communicate directly with your writer.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time, in many cases quite ahead of time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

× Contact Live Agents