Entrepreneurship - A critical reflection on learning entrepreneurial and managerial capabilities and how these may be applied in my career

Introduction:
“Creating, Recognising and exploiting opportunities are the very heart of entrepreneurship. (David Ray,2007) “Entrepreneurship is the process by which firms notice opportunities and act (by creatively organizing transactions between factors of production) to create surplus value”(Jones,1992). Entrepreneur is of very high aptitude who pioneers change, possessing characteristics found in only very small fraction of the population.(Quick MBA,2007).
However, there is no universal conceptual framework exist for Entrepreneurship as the current theory is the combination of various elements like psychology, anthropology, sociology etc. (Virtanen,2007) There are various dimensions under which an entrepreneurship is viewed and assessed. From stressing the importance of bringing in innovation and efficiency in the businesses, entrepreneurship is viewed as very efficient and valued addition area of business which can provide extra efficiency and flexibility into the business.
Schumpeter’s view of entrepreneurship is based on brining in innovativeness into the business. According to him entrepreneur is one who combines various input factors in an innovative manner to generate value to the customer with the intentions that this value will be greater than the cost so that he earns a profit..(Quick MBA,2007) In its simplest form, entrepreneurship can be termed as art of taking risks because with limited resources and small nature of business activities an entrepreneur takes calculated risks to add value to its business by continuously providing value added features and services to its small customer base. All the great businesses of today started as small business units with their entrepreneur having dreams in his eyes and vision beyond the thinkable. That is what makes an entrepreneur different from other managers.
Researchers have stressed on the importance of entrepreneurship, role of new firm activity and economic dynamism for the economic growth.(Laura Alfaro,2006) In the back-drop of this, entrepreneurs are considered as vital for the economic growth of any society and their impact on the economic activity is much larger and often un-measured. However, due to lack of a conceptual framework it is becoming hard for researchers to specifically set the important parameters to be used when we talk about entrepreneurship.
However, for a student aspiring to be a bustling entrepreneur many different factors matter. From having a vague idea of a business to developing it into an economically viable enterprise demands certain set rules and procedures to be followed to materialize the dream of a young entrepreneur.