Monday, 29 July 2013

The Entrepreneurship Model

Burch (1986) maintains that at its essence, entrepreneurship is the process of giving birth to a new business. This model illustrates that a variety of components work together to conceive and give birth to a new business. The foundation provides the environment and general support that help foster entrepreneurship.
One of the key elements of the foundation is education and training. They should maintain that the programmes should be available to all people all the time to provide the knowledge and expertise to achieve personal goals and to learn entrepreneurial skills. The raw energy and talent for venturing comes from aspiring entrepreneurs who are dedicated, hardworking and knowledgeable people.
        Burch also supported the idea that entrepreneurship is an intellectual endeavour that the collaborative affiliation component made up of research centres, universities, governments, corporations and private groups cooperating with entrepreneurial guidance, expertise and research support. The venture incubator provides an ideal place to hatch new business. Entrepreneurs with foundation stimulation and support of helpful groups bring to the incubator unit their abilities and product – service ideas. A wide variety of skills and supports such as capital professional expertise and labour is required to bring this product – service ideas to full commercialization. A new business is hatched by bringing all these components together. Finally, all components of the entrepreneurship model are looking for definite returns that include economic growth, enhanced standard of living, profits, enhanced image and technological development. He also highlighted job creation as a clear return of the entrepreneurial process, since new business will create new jobs that will benefit society as a whole.

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