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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