Entrepreneurship: New Company Start-Up and Revitalisation of Old Ones

The practice of entrepreneurship often takes place when individuals with a keen eye for markets spot an as yet unexplored avenue of opportunity. There is no doubting the difficulty of such undertakings and a vast majority of new businesses fail, however, if your <a rel="nofollow" onclick="javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link']);" href="http://www.thecompanyshop.ie/">Company formation</a> plan is intelligently constructed then there will be a higher chance of a favourable outcome. In 1950, the economist Joseph Schumpeter defined an entrepreneur as a person who is willing and able to convert a new idea or invention into a successful innovation. And above all enthusiasm for the venture is ultimately needed.

Although failure renders the entrepreneur vulnerable to many dangers, the advantages of success are manifold. Most obviously there will be enormous personal financial gain, but also the innovation will create jobs for others, boosting your country's economy. If the entrepreneur is entering into an already established market the venture will create healthy competition, thus encouraging higher product quality.

Up and coming entrepreneurs from the National College of Ireland have won the title of being the winner of the Newstalk 106-108fm Student Enterprise Competition. The winners managed to beat off opponent finalists from the Institute of Technology Carlow, Dundalk Institute of Technology, and Cork Institute of Technology. On congratulating the winning team, Denis O'Brien said, “Their hard work demonstrates what the competition is all about – fostering a spirit of enterprise among students by encouraging teamwork and solution-driven approaches to business challenges.” The winning team and their coach, Rosalind Beere, get to travel to the Caribbean this summer to shadow decision makers in Digicel's operations. Digicel being the Caribbean's fastest growing telecommunications operator and a new entrant in the Central American Market.

But entrepreneurship does not solely apply to brand new ventures, it can also be employed to revitalise mature organisations. Old companies who have found their services decrease in popularity may find it advantageous to recruit new and inventive thinkers to refresh their products and/or services, and in turn give the company a new lease of life.

Lorraine McInerney is currently working as a Freelance Web Content Article Writer. She has an Arts Degree in English Literature and Ancient Classics, and she is currently a post-graduate student of English, specializing in Post-Colonial Literatures. She will be writing her thesis this summer on "Liminality in Post-Colonial Women's Writing”.

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