The Six critical Dimensions of Entrepreneurship

The Six critical Dimensions of Entrepreneurship

Entrepreneurship is very broad concept. The description of entrepreneurship  can be redefined by examining six critical dimensions of business practice:

#1 Strategic Orientation
This is a first dimension of Entrepreneurship. In traditional definition of the entrepreneur as ability to grab the opportunity or more creative or innovative and more favourably.  In strategic orientation, it describes a promoter is truly driven a opportunity and the factors that derive a company’s formulation strategy.

#2 Commitment to Opportunity
This is a second dimension , it becomes clear that the definition of the entrepreneur as creative or innovative is not sufficient. they should create the opportunity or grab it.  The promoter is willing to act in very short time frame and to chase an opportunity quickly. The Time period of their commitment, not their ability to act, is all that is in doubt. Commitment for the trustee is time consuming and once made, of long duration.

#3 Commitment of resources
Another dimension we observe in good entrepreneurs. It is multi- staged commitment with a minimum requirement of resources at each crucial stage or at any decision point. the attempts to create the maximum value by minimising the set of resources and of-course must accept the risk in process.

#4 Resource control
The main dimension is control of resources. Entrepreneurs must learn to utilisation of resources by efficient manner. Always keep in mind that use other people’s resources and decide the product by utilising others resources. An organisation may need a Specialised resources such as Hie-tech patent rights or heavy quality equipments for a short time.

#5 Management Structure
Entrepreneurs must decide the management hierarchy. the promoter need knowledge for progress which is direct contact with all of the principle characters as follow. In this system it is total based on the relationship of resources with ownership and employment be organised in a hierarchy.

#6 Reward Philosophy
At last, Entrepreneurial companies are different from administrative management philosophy regarding compensation and reward. Every business follows the philosophy to focus on the creating or gathering of values. According to startup situations, the founders as well as investors themselves have invested cash in company and want returns as soon as possible.

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