Business Reference Guide: The Elements of Entrepreneurship (PDF)

Edwin D. Davison introduces this volume with a history of entrepreneurship from its beginnings to the present day.
Entrepreneurships, or private enterprises, often involve a significant amount of risk on the part of the entrepreneur;
however, if the individual is innovative enough, they can reap the rewards of steady and long-term dividends. To
establish a successful venture, the entrepreneur typically needs to spend vast amounts of time developing a sound business
plan. There are many different types of business plans, and Vanessa A. Tetteh outlines several popular strategies
and the differing schools of thought that surround them. If a capitalist’s efforts are successful and his or her business
continues to prosper financially and employ more workers, it is likely that a human resource department will need to
be developed. According to Ruth A. Wienclaw, “good human resource systems…encourage high performance and
reward employees for contributing to the success of the organization.” Wienclaw also explains how a proper human
resource system is designed and implemented. Employee management is just one aspect of an organization that promotes
sustainability; emerging firms must also develop low-cost, profit-generating marketing strategies to remain
profitable and self-sufficient. Wienclaw expands on some of these low-cost strategies and lists the tasks that a successful
marketing campaign must implement, such as conducting substantial market research.