Konstantina Kostadinova
L0003SIBSIB1114
London School of Commerce
MBA Semester 1

“The role of uncertainty and imperfect information is crucial for the view of the role of the entrepreneur by Shackle”Deakins, D and freel, M, 2012, p.11

Critical Analysis

CONTENTS:
1. Introduction………………………………………………………… p. 2
2. What is the view of entrepreneur? ……….…………… p.
3. The role of uncertainty for the entrepreneur ... p.
4. Imperfect information–crucial for the view of entrepreneur p.
5. Conclusion …………………………………………………………. p. 6
6. References …………………………………………………………….. p.7

1. Introduction: Nowadays setting your own business and providing your idea is connected with personal finance risk. In general people dislike risk – they are scared from the uncertainty. Not everyone is ready to face the consequences from taking this risk and because of that not everyone is born to be entrepreneur. What is the entrepreneur in the most general sense? Which one it is crucial for an entrepreneur: to be possessed with individual qualities like a magnetism and stability, to be fearless and risk-taker or effective in different functions like finance, information, human resources, marketing, technology, communication. In this paper, we are going to talk about the view of the entrepreneur - the opportunity, the innovation, the risk and act. , and also will go through from the history backgrounds to the modern view of the entrepreneurship and how the modern technology helps at the entrepreneur word. If we look in the business dictionary we can find a big connection between entrepreneurship, risk and uncertainty. One of the main objectives of this essay is uncertainty. The relationship between uncertainty and entrepreneur has been considered from many authors. We will define those two terms and also highlight the difference between risk and uncertainty. In general we faced the uncertainty when we don’t have enough information about the future, in this case we need the proper information to avoid this uncertainty. However, what kind of information the entrepreneurs needs to start their own business and is it possible to start the new business without any information? That will be the other purpose of this essay – to describe the imperfect information and highlight how crucial is this information for the view of the entrepreneur.

2. What is the view of entrepreneur?
There is a so many different views of entrepreneur. The most common is: People who is running his own enterprise, self-employed or small-business. Some theoreticians highlight the idea of innovation: “Entrepreneurs are innovators – they are creating their ideas and embody those ideas in growth enterprise.”(Joseph Schumpeter (2001)), “An entrepreneurs are always looking for changes and using this changes like a good opportunity.” (Drucker (2007)). The entrepreneurship is stress from the history backgrounds as a mediator. The entrepreneur is someone who need to pay concrete price and sell with inexplicit profit but still manage to be successful. (Stokes, Wilson (2007)). In this modern word entrepreneurship is connected with predicting the market, using the modern innovation to create a new product discover customer needs and the last but not least is to motivate the people effectively which can provide you final success for the overall business. There is one very true definition of the modern entrepreneurship vision from Paul Burns which says: “The entrepreneurship is a style of control which takes the changes and innovations as focus of behaviour and thinking” (Burns (2001)). Other theoreticians determined the entrepreneur like risk-takers: “The entrepreneur is someone who is ready to take a risk from setting their own business” (Frank Hyneman Knight, (2005)). Investing your own power and assets for creating an enterprise or product makes you a risk-taker.

Entrepreneurship is not confined to a particular type of employment