Analysis of entrepreneurial life-cycle

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Entrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Analysis of entrepreneurial life-cycle.........................................................................................1Evaluation of entrepreneurship in context of encouraging and supporting different nations.....3TASK 2............................................................................................................................................4Covered in to PPT.......................................................................................................................4TASK 3............................................................................................................................................4The different range of entrepreneurial idea.................................................................................4Application of a model/theory of innovation for new business opportunities............................5TASK 4............................................................................................................................................6Start up plan for new business venture.......................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................9
INTRODUCTIONEntrepreneurship refers to the procedure of establishing, launching and operating a newbusiness which is often initially a small business. It can be an enactment of creating a business orbusiness while building and grading it to generate a profit(Aldrich, 2017). This process ofconverting new ideas in to business consider both the examination of how new business arecreated as well as the potential procedure of protrusive a new enterprise. Entrepreneurship helpin seeking investment and production growth options, developing and managing a businessenterprise, so as to undertake production function, managing inputs such as money materialmanpower, new techniques and products. This report will discuss about the entrepreneurial cycleand support of it in various nations. Further, it will define about different types of entrepreneursand their skills & qualities which distinguish them from managers. A new entrepreneurial ideawill explain to develop a new business venture and a model of innovation for new businessopportunities.TASK 1Analysis of entrepreneurial life-cycleEntrepreneurial Life cycleThis cycle starts with an entrepreneur who comprehend a growth option, create acompany to engage it, collect the needed resources, utilize a applicable program, expect thehazards and rewards, all in a punctual way for all concerned. Entrepreneur life cycle containsseven stages which are mentioned as follows:Opportunity recognition- This is the first stage of this life cycle under which theentrepreneur and business person conduct investigation and understand the dimensions of theopportunity and determine the options of business growth which is attractive or unattractive. Tofind out opportunity to establish new ideas and thoughts, the businessperson does analysis ofdifferent sector under which the individual can launch business by converting potential ideas.Opportunity concentrating-Focus is important because there can be the possibility of theenterprise diverging out later. It is the second phase, in it the business person make focus on thegrowth option (Ateljevic and Page, 2017). The individual make investigation on it that howmuch it relevant for the growth and success.1
Commitment of resources- This is the third phase of entrepreneurial life cycle underwhich, after getting business set up opportunity, the individual commit regarding resourceswhich are required to run the new business(Belz and Binder, 2017)). These resources can bemoney, material, manpower, machinery and others. The business person also develop businessplan, commit other resources, start the venture and make focus on the set up business.Source: Entrepreneurship Life Cycle, (2019).Market entry- In this phase, the entrepreneur is pledged with a very unsophisticatedcompany, resources appropriately distributed as per the business plan and the first launching ofgoods and services of this enterprise take place.Full launch and growth- At this phase, the business person requires to select a specifichigh growth plan of action. The individual launch business in specific market as per goods andservices which are produced by new venture. The entrepreneur monitoring growth options suchas producing products according consumer’s needs and attain success in business.Maturity and expansion- Now in this stage, the venture is a marketplace leader atcruising elevation. In this phase, the product is help in gaining success and growth in thebusiness of the company by fulfilling consumer’s needs and take the business at maturity stage2Illustration: Entrepreneurship Life Cycle
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