This document provides an analysis of entrepreneurship, including a critical review, origin of entrepreneurial ideas, and characteristics of Colette Hayman. It also discusses start-ups and the development of entrepreneurial ventures. The document is relevant for students studying entrepreneurship.
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Entrepreneurship Analysis 1
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Table of Contents Introduction......................................................................................................................................3 Main Body.......................................................................................................................................3 TASK 1............................................................................................................................................3 Critical review of entrepreneurship.............................................................................................3 Origin of entrepreneurial ideas....................................................................................................4 Entrepreneurial mind set/ characteristics of Colette Hayman.....................................................4 TASK 2............................................................................................................................................5 Analyse start ups and development of entrepreneurial venture..................................................5 Entrepreneurial experience, knowledge and motivation.............................................................5 Entrepreneurial journey...............................................................................................................5 References........................................................................................................................................7 2
Introduction Entrepreneurship is defined as ability for developing, organising and running a business enterprise. There are lot of uncertainties while conducting work on these kid of projects. An individual who is having the desire to establish, administer and succeed within a start-up venture along with risk entitled to it(Aldrich, 2017).A person has capability of starting new business venture as private or multinational company within business environment. the following report is based upon Colette Hayman. Main Body TASK 1 Critical review of entrepreneurship According to the views of Lopez and et.al, (2016), the ability of the individual to run and organise the activities of the business is known as entrepreneurship it is basically creation and extraction of values it helps in developing new and innovative ideas in the business which helps in increasing the profit of the business in the market(Drobyazko, and et. al., 2019). Entrepreneur is the owner of the organisation who run the business with the aim of earning profit they analyse the need and requirement of the customers and accordingly they develop their products and services so that productivity of the organisation can be increased. There are four types of entrepreneurship which are given below: ï‚·Small business entrepreneurship: In these organisation entrepreneur hire local employees and family members to perform the activities of the business ((Kuratko, 2018). They operate the activities of the business by taking small loans or funds from their friends or family members these organisations satisfy the basic needs of the individual. Grocery store, plumbers, electricians are the example of these organisation. ï‚·Scalable start-up Entrepreneurship: Entrepreneur starts a business with the aim of earning more profit as compared to other businesses in the market. They hire the well skilled employees in the organisation so that best services can be provided to the customers so that demand of the business can be increased in the market. ï‚·Large company Entrepreneur: Entrepreneur of these organisation provides new and innovative services of the customers so that demand of the business can be increased in 3
the market. These organisations use new technologies to innovate their services so that company can get competitive advantage in the market. ï‚·Social Entrepreneurship: These are the entrepreneur work for the welfare of the society not for earning profit in the market. Origin of entrepreneurial ideas Entrepreneur ideas plays an important role in the growth of the business for the long term survival of the business entrepreneur has to plan various strategies in the basis of the ideas so that best quality of services can be provided to the customers and increase the goodwill of the business in the market (Morozova, Popkova, and Litvinova, 2019). Entrepreneur should develop the innovative ideas so that unique services can be provided to the economy. Entrepreneur should always look for the ideas which can helps in innovating the services of the organisation, they also analyse the risk which should be involved in the innovative process so that company cannot face any loss in the future. Accomplishment of the entrepreneur ideas involves various technologies, funds and risk which will helps the business to achieve its targets effectively (Bouquet and et.al, 2018). Entrepreneur should plan their strategies as per the needs and requirement of the customers so that better outcome can take place. Entrepreneurial mind set/ characteristics of Colette Hayman Colette Hayman has a positive approach towards entrepreneurial aspect. They are having different competencies which included the following - Taking initiative - This is an inner urge for taking a step towards setting up a new enterprise. Colette Hayman is one of the most innovative entrepreneurs who is an innovator and carried out innovations within handbags, jewellery and other accessories (Nambisan, 2017). Persistence - Colette Hayman is an entrepreneur who is never disheartened by failures. She always adapts new scenarios and work according to that. She works in better manner in each and every situation. she is always working keenly for managing the goal attainment. Information seeking - Colette Hayman is always looking for new opportunities within business. she keeps herself motivated for attaining goals and managing the way in which products can be provided to customers. 4
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TASK 2 Analyse start ups and development of entrepreneurial venture Start-ups are the new businesses that are started with a new innovative idea. This can be sole proprietorship, partnership, etc. which have less resources and annual revenue than large and medium company (Neck and Corbett, 2018). On the other hand, entrepreneurial venture is known as concept for starting a new small business for offering a service or product in order to enhance profit. The development of entrepreneurial venture depends upon several factors. some of these are mentioned below - Market research- This is the first step while starting any initiate towards planning a new business idea. It is seen that when managing to obtain desired financial as well as non financial objectives, it is important to conduct a successful market research. Validation of idea -New and innovative ideas must be used effectively within business environment. it is examined that new innovative ideas must be valid able. They can be understood effectively and goals are attained in proper manner. Focusing on value proposition-The main thing is to focus upon managing and developing new innovations perfectly. There is also need to manage and develop effective ways to start the new project. Entrepreneurial experience, knowledge and motivation Entrepreneurial motivation and experience are major factors in an individual's life if he or she is starting and running a new business. The concept of entrepreneurial motivation is defined as process of transforming an ordinary idea into powerful business plan. there are several factors which Colette Hayman has worked upon for managing the enhancing wealth and economic development. This lady had positive attitude towards business. She worked hard for starting most popular and famous website of jewellery, accessories and handbags. Colette has worked in proper manner for overcoming different hurdles and managing the work in effective manner. She has focused upon managing project activities and tasks to cover different business opportunities. Entrepreneurial journey Colette Hayman has started a creative outlet which embraced the pace of fast fashion. there is opportunity for sharing flair for seeking out and styling product. This entrepreneur has 5
always believed that for a women most essential thing is that she should be wearing all good things to be attractive. In the whole journey of Colette Hayman, she has focused upon providing people the best product. She has focused upon striving to inspire and enable the customers to have innovative experience (Sutter, Bruton, and Chen, 2019). Colette has worked on managing the business in context of managing the product innovation and providing new product to the customer. She has worked upon encompassing all project activities and knowing what actually women want. She has been focusing upon employmentand how it affectsthe business opportunities. There are free standing stores started by Colette in order to enhance brand recognition. she thinks that this is also a good plan for strong publicity campaign for announcing the brand in front of audiences. fashion is one of the most competitive industry. It is essential that for an entrepreneur who wants to start a new business must be passionate about something. Colette is always looking for opportunities and growth. she never put herself down. She always kept moving forward and coping up within business environment, there are severalchallenges that this lady has faced while managing the customer challenges. Colette has used digital media to expand her business. She has used digitisation for enhancing advertising and marketing. By using positive approach of doing business, Colette is launching a new brand campaign shot every month. Ethical and societal impact of Colette Hayman According to Mark Casson Theory of entrepreneurship, it can be concluded that entrepreneurs develop through their own skills. This theory states that individuals who have similar kind of attributes. The entrepreneur exhibits this phenomenon and they can take decisions in different manner from other individuals. In context of Colette Hayman, it is considered that she expects to earn profit from the difference in perception by ‘taking a position’ in jewellery and apparel industry. 6
References Books and Journal Aldrich, H. (2017). Learning together: National differences in entrepreneurship research.The Blackwell handbook of entrepreneurship, 5-25. Drobyazko.S. and et. al. (2019). Innovative entrepreneurship models in the management system of enterprise competitiveness.Journal of Entrepreneurship Education,22(4), 1-6. Kuratko,D.F.,&Morris,M.H.(2018).Examiningthefuturetrajectoryof entrepreneurship.Journal of Small Business Management,56(1), 11-23. Kwilinski.A. and et. al. (2019). Formation of the entrepreneurship model of e-business in the context of the introduction of information and communication technologies.Journal of Entrepreneurship Education,22, 1-7. Morozova, I. A., Popkova, E. G., & Litvinova, T. N. (2019). Sustainable development of global entrepreneurship: infrastructure and perspectives.International Entrepreneurship and Management Journal,15(2), 589-597. Nambisan, S. (2017). Digital entrepreneurship: Toward a digital technology perspective of entrepreneurship.Entrepreneurship theory and practice,41(6), 1029-1055. Neck,H.M.,&Corbett,A.C.(2018).Thescholarshipofteachingandlearning entrepreneurship.Entrepreneurship Education and Pedagogy,1(1), 8-41. Sutter, C., Bruton, G. D., & Chen, J. (2019). Entrepreneurship as a solution to extreme poverty: A review and future research directions.Journal of Business Venturing,34(1), 197-214. (2019)(Morozova, (2019)(Nambisan, (2017)(Neck, (2018)(Sutter, (2019) 7