Entrepreneurship and Enterprise Creation

Running head: ENTREPRENEURSHIP
Entrepreneurship and Enterprise Creation
12/25/2018

ENTREPRENEURSHIP 1
Table of Contents
Introduction................................................................................................................................2
Entrepreneur...........................................................................................................................2
About Spyce Kitchen.............................................................................................................5
Background of the Entrepreneurs...........................................................................................5
Processing in the restaurant................................................................................................6
The Sociological Framework/model......................................................................................6
Business Model......................................................................................................................7
Opportunity Business Model for Spyce Kitchen...............................................................7
Conclusion..................................................................................................................................8
References................................................................................................................................10

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Introduction
Entrepreneurship is the introduction of new venture mainly small ventures to emerge the
groundbreaking ideas of the entrepreneurs. Therefore, the development or formation of small
enterprise is the precise influence of entrepreneurship in the world’s economy.
Entrepreneurship firms funded a huge share of jobs in the economy (Westhead and Wright,
2013). It offers entry-level jobs therefore, they are important for training and getting
experience for the untrained workers. Besides this, entrepreneurship is generally called as the
incubator of the innovation. Innovation generates disequilibria in the current state of order.
Living standard is the notion created on growing consumption of a range of services and
goods over a specific period by a family. Therefore, it is based on the accessibility of varied
products present in the market. Entrepreneurship offers different types of product of
numerous natures by their innovation (Thérin, 2014). The intent of this report is to increase
the understanding of the entrepreneurial process by researching a successful entrepreneur and
their enterprise. It provides an opportunity to critically evaluate their enterprise. The report
will talk four mechanical engineering graduates that are Luke Schlueter, Michael Farid, Kale
Rogers, and Brady Knight who became entrepreneurs by introducing robotic-powered
restaurant in Boston. The name of the restaurant is Spyce Kitchen.
Entrepreneur
An individual in place of working in an organization founds and run his own small business,
assuming all the rewards and risks of the venture. The entrepreneur is normally considered as
an innovator, a basis of innovative ideas, services, goods, and procedures of the business.
Entrepreneurs perform an essential role in the country’s economy (Feld and Wise, 2017).
They are the individuals with initiative and skills that are required to forestall current as well
as future needs and carry good ideas in the market. Entrepreneurs who get successful in

ENTREPRENEURSHIP 3
dealing with the risk of the new venture are rewarded with fame, growth, profits and
development opportunities. Those entrepreneurs who fail in establishing successful venture
they bear losses (Williams, 2017). Entrepreneurship is also known as the key resource
essential in the production. They generally deal with numerous hurdles while creating their
businesses. The most common challenges present in the environment are employing talented
staff, obtaining financing, and overcoming bureaucracy.
An entrepreneur is the one who creates a business model, obtains the required human and
physical capital in order to initiate a new venture, and operationalizes it and is accountable
for its achievement or failure (Tvede and Faurholt, 2018). In order to be a successful
entrepreneur, it is very important to have leadership quality. Quality of a leader help
entrepreneur to encourage its teammates to work will full enthusiasm and zeal to attain the
goals and objectives of the business. There are different types of entrepreneurs, some of them
are explained below
Trading Entrepreneur
As the name reflects, the trading entrepreneur carries out the trading activities. They buy the
finished goods from the producers and vend these to the patrons’ straight or through a
mediator, that is a retailer. The trading entrepreneur works as an intermediary, such as
dealers, retailers, and wholesalers between the manufacturer and end user (Johnson, 2015).
Manufacturing entrepreneur
The manufacturing entrepreneurs are those entrepreneurs who produce goods. They
recognize the requirement of the consumer and then discover the technology and resources
that will be utilized to produce the good to content the needs of the customer. In similar
words, these kinds of entrepreneurs transform raw materials into finished goods.
Agricultural Entrepreneurs