(Solution) Entrepreneurship Assignment PDF
Added on 2020-12-09
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Entrepreneurship Assignment
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3Main Body.......................................................................................................................................31. Increasing level of entrepreneurial activity critical to the growth and development of theAustralian economy....................................................................................................................32. Critical Evaluation of the process and hindrance of Entrepreneurship...................................6CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship activity is a process of scheming, launching and running a newbusiness. It can be described as willingness and capacity to develop, organize and manage aventure with numerous risks with the motive of earning profit. People who initially starts withmicro firm are called entrepreneurs (Hitt and Duane Ireland, 2017). While, launching a businesssignificant proportion of business get close due to risks involved which can be because of badorganisational decisions, lack of funding, economic crisis and limited market demand. In thisreport there is complete discussion on entrepreneur and its activity. The report is based on criticalanalysis of start-ups in Australian economy by deriving process of entrepreneurship and factorshindering its process.MAIN BODY1. Increasinglevel of entrepreneurial activity critical to the growth and development of theAustralian economyEntrepreneurial ActivityEntrepreneurial Activity can be defined as enterprising human actions so that generationof value can be pursued through creation and expansion of economic activity by exploiting andidentifying market opportunities. It is regarded as important driver for economic well-being andstability. This activity helps in promoting innovation and jobs opportunities. Entrepreneurs alsofuel competition which indirectly drives productivity and market growth along improvingcompetitiveness (Cooper and Folta, 2017). It shapes innovation and speed up structural changesin the economy. Entrepreneurship is an accelerator for national competitiveness and economic growth. However,in Australia, Entrepreneurship deals with studying the tools and techniques to take up a businessconcept and resources into reality. Aiming at new business model, entrepreneurs give assuranceand manage innovations and often take risks for establishing their business plans.Entrepreneurship focuses on studying new venture creation which are specifically known asstart-ups.1. A concept or business idea that includes service, product, new technology and innovativemanagement process.2. People who manage the work like vendors, advisors or employees.
3. Procedure by which product or service or technology can be developed.4. Sufficient money for the development of the idea that is enable to generate revenue.Entrepreneurs are important consideration for Australian economy because they act ascoordinating agent in capitalist economic system. This coordination is further enhanced in theform of resources for new profit opportunities. They promote capital formation by movingdifferent resources both tangible and intangible (Meyer, Neck and Meeks, 2017). They areinnovators that influence contemporary thinking and drive creative destruction Entrepreneursprocess, reform and revolutionize the pattern of production. There are many perspectives forentrepreneurship which can be viewed in the following ways:1. Pursuing opportunity2. Recognizing Change3. Innovating4. Creating new value which is meaningful to customers5. Making better use of resources6. Taking responsibilities and risks.Many situations in society create entrepreneurial opportunities for innovative goods andservices. These opportunities raise from variety of sources like development of new technology,changes in understanding and knowledge, shifting demographics and changing attitude. Thus,entrepreneurs must identify these things and innovate by presenting a business solution andoffering an exciting alternative to customers. It is the prime responsibility of them to identifybusiness proposition and economic value arising from that opportunities. Entrepreneurship create social change and adds to gross national income (Rawhouser,Cummings and Newbert, 2017). Running business are confirmed to markets and hits incomeceiling but new technologies and products generate new wealth. It can be characterised intofollowing ways:1. Dynamic and economic activity: Entrepreneurship involves beginning and operation of anenterprise with a view of generating wealth by optimum utilization of insufficient resources.2. Innovation Related: New ideas and concepts are in regular search for Entrepreneurial activity.It mobilizes individual to evaluate running business model so that more effective systems couldbe adopted and evolved (Cooper, 2017).
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