Assignment on Entrepreneurship Development Process (pdf)

ENTREPRENEURSHIP
DEVELOPMENT

Contents
INTRODUCTION...........................................................................................................................1
Section A..........................................................................................................................................1
1.Business opportunities established by Xhale and Ventagen...............................................1
2.Approaches used by Xhale and Ventagen in solving the problem......................................2
3.Environmental trends that created business opportunities for the business........................2
SECTION B.....................................................................................................................................3
QUESTION 1...................................................................................................................................3
a. Describing the concept of management in terms of entrepreneurship...............................3
b. Explaining the importance of applying business license and types which can be used by an
entrepreneur............................................................................................................................3
QUESTION 2...................................................................................................................................4
a. Identifying the advantages of an online business...............................................................4
b. Explaining the 3 methods through which entrepreneur can avoid pitfalls.........................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Entrepreneurship development is a process of enhancing the skills and the knowledge of
the entrepreneurs by using several training programs. The main of this process is increasing the
large number of entrepreneurs so that innovative and creative technology can be develop in the
overall market. In this process the opportunities are identified in the trending market and
organizing the resources that are needed to explicit the opportunities for attaining the long term
gains. It helps in creating the wealth by accumulating the resources together in innovative way
for starting and operating the enterprise smoothly. Entrepreneurship development is the process
of planning, organizing, assuming and operating the risk involved in the business venture. It
reflects the ability of the entrepreneur to take risk for gaining higher returns in the economy
which leads to growing and sustainable success of its corporate. The present study is classified
into three sections where in Section A, a scenario is presented on Xhale and Ventagen which
states about the several business opportunities adopted by both the persons. In section B, the
concept of the entrepreneurial management has been discussed and the importance of applying
the business license. Lastly, In section c, benefits of internet business and the ways through
which the failure can be avoided by the entrepreneur are studied.
Section A
1.Business opportunities established by Xhale and Ventagen
Health care was associated with basic problem of infection with wide range of common
bacteria, fungi and viruses which used to brought by improper sterilisation of medical equipment
and improper hygiene of workers. To provide solutions to these problems both Xhale and
Ventagen found opportunities in setting up their business. As the infection is increasing day by
day and the main cause of infection was germs transferred by workers of health and care to
patients after direct contact as half of the workers would not wash their hands. The other reason
was infection through blood stains and body fluids etc.
The Xhale developed HyGreen hand washing compliance system which will work as
hand soap dispenser that will defence against infections and will decrease germs and will
improve health of the patients as well as workers. The other start up Ventagen focused on
introducing new type of fabric which can be used for hospital scrubs, lab coats and isolation
gowns. The company will use material known as Vestex which will be based on nano
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technology and will resists blood stains and body fluids which will prevent patients from micro
organisms and reduces perspiration door. The idea is to prevent health care worker’s uniform,
from micro organisms that lead to infection (Koev, 2016).
2.Approaches used by Xhale and Ventagen in solving the problem
The approaches used by both the start up in solving the problem is technological
advancement in which Xhale deals with taking care of germs transferred from health care
workers, relatives that come to meet the patients and for that purpose the start up focus on
developing a hand washing compliance system which will use simple hand soap dispenser for
reducing micro organisms and germs. The other company used nano technology to develop new
kind of fabric for lab coats, gown etc to avoid infection in the health and care.
The approaches used by the company was first they establishes their goals through facts
and information then clearly identified problems and issues which was infection and then
identified the opportunity and then at last analysis the problem and set up the start up.
3.Environmental trends that created business opportunities for the business.
Environmental trends that help in creating business opportunities for both the start up was
that they used eco friendly method in removing infections which attracted health and care
workers as well as patients and institutes to use their services. They focused on providing
product that benefits to the society as both the company use eco friendly technologies that used
fabric and system which increases standard of living of people and help them in getting less
infectious through different micro organisms. The other trend was increasing in the environment
was political regulatory changes by the government that helped the set ups in making an image
of the company. The other trend was economic changes as the infection was increasing mortality
rate therefore this set ups helped in decreasing mortality rates of the individuals and government
also provides subsidy to such start ups as they work and contribute in the benefit of the society
(Ansari, 2018).
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SECTION B
QUESTION 1
a. Describing the concept of management in terms of entrepreneurship.
Entrepreneurship management is the essential part for every management of the business,
specifically for those people who are enthusiastic and conceives with an idea of start-up. It is a
process where the group or the individual come together to perform a particular task and has the
ability to take high risk in terms of their money and time. Under this process, the entrepreneurs
search for various exceptional opportunities through their outstanding skills and aims for
growing with a high pace in this changing world. They manage their business in accordance to
meet the changing trends and develop strategies for operating beyond demand of the market.
They generate innovative ideas by utilizing their innovative skills for attaining consistent growth
with success and profitability. Entrepreneurship management plays a very important role as it
brings innovation by changing, experimenting, revolutionizing and transforming the
entrepreneurial activity. New startups contributes towards reshaping the firms with a newer
concept through the performance of the sufficient practices and duties that lead the firm with
higher growth. More employment opportunities can be generated under the entrepreneurial
management as new start will be requiring new staff.
b. Explaining the importance of applying business license and types which can be used by an
entrepreneur
An entrepreneur needs to lay focus on taking business licenses as it’s ensures legal
protection to a great extent. In other words, business license shows that entrepreneur complied
with all the laws and legislation related to infrastructure, plans as well as policies. In addition to
this, licensing ensures and enhances credibility of business (Mendelson, and et.al., 2017).
Moreover, now a days several scam artists are present in the market. In this regard, licensing
assures customers that they are dealing with the reliable party rather than fake. Licensing also
assists firm in getting funds from different sources such as venture capitalists etc. In this way,
licensing assists an entrepreneur from different ways. By doing assessment, it has found that
some of licenses that entrepreneur may need includes, sales tax and health department permit etc.
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QUESTION 2.
a. Identifying the advantages of an online business
Quick service- Operating business online includes incredible convenience as it facilitates
easy excess with large number of customers across the globe. With the use of the internet, the
goods can be purchased from anywhere across the world with low or minimal transportation
cost. It provides for the better and comfortable experience of shopping to the customers.
Low cost and wider reach- Functioning the business online benefits the enterprise in
relation to its effective marketing strategy. This means advertising online involves a cheaper cost
as compared to advertising on television. The cost relating to the rent, boards and building are
reduced by conducting the business online. It also facilitates wider reach as it acts as the global
platform where large customers can be attracted and large market can be captured with the
increase in sales.
Ease in transactions- A business online allows for the easy transactions by setting up of
the secure page on the company's website which the customers can access for making payment
for the product either by using the credit card or payment through online service such as PayPal.
24*7 service- through an online business company can actively cater to the audience for
the 24*7 accessibility. The main advantage of having an online website is that the clients can go
through the details about the products and can place the orders at any time with full flexibility.
No specific working hour are present in the online business (Farrokhseresht, 2015).
b. Explaining the 3 methods through which entrepreneur can avoid pitfalls.
Focusing on the Efforts- with the wide availability of the information and the latest
technology available, achievement of the entrepreneurial goal and facilitating service to the
customers is not an issue. Instead, Entrepreneur should seek learning ability for focusing on the
objectives of the business which is proven to be more difficult. For avoiding the pitfalls as an
entrepreneur, it is necessary to identify those task and the projects that pose the higher threat in
terms of the wastage of the time and the energy. Developing a lean structure of the company by
effectively determining the work that fall outside the purview of the strategy of the business and
outsourcing those task. For creating specialization and refining in their services they must know
when the delegation need to be done. Outsourcing tools like Zapier and Amberly act as the great
resource and helps in maintaining the focus.
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Knowing the surrounded people- The people who are present in the routine circle has
greater influences such as family, colleagues and friends have a high power in changing the
mood, habits and the decisions as an entrepreneur. Devoting a little time with the people can lead
to change in the attitude and the actions. Therefore, it is very important for the entrepreneur to
choose the right mentor or the surrounding board for its business. Surrounding those people who
has pessimistic outlook as they support the innovative and creative generation of the idea and
calls for thinking big. Building the network of the people that posses experienced and skilled
staff which will enable the entrepreneur in avoiding the failure.
Building the product that is needed- the world contains with ample of products that are
not required by anyone so entrepreneur for succeeding worldwide must focus on making such
products for which the people are willing to pay. They must develop their products by working
with different people or the customers. Thus, this assists the entrepreneur in avoiding the failures
that prevails in this competitive world (Ajah, 2015).
CONCLUSION
The health and care plays an important role in the society which safeguards patients and
enhance the standard of society in terms of health. It is important for the nation that people
residing in that country that they be safe and infection free. This report has described the
importance of technology and innovation in the field of health and care to avoid infection from
bacteria and micro organisms. In this report the two start ups focused on developing system to
avoid infection to the patients and health care workers. In that context the report concluded the
opportunities grabbed by both the start ups and environmental trends that helped start ups in
growing. It summarized concept of management in context to entrepreneurship, and importance
of applying business license. At last it summarized advantages of online business and pitfalls that
entrepreneurship need to avoid providing better services.
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REFERENCES
Books and Journal
Ajah, J. and Nwokedi, R.C., 2015. Youths and Capacity Building: Creating an Enabling
Environment. Journal of Policy and Development Studies. 289(2379). pp.1-8.
Ansari, M.M., 2018. Unit-1 Conceptual Foundations. IGNOU.
Clegg, A., and et.al., 2016. Development and validation of an electronic frailty index using
routine primary care electronic health record data. Age and ageing. 45(3). pp.353-360.
Drummond, M.F., and et.al., 2015. Methods for the economic evaluation of health care
programmes. Oxford university press.
Farrokhseresht, M., 2015. Towards the Empowerment of the Deprived.
Ginter, P.M., Duncan, W.J. and Swayne, L.E., 2018. The strategic management of health care
organizations. John Wiley & Sons.
Koev, S., 2016. INFLUENCE OF COMPANY CULTURE ON THE COMPANY'S
ENTREPRENEURSHIP. Trends in der Entwicklung der nationalen und internationalen
Wissenschaft, p.67.
Mendelson, A., and et.al., 2017. The effects of pay-for-performance programs on health,
health care use, and processes of care: a systematic review. Annals of Internal
Medicine, 166(5), pp.341-353.
Online
Health and care 2018. [Online]. Available through: <
http://www.businessdictionary.com/definition/health-care.html>
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