Entrepreneurship in Business

Entrepreneurship in Business

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Role..............................................................................................................................................3
Essential elements of entrepreneurial process.............................................................................4
Business plan...............................................................................................................................4
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is all about creation and extraction of value which can be clearly viewed as
change in process of designing, launching or running up the new business. It is important driver
in economic growth and innovation attaining high level of risk and profit. In this report there will
be discussion on role of entrepreneur, opportunity spotting and business planning. Beside this
there will b business plan for new venture.
MAIN BODY
Role
a) Entrepreneur
Entrepreneur have been considered as essential to economic growth and
development. they have ability to create new jobs and innovations by changing the
lifestyle and improvement in living standards. Entrepreneurial skills bring up with
improvised product and services for enabling new market development for product. in
order to have succeed in different business circumstance, the entrepreneur have to look
into various roles such as the holding role of head, leader, Liaison, monitor, spokesmen’s,
resource allocator and many more.
b) Opportunity spotting
Seeking out the correct opportunity in only the foremost step to convert out ideas
into business. This have requirement excellent execution skills looking out sufficient
market. it is really important for an individual to allow themselves to take withing
different market opportunities and build up the confidence for different kind of
innovation and creativity. This will make up with completely different either upgrading,
downgrading or anything create unique identification in all manner.
c) Business planning
Effective business planning helps out in providing up core competencies for
identification of new step company needed to take into account. This is helping out in
system building, generating revenue and tracking out the business profits imperfect
manner. It is very important for business person to keep up the core focus on business
plan as it matters in efficiency improvement in financial management as well. In the
business plan, an individual is able to have creativity and innovation creating blue print to
follow.
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