Entrepreneurship Theory and Practices

This report explores the theory and practices of entrepreneurship, including the discovery and creation of opportunities, effective exploitation of opportunities, and reflection dimensions. It discusses the importance of innovation, market orientation, networking, and collaboration in entrepreneurial success. The report also includes a reflection using Gibbs reflective cycle to analyze the entrepreneur's feelings, evaluation, analysis, conclusions, and action plan.

Entrepreneurship theory and
practices

Table of Contents
INTRODUCTION...........................................................................................................................3
Discovery and creation of entrepreneurship................................................................................3
Effective exploitation of opportunities........................................................................................4
Reflection dimensions..................................................................................................................8
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to activity or conception of values. It is also viewed as changes,
generally beyond what would be normally resources are to needed before starting business.
Entrepreneur is an essential driver of economic innovation along with growth. They also create
few amounts of capital moreover labour in order for producing goods with their services in
earning huge profit (Bacigalupo and et.al., 2016). This report evaluate discovery and creation of
entrepreneurial opportunities. Also, analyze effective exploitation in firm level capabilities which
might be including market orientation, networking and technological etc. This report also explain
reflective of attitudes furthermore behaviours in developing more individual market.
Discovery and creation of entrepreneurship
Discovery theory:
This theory is most suggested for entrepreneur in forming their goals and objectives.
Also, helps in recognizing the best opportunities in contending imperfectness of market industry.
These might be assumed from changes in technology, preferences of consumer and some other
attributes within which their market is being exists. Discovery is mostly about search in scanning
environment for discovering new opportunities in producing goods and services. In this process
of searching they should consider with both duration and direction which they are following in
developing existing products and services at market place.
The assumption from this theory is directly made from concerning entrepreneur nature
which always follows up nature opportunities in achieving their goals and objective among their
market and try to create more brand image of their products which they are going to launch in
market (Upson And et.al., 2017). When decision is made they need to collect some market
information and anticipate outcomes that associated with that decisions.
Creation theory:
In these theory opportunities are not be assumed rather than they are created by actions,
with reactions and exploring different ways for producing goods and services to their targeted
customers. There might be not necessary outcomes involve in pre-existing markets or industry.
This creation process is clearly having path which is independently in some small variation
furthermore having more choice that can be lead to large differences over the time. As market,
they need to create various products with having more creation so by that any of customer will

get attraction towards their goods and willing to buy that (Fairlie and Fossen,2018). While by
having this entrepreneur can also build up their brand images.
Effective exploitation of opportunities
Entrepreneur opportunities-
Entrepreneur is an individual who is responsible for starting an organization in such a
way that it is able to achieve its desired output from a particular activity. Since entrepreneur is
responsible for creating a new business because of which it has to take high amount of risks but
also at the same time is responsible for enjoying majority of the rewards achieved. Entrepreneur
is responsible for analysing the changing market trends and has to improvise its working
accordingly because of which it can achieve efficient market share and can increase the chances
of goal achievement (Lewis and et.al, 2016). Thus in order to achieve this entrepreneur has to
evaluate the organizational working capabilities on several grounds and then has to made
improvisations in such a way that high output is achieved in minimum expenditures. In order to
improvise organizational working according to the requirement entrepreneur has to analyse the
working capabilities of the company on and has to develop action plan because of which it can
further synchronize the working and can develop efficient working plan as per the requirement.
Thus through this developed strategy entrepreneur can differentiate the differences between the
effectiveness of self improvisations and collaborate improvisations because of which it can
efficiently choose the best alternative which best fulfil the requirements in minimum expenditure
due to which company can achieve a efficient economic growth.
The Entrepreneur has to make sure that it develop effective organizational strategy by
which it can make sure that company is able to implement effective changes in its working
capabilities because of which chances of goal achievement can be increased. With that
entrepreneur must also provide effective training to its employees by which employees will also
be empowered to provide their feedbacks in organizational working and to increase the
productivity of the developed product (Gish and Wagner, 2017). This is important for
entrepreneur to develop efficient relationship with employees in order to implement exploitation
in opportunities because employees are responsible for running operations and come in direct
contact with the customer and because of which entrepreneur must develop effective working
strategy.

Market orientation-
It is the organizational activities in which companies tend to analyse customer
requirements and then work accordingly by which it can increase the customer's engagement
with the company and can increase the chances of goal achieving because through this action
organization can increase customer's interaction with the organizational activities and thus
customer loyalty can also be increased (Fitriany and et.al, 2020). This is important for
entrepreneur that it tend to analyse the changing market trends and customer requirement, then
develop strategy such that it is able to achieve a proper utilization of organizational resources
and work according to both the sections.
This is achieved because by working according to customer requirement organization can
maintain the engagement of existing customers because of which it can reduce the chances of
brand switching from customer side. With that through working according to market trends
entrepreneur can make sure that it is able to attract new customers towards the organization
because of which organizational customer count and sales can be increased.
Thus through proper evaluation of changing market and customer requirements
entrepreneur can develop efficient marketing strategies because of which it can make sure that it
is able to increase its sales at high profit margin and for which it has to reduce the organizational
expenditures. Thus because of which entrepreneur must implement technological advancements
in its work areas because of which product production cost can be reduced and also final
products can also be provided in large quantities, due to which development cost is reduced and
entrepreneur can develop product for mass market (Cruz, de QueirozFalcão and Mancebo, 2019).
Due to which high sales can be achieved by which company will be empowered to enter into
new market for increasing customer count and also to increase the diversified nature of
developed company for product placement because of which high brand awareness and efficient
economic growth can be achieved at a same time.
Collaborations formation-
Organizations have to make sure that it is able to work according to the market trend
because of which it can achieve efficient market share and high customer count. However this is
not as easy as it is said because in order to develop something new a large amount of capital
amount is required and also company need to have a efficient distribution channel because of

which it can make sure that the develop product is able to reach the targetted audience (Vitolo,
Hersch and Brinkman, 2016). Through these actions organizations and entrepreneur can make
sure that company is able to achieve high sales and high profit margin because through efficient
distribution channel company can reduce the expenditures and can make sure that customers are
achieved product at low transportation charges because this increases product price and makes
negative impact on sales.
Thus it is important for organizations that it tend to increase its collaborative efforts with
other entrepreneurs in such a way that company is able to achieve access to new distribution
channels and also through these collaborate efforts entrepreneur can also make sure that
company's appearance in front of the customers is increased (Hill, 2020). Due to which brand
awareness can be increased and also at the same time company can develop customer touch
points into new locations in such a way that customers can make direct contact with the
organization by which customer interaction can be increased because of which organizational
availability can be increased into new areas by which sales can be improved. With that
entrepreneur can also utilize this collaborations for providing new training to it employees by
which the work productivity of the employees can also be increased by which employees can
also provide their efficient creative ideas to the organization by which organization can provide
new and creative products to customers at premium pricing.
Networking-
Networking in entrepreneur is the socio-economic business activity in which
entrepreneurs of different fields and areas collaborate and share their ideas with each other and
seek to develop strong relationship with other entrepreneurs by which entrepreneur can develop
efficiently new collaboration or new business partnership. Through this action entrepreneur can
identify the new and creative ways of increasing their businesses into new geographic areas and
also at the same time implement new changes in the working process because of which it can
achieve expected outcome in minimum expenditures. This is important for entrepreneur that it
tend to increase its engagement into learning new ideas and different collaborative efforts
because of which it can achieve new point of view for problem solving and also with the through
developing efficient network entrepreneur can also make short term collaboration with the
partner organization (Kubberød, Viciunaite and Fosstenløkken, 2019). These type of short terms

collaborations are necessary because through this action's entrepreneur can achieve a required
amount of capital investments and also at the same time can also achieve direct access to the pre
installed distribution channel because of which it can achieve efficient distribution to customers
in a efficient way.
Entrepreneur must develop and increase its engagement in business networks because
through this action company can make sure that it is able to achieve an efficient business growth
because of the high involvement of various market competitors.
Reflection dimensions
Gibbs reflective cycle was founded by Graham Gibbs which gives structure in learning
various things-
Description:
For being entrepreneur is not too easy, for this I have to do some innovative work while
taking risk. While before when I have started my business I need to develop too many things in
me and for that I have done autonomy which could be self govern and do not cross barriers
(Petrakis,2020). I have taken many market information just for developing my mind at
marketplace and try to make more strategies, that might be more helpful for me and keep me
supporting for developing more goods and services for my customers.
Feelings:
Before starting business I got quite frustrated, and I am unable to realize that what
should be done (He, Parkinson and Doyle,2018). After risk taking when I have earned some
profit more than I have invested I got more confident that I can easily handle any situation and
make more challenges for me. Right now I have decided to be more innovative while taking
more other products and feeling best that I have earn too respects from customer and somewhat
guilty that I could help more customer in fulfilling their needs and wants. Autonomy is also
important in business and self-directing freedom in performing tasks.
Evaluation:
Being more innovative I have developed that products which could help customer and
for sometime that could be more risks in making market strategies for goods (Monitor,2016).
Autonomy should also being followed while starting any business. Positive ways that I can
make more development in goods and services, which could be work more ethical.

Analysis:
Things go well just because that I have collected market information which could be
more important in business. Innovation should be more essential in setting up organization. As
being entrepreneur I was thinking that how should I will take and manage risk. Other members
helps me in supporting with continuing business. In entrepreneurship there are most of the things
which are needed to be followed, and they are necessary for me in developing organization
(Welter and Gartner,2016). Autonomy has being important means self govern states before
starting business I have read all instruction which is made by government.
Conclusions:
I learned many things such as building up creation and innovation activity. Also,
understanding customer along with their needs and wants. Positive situation is being that I am
most ready for taking risk with sales in market. Autonomy it maintains quality of being self
govern and rights to have self-government in business.
Action plan:
Innovation plays important roles in setting up business and I have done more innovation
in business that could be more supportive for me in setting up goods. For that I also take risk in
market among various customer and in taking risk sometime that be more harmful in making
fewer profits. Autonomy states government are also needed to be set up more along with that I
have set up employments laws as per govern guidelines (Cherkis and Rosciano,2018). I need to
develop such as communication, confident and I make sue that for next setting up or establishing
any products I will be ready with my skills that are most required.
CONCLUSION
From above report it has been concluded that entrepreneurship should be required their
discovery and creation in their business furthermore different effective exploitation opportunities

for their entrepreneur among with collaboration, technological, networking etc. Reflection
dimensions which helps in analysis Gibbs reflective model what entrepreneur was feeling at time
of setting up business.

REFERENCES
Books and Journals
Bacigalupo, and et.al., 2016. EntreComp: The entrepreneurship competence
framework. Luxembourg: Publication Office of the European Union.10. p.593884.
Cherkis, F. and Rosciano, A., 2018. Reflective practice: Implementation across
curriculums. International Journal of Nursing Research Health Care.7.
Cruz, E.P., de QueirozFalcão, R.P. and Mancebo, R.C., 2019. Market orientation and strategic
decisions on immigrant and ethnic small firms. Journal of International
Entrepreneurship. pp.1-29.
Fairlie, R.W. and Fossen, F.M., 2018. Opportunity versus necessity entrepreneurship: Two
components of business creation.
Fitriany, F. and et.al, 2020. The Influence of Entrepreneur Insight, Market Orientation,
Knowledge-Sharing Capabilities, on the Performance and Competitiveness of SMEs in
Makassar Indonesia. International Journal of Multicultural and Multireligious
Understanding. 7(7). pp.392-411.
Foss, N.J. and Klein, P.G., 2017. Entrepreneurial discovery or creation? In search of the middle
ground. Academy of Management Review.42(4). pp.733-736.
Gish, J.J. and Wagner, D.T., 2017. Sleepwalking into bad opportunities: Sleep and entrepreneur
opportunity evaluation. In Academy of Management Proceedings (Vol. 2017, No. 1, p.
14293). Briarcliff Manor, NY 10510: Academy of Management.
He, K.N., Parkinson, L. and Doyle, A.K., 2018. Gibbs’ Reflective Cycle.
Hill, I.R., 2020. Spotlight on UK artisan entrepreneurs' situated collaborations: through the lens
of entrepreneurial capitals and their conversion. International Journal of
Entrepreneurial Behavior & Research.
Kubberød, E., Viciunaite, V. and Fosstenløkken, S.M., 2019. The role of effectual networking in
small business marketing. Journal of small business and enterprise development.
Lewis, K.V. and et.al, 2016. Becoming an entrepreneur: opportunities and identity
transitions. International Journal of Gender and Entrepreneurship.
Monitor, G.E., 2016. Global entrepreneurship monitor. Empreendedorismo no Brasil (Relatório
Nacional). Curitiba: Instituto Brasileiro de Qualidade e Produtividade, Paraná.
Petrakis, P.E., 2020. Entrepreneurship. In Theoretical Approaches to Economic Growth and
Development (pp. 193-223). Palgrave Macmillan, Cham.
Upson, J.W. And et.al., 2017. Strategic networks of discovery and creation
entrepreneurs. European Management Journal. 35(2). pp.198-210.
Vitolo, T.M., Hersch, K.E. and Brinkman, B.J., 2016, October. Making the connection:
Successful cross campus collaboration among students. In 2016 IEEE Frontiers in
Education Conference (FIE) (pp. 1-7). IEEE.
Welter, F. and Gartner, W.B. eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.