Entrepreneurship Research and Literature Review
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This assignment involves a thorough analysis of existing research and literature on entrepreneurship. It includes a review of key concepts, theories, and studies related to entrepreneurship, as well as an examination of the factors that influence entrepreneurial decisions and behaviors. The assignment also covers the development of entrepreneurial motivation models for university students and the impact of entrepreneurship on regional performance. A range of sources, including academic papers, books, and online resources, are consulted to provide a comprehensive understanding of the subject.
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Table of Contents
PROJECT 1......................................................................................................................................3
Introduction............................................................................................................................3
Literature review and critical analysis....................................................................................4
Recommendations and conclusions........................................................................................9
REFERENCES..............................................................................................................................10
.......................................................................................................................................................12
Project 2.........................................................................................................................................13
Evaluation of the idea and the strategies adopted by Organisation.....................................13
Opportunities that Daniel Platt Limited capitalised on........................................................15
Risks that the business is exposed to....................................................................................16
Suggest that the business will last or whether it will ‘fizzle out..........................................17
Entrepreneurial critical success factors in the case..............................................................19
CONCLUSION..............................................................................................................................19
REFRENCES.................................................................................................................................21
PROJECT 1......................................................................................................................................3
Introduction............................................................................................................................3
Literature review and critical analysis....................................................................................4
Recommendations and conclusions........................................................................................9
REFERENCES..............................................................................................................................10
.......................................................................................................................................................12
Project 2.........................................................................................................................................13
Evaluation of the idea and the strategies adopted by Organisation.....................................13
Opportunities that Daniel Platt Limited capitalised on........................................................15
Risks that the business is exposed to....................................................................................16
Suggest that the business will last or whether it will ‘fizzle out..........................................17
Entrepreneurial critical success factors in the case..............................................................19
CONCLUSION..............................................................................................................................19
REFRENCES.................................................................................................................................21
PROJECT 1
Introduction
The term “entrepreneurship” means an individual capacity and willingness to develop a
business venture with new ideas and innovation. The act of being an entrepreneur is to assemble
resources including creative ideas, innovation, raising funds from market. Entrepreneur has
passion to come up with attractive ideas and have adaptability of risk taking (DINKER JHA and
Kumar, 2014). They continuously monitor market in gaining knowledge of products and
generating sources for money management for their business to set up. With effective planning,
self-belief, hard-working and motivating themselves by adapting flexibility to come up with
sudden changes in environment. He/she should have most important quality is self-discipline
for successful in life and business. If they are self-motivated, then they can come up new
energetic ideas of innovation, improve standard of living as well as in addition creating wealth
with entrepreneurial ventures. Moreover, they work for welfare for economy and society such as
creating jobs and improving condition for a prosperous society. It also occupies a central position
in a market economy, who serves as spark plug by activating and stimulating natural resources of
all economic. There are certain factors that effects the growth of entrepreneurship influenced by
four distinct factors. Such as economic development, culture, technological development and
education. In this factors, they are influenced by both positive and negative emergence
(Grebenar, Banovic and Pichler, 2015). There are certain economic factors that high influences
the entrepreneur. Capital is one of most important factors of production for establishing an
enterprise or venture. Moreover easy availability of right type of worker also effect as well as
infrastructure of the venture. Further, entrepreneur have to critically analyses market in effects of
generating raw material for production by evaluating market. Moreover, government are
encouraging entrepreneurship by creating capacity for risk capital. Task one will consist of
features, characteristics of an individual taking risk in staring a new business or venture.
Furthermore, evaluation of ideas, ability of risk taking, pitfalls of establishing an venture again
and again (Agnihotri, 2016). It will also considering that there are no efforts with any
shortcoming, weather he/she will be successful in competitive edge of current and future market.
Introduction
The term “entrepreneurship” means an individual capacity and willingness to develop a
business venture with new ideas and innovation. The act of being an entrepreneur is to assemble
resources including creative ideas, innovation, raising funds from market. Entrepreneur has
passion to come up with attractive ideas and have adaptability of risk taking (DINKER JHA and
Kumar, 2014). They continuously monitor market in gaining knowledge of products and
generating sources for money management for their business to set up. With effective planning,
self-belief, hard-working and motivating themselves by adapting flexibility to come up with
sudden changes in environment. He/she should have most important quality is self-discipline
for successful in life and business. If they are self-motivated, then they can come up new
energetic ideas of innovation, improve standard of living as well as in addition creating wealth
with entrepreneurial ventures. Moreover, they work for welfare for economy and society such as
creating jobs and improving condition for a prosperous society. It also occupies a central position
in a market economy, who serves as spark plug by activating and stimulating natural resources of
all economic. There are certain factors that effects the growth of entrepreneurship influenced by
four distinct factors. Such as economic development, culture, technological development and
education. In this factors, they are influenced by both positive and negative emergence
(Grebenar, Banovic and Pichler, 2015). There are certain economic factors that high influences
the entrepreneur. Capital is one of most important factors of production for establishing an
enterprise or venture. Moreover easy availability of right type of worker also effect as well as
infrastructure of the venture. Further, entrepreneur have to critically analyses market in effects of
generating raw material for production by evaluating market. Moreover, government are
encouraging entrepreneurship by creating capacity for risk capital. Task one will consist of
features, characteristics of an individual taking risk in staring a new business or venture.
Furthermore, evaluation of ideas, ability of risk taking, pitfalls of establishing an venture again
and again (Agnihotri, 2016). It will also considering that there are no efforts with any
shortcoming, weather he/she will be successful in competitive edge of current and future market.
Literature review and critical analysis
As per the views of Cheolwook Park, Entrepreneurship started to recognise as an element
of promoting economic growth with researches for findings how to contribute for development
of economy and become active in the market. In other words, seizing an opportunity regardless
of available resources (Adrienn, 2014).The main core of entrepreneurship is a positive energy
that challenges or changes existing conventions by acutely responding to changing environment.
With innovating and creative mindset also cultivating of young people will effective in solving
the problems concerning with unemployment. Efforts are made to become successful by new
transform innovation in economy. With both positive and negative influences, such as positivity
constitute in facilitating and condition for exploring it. Where as negativity influences in creating
inhibiting milieu to emergence of entrepreneurship. This negative and positive effects, results in
success of nation by encouraging and rewarding entrepreneurial instinct. There are some driving
force of modernization entrepreneurship having characteristics such as innovation seeking spirit,
pro-activeness and risk taking tendencies.
Theories of Entrepreneurship
An entrepreneurship puts together a business and accepts associated risk-taking to make a
profit. The number of theories exists, they are mention below:
Economic Theories: This theories of entrepreneurship tend to recognised significant
criticism for falling to dynamic, opens nature for market systems, ignoring unique nature of
entrepreneurial activity. It help an entrepreneur to bring out productive in their innovation that is
need to combine these input in profitable ways and institution environment that encourages
productivity. As this theory help an entrepreneur to become the ultimate determinate of
economic growth (Altınay and Altınay, 2018). Thus, an entrepreneur and entrepreneurship
should make efforts for nerving in long term economic development.
Psychological theories: Psychological theories of entrepreneurship focus on individual
mental and emotional state. Sometimes their action holds people with strong internal locus of
control believe their action can influence external world.
Anthropological theories: This thieveries is explanation for entrepreneurship on various
social contexts that enable opportunity leverage. It also question out entrepreneur by placing it
within context of culture and examining forces such as social attitudes. As this shapes both the
perception of entrepreneurship and behaviour of entrepreneur.
As per the views of Cheolwook Park, Entrepreneurship started to recognise as an element
of promoting economic growth with researches for findings how to contribute for development
of economy and become active in the market. In other words, seizing an opportunity regardless
of available resources (Adrienn, 2014).The main core of entrepreneurship is a positive energy
that challenges or changes existing conventions by acutely responding to changing environment.
With innovating and creative mindset also cultivating of young people will effective in solving
the problems concerning with unemployment. Efforts are made to become successful by new
transform innovation in economy. With both positive and negative influences, such as positivity
constitute in facilitating and condition for exploring it. Where as negativity influences in creating
inhibiting milieu to emergence of entrepreneurship. This negative and positive effects, results in
success of nation by encouraging and rewarding entrepreneurial instinct. There are some driving
force of modernization entrepreneurship having characteristics such as innovation seeking spirit,
pro-activeness and risk taking tendencies.
Theories of Entrepreneurship
An entrepreneurship puts together a business and accepts associated risk-taking to make a
profit. The number of theories exists, they are mention below:
Economic Theories: This theories of entrepreneurship tend to recognised significant
criticism for falling to dynamic, opens nature for market systems, ignoring unique nature of
entrepreneurial activity. It help an entrepreneur to bring out productive in their innovation that is
need to combine these input in profitable ways and institution environment that encourages
productivity. As this theory help an entrepreneur to become the ultimate determinate of
economic growth (Altınay and Altınay, 2018). Thus, an entrepreneur and entrepreneurship
should make efforts for nerving in long term economic development.
Psychological theories: Psychological theories of entrepreneurship focus on individual
mental and emotional state. Sometimes their action holds people with strong internal locus of
control believe their action can influence external world.
Anthropological theories: This thieveries is explanation for entrepreneurship on various
social contexts that enable opportunity leverage. It also question out entrepreneur by placing it
within context of culture and examining forces such as social attitudes. As this shapes both the
perception of entrepreneurship and behaviour of entrepreneur.
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Resource based theories: This theories focused on way an individuals leverage different
types resources and efforts off group. Resources include social networks, information they
provide as well as human resource. Moreover, leadership quality of entrepreneur adds to mix
operate recourse that a business cannot rep
Skill of an entrepreneur
Skills are ability to use one knowledge effectively and readily in execution or
performance. An entrepreneur should have an ability or an activity to perform a task in an
appropriate manner. It means that an entrepreneur should acquire through deliberate, systematic
and sustained efforts to smoothly and adaptively to carry our complex activities or job function
involving ideas (Aspara,Hietanen and Tikkanen,2010).
Leadership:
As per the view of Catapult Groups, leadership skill is considered as one trait an
entrepreneur must have. It is not only important for leading team, but leading oneself is one's self
is very important. It describe within which an entrepreneur's real work happens, and mind set of
a successful entrepreneur is cultivated. A leader is one who has tremendous belief in themselves
and has confidence gained from years of experience. It do have pitfalls of both learning and
falling in competitive market. They are aware of their strengths and meekness as well as
demonstrate their skills without self confidence. Leadership is an important element in many
success factor for start ups and continuous growth. An entrepreneur should consider leadership
as an interaction process among group members to structure and restructure their perception and
expectation (Afroz and et.al.,2015). To become a successful entrepreneur, an individual must
possess certain attractive qualities they are as follows: An eye toward future: A successful leader will always have one eye towards future. He
thinks several new steps on problems for new opportunities and growth. The main
objective of future focus tendency is useful for multiple reason such as for starters, and
existing entrepreneur . It helps to limit temptation for instant innovation, rather than
taking decision easily. Thus, entrepreneur are willing to sacrifices for brighter long term
future. Self confidence: To become successful entrepreneur a leader should be self confidence.
People who appear self confidence attract others and also make them feel secure. The
main motive is that confident people make better entrepreneurship in competitive
types resources and efforts off group. Resources include social networks, information they
provide as well as human resource. Moreover, leadership quality of entrepreneur adds to mix
operate recourse that a business cannot rep
Skill of an entrepreneur
Skills are ability to use one knowledge effectively and readily in execution or
performance. An entrepreneur should have an ability or an activity to perform a task in an
appropriate manner. It means that an entrepreneur should acquire through deliberate, systematic
and sustained efforts to smoothly and adaptively to carry our complex activities or job function
involving ideas (Aspara,Hietanen and Tikkanen,2010).
Leadership:
As per the view of Catapult Groups, leadership skill is considered as one trait an
entrepreneur must have. It is not only important for leading team, but leading oneself is one's self
is very important. It describe within which an entrepreneur's real work happens, and mind set of
a successful entrepreneur is cultivated. A leader is one who has tremendous belief in themselves
and has confidence gained from years of experience. It do have pitfalls of both learning and
falling in competitive market. They are aware of their strengths and meekness as well as
demonstrate their skills without self confidence. Leadership is an important element in many
success factor for start ups and continuous growth. An entrepreneur should consider leadership
as an interaction process among group members to structure and restructure their perception and
expectation (Afroz and et.al.,2015). To become a successful entrepreneur, an individual must
possess certain attractive qualities they are as follows: An eye toward future: A successful leader will always have one eye towards future. He
thinks several new steps on problems for new opportunities and growth. The main
objective of future focus tendency is useful for multiple reason such as for starters, and
existing entrepreneur . It helps to limit temptation for instant innovation, rather than
taking decision easily. Thus, entrepreneur are willing to sacrifices for brighter long term
future. Self confidence: To become successful entrepreneur a leader should be self confidence.
People who appear self confidence attract others and also make them feel secure. The
main motive is that confident people make better entrepreneurship in competitive
scenario. It is also found that successful entrepreneur showed significantly higher levels
of confidence in winning clients, customer, joint ventures and investors. Adaptability: To become successful an entrepreneur he/she should have the ability to
adapt the changes and innovation in existing and future market (Barral, 2013).They
should ready to adapt changes on sudden mode. Sometimes a big adjustment to business
plan lead to both positive and negative impact on the entrepreneurship. Open minded and creativeness: Every event and situation is a business opportunities. An
entrepreneur realize constantly being generated such as workflow, people skills ,
knowledge and potential new business. They make creativity to make connection
between seemingly unrelated events or situations. Entrepreneur often come up with
solutions and have ability to look everything and monitor resources and focus towards
their goals.
Cognitive Skill:
Cognitive skills are core skills that an individual is need to determine to learn, read,
rememberer and pay attention. For an entrepreneur this skills play's an important part in
processing new information. It determines that if one of the skills is weak, no matter what kind
of information is coming at sudden and retaining of information is impacted. In fact, most of
learning struggles are caused by one or more weak cognitive skills. Moreover, cognitive abilities
are brain based skills that are essential for an entrepreneur to carry out task from the simplest to
most complex. As they have to do more mechanism of problem solving , paying attention rather
than any actual knowledge (Basu,2014). Thus, this skills are supported by specific neuronal
networks, for instance memory skills rely mainly on parts of temporal lobes and parts of frontal
lobes.
Perseverance skills:
Perseverance skill is the ability to keep doing things in spite of obstacles. It can be seen
as tenacity or resistance of some sort of purpose or action that have to decided by an
entrepreneur when he/ she is falling short of difficulties. This skills is important for an
entrepreneur if he/ she is planning to start business and keep going despite all sorts of financial
problem (Becker, 2014). It help a leader to faced with unexpected difficulties, obstacles or
situation which are undertaken to prevent its team from reaching its goals that need to
demonstrate a range of skills. A good leader will consequently, examine the underlying causes
of confidence in winning clients, customer, joint ventures and investors. Adaptability: To become successful an entrepreneur he/she should have the ability to
adapt the changes and innovation in existing and future market (Barral, 2013).They
should ready to adapt changes on sudden mode. Sometimes a big adjustment to business
plan lead to both positive and negative impact on the entrepreneurship. Open minded and creativeness: Every event and situation is a business opportunities. An
entrepreneur realize constantly being generated such as workflow, people skills ,
knowledge and potential new business. They make creativity to make connection
between seemingly unrelated events or situations. Entrepreneur often come up with
solutions and have ability to look everything and monitor resources and focus towards
their goals.
Cognitive Skill:
Cognitive skills are core skills that an individual is need to determine to learn, read,
rememberer and pay attention. For an entrepreneur this skills play's an important part in
processing new information. It determines that if one of the skills is weak, no matter what kind
of information is coming at sudden and retaining of information is impacted. In fact, most of
learning struggles are caused by one or more weak cognitive skills. Moreover, cognitive abilities
are brain based skills that are essential for an entrepreneur to carry out task from the simplest to
most complex. As they have to do more mechanism of problem solving , paying attention rather
than any actual knowledge (Basu,2014). Thus, this skills are supported by specific neuronal
networks, for instance memory skills rely mainly on parts of temporal lobes and parts of frontal
lobes.
Perseverance skills:
Perseverance skill is the ability to keep doing things in spite of obstacles. It can be seen
as tenacity or resistance of some sort of purpose or action that have to decided by an
entrepreneur when he/ she is falling short of difficulties. This skills is important for an
entrepreneur if he/ she is planning to start business and keep going despite all sorts of financial
problem (Becker, 2014). It help a leader to faced with unexpected difficulties, obstacles or
situation which are undertaken to prevent its team from reaching its goals that need to
demonstrate a range of skills. A good leader will consequently, examine the underlying causes
of difficulty as to identify potential solutions and set about implementing methods and allow
them to preserve through obstacles.
Innovativeness:
This is regarded as most critical element of entrepreneurship. It is important for an
organisational culture management to recognise necessity of new ideas and behaviour.
Maintaining that it is crucial element for promoting new products in the market (Nalawade and
Shah, 2015). Moreover there are certain factors the effect the ideas if innovation such as new
advancement of technology is growing rapidly. They need to contribute more time as well as
money in research and development department for adoption of new methods and coming up
with unique creativeness in ideas. Further, the need to continuously evaluate the market by
emphasising more on technological innovation or actively conducts product designing. Such as
conducting market survey, advertising product features and benefit based on process of
innovation and experimental management techniques(Becker,2014 .). Therefore, innovation is
critical part in entrepreneurship with which companies can adapt themselves to rapidly change
in changing environment.
Risk-taking:
Risk is act or fact of doing something that involves danger or in order to achieving a gaol.
An entrepreneur is a risk taker, in hope of achievement or accepts greater potential for loss in
decision-making and tolerates uncertainty in business (Андріїв, 2017).They have the potential or
tendency to engage in activity that may result in harmful or dangerous and sometimes it leads to
huge success in market. Entrepreneurship is all about risk taking, activity or desire to capture and
pursue opportunities in an uncertain environment accepting the opportunities risk involved in it.
Sometimes risk-taking are effected with high as well as low risk factors. While entrepreneur with
low-risk taking tendency try to avoid risk or make decision cautiously. On other hand one with
high risk-taking inclination tend to make decision-making faster and to capture opportunities
more easily. The main drawback of this indicates that risk-taking is degree that boldly challenges
uncertainty or enjoy challenges in competitive edge of market. This is only meaningful if an
entrepreneur is proactive in seizing an opportunity, not just accepting the risk(Becker,2014).
The above mention points can help an entrepreneur to posses a good quality of
leadership. This help an entrepreneurship to become successful in competitive market with new
them to preserve through obstacles.
Innovativeness:
This is regarded as most critical element of entrepreneurship. It is important for an
organisational culture management to recognise necessity of new ideas and behaviour.
Maintaining that it is crucial element for promoting new products in the market (Nalawade and
Shah, 2015). Moreover there are certain factors the effect the ideas if innovation such as new
advancement of technology is growing rapidly. They need to contribute more time as well as
money in research and development department for adoption of new methods and coming up
with unique creativeness in ideas. Further, the need to continuously evaluate the market by
emphasising more on technological innovation or actively conducts product designing. Such as
conducting market survey, advertising product features and benefit based on process of
innovation and experimental management techniques(Becker,2014 .). Therefore, innovation is
critical part in entrepreneurship with which companies can adapt themselves to rapidly change
in changing environment.
Risk-taking:
Risk is act or fact of doing something that involves danger or in order to achieving a gaol.
An entrepreneur is a risk taker, in hope of achievement or accepts greater potential for loss in
decision-making and tolerates uncertainty in business (Андріїв, 2017).They have the potential or
tendency to engage in activity that may result in harmful or dangerous and sometimes it leads to
huge success in market. Entrepreneurship is all about risk taking, activity or desire to capture and
pursue opportunities in an uncertain environment accepting the opportunities risk involved in it.
Sometimes risk-taking are effected with high as well as low risk factors. While entrepreneur with
low-risk taking tendency try to avoid risk or make decision cautiously. On other hand one with
high risk-taking inclination tend to make decision-making faster and to capture opportunities
more easily. The main drawback of this indicates that risk-taking is degree that boldly challenges
uncertainty or enjoy challenges in competitive edge of market. This is only meaningful if an
entrepreneur is proactive in seizing an opportunity, not just accepting the risk(Becker,2014).
The above mention points can help an entrepreneur to posses a good quality of
leadership. This help an entrepreneurship to become successful in competitive market with new
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innovations and ideas. Herein, both leadership and perseverance skills will be effective for an
entrepreneur take into consideration for doing innovations and starting up a new venture.
Risk funnel
Risk funnel is a systematic approach that assist an entrepreneur to sync their ideas for the
effective implementation of good one in their working practices. It help an entrepreneur analysis
weather their idea or innovation will be successful or failure of a particular business. This
procedure is working on different stages as:
Ideas: Idea are generated from direct customer to end goals in most efficient and
effective manner. An entrepreneur generate an idea form the existing business or come up with
new and attractive innovation of their own. For example: Steve job's also have an idea to
introduce some unique features in existing mobile services (Bennani, 2011). This idea was not
much successful earlier as because he was lacking behind in execution to adopt the target what
he wants do in his innovation.
Feasibility: Feasibility is examining the phase of advancing an new idea weather
product has capability phase of risk assessment. Steve job's has tested his idea of developing a
unique phone in marketplace in order to know that weather his idea have the capacity to sustain
in competitive market for long run.
Implementation: Implementation is process of caring out, execution or practice plan a
standard action of thinking in order to do something to actually happen. Steve job's had
implemented his idea of unique feature phone in market in order to create their world in mobile
industry sector.
Launch: After examining all the examination practices Steve job's had launch his idea in
marketplace.
Feedback: After launching the product in market an entrepreneur need ton analyse the
feedback and rewards of their users. Through this they can make possible changes for satisfying
customer need and desires (Bolaji, 2012). Steve job's have received too many feed back in his
innovation of unique feature phone. Here he had adopted its customer feedback and view points
and over come them in order to bring improvement in its product. Thus, feedback help an
entrepreneur to overcome their shortcoming of their products.
entrepreneur take into consideration for doing innovations and starting up a new venture.
Risk funnel
Risk funnel is a systematic approach that assist an entrepreneur to sync their ideas for the
effective implementation of good one in their working practices. It help an entrepreneur analysis
weather their idea or innovation will be successful or failure of a particular business. This
procedure is working on different stages as:
Ideas: Idea are generated from direct customer to end goals in most efficient and
effective manner. An entrepreneur generate an idea form the existing business or come up with
new and attractive innovation of their own. For example: Steve job's also have an idea to
introduce some unique features in existing mobile services (Bennani, 2011). This idea was not
much successful earlier as because he was lacking behind in execution to adopt the target what
he wants do in his innovation.
Feasibility: Feasibility is examining the phase of advancing an new idea weather
product has capability phase of risk assessment. Steve job's has tested his idea of developing a
unique phone in marketplace in order to know that weather his idea have the capacity to sustain
in competitive market for long run.
Implementation: Implementation is process of caring out, execution or practice plan a
standard action of thinking in order to do something to actually happen. Steve job's had
implemented his idea of unique feature phone in market in order to create their world in mobile
industry sector.
Launch: After examining all the examination practices Steve job's had launch his idea in
marketplace.
Feedback: After launching the product in market an entrepreneur need ton analyse the
feedback and rewards of their users. Through this they can make possible changes for satisfying
customer need and desires (Bolaji, 2012). Steve job's have received too many feed back in his
innovation of unique feature phone. Here he had adopted its customer feedback and view points
and over come them in order to bring improvement in its product. Thus, feedback help an
entrepreneur to overcome their shortcoming of their products.
Recommendations and conclusions
From the above discussion it has been recommended that entrepreneurship is growing
recognition, that innovation is critical for growth and uncertain development challenges. In
developing countries entrepreneurship is adaption of innovation and knowledge that exists in
competitive advantages of market. Entrepreneurship is seeking to peruse such growths strategies
by analysing opportunities and innovation in current and future market trends.
In the modernization world, individual are increasing seeking out opportunities in the
market by monitoring various wants and need of consumer (Peiqun, 2012). They actively create
value and behave ethically, rather than faithfully follows rules and routines set by others.
Specially young people are commencing up with new ideas and innovation to attract more
customer needs and wants. They are learning to be enterprising both when working as an
employee for other organisation as well as setting up their own business. Being an entrepreneur,
involves in taking responsibility to decision-making, becoming increasingly self reliant,
pioneering and adventurous (IChen, ZouWang, 2009). Moreover they have to be dynamic,
progressive in nature and ambitious in holding custom and values of society as well as being
able to initiate ideas and explore them to through into action.
In order to become successful entrepreneur, self confidence and motivating are essential
part. For an entrepreneur, it is required to implement some most important aspects that assist
them to becoming successful in market as -
They required implement creativeness and innovation in addressing a new opportunist or
concern a new way to come up with interesting ideas and ventures.
Entrepreneur needs to learn from failures such as failing again and again as there are no
such efforts without any shortcomings (Frąckiewicz, 2012).
Entrepreneur are strong and have ability to over where they were lacking behind by
examining the market and communing up with various new strategies as well as with
basic management principle of an organisation.
Entrepreneurship is important by its innovation therefore it is required for individual to
implement creative ideas that assist to make them different from others.
From the above discussion it has been recommended that entrepreneurship is growing
recognition, that innovation is critical for growth and uncertain development challenges. In
developing countries entrepreneurship is adaption of innovation and knowledge that exists in
competitive advantages of market. Entrepreneurship is seeking to peruse such growths strategies
by analysing opportunities and innovation in current and future market trends.
In the modernization world, individual are increasing seeking out opportunities in the
market by monitoring various wants and need of consumer (Peiqun, 2012). They actively create
value and behave ethically, rather than faithfully follows rules and routines set by others.
Specially young people are commencing up with new ideas and innovation to attract more
customer needs and wants. They are learning to be enterprising both when working as an
employee for other organisation as well as setting up their own business. Being an entrepreneur,
involves in taking responsibility to decision-making, becoming increasingly self reliant,
pioneering and adventurous (IChen, ZouWang, 2009). Moreover they have to be dynamic,
progressive in nature and ambitious in holding custom and values of society as well as being
able to initiate ideas and explore them to through into action.
In order to become successful entrepreneur, self confidence and motivating are essential
part. For an entrepreneur, it is required to implement some most important aspects that assist
them to becoming successful in market as -
They required implement creativeness and innovation in addressing a new opportunist or
concern a new way to come up with interesting ideas and ventures.
Entrepreneur needs to learn from failures such as failing again and again as there are no
such efforts without any shortcomings (Frąckiewicz, 2012).
Entrepreneur are strong and have ability to over where they were lacking behind by
examining the market and communing up with various new strategies as well as with
basic management principle of an organisation.
Entrepreneurship is important by its innovation therefore it is required for individual to
implement creative ideas that assist to make them different from others.
REFERENCES
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Altınay, F. and Altınay, Z., 2018. Women as Social Enterpreneurship and Use of Technology.
European Journal of Sustainable Development. 7(3). pp.183-190.
Aspara, J., Hietanen, J. and Tikkanen, H., 2010. Business model innovation vs replication:
financial performance implications of strategic emphases. Journal of Strategic
Marketing. 18(1). pp.39-56.
Basu, S., 2014. Product market strategies and innovation types: finding the fit!. Strategic
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Becker, H., 2014. A BLUE OCEAN STRATEGY ANALYSIS OF IMAXs' MOVE TO GO
HOLLYWOOD. Journal of International Management Studies. 14(2).
Bennani, Y.L., 2011. Drug discovery in the next decade: innovation needed ASAP. Drug
Discovery Today. 16(17-18). pp.779-792.
Bolaji, O.A., 2012. Intergrating enterpreneurship education into science education: Science
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(JOSTMED). 8(3). pp.181-187.
Chen, X., Zou, H. and Wang, D.T., 2009. How do new ventures grow? Firm capabilities, growth
strategies and performance. International Journal of Research in Marketing. 26(4).
pp.294-303.
Frąckiewicz, E., 2012. Strategie produktu na rynku seniorów. Marketing i Rynek. 4(19). pp.7-11.
Gazeau, F.,and et.al. 2010. Effect of ocean acidification on the early life stages of the blue
mussel Mytilus edulis. Biogeosciences. 7(7), pp.2051-2060.
Gobble, M.M., 2013. Creating change. Research-technology management. 56(5). pp.62-66.
Jarratt, D. and Stiles, D., 2010. How are methodologies and tools framing managers' strategizing
practice in competitive strategy development?. British Journal of Management. 21(1).
pp.28-43.
Johansson, U. and Woodilla, J., 2009, April. Towards an epistemological merger of design
thinking, strategy and innovation. In 8th European Academy of Design Conference(Vol.
1, No. 2).
Books and journals
Agnihotri, A., 2016. Extending boundaries of blue ocean strategy. Journal of Strategic
Marketing. 24(6). pp.519-528.
Altınay, F. and Altınay, Z., 2018. Women as Social Enterpreneurship and Use of Technology.
European Journal of Sustainable Development. 7(3). pp.183-190.
Aspara, J., Hietanen, J. and Tikkanen, H., 2010. Business model innovation vs replication:
financial performance implications of strategic emphases. Journal of Strategic
Marketing. 18(1). pp.39-56.
Basu, S., 2014. Product market strategies and innovation types: finding the fit!. Strategic
Direction. 30(3). pp.28-31.
Becker, H., 2014. A BLUE OCEAN STRATEGY ANALYSIS OF IMAXs' MOVE TO GO
HOLLYWOOD. Journal of International Management Studies. 14(2).
Bennani, Y.L., 2011. Drug discovery in the next decade: innovation needed ASAP. Drug
Discovery Today. 16(17-18). pp.779-792.
Bolaji, O.A., 2012. Intergrating enterpreneurship education into science education: Science
teachers perspectives. Journal of Science, Technology, Mathematics and Education
(JOSTMED). 8(3). pp.181-187.
Chen, X., Zou, H. and Wang, D.T., 2009. How do new ventures grow? Firm capabilities, growth
strategies and performance. International Journal of Research in Marketing. 26(4).
pp.294-303.
Frąckiewicz, E., 2012. Strategie produktu na rynku seniorów. Marketing i Rynek. 4(19). pp.7-11.
Gazeau, F.,and et.al. 2010. Effect of ocean acidification on the early life stages of the blue
mussel Mytilus edulis. Biogeosciences. 7(7), pp.2051-2060.
Gobble, M.M., 2013. Creating change. Research-technology management. 56(5). pp.62-66.
Jarratt, D. and Stiles, D., 2010. How are methodologies and tools framing managers' strategizing
practice in competitive strategy development?. British Journal of Management. 21(1).
pp.28-43.
Johansson, U. and Woodilla, J., 2009, April. Towards an epistemological merger of design
thinking, strategy and innovation. In 8th European Academy of Design Conference(Vol.
1, No. 2).
Secure Best Marks with AI Grader
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Kuratko, D.F. and Audretsch, D.B., 2009. Strategic entrepreneurship: exploring different
perspectives of an emerging concept. Entrepreneurship Theory and Practice. 33(1).
pp.1-17.
Lappalainen, P., 2009. Communication as part of the engineering skills set. European Journal of
Engineering Education. 34(2). pp.123-129.
Leavy, B., 2010. Design thinking–a new mental model of value innovation. Strategy &
leadership. 38(3). pp.5-14.
Lindič, J. and Marques da Silva, C., 2011. Value proposition as a catalyst for a customer focused
innovation. Management Decision. 49(10). pp.1694-1708.
Martinet, A.C., 2010. Strategic planning, strategic management, strategic foresight: The seminal
work of H. Igor Ansoff. Technological Forecasting and Social Change. 77(9), pp.1485-
1487.
Midler, C. and Beaume, R., 2010. Project-based learning patterns for dominant design renewal:
The case of Electric Vehicle. International Journal of Project Management. 28(2).
pp.142-150.
Oh, C., Cho, Y. and Kim, W., 2015. The effect of a firm's strategic innovation decisions on its
market performance. Technology Analysis & Strategic Management. 27(1). pp.39-53.
Onay, M. and Özer, B., ENTERPRENEURSHIP, EMPOWERMENT AND THE IMPACT OF
THE DIMENSION OF FEMALE IDENTITY ON THE WOMEN INVOLVED IN
MICROCREDIT FINANCING SCHEMES: AN EMPIRICAL INVESTIGATION IN
IZMIR METROPOLITAN REGION. International Journal of Social Sciences and
Humanity Studies. 3(2). pp.295-308.
Ruvinov, E. and Cohen, S., 2016. Alginate biomaterial for the treatment of myocardial
infarction: progress, translational strategies, and clinical outlook: from ocean algae to
patient bedside. Advanced drug delivery reviews. 96. pp.54-76.
Salami, C.G.E., 2011. Enterpreneurship and Youth Unemployment in Nigeria: The Missing
Link. Global Journal of Management and Business Research, 11(5).
Ščeulovs, D., 2010. Marketing Strategies of Latvian Small Production Companies in Market
Globalization Conditions. publication. editionName, pp.406-413.
perspectives of an emerging concept. Entrepreneurship Theory and Practice. 33(1).
pp.1-17.
Lappalainen, P., 2009. Communication as part of the engineering skills set. European Journal of
Engineering Education. 34(2). pp.123-129.
Leavy, B., 2010. Design thinking–a new mental model of value innovation. Strategy &
leadership. 38(3). pp.5-14.
Lindič, J. and Marques da Silva, C., 2011. Value proposition as a catalyst for a customer focused
innovation. Management Decision. 49(10). pp.1694-1708.
Martinet, A.C., 2010. Strategic planning, strategic management, strategic foresight: The seminal
work of H. Igor Ansoff. Technological Forecasting and Social Change. 77(9), pp.1485-
1487.
Midler, C. and Beaume, R., 2010. Project-based learning patterns for dominant design renewal:
The case of Electric Vehicle. International Journal of Project Management. 28(2).
pp.142-150.
Oh, C., Cho, Y. and Kim, W., 2015. The effect of a firm's strategic innovation decisions on its
market performance. Technology Analysis & Strategic Management. 27(1). pp.39-53.
Onay, M. and Özer, B., ENTERPRENEURSHIP, EMPOWERMENT AND THE IMPACT OF
THE DIMENSION OF FEMALE IDENTITY ON THE WOMEN INVOLVED IN
MICROCREDIT FINANCING SCHEMES: AN EMPIRICAL INVESTIGATION IN
IZMIR METROPOLITAN REGION. International Journal of Social Sciences and
Humanity Studies. 3(2). pp.295-308.
Ruvinov, E. and Cohen, S., 2016. Alginate biomaterial for the treatment of myocardial
infarction: progress, translational strategies, and clinical outlook: from ocean algae to
patient bedside. Advanced drug delivery reviews. 96. pp.54-76.
Salami, C.G.E., 2011. Enterpreneurship and Youth Unemployment in Nigeria: The Missing
Link. Global Journal of Management and Business Research, 11(5).
Ščeulovs, D., 2010. Marketing Strategies of Latvian Small Production Companies in Market
Globalization Conditions. publication. editionName, pp.406-413.
Schamberger*, D.K., Cleven*, N.J. and Brettel, M., 2013. Performance effects of exploratory
and exploitative innovation strategies and the moderating role of external innovation
partners. Industry and Innovation. 20(4). pp.336-356.
Sharifi, H., Ismail, H.S., Qiu, J. and Tavani, S.N., 2013. Supply chain strategy and its impacts on
product and market growth strategies: a case study of SMEs. International Journal of
Production Economics. 145(1). pp.397-408.
Shaw, E.H., 2012. Marketing strategy: From the origin of the concept to the development of a
conceptual framework. Journal of Historical Research in Marketing. 4(1). pp.30-55.
Siziba, M., 2010. Strategies on Women Entrepreneurship Survival: a Case Study of Women
Entrepreneurs in Zimbabwe between 2007-2009. JWEE, (3-4), pp.71-79.
Stephens, S., Gabriela Balan, C. and Callaghan, S., 2010. Theory and practice: the experience of
marketing graduates. Education+ Training, 52(6/7), pp.552-560.
Syla, B. and Lecaj, V., 2015. Female Enterpreneur of Small Businesses Challenges in Kosovo.
Academic Journal of Interdisciplinary Studies. 4(2). p.561.
Wei, L.U., Fazong, Q.I.U. and Sijing, Y.U.A.N., 2012. On the Constraint Factor for Liberal Arts
Students' Enterprise and Improvement Strategies [J]. Journal of Sichuan University of
Science & Engineering (Social Sciences Edition). 2. p.017.
Zeschky, M.B., Winterhalter, S. and Gassmann, O., 2014. From cost to frugal and reverse
innovation: Mapping the field and implications for global competitiveness. Research-
Technology Management. 57(4). pp.20-27.
and exploitative innovation strategies and the moderating role of external innovation
partners. Industry and Innovation. 20(4). pp.336-356.
Sharifi, H., Ismail, H.S., Qiu, J. and Tavani, S.N., 2013. Supply chain strategy and its impacts on
product and market growth strategies: a case study of SMEs. International Journal of
Production Economics. 145(1). pp.397-408.
Shaw, E.H., 2012. Marketing strategy: From the origin of the concept to the development of a
conceptual framework. Journal of Historical Research in Marketing. 4(1). pp.30-55.
Siziba, M., 2010. Strategies on Women Entrepreneurship Survival: a Case Study of Women
Entrepreneurs in Zimbabwe between 2007-2009. JWEE, (3-4), pp.71-79.
Stephens, S., Gabriela Balan, C. and Callaghan, S., 2010. Theory and practice: the experience of
marketing graduates. Education+ Training, 52(6/7), pp.552-560.
Syla, B. and Lecaj, V., 2015. Female Enterpreneur of Small Businesses Challenges in Kosovo.
Academic Journal of Interdisciplinary Studies. 4(2). p.561.
Wei, L.U., Fazong, Q.I.U. and Sijing, Y.U.A.N., 2012. On the Constraint Factor for Liberal Arts
Students' Enterprise and Improvement Strategies [J]. Journal of Sichuan University of
Science & Engineering (Social Sciences Edition). 2. p.017.
Zeschky, M.B., Winterhalter, S. and Gassmann, O., 2014. From cost to frugal and reverse
innovation: Mapping the field and implications for global competitiveness. Research-
Technology Management. 57(4). pp.20-27.
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Project 2
Evaluation of the idea and the strategies adopted by Organisation
A Daniel Platt Limited is very well known organisation in roofing solutions (Engineering
products). It provides clay roof tiles and floor tiles that gives amazing experience to customer’s.
Organisation find opportunities in niche market by evaluating the need for roof tiles in market.
For that purpose it formulate strategy developed by Booz, Hamilton and Allen New product
process to minimize risks that is associated in every aspect of new product development.
Blue ocean strategy:
Blue ocean strategy is the strategy to differentiate product and services with low cost to
grab the opportunist and distinctive market sphere of goods and services in different manner. It is
whole about find opportunities in uncontested market sphere, in relevant market sphere. It based
on view of different market boundaries and spheres with structures that believed by industrialists
that it give fruitful results in future. There are two very well known terms that are used in that
strategy that are Red ocean and blue ocean strategy (Gazeau, and et.al. 2010).
In Red ocean strategy: companies know about existence market and its boundaries and accept
the competition rules and regulations. In that case companies work for to grab present
opportunities in well manner and defeat their competitors in exiting market and demand aspects.
In that case market is full of competitors and profit are well acquired and growth rate is less.
Slowly products can change into commodities. And cut throat competitions is exist in market. In
contrast blue ocean strategy capture those industries that not exist in today's market and there is
less competition in market. In that case new and deeper opportunities in market sphere. It is path
of profitable growth to the marketers in finding new opportunities to grab market where scope of
expansion is huge (Johanssonand Woodilla, 2009). Daniel pantt use this strategy to find out new
markets where is no competitors exist and opportunities to expand its market share is lot for it.
With help of blue ocean strategy it grab large market share that helps in become brand name in
today fierce competition world.
There are different factors of blue ocean theory that are value innovation, strategy canvas,four
actions framework, ERRC grid, six paths frameworks, Pioneer Migrator settler, three tiers of non
customers etc.. After analysis of case study it is observe that it chooses entrepreneurial style
Evaluation of the idea and the strategies adopted by Organisation
A Daniel Platt Limited is very well known organisation in roofing solutions (Engineering
products). It provides clay roof tiles and floor tiles that gives amazing experience to customer’s.
Organisation find opportunities in niche market by evaluating the need for roof tiles in market.
For that purpose it formulate strategy developed by Booz, Hamilton and Allen New product
process to minimize risks that is associated in every aspect of new product development.
Blue ocean strategy:
Blue ocean strategy is the strategy to differentiate product and services with low cost to
grab the opportunist and distinctive market sphere of goods and services in different manner. It is
whole about find opportunities in uncontested market sphere, in relevant market sphere. It based
on view of different market boundaries and spheres with structures that believed by industrialists
that it give fruitful results in future. There are two very well known terms that are used in that
strategy that are Red ocean and blue ocean strategy (Gazeau, and et.al. 2010).
In Red ocean strategy: companies know about existence market and its boundaries and accept
the competition rules and regulations. In that case companies work for to grab present
opportunities in well manner and defeat their competitors in exiting market and demand aspects.
In that case market is full of competitors and profit are well acquired and growth rate is less.
Slowly products can change into commodities. And cut throat competitions is exist in market. In
contrast blue ocean strategy capture those industries that not exist in today's market and there is
less competition in market. In that case new and deeper opportunities in market sphere. It is path
of profitable growth to the marketers in finding new opportunities to grab market where scope of
expansion is huge (Johanssonand Woodilla, 2009). Daniel pantt use this strategy to find out new
markets where is no competitors exist and opportunities to expand its market share is lot for it.
With help of blue ocean strategy it grab large market share that helps in become brand name in
today fierce competition world.
There are different factors of blue ocean theory that are value innovation, strategy canvas,four
actions framework, ERRC grid, six paths frameworks, Pioneer Migrator settler, three tiers of non
customers etc.. After analysis of case study it is observe that it chooses entrepreneurial style
which is best to implement and receive better results and gain strength to gain popularity in
market by reducing problems while implement into market.
There are main attributes of Red ocean theory in perspective of Daniel Pantt:
Create Uncontested market space:
The blue ocean strategy works on the concept of grab uncontested market sphere that
helps in create market opportunities and made market competition irrelevant. With the help of
many factors a marketer can create uncontested market space that is value innovation in that
when an organisation put efforts to bring utility, price and cost proposition in market sphere that
helps in occupy business objectives (Kuratko and Audretsch,2009). On other hand with help of
reduction in cost also helps in grab the unoccupied market share and if marketers understand the
depth of blue ocean theory in which every manager understands its responsibilities of their
department then marketer can understand the uncontested market sphere.
Make the competition irrelevant:
There are different ways to make competition irrelevant is to avail the competitor to make
organisation better by understanding its key strengthens, weaknesses and threats from the side of
competitors that make Daniel pantt strong enough to compete in market share (Lappalainen,
2009). The other way to make competition irrelevant is that focus on results that are very
important for business and try to achieve better than the past results of organisation and then
reform in that.
Create and capture new demand:
In that phrase to achieve uncaptured market there is need to capture new market share
and future demands of consumers by evaluating their tastes and preferences in market. It helps in
capture unoccupied market share in Daniel Pantt.
Break the value cost trade off:
Value cost trade off is traditional belief that based on concept that organisations have to
create superior value to consumers at high cost either give moderate value at a low cost. So that
strategy is follow by Daniel Pantt.
Align whole system of firm's activities with its strategic choice of differentiation or low
cost:
with the help of this attribute an organisation can differentiate its products and services
with low cost that most important attribute in Daniel Pantt.
market by reducing problems while implement into market.
There are main attributes of Red ocean theory in perspective of Daniel Pantt:
Create Uncontested market space:
The blue ocean strategy works on the concept of grab uncontested market sphere that
helps in create market opportunities and made market competition irrelevant. With the help of
many factors a marketer can create uncontested market space that is value innovation in that
when an organisation put efforts to bring utility, price and cost proposition in market sphere that
helps in occupy business objectives (Kuratko and Audretsch,2009). On other hand with help of
reduction in cost also helps in grab the unoccupied market share and if marketers understand the
depth of blue ocean theory in which every manager understands its responsibilities of their
department then marketer can understand the uncontested market sphere.
Make the competition irrelevant:
There are different ways to make competition irrelevant is to avail the competitor to make
organisation better by understanding its key strengthens, weaknesses and threats from the side of
competitors that make Daniel pantt strong enough to compete in market share (Lappalainen,
2009). The other way to make competition irrelevant is that focus on results that are very
important for business and try to achieve better than the past results of organisation and then
reform in that.
Create and capture new demand:
In that phrase to achieve uncaptured market there is need to capture new market share
and future demands of consumers by evaluating their tastes and preferences in market. It helps in
capture unoccupied market share in Daniel Pantt.
Break the value cost trade off:
Value cost trade off is traditional belief that based on concept that organisations have to
create superior value to consumers at high cost either give moderate value at a low cost. So that
strategy is follow by Daniel Pantt.
Align whole system of firm's activities with its strategic choice of differentiation or low
cost:
with the help of this attribute an organisation can differentiate its products and services
with low cost that most important attribute in Daniel Pantt.
Opportunities that Daniel Platt Limited capitalised on
Daniel Platt Limited launch new product to capitalise opportunities with help of Ansoff matrix of
product development:
This matrix is obligatory for strategic marketing planning and development that use for and grab
to future opportunities to grow and expand its market share through developing and expanding it
s market share. Sometimes its called as Product-Market Matrix. There are four strategic
equations can be solve with the help of Ansoff matrix that are as follows:
Market Penetration:
with help of market penetration organisation try to grow and sell its products and services
in existing market. In other words it tries to enhance its market sphere in existing market
scenario (Leavy,2010). This helps in enhance its market in current segments that helps to deeply
capture market share. This can be occupied with help of marketing and selling of products in
current market by searching new customer’s base. It faces problems in penetrate market and grab
large market share to acquire in practical way by reducing wastage and cost.
Market development:
In that development strategy organisation plans to expand its market share by existing
products in new market sphere by new customer base, by understand industrialist gap when they
only sell into limited market so grab remaining market in new and existing market sphere. It can
expand by expansion in foreign market (Lindič, Jmarques, 2011). This strategy may be
successful with these attributes such as organisation have new technology and avail economies
of scale.
Product development:
In that part of strategic planning that consist of organisation plans to build new products
and services in current market to attain business objectives. In that involves enhances products
variety and range in current market sphere. And objectives can be achieved by investment in
research and capture of right product and services. In developing product and services it is need
to use entrepreneurial skills set which is missing there so they have to implement for their fully
utilization.
Diversification:
In that type of marketing development strategy organisations try to expand its market
share with help of expanding its market share in new market with new products and services so
Daniel Platt Limited launch new product to capitalise opportunities with help of Ansoff matrix of
product development:
This matrix is obligatory for strategic marketing planning and development that use for and grab
to future opportunities to grow and expand its market share through developing and expanding it
s market share. Sometimes its called as Product-Market Matrix. There are four strategic
equations can be solve with the help of Ansoff matrix that are as follows:
Market Penetration:
with help of market penetration organisation try to grow and sell its products and services
in existing market. In other words it tries to enhance its market sphere in existing market
scenario (Leavy,2010). This helps in enhance its market in current segments that helps to deeply
capture market share. This can be occupied with help of marketing and selling of products in
current market by searching new customer’s base. It faces problems in penetrate market and grab
large market share to acquire in practical way by reducing wastage and cost.
Market development:
In that development strategy organisation plans to expand its market share by existing
products in new market sphere by new customer base, by understand industrialist gap when they
only sell into limited market so grab remaining market in new and existing market sphere. It can
expand by expansion in foreign market (Lindič, Jmarques, 2011). This strategy may be
successful with these attributes such as organisation have new technology and avail economies
of scale.
Product development:
In that part of strategic planning that consist of organisation plans to build new products
and services in current market to attain business objectives. In that involves enhances products
variety and range in current market sphere. And objectives can be achieved by investment in
research and capture of right product and services. In developing product and services it is need
to use entrepreneurial skills set which is missing there so they have to implement for their fully
utilization.
Diversification:
In that type of marketing development strategy organisations try to expand its market
share with help of expanding its market share in new market with new products and services so
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that they can acquire vast field of goods and services market share and its attributes in Daniel
pantt by expand its market share (Martinet, 2010 ). This is most risk type of expansion plan in
which deep study of products and services is required and there is huge chances of failure is exist
in that sector.
Risks that the business is exposed to.
An organisation want to going global and launch a new product to increase its viability in
market and increase its market base. In product launch many types of risk associated such as
marketing risk, Distribution risk, sustainability risk etc..
Marketing Risk: Before launching a new product in market deep market research is
necessary to successful implementation (Kuratko, 2016). Without research if new product launch
in market there are higher possibility of failure the project. Risk associated with market research
is translation of message in wrong manner, improper segmentation of market, maldistribution of
budget are the main risks that cling in marketing research.
Distribution Risk: It is always be essential to research distribution strategy before
launching a product it helps in supply product to right customer at right time. It also helps in
selection of distribution channels such as whole selling, retelling and group of all marketing
aspects. If distribution strategy not properly done by marketers it should spoil whole plan and fail
into market of Daniel Pantt.
Sustainability Risk: After successfully launching of product there is importance that
excellently stand up in market. if product is successfully launch in market next step is remain up
in market. For support frequent growth organisation have to maintain quality and sustainability.
For remain sustainable in market for long time a proper planning and implementation of project
is very much necessary.
Mass Appeal: The another risk that is associated with launching of new product is
wrongly segmentation of market (Park-Baum, 2012). if market segmentation not properly done
than the whole chain spoils and it degrade image of product in market. So segmentation is very
necessary step in keep active of product of Daniel pantt in market.
Customer satisfaction: The deep study of consumers taste and preferences is very
necessary for successful implementation of product and services. Sometimes organisation
launch product but after that they leave product without changing condition of product according
pantt by expand its market share (Martinet, 2010 ). This is most risk type of expansion plan in
which deep study of products and services is required and there is huge chances of failure is exist
in that sector.
Risks that the business is exposed to.
An organisation want to going global and launch a new product to increase its viability in
market and increase its market base. In product launch many types of risk associated such as
marketing risk, Distribution risk, sustainability risk etc..
Marketing Risk: Before launching a new product in market deep market research is
necessary to successful implementation (Kuratko, 2016). Without research if new product launch
in market there are higher possibility of failure the project. Risk associated with market research
is translation of message in wrong manner, improper segmentation of market, maldistribution of
budget are the main risks that cling in marketing research.
Distribution Risk: It is always be essential to research distribution strategy before
launching a product it helps in supply product to right customer at right time. It also helps in
selection of distribution channels such as whole selling, retelling and group of all marketing
aspects. If distribution strategy not properly done by marketers it should spoil whole plan and fail
into market of Daniel Pantt.
Sustainability Risk: After successfully launching of product there is importance that
excellently stand up in market. if product is successfully launch in market next step is remain up
in market. For support frequent growth organisation have to maintain quality and sustainability.
For remain sustainable in market for long time a proper planning and implementation of project
is very much necessary.
Mass Appeal: The another risk that is associated with launching of new product is
wrongly segmentation of market (Park-Baum, 2012). if market segmentation not properly done
than the whole chain spoils and it degrade image of product in market. So segmentation is very
necessary step in keep active of product of Daniel pantt in market.
Customer satisfaction: The deep study of consumers taste and preferences is very
necessary for successful implementation of product and services. Sometimes organisation
launch product but after that they leave product without changing condition of product according
to consumers demand and preference. It leaves bad impact on consumers and hinders product
image.
Improper execution of strategy: Professionals properly plan strategy but sometimes due
to poor communication and gap between align managers create chaos in organisation.
Communication is very important thing in proper implementation of strategies and sometimes
misunderstanding creates problem in understanding of strategy and spoils goodwill of
organisation.
Mitigating Planning and execution risk: Mitigating planning and execution is consider
major risk in organisations (Schaper and et.al., 2014). Specific risk areas include disable to plan
resources and proper execution of them. That takes too much time and cost in properly
implementation of project and hinder the growth of organisation.
Reputational Risk: When the new product go into market, it affects the image of other
products. If new product is negative image then it affects image of other products also. In that
case organisation have prepare to face consequences of negative profile of new product. To
remove the hurdles risk management procedures have to plan for that.
Liability Risk: An organisation sometimes have to face negative impacts of consumer
response that spoils image of product and it increases liability towards product. Sometimes it
happen that some products create more liability than other products (Storey, 2016). For that risk
assessment should be applied it can help to reduce risk factors in product.
Suggest that the business will last or whether it will ‘fizzle out.
For evaluating the factors that organisation will succeed or fizzle out in their new product
development is as follows:
Lean start up model:
Lean start-up is a model that works on developing products and services, aimed to reduce
cycle of product development and search out that model of business is liable or not in today
scenario. These objectives can be achieved with help of mix up of business hypothesis, learining
and other aspects of business to update its features and attributes in today scenario. It works on
eradicate waste of products and resources that increase in value that increase better chance fo
success without taking help of extra and outside funds in Daniel Pantt. Customer's feedback is
essential in case of new product development to access at superior quality of goods and services
by evaluating feedbacks of consumers in proper manner (SMidler and Beaume, 2010). In case of
image.
Improper execution of strategy: Professionals properly plan strategy but sometimes due
to poor communication and gap between align managers create chaos in organisation.
Communication is very important thing in proper implementation of strategies and sometimes
misunderstanding creates problem in understanding of strategy and spoils goodwill of
organisation.
Mitigating Planning and execution risk: Mitigating planning and execution is consider
major risk in organisations (Schaper and et.al., 2014). Specific risk areas include disable to plan
resources and proper execution of them. That takes too much time and cost in properly
implementation of project and hinder the growth of organisation.
Reputational Risk: When the new product go into market, it affects the image of other
products. If new product is negative image then it affects image of other products also. In that
case organisation have prepare to face consequences of negative profile of new product. To
remove the hurdles risk management procedures have to plan for that.
Liability Risk: An organisation sometimes have to face negative impacts of consumer
response that spoils image of product and it increases liability towards product. Sometimes it
happen that some products create more liability than other products (Storey, 2016). For that risk
assessment should be applied it can help to reduce risk factors in product.
Suggest that the business will last or whether it will ‘fizzle out.
For evaluating the factors that organisation will succeed or fizzle out in their new product
development is as follows:
Lean start up model:
Lean start-up is a model that works on developing products and services, aimed to reduce
cycle of product development and search out that model of business is liable or not in today
scenario. These objectives can be achieved with help of mix up of business hypothesis, learining
and other aspects of business to update its features and attributes in today scenario. It works on
eradicate waste of products and resources that increase in value that increase better chance fo
success without taking help of extra and outside funds in Daniel Pantt. Customer's feedback is
essential in case of new product development to access at superior quality of goods and services
by evaluating feedbacks of consumers in proper manner (SMidler and Beaume, 2010). In case of
organisation when it unable to invest huge and whole money on single product and services in
that case lean methodology works on giving minimum viable product that is not fix, in that
customer's feedbacks use by organisation to further reforms in goods and services by find out
drawbacks that exist in product and services. Lean methodology works on satisfy demands and
wants of consumers with least consumable resources in organisation. Lean start-up works on to
maintain and get desire products to their consumers at fast pace. It gives instructions that in
which manner start-up have to incorporated, way of protect and grow of business proceedings.
There are many ways that helps in some eradicate problems by implementation of lean start up
and these are as follows:
Eliminate uncertainty:
when management system is not good enough in organisation then it creates problems
while launching a new product and services in market place and spoils its image. To eliminate
these uncertainties start up approach works to emit chaos by giving vision testing to their
marketers(Oh, Cho, Kim, 2015.). Lean not only includes reducing cost while manufacture goods
and services in production period but create goods with innovative way by access needs of
consumers.
Work smarter not harder:
While launching a new product and services in new market with existing products and
with new product there is need of lean start-up that helps in implement new products and
services with help of smarter tools that helps in achieve business objectives and goals in Daniel
Pantt. While launching a new product there is need to build smarter plan that should smartly
implemented into market.
Validated learning:
In that section organisations have to learn from their experiences with helps of lean start
up that gives some specific theories that helps in loop falls that exist while launch a new product
into market and it also helps in understanding deep insights of consumers want and needs and
then reform in it by accessing their potential requirements of both consumers and market also
(Onay,and Özer,Ruvinov,and Cohen, 2016). In lean startup which brings new ideas and
resources which satisfy needs in better manner by achieving results in organisation so in that
case due to not using and not fully utilization of resources and not understand the basis of
research they leg behind in market so they have to utilize lean start up.
that case lean methodology works on giving minimum viable product that is not fix, in that
customer's feedbacks use by organisation to further reforms in goods and services by find out
drawbacks that exist in product and services. Lean methodology works on satisfy demands and
wants of consumers with least consumable resources in organisation. Lean start-up works on to
maintain and get desire products to their consumers at fast pace. It gives instructions that in
which manner start-up have to incorporated, way of protect and grow of business proceedings.
There are many ways that helps in some eradicate problems by implementation of lean start up
and these are as follows:
Eliminate uncertainty:
when management system is not good enough in organisation then it creates problems
while launching a new product and services in market place and spoils its image. To eliminate
these uncertainties start up approach works to emit chaos by giving vision testing to their
marketers(Oh, Cho, Kim, 2015.). Lean not only includes reducing cost while manufacture goods
and services in production period but create goods with innovative way by access needs of
consumers.
Work smarter not harder:
While launching a new product and services in new market with existing products and
with new product there is need of lean start-up that helps in implement new products and
services with help of smarter tools that helps in achieve business objectives and goals in Daniel
Pantt. While launching a new product there is need to build smarter plan that should smartly
implemented into market.
Validated learning:
In that section organisations have to learn from their experiences with helps of lean start
up that gives some specific theories that helps in loop falls that exist while launch a new product
into market and it also helps in understanding deep insights of consumers want and needs and
then reform in it by accessing their potential requirements of both consumers and market also
(Onay,and Özer,Ruvinov,and Cohen, 2016). In lean startup which brings new ideas and
resources which satisfy needs in better manner by achieving results in organisation so in that
case due to not using and not fully utilization of resources and not understand the basis of
research they leg behind in market so they have to utilize lean start up.
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Entrepreneurial critical success factors in the case
The most critical and important key success factors that helps to make an entrepreneur to
become successful entrepreneur.
Willingness to take action: The first and foremost step to become an successful
entrepreneur is take action at appropriate time. Appropriate actions at right time would be
beneficial for organisation and individuals (Pate, 2015). Without taking action the proceedings to
become an successful entrepreneur can not be start. After taking action it is necessary to plan
well. Planning is very most essential step in implementation of program. From early stages
market research is first step and later stages hiring, firing and other activities also included.
Entrepreneurial knowledge: Good entrepreneur is one who have knowledge about
business and its opportunities and threats of organisation. Knowledge helps in access hurdles that
comes in future for organisation (YING, 2015). In case entrepreneur use its mind set and find
need of new product and plan strategy according to it. So entrepreneurial knowledge beneficial
for both organisation as well as individual. In knowledge consist of knowledge of opportunities
available in market and threats of market. Moreover it have knowledge of threats of market and
existing products. In addition to background of business.
Risk taking, but calculated risk: The successful entrepreneur who dare to bear calculated
risk. Without risk factor not a single business can not operate. So an entrepreneur have to bear
risk but in quantitative and calculated manner. In case entrepreneur take risk to launch new
product in market. Due to its risk taking ability they plan to expand new business otherwise no
one due to loss never try to take action to expand market.
Entrepreneurial skill: Each entrepreneur needs different skill set according to work and
organisation. Without skill idea should be plan in a manner but can not implemented in a
successful manner. So skills are very important for success of plan. In this case entrepreneur
build fruitful plan and successfully implement it. In entrepreneurial skills includes decision-
making, trustworthy, innovative, positive person are key skills that an entrepreneur have.
CONCLUSION
From above report it has concluded that Entrepreneur skills and mindset is very essentials
for economic development and enhance employment opportunities in whole world. This report
helps in access about entrepreneur, its characteristics and opportunities that explore by
entrepreneur and create value for others and for themselves. In addition to sources of financial
The most critical and important key success factors that helps to make an entrepreneur to
become successful entrepreneur.
Willingness to take action: The first and foremost step to become an successful
entrepreneur is take action at appropriate time. Appropriate actions at right time would be
beneficial for organisation and individuals (Pate, 2015). Without taking action the proceedings to
become an successful entrepreneur can not be start. After taking action it is necessary to plan
well. Planning is very most essential step in implementation of program. From early stages
market research is first step and later stages hiring, firing and other activities also included.
Entrepreneurial knowledge: Good entrepreneur is one who have knowledge about
business and its opportunities and threats of organisation. Knowledge helps in access hurdles that
comes in future for organisation (YING, 2015). In case entrepreneur use its mind set and find
need of new product and plan strategy according to it. So entrepreneurial knowledge beneficial
for both organisation as well as individual. In knowledge consist of knowledge of opportunities
available in market and threats of market. Moreover it have knowledge of threats of market and
existing products. In addition to background of business.
Risk taking, but calculated risk: The successful entrepreneur who dare to bear calculated
risk. Without risk factor not a single business can not operate. So an entrepreneur have to bear
risk but in quantitative and calculated manner. In case entrepreneur take risk to launch new
product in market. Due to its risk taking ability they plan to expand new business otherwise no
one due to loss never try to take action to expand market.
Entrepreneurial skill: Each entrepreneur needs different skill set according to work and
organisation. Without skill idea should be plan in a manner but can not implemented in a
successful manner. So skills are very important for success of plan. In this case entrepreneur
build fruitful plan and successfully implement it. In entrepreneurial skills includes decision-
making, trustworthy, innovative, positive person are key skills that an entrepreneur have.
CONCLUSION
From above report it has concluded that Entrepreneur skills and mindset is very essentials
for economic development and enhance employment opportunities in whole world. This report
helps in access about entrepreneur, its characteristics and opportunities that explore by
entrepreneur and create value for others and for themselves. In addition to sources of financial
and non financial resources for entrepreneurship development and hurdles that face by
entrepreneurs during the development. In this report organisation is Daniel pantt which aimed to
launch a new product and skills and mindset of entrepreneurs also explained. It uses NPD
strategy which help in successfully implementation of product.
entrepreneurs during the development. In this report organisation is Daniel pantt which aimed to
launch a new product and skills and mindset of entrepreneurs also explained. It uses NPD
strategy which help in successfully implementation of product.
REFRENCES
Books & Journals
Adrienn, H., 2014. Examination of Enterpreneurship Ecosystem in Debrecen from the Direction
of Open Innovation Spaces. APSTRACT: Applied Studies in Agribusiness and
Commerce. 8(2-3).
Afroz, S. and et.al., Office of Entrepreneurship, Technology Transfer and University of South
Florida, 2015. IMPLANTABLE BIOCOMPATIBLE SiC SENSORS. U.S. Patent
Application 14/383,967.
Algado, S.S. and et.al., 2013. Aprendizaje Servicio Universitario: creando empleo a partir de la
emprendeduría social/University Service Learning methodology: creating employment
with social enterpreneurship. Historia y comunicación social. 18. p.627.
Barral, S., 2013. Labour issues in Indonesian plantations, from indenture to
enterpreneurship. Global Labour Column, (177). p. np.
Baum, J.R. and et.al. 2014. The psychology of entrepreneurship. Psychology Press.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Macmillan International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
DINKER JHA, D. and Kumar, K., 2014. AN ANALYSIS NEED OF ENTERPRENEURSHIP
SKILLS FOR PROFFESSIONAL.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Grebenar, V., Banovic, B. and Pichler, G., 2015. Paradigma Cost Accounting Methods In
Production Economics Of A Small Enterpreneur. Economy of eastern Croatia
yesterday, today, tommorow. 4. pp. 305-314.
Havukainen, I. and et.al., 2014. Common Good: Sustainable and Transparent Business.
Kelley, D.J. and et.al. 2012. Global entrepreneurship monitor 2011 global report. Global
Entrepreneurship Research Association, London Business School.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Nalawade, P.K. and Shah, 2015. Influence of Motivational Factors on Women
Enterpreneurship. A Journal of research articles in management science and allied
areas (refereed). 8(2). pp. 27-33.
ParkBaum,O'NeillBridge,2012Burns 2016.Drucker, 2014. Kelley2012KirznerKuratko 2016er,
S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Patel, C.K., 2015. Women Enterpreneurship Development in India. Creative Space:
International Journal. 1.p.0.
Peiqun, Y.E., 2012. The Formation Mechanism of Entrepreneurial Atmosphere and Its Impact on
the Regional Entrepreneurial Performance: an Empirical Study on Zhejiang Province
[J]. Science and Technology Management Research. 12. p.016.
Radović-Markovic and et.al., 2014. Motivational factors affecting entrepreneurial decision: a
comparison between Bulgarian and Serbian women entrepreneurs. Ecologica: nauka,
privreda, iskustva. pp.103-115.
Saputri, O.E., 2016. Developing enterpreneurship motivation model for university students. The
Contribution of Education Institution to ASEAN Economic Community. p.109.
Schaper, M.T. and et.al. 2014. Entrepreneurship and small business.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
Books & Journals
Adrienn, H., 2014. Examination of Enterpreneurship Ecosystem in Debrecen from the Direction
of Open Innovation Spaces. APSTRACT: Applied Studies in Agribusiness and
Commerce. 8(2-3).
Afroz, S. and et.al., Office of Entrepreneurship, Technology Transfer and University of South
Florida, 2015. IMPLANTABLE BIOCOMPATIBLE SiC SENSORS. U.S. Patent
Application 14/383,967.
Algado, S.S. and et.al., 2013. Aprendizaje Servicio Universitario: creando empleo a partir de la
emprendeduría social/University Service Learning methodology: creating employment
with social enterpreneurship. Historia y comunicación social. 18. p.627.
Barral, S., 2013. Labour issues in Indonesian plantations, from indenture to
enterpreneurship. Global Labour Column, (177). p. np.
Baum, J.R. and et.al. 2014. The psychology of entrepreneurship. Psychology Press.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Macmillan International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
DINKER JHA, D. and Kumar, K., 2014. AN ANALYSIS NEED OF ENTERPRENEURSHIP
SKILLS FOR PROFFESSIONAL.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Grebenar, V., Banovic, B. and Pichler, G., 2015. Paradigma Cost Accounting Methods In
Production Economics Of A Small Enterpreneur. Economy of eastern Croatia
yesterday, today, tommorow. 4. pp. 305-314.
Havukainen, I. and et.al., 2014. Common Good: Sustainable and Transparent Business.
Kelley, D.J. and et.al. 2012. Global entrepreneurship monitor 2011 global report. Global
Entrepreneurship Research Association, London Business School.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Nalawade, P.K. and Shah, 2015. Influence of Motivational Factors on Women
Enterpreneurship. A Journal of research articles in management science and allied
areas (refereed). 8(2). pp. 27-33.
ParkBaum,O'NeillBridge,2012Burns 2016.Drucker, 2014. Kelley2012KirznerKuratko 2016er,
S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Patel, C.K., 2015. Women Enterpreneurship Development in India. Creative Space:
International Journal. 1.p.0.
Peiqun, Y.E., 2012. The Formation Mechanism of Entrepreneurial Atmosphere and Its Impact on
the Regional Entrepreneurial Performance: an Empirical Study on Zhejiang Province
[J]. Science and Technology Management Research. 12. p.016.
Radović-Markovic and et.al., 2014. Motivational factors affecting entrepreneurial decision: a
comparison between Bulgarian and Serbian women entrepreneurs. Ecologica: nauka,
privreda, iskustva. pp.103-115.
Saputri, O.E., 2016. Developing enterpreneurship motivation model for university students. The
Contribution of Education Institution to ASEAN Economic Community. p.109.
Schaper, M.T. and et.al. 2014. Entrepreneurship and small business.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Sujarwo, S., 2016. INCORPORATING ENTERPRENEURSHIP IN A PRODUCTION
FUNCTION. Agricultural Socio-Economics Journal. 16(2). pp.79-86.
Woodward. and et.al., 2012.Innovation Systes and Knowledge-Intensive Enterpreneurship: a
Country Case Study of Poland (No. 0446). CASE-Center for Social and Economic
Research.
YING, Y.W., 2015. THE SHAPING OF SOCIAL ENTERPRENEURSHIP IN A TRANSITION
ECONOMY: THE CASE OF MYANMAR (Doctoral dissertation).
Андріїв, Н.М., 2017. Valuation of the institutional supply of the development of the
competative trading enterpreneurship in Ukraine.
Online
A study on effect of entrepreneurship on entrepreneurial intention: Focusing on ICT majors.
2018. [Online]. Available
through:<https://www.emeraldinsight.com/doi/full/10.1108/APJIE-08-2017-024>.
Failure: the key to success.2018.[Online]. Available through:<https://www.london.edu/faculty-
and-research/lbsr/failure-the-key-to-success>.
FUNCTION. Agricultural Socio-Economics Journal. 16(2). pp.79-86.
Woodward. and et.al., 2012.Innovation Systes and Knowledge-Intensive Enterpreneurship: a
Country Case Study of Poland (No. 0446). CASE-Center for Social and Economic
Research.
YING, Y.W., 2015. THE SHAPING OF SOCIAL ENTERPRENEURSHIP IN A TRANSITION
ECONOMY: THE CASE OF MYANMAR (Doctoral dissertation).
Андріїв, Н.М., 2017. Valuation of the institutional supply of the development of the
competative trading enterpreneurship in Ukraine.
Online
A study on effect of entrepreneurship on entrepreneurial intention: Focusing on ICT majors.
2018. [Online]. Available
through:<https://www.emeraldinsight.com/doi/full/10.1108/APJIE-08-2017-024>.
Failure: the key to success.2018.[Online]. Available through:<https://www.london.edu/faculty-
and-research/lbsr/failure-the-key-to-success>.
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