(Doc) Entrepreneurship Assignment Solution
Added on 2020-10-22
23 Pages7708 Words280 Views
Business DevelopmentFinanceLeadership ManagementEntrepreneurshipProfessional DevelopmentDesign and CreativityMaterials Science and EngineeringEconomics
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Entrepreneurship
Table of ContentsPROJECT 1......................................................................................................................................3Introduction............................................................................................................................3Literature review and critical analysis....................................................................................4Recommendations and conclusions........................................................................................9REFERENCES..............................................................................................................................10.......................................................................................................................................................12Project 2.........................................................................................................................................13Evaluation of the idea and the strategies adopted by Organisation.....................................13Opportunities that Daniel Platt Limited capitalised on........................................................15Risks that the business is exposed to....................................................................................16Suggest that the business will last or whether it will ‘fizzle out..........................................17Entrepreneurial critical success factors in the case..............................................................19CONCLUSION..............................................................................................................................19REFRENCES.................................................................................................................................21
PROJECT 1IntroductionThe term “entrepreneurship” means an individual capacity and willingness to develop abusiness venture with new ideas and innovation. The act of being an entrepreneur is to assembleresources including creative ideas, innovation, raising funds from market. Entrepreneur haspassion to come up with attractive ideas and have adaptability of risk taking (DINKER JHA andKumar, 2014). They continuously monitor market in gaining knowledge of products andgenerating 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 withsudden changes in environment. He/she should have most important quality is self-disciplinefor successful in life and business. If they are self-motivated, then they can come up newenergetic ideas of innovation, improve standard of living as well as in addition creating wealthwith entrepreneurial ventures. Moreover, they work for welfare for economy and society such ascreating jobs and improving condition for a prosperous society. It also occupies a central positionin a market economy, who serves as spark plug by activating and stimulating natural resources ofall economic. There are certain factors that effects the growth of entrepreneurship influenced byfour distinct factors. Such as economic development, culture, technological development andeducation. In this factors, they are influenced by both positive and negative emergence(Grebenar, Banovic and Pichler, 2015). There are certain economic factors that high influencesthe entrepreneur. Capital is one of most important factors of production for establishing anenterprise or venture. Moreover easy availability of right type of worker also effect as well asinfrastructure of the venture. Further, entrepreneur have to critically analyses market in effects ofgenerating raw material for production by evaluating market. Moreover, government areencouraging entrepreneurship by creating capacity for risk capital. Task one will consist offeatures, 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 againand again (Agnihotri, 2016). It will also considering that there are no efforts with anyshortcoming, weather he/she will be successful in competitive edge of current and future market.
Literature review and critical analysisAs per the views of Cheolwook Park, Entrepreneurship started to recognise as an elementof promoting economic growth with researches for findings how to contribute for developmentof economy and become active in the market. In other words, seizing an opportunity regardlessof available resources (Adrienn, 2014).The main core of entrepreneurship is a positive energythat challenges or changes existing conventions by acutely responding to changing environment.With innovating and creative mindset also cultivating of young people will effective in solvingthe problems concerning with unemployment. Efforts are made to become successful by newtransform innovation in economy. With both positive and negative influences, such as positivityconstitute in facilitating and condition for exploring it. Where as negativity influences in creatinginhibiting milieu to emergence of entrepreneurship. This negative and positive effects, results insuccess of nation by encouraging and rewarding entrepreneurial instinct. There are some drivingforce of modernization entrepreneurship having characteristics such as innovation seeking spirit,pro-activeness and risk taking tendencies. Theories of EntrepreneurshipAn entrepreneurship puts together a business and accepts associated risk-taking to make aprofit. The number of theories exists, they are mention below:Economic Theories: This theories of entrepreneurship tend to recognised significantcriticism for falling to dynamic, opens nature for market systems, ignoring unique nature ofentrepreneurial activity. It help an entrepreneur to bring out productive in their innovation that isneed to combine these input in profitable ways and institution environment that encouragesproductivity. As this theory help an entrepreneur to become the ultimate determinate ofeconomic growth (Altınay and Altınay, 2018). Thus, an entrepreneur and entrepreneurshipshould make efforts for nerving in long term economic development.Psychological theories: Psychological theories of entrepreneurship focus on individualmental and emotional state. Sometimes their action holds people with strong internal locus ofcontrol believe their action can influence external world.Anthropological theories: This thieveries is explanation for entrepreneurship on varioussocial contexts that enable opportunity leverage. It also question out entrepreneur by placing itwithin context of culture and examining forces such as social attitudes. As this shapes both theperception of entrepreneurship and behaviour of entrepreneur.
Resource based theories: This theories focused on way an individuals leverage differenttypes resources and efforts off group. Resources include social networks, information theyprovide as well as human resource. Moreover, leadership quality of entrepreneur adds to mixoperate recourse that a business cannot repSkill of an entrepreneurSkills are ability to use one knowledge effectively and readily in execution orperformance. An entrepreneur should have an ability or an activity to perform a task in anappropriate manner. It means that an entrepreneur should acquire through deliberate, systematicand sustained efforts to smoothly and adaptively to carry our complex activities or job functioninvolving ideas (Aspara,Hietanen and Tikkanen,2010).Leadership: As per the view of Catapult Groups, leadership skill is considered as one trait anentrepreneur must have. It is not only important for leading team, but leading oneself is one's selfis very important. It describe within which an entrepreneur's real work happens, and mind set ofa successful entrepreneur is cultivated.A leader is one who has tremendous belief in themselvesand has confidence gained from years of experience. It do have pitfalls of both learning andfalling in competitive market. They are aware of their strengths and meekness as well asdemonstrate their skills without self confidence. Leadership is an important element in manysuccess factor for start ups and continuous growth. An entrepreneur should consider leadershipas an interaction process among group members to structure and restructure their perception andexpectation (Afroz and et.al.,2015). To become a successful entrepreneur, an individual mustpossess certain attractive qualities they are as follows:An eye toward future: A successful leader will always have one eye towards future. Hethinks several new steps on problems for new opportunities and growth. The mainobjective of future focus tendency is useful for multiple reason such as for starters, andexisting entrepreneur . It helps to limit temptation for instant innovation, rather thantaking decision easily. Thus, entrepreneur are willing to sacrifices for brighter long termfuture.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. Themain motive is that confident people make better entrepreneurship in competitive
scenario. It is also found that successful entrepreneur showed significantly higher levelsof confidence in winning clients, customer, joint ventures and investors.Adaptability: To become successful an entrepreneur he/she should have the ability toadapt the changes and innovation in existing and future market (Barral, 2013).Theyshould ready to adapt changes on sudden mode. Sometimes a big adjustment to businessplan lead to both positive and negative impact on the entrepreneurship.Open minded and creativeness: Every event and situation is a business opportunities. Anentrepreneur realize constantly being generated such as workflow, people skills ,knowledge and potential new business. They make creativity to make connectionbetween seemingly unrelated events or situations. Entrepreneur often come up withsolutions and have ability to look everything and monitor resources and focus towardstheir 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 inprocessing new information. It determines that if one of the skills is weak, no matter what kindof information is coming at sudden and retaining of information is impacted. In fact, most oflearning struggles are caused by one or more weak cognitive skills. Moreover, cognitive abilitiesare brain based skills that are essential for an entrepreneur to carry out task from the simplest tomost complex. As they have to do more mechanism of problem solving , paying attention ratherthan any actual knowledge (Basu,2014). Thus, this skills are supported by specific neuronalnetworks, for instance memory skills rely mainly on parts of temporal lobes and parts of frontallobes.Perseverance skills:Perseverance skill is the ability to keep doing things in spite of obstacles. It can be seenas tenacity or resistance of some sort of purpose or action that have to decided by anentrepreneur when he/ she is falling short of difficulties. This skills is important for anentrepreneur if he/ she is planning to start business and keep going despite all sorts of financialproblem (Becker, 2014). It help a leader to faced with unexpected difficulties, obstacles orsituation which are undertaken to prevent its team from reaching its goals that need todemonstrate a range of skills. A good leader will consequently, examine the underlying causes
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