MGT 358: Fundamentals of Entrepreneurship Report and Analysis

This report delves into the fundamentals of entrepreneurship, emphasizing the creation of businesses and the design of new products for the market, particularly for small businesses. It highlights the significance of innovative thinking and market analysis. The report covers essential organizational fundamentals such as planning, faith in business, and setting realistic objectives. It stresses the importance of understanding target customers, achieving a competitive advantage, and recognizing market segmentation. The report also discusses the significance of unique business models and upgraded service levels. It analyzes case studies of three companies: Turn 8, Make Business Hub, and the Ibtikari Group, illustrating their business models, market strategies, and contributions to their respective industries. The report references key academic sources to support its analysis.

Running head: FUNDAMENTALS OF ENTREPRENEURSHIP
FUNDAMENTALS OF ENTREPRENEURSHIP
Name of the Student
Name of the University
Author Note

1FUNDAMENTALS OF ENTREPRENEURSHIP
Summary
Entrepreneurship is a process of creating a business and designing a new product to the
market. This process is generally for the small business where a new idea or thinking is needed
to enhance their market. An innovative form of entrepreneurship has provided an effective
change in small business and learning business methods to analyze the market condition of the
company. There are certain fundamentals of the organization. Planning and faith in business
express the realism thought to enhance the business process. This is a realistic and efficient plan
that organization set for their employees to achieve (Nandan, 2013). In such cases, organization
objective and aim must be fulfilled and maintained. The true value of the product is another form
of value assumption that business wants for their product. In such cases, the organization has to
set their target customers (Karimi et al. 2016). Business will enhance in an emphatic manner if
target customers are chosen in a right way. Unique attribute offers and gains the competitive
advantage is the right way to bring success to the company. Every business has a separate
market, so recognizing of that market is the essential factor that companies need to be understood
(Sloan, 2015). This market will provide the low cost in logistics, outsourcing or supply chain
process thus market segregation is the right way to understand the business potential. The
business model must be the unique one as people will attract more if the good business model
will be implemented in business (King, 2015). For adding more value in business upgraded
service level and the proper economic plan is required to maintain a better business surrounding.
Turn 8 is an ecosystem edifice company which is entirely based on the instruction
programs, mentorship, and economic sectors. They have started their business 2013 and within
four years they are providing global support in mentioning sectors. The company has excellent
ideas and their business acceleration is depending on their innovation processes. They have some

2FUNDAMENTALS OF ENTREPRENEURSHIP
proposed project as well thus in near future their success stories will increase in a high manner.
Make Business hub is based on the entrepreneurship talent and their main job is to design the
new processes for the other categories or people. They have provided projectors, laptops, pads,
books and other facilities to the entrepreneurs. The quality of their material that provided by the
company is the best offering and they have a client over all around the world. So business
acceleration is there as the company has increased their marketing field in terms of accumulating
the customers. The Ibtikari Group is based on the improvement of standardization in an aspect of
interior design in UAE. They are the international Design practitioners thus their fundamental
thinking is to develop the British architecture in an ethical way so that UAE has an establishment
in architect and designing. The quality design they have provided to residential, homes, mosques,
building, offices, palaces, churches and many more places are a pure touch of quality
engineering and architecture. The organization put their best effort to redesign the UAE and the
put a design standard of UAE in the entire world.

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References
Karimi, S., Biemans, H. J., Lans, T., Chizari, M., & Mulder, M. (2016). The impact of
entrepreneurship education: A study of Iranian students' entrepreneurial intentions and
opportunity identification. Journal of Small Business Management, 54(1), 187-209.
King, K. (2015). MGT 358 Fundamentals of Entrepreneurship, Section 4.
Nandan, H. (2013). Fundamentals of entrepreneurship. PHI Learning Pvt. Ltd..
Sloan, M. (2015). MGT 358 Fundamentals of Entrepreneurship, Section 3.