Introduction of Enterpreneurship - Assignment

Running: INTRODUCTION TO ENTERPRENEURSHIP
INTRODUCTION TO ENTERPRENEURSHIP
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INTRODUCTION TO ENTERPRENEURSHIP
1. Introduction
Entrepreneur is considered to be an individual or group of people who creates a new
business organization and bears all the risks that a business organization might face. They
entrepreneurs also enjoy maximum benefits from the business operations. The entrepreneurs are
often considered to be an innovator, offering new products and services for the benefits of the
consumers and the community it services (Badawi 2013). They play an importantly role in the
economy with their skills and potential to utilize the resources and provide value to the
consumers in the market. The purpose of this report is to understand the differences between
enterprise, entrepreneurship, and intrapreneurship. It determines the skills, attributes, and
behaviors of the entrepreneurs. Further, it analyzes the tools and stages required to evaluate a
business idea. It provides recommendations and concludes the report.
2. Examples of enterprise, entrepreneurship and intrapreneurship
Enterprise is also known as nonprofit business organization which is often associated
with entrepreneurial ventures. The individuals having particular skills associated with
entrepreneurial success are considered to be ‘enterprising’ (Chell 2013). There are various types
of enterprises namely; sole proprietorship, corporation, partnership, Professional company and
Limited Liability Company (LLC). The word enterprise usually means startup business
organizations; it implies the initiative taken by a particular individual to undertake the risk of
setting up and operating a business (Douglas and Fitzsimmons 2013).

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INTRODUCTION TO ENTERPRENEURSHIP
An entrepreneur is considered to be a particular individual who takes the initiatives to create a
new business organization bearing all the risks and profits of the organization (Edwards-
Schachter et al. 2015). The entrepreneur utilizes their skills and potential to bring forth new ideas
and thoughts in the market. They perform the function of utilizes the available resources in the
country and provides valuable goods and services to the consumers. It is believed by Gundry,
Ofstein and Kickul (2014), that the entrepreneurs have significant impact on the economy. They
convert the resources of the economy into valuable forms for the consumers. In a highly
uncertain business environment, the entrepreneurs assume the risk and drives efficiency through
their knowledge, skills and potential. The skills of the entrepreneurs have brought revolutions in
the world through their skills and creativity (Hsieh, Parker and van Praag 2017). For example,
Bill Gates have used his wealth and invested in various community wellbeing projects in order to
support the community beyond their profits and provide charity to institutions.
Intrapreneurship is considered to be the change initiatives taken by a particular individual
within a business organization in which they work for (Badawi 2013). An intrapreneurship
brings in new initiatives, dynamism, and creativity at business organizations. The
intrapreneurship is employed by the entrepreneur and they are encouraged to be innovative and
creative (Im and Cho 2013). The business organizations need to encourage the incumbents in the
business organization to be creative and innovative with the use of reward system, training and
development and recognition in the organization (Lumpkin 2014). They are characterized to be
self motivated, action oriented and proactive in nature who takes necessary actions to create an
innovative product or service. For example, Rmzi Haidamus is considered to be an intrapreneur.