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Opportunity innovation and Entrepreneurship Sample Assignment

   

Added on  2021-02-20

8 Pages2519 Words16 Views
Opportunityinnovation andentrepreneurship

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Entrepreneurship.........................................................................................................................2Innovation ..................................................................................................................................3Business opportunity...................................................................................................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6

INTRODUCTIONInnovation can be defined as translating the idea or thought in real terms in order tocreate value for the product or services as well as customers are willing to pay for it. Whereas,business opportunity refers to as turning the loop of others as their benefits to gain competitiveadvantages against rivalry. And entrepreneurs can be stated as an individual who is accountableto formulate a business by bearing all the risk factors at their own level (Allen and Potts, 2016).They are liable for profit and loss of the business in the cut throat competitive world. As per theinterview Hair Masters from Milton Keynes are taken. In this brief discussion on innovation,opportunity and entrepreneurs are done. As well as certain theories are explained in order tobetter understand how Hair Masters business are continuously growing.MAIN BODYEntrepreneurship is refer to as the process of formulating idea and then working towardits implementation for establishing a business by organising, managing and controlling theactivities effectively for success (Bikse and Riemere, 2015). The Hair master barbers is one ofthe most popular and best know barbershop business which is established in Milton Keynes. Asper the interview conducted with the entrepreneur of the Hair Master shop it has been found thathe holds several entrepreneurial traits which supported him to become a successful businessman.These traits are,Passionate:- As per the interview it has been found that he is passionate about hisbusiness as he bring up several new ideas to improve its service quality in order to keepcustomers satisfied. For this they also bring an innovation of appointment system which help inreducing the waiting time of customers and also simplify the work of employees. Hard working:- Throughout the interview it has been found that the entrepreneur of TheHair Master is a hard working person as he put more efforts toward transforming his traditionalbusiness into more advanced, innovative and as per the current expectation of customers bybrining new technology and other improvement like dealing with third party for HumanResources management. Motivator:- The entrepreneur whose interview has been conducted work more towardkeeping its employees motivated toward their work by keeping them satisfied with their job roleby offering the random incentives or bonus as per their performance. In addition to this, The hair1

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