Report on Enterprise, Entrepreneurship, and Intrapreneurship

This report provides a comprehensive overview of entrepreneurship, differentiating between enterprise, entrepreneurship, and intrapreneurship. It delves into the skills, attributes, and behaviors essential for entrepreneurs, emphasizing the importance of optimism, vision, initiative, interpersonal skills, and critical thinking. The report also outlines the tools and stages required to evaluate a new business idea, including market research, competitor analysis, and financial feasibility assessments. Furthermore, it recommends strategies for entrepreneurs to enhance their skills and increase the likelihood of success. The report concludes by emphasizing the importance of adaptability and strategic planning in the dynamic world of business.

Running: INTRODUCTION TO ENTERPRENEURSHIP
INTRODUCTION TO ENTERPRENEURSHIP
Student’s Name
University Name
Author note

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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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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.

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He is the President of Nokia Technologies. He believed to lead the office with his new creative
ideas and added value to the entire business organization (Badawi 2013).
3. Skills, attributes and behaviors of entrepreneurs
As described earlier, entrepreneurs are considered to be the people who are willing to
take potential risks in the market and carry out the business organizations. However, in order to
run and operate a business organization, an individual requires potential skills, attributes, and
behavior in order to ensure a successful business organization (Chell 2013). It is not about
starting a new business organization, but to operate the business organization in a successful
manner is also essential (Douglas and Fitzsimmons 2013). It is believed that becoming an
entrepreneur is easier but to become a successful entrepreneur, one requires potential skills and
knowledge (Edwards-Schachter et al. 2015). As per the researchers and studies, there are no as
such definite skills or behavior of a success entrepreneur. However, it is essential for the
entrepreneurs to have certain traits and behaviors in common (Edwards-Schachter et al. 2015).
The entrepreneur must possess some positive personal characteristics, believes and
potential. They must be optimistic in nature (Gundry, Ofstein and Kickul 2014). Optimism is
highly essential as it enables them to overcome all the difficulties and challenges in operating a
highly dynamic and competitive business environment. It enables them to work through difficult
and challenging times. They must have the vision to improve the things, this is essential for the
entrepreneur to inspire others and engage with the vision (Hsieh, Parker and van Praag 2017).
Initiative is highly essential for the entrepreneur to solve a particular business problem and
improve the projects. They must have the power, potential, and persistence to realize the goals
and prepare for hard work (Im and Cho 2013).. There must be interpersonal skills such as

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leadership and motivation, communication skills, negotiation skills and ethics in order to deal
with the people based on integrity, respect and integrity (Lumpkin 2014). There are other
interpersonal skills with emotional intelligence. These skills enable them to work effectively
with other people in the organization. They must have good listening skills and must have
empathetic listening ability so as to listen to other people patiently and integrate their ideas and
thoughts in the work process (Martiarena 2013). Most importantly, they must have critical and
creative thinking ability and skills to undertake opportunities and implement them in different
aspects of business operations. Creative thinking ability enables the entrepreneur to view a
particular situation from different perspectives and imitative new business idea and creative
solutions. They must have problem solving ability and skill to overcome all difficult situations
and solves arising problems in the organization (Martín-Rojas et al. 2013). They must have far
sightedness which has the ability to understand the opportunities and determine the trends in
order to take advantage of the prevailing opportunities in the market. They must also have the
ability to determine potential threats from the external business environment and undertake
measures to protect the business operations must the threats (Badawi 2013). These attributes and
skills will enable the entrepreneur to carry out the business operations in an effective manner and
ensure a successful entrepreneur.
.
4. Tools and stages required to evaluate a new business idea
Before launching a business idea, the entrepreneurs need to identify a target market and
determine where the product or the service will be acceptable in the target market. There must be
a clear understanding of the target audience, their spending habits, and size of the market to
ensure the potentiality of the new business idea (Cadar and Badulescu 2015). The profitability

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and success of the overall business idea depends entirely on the basis of consumer preferences,
personal observations, and analysis. They need to consider market research for analyzing the
market environment (Cadar and Badulescu 2015). The demographic factors such as the size,
location, gender, occupation are needed to be taken into consideration. It needs research about
the competitor’s presence in the market. Stiff competition and similar availability of products
and services in the market can reduce the profitability of the business organization. Presence of
stiff competition in the market can reduce the importance of the product or service and its value
in the market (Douglas and Fitzsimmons 2013). The business idea’s value and competitiveness
must be assessed so as to ensure sustainability in the market. It needs to conduct the strengths
and weakness of the business idea. The financial feasibility must be analyzed by the
entrepreneur. It implies that the cost of grounding the business, the startup capital and the initial
or ongoing business operation expenditure (Edwards-Schachter et al. 2015). It needs to assess the
earning potential of the business. If there are any financial gaps during the occurrence of the
business operations, it needs to find out the ways in which they will bridge the gap between the
business startup and its profitability (Gundry, Ofstein and Kickul 2014). The entrepreneur needs
to establish its financial data and information about the market. This will avoid despair of
financial failure in the organization.
There are various tools to determine the feasibility of the business idea. The entrepreneur
can implement ‘Awareness Trial Availability Repeat’ in all the stages of product or service
development prior to the product launch in the market (Hsieh, Parker and van Praag 2017). This
tool includes four main stages including Awareness, Trial, Availability, and Repeat. It involves
the awareness of the product in the market, trying the product validity in the market among the
target consumers and people who will be willing to purchase the product and possibility repeat

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the market (Im and Cho 2013). The organization can also implement a Delphi Technique method
to evaluate the business idea in the market. This technique will enable the business organization
to determine the validity of the product in the market (Hsieh, Parker and van Praag 2017). It can
implement a cost benefit analysis, which is another technique to evaluate the potential of the
business idea and its validity in the market (Hsieh, Parker and van Praag 2017). The investors
can consider various ideas and analyze them to determine the overall costs of the idea and
determine whether the idea should be moved forward. With this technique the investors can
review the costs of product or service development including product liability, distribution cost,
manufacturing costs as well as market entry cost.
5. Recommendations
It is recommended that entrepreneurs must improve their creative and analytical skills to
improve their entrepreneurial attributes and skills. As mentioned earlier, the entrepreneurs
require enhancing their communications skills and ability to ensure effective flow of
communication in the organization. They must be creative and innovative so as to provide new
products and ideas in the market (Mueller, Chambers and Neck 2013). New innovative products
in the market are more likely to be profitable and face lesser competition in the market.
Innovative products and services have higher value in the market as compared to the existing
products and services (Edwards-Schachter et al. 2015). Therefore, innovation is vital for
entrepreneurs. They must have a vision to direct the business organization towards the goals and
objectives and fulfill them. The entrepreneurs need to be growth minded and have a strong vision
regarding the success of the business organization (Douglas and Fitzsimmons 2013).
Entrepreneurs have the potential and the ability to challenge the current standards and guarantee
new approach in the organization. This will enhance the operations and activities of the business

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organization and attain the desired results. It is also recommended that the organizations must
find an easier solution for the problems or challenges faced by the organization and create higher
value for the consumers (Chell 2013). It is necessary for the entrepreneurs to take calculated
risks and follow their vision. This will ensure growth and success of the business idea in the
market. Additionally, it is recommended that the business organizations must evaluate the
business ideas before launching the products in the market (Cadar and Badulescu 2015). The
validity and acceptability of the idea needs to be accessed in order to determine its success and
profitability. There are various tools and techniques to determine the validity of the business idea
in the market. The overall success and profitability of the business idea must be accepted by the
consumers in the market (Martín-Rojas et al. 2013). They are of primary importance to the
organizations. Successful execution of the business ideas and operations will ensure successful
entrepreneurship.
6. Conclusion
Therefore, from the above analysis, it can be concluded that entrepreneurs require certain
attributes, skills, and behaviors to ensure its success and profitability. It has been identified that
the entrepreneurs requires effective communication skills, creative and analytical skills to
successfully operate its business. Creative skills are required by the entrepreneurs to offers
creative and innovative products and services in the market. They must have the knowledge,
attributes and skills as well as foresight to understand the threats and opportunities prevailing in
the market. The report has determined the differences between enterprise, entrepreneur, and
intrapreneurship with examples. It identifies the skills, attributes and knowledge required for an
entrepreneur as well as the tools and techniques required to evaluate the business idea.

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References
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