BAA211 Entrepreneurship: Designing Ventures in Competitive Australia

This essay examines the competitive entrepreneurial environment in Australia, focusing on how entrepreneurs can design and develop lean, agile, and innovative ventures to exploit opportunities and optimize success. The introduction outlines the importance of entrepreneurial environments and the study's purpose. The body delves into various aspects, including the impact of government initiatives, the role of the manufacturing sector, and the significance of the Global Innovation Index. It also explores the lean startup methodology, IP toolkit, and the characteristics of agile teams. The essay highlights the use of social media, software development, and the 'time boxing' approach to enhance efficiency. It further discusses the importance of innovation, research and development, and the implications of economic theories. The conclusion summarizes the key findings, emphasizing the importance of technological up gradation and theoretical implications for entrepreneurs in the Australian market. References include academic sources to support the arguments presented.

Running head: ENTREPRENEURSHIP
Entrepreneurship
Name of the student
Name of the university
Author note

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Introduction
The term entrepreneurial environment can be considered as the combination of factors
that entrepreneurial development in the market (Bakhtiari 2019). Highlighting over all socio
cultural, political, people willingness and economic factors in a country, the entrepreneurial
activities can be observed. The purpose of this study is to shed light on the competitive
entrepreneurial environment in Australia and its impact on developing agile, innovative and lean
venture for exploiting opportunities as well as optimizing the success. In this study describing
the theoretical aspects of entrepreneurship, the relevant examples have been linked by supporting
the argument.
Body
In the global economy, generating the new product development initiative and knowledge
sharing process have become the crucial parts for enhancing economic competitiveness in the
market. In order to enhance the market competitiveness, IP toolkit has become the important
contributor for commercializing the new business ideas. By supporting this Blackmore and
Sawers (2015) stated that it cannot be denied that with strong encouragement of Australian
government towards boosting commercial outcomes, has brought huge impact on the case of
managing the entrepreneurial environment in Australia. Analyzing the emerging business
environment in Australia, it has been identified that manufacturing sector has brought huge
contribution in case of increasing the GDP rate in this country. On the other hand, investment in
university sector has also increased the investment in innovation, which has impacted on the job
creation process.

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Analyzing the entrepreneurial environment in Australia it has been identified that the
Global innovation index is the important contributor that has helped to maintain the collaboration
between industry and research in Australian market. In the year 2015, the World Economic
Forum Report has introduced the competitive ranking of Australia based on its opportunities of
commercializing (Wipo.int 2019). In which Australia has been highlighted as the Economic
cooperating country in which the collaboration between industry and publicly funded researchers
has been ensured. By continuing this, Audretsch and Lehmann, (2017) opined that it can be said
that in order to increase the productivity as well as global competitiveness, the ‘Boosting
commercial Returns from research strategy’ has been introduced by the government in
Australia so that greater collaboration between researchers and industry can be promoted. In the
venture capital research, it has been identified that most of the developed countries have got
legged behind by Australia (Smartcompany.com.au). Analyzing the entrepreneurial mentality of
Australian people, it has been identified that in order to encourage the entrepreneurialism, both
the success and failure are being accepted. In a research on Australian economy, it has been
identified that within coming 2050 the economic situation of this country may face high struggle.
In that situation entrepreneurial development can ensure the positive growth in this country
(Smartcompany.com.au).
Lean startup can be considered as the important methodology that helps to develop
products as well as business. It has important contribution in case of reducing the product
development cycle as well as discovering the viability of business model for achieving success.
By arguing this Bylund and McCaffrey (2017) said Lean startup can be considered as the
scientific approach that can help to manage starts up and gets the desired products to the
customers hand in fastest manner. In order to build a successful business with maximum

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acceleration, entrepreneurs can focus on designing IP toolkit that can help to improve the IP
management and use. In the year 2015 on 23rd November, IP Australia introduced the Source IP,
which is being considered as the popular web platform that works to manage portal information
sharing process, facilitating IP rights contracts and licensing process (Greenleft.org.au 2019). In
order to introduce new business in the market entrepreneur can focus on adopting the Source IP
that can help to bring innovation with technological specializations in the workplace that can
help to develop competitive position in the market.
An agile team can indicate the combination of problem solving ability, team work,
communication, team velocity and technical development skills. In the competitive
entrepreneurial environment in Australia, in order to design agile, exploring collaboration,
culture and dynamics are important (Bakhtiari 2019). In order to explicit business opportunities
in the market, social media platforms can play an important contributing role for improving
communication. By continuing this, Audretsch and Lehmann, (2017) opined in order to exploit
the opportunities, through the software development, the entrepreneur can repeatedly respond to
the changes. As an example, it can be said that the ANZ Bank has started operating more like a
startup company for reacting faster to the business threats regarding its profit margins (Audretsch
and Lehmann 2017). Using the software development agile method, more structured approach
has been added in the Australian economy. In terms of speeding the development process, most
of the US software developers have introduced the ‘Manifesto for Agile software development’
approach that has played an important role for supporting the changes (Bylund . and McCaffrey
2017). In that case, introducing opportunities in the Australian market, Entrepreneurs can focus
on adopting the ‘time boxing’ approach that can help to ensure the increasing output of the
workers. By arguing this Aparicio, Urbano and Audretsch (2016) stated that with resource based

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theory of entrepreneurship, the firm can be able to effectively utilize the internal and external
resources that can help to perform better with the software development.
In order to develop business in the competitive business environment, Entrepreneurs
focus on introducing the positive activity and impacting in every aspects of life through fostering
technology and innovation (Bylund and McCaffrey 2017). In case of developing new business,
the small business entrepreneurs have focused on constructing the innovative decision making
behavior for ensuring the innovation exploration. Through effective communication and learning
process, the potential benefits are being introduced in the market. In the last year, $471m funding
has been increased in startup as well as innovation sector. In the Global Entrepreneurship
Index, Australia has ranked 7th in the year 2017, which has increased the opportunities for small
companies (Theconversation.com 2019). Research and development initiatives of the small
companies has claimed 43.5% tax refundable opportunity for contributing in the innovation
process (Icas.com 2019). In case of Australian market, the entrepreneur needs to focus on linking
up business with the economic growth through the technological up gradation. With the effective
implication of Economic theory of entrepreneurship, it can be easier for the entrepreneur to
understand the changing needs in the market, which can help to ensure sustainability in the
market (Bakhtiari 2019). In order to generate large capital investment, method of production can
be improved for developing strong relationship between innovation and entrepreneurship. By
supporting this Audretsch and Lehmann (2017) stated that statistical measure of performance can
help to measure the business issues that can indirectly impact on measuring the issues in market.
Conclusion
In this study, it can be concluded that due to increasing business opportunities in the
Australian market, Entrepreneurial environment in this country has become highly competitive.

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In this situation, in order to ensure the sustainable position in the market, entrepreneurs can focus
on adopting software development approach and Source IP approach. By continuing this, it can
also be said that in the competitive business environment technological up gradation as well as
theoretical implications, can help the entrepreneurs to sustain in the Australian market.

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References
Aparicio, S., Urbano, D. and Audretsch, D., 2016. Institutional factors, opportunity
entrepreneurship and economic growth: Panel data evidence. Technological Forecasting and
Social Change, 102, pp.45-61.
Audretsch, D.B. and Lehmann, E.E., 2017. Economic performance and the knowledge spillover
theory of entrepreneurship: a comment. The Journal of Technology Transfer, 42(5), pp.1234-
1235.
Bakhtiari, S., 2019. Entrepreneurship Dynamics in Australia: Lessons from Micro‐
data. Economic Record, 95(308), pp.114-140.
Blackmore, J. and Sawers, N., 2015. Executive power and scaled-up gender subtexts in
Australian entrepreneurial universities. Gender and Education, 27(3), pp.320-337.
Bylund, P.L. and McCaffrey, M., 2017. A theory of entrepreneurship and institutional
uncertainty. Journal of Business Venturing, 32(5), pp.461-475.
Greenleft.org.au 2019. Retrieved from: https://www.greenleft.org.au/content/agile-
%E2%80%94-new-approach-exploiting-workers [Accessed on 21st Aug, 2019]
Icas.com 2019. Retrieved from: https://www.icas.com/ca-today-news/three-reasons-to-be-an-
entrepreneur-in-australia [Accessed on 21st Aug, 2019]
Smartcompany.com.au (2019). Retrieved from:
https://www.smartcompany.com.au/finance/economy/lagging-behind-an-analysis-of-australia-s-
entrepreneurial-environment/ [Accessed on 7th Sep, 2019]

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Theconversation.com 2019. Retrieved from: http://theconversation.com/turnbulls-agile-
government-borrows-from-his-it-past-47568 [Accessed on 21st Aug, 2019]
Wipo.int 2019. Retrieved from:
https://www.wipo.int/wipo_magazine/en/2015/06/article_0005.html [Accessed on 21st Aug,
2019]