Entrepreneurship Report: Life Cycle, Innovation, and Business Ventures

This report provides a comprehensive overview of entrepreneurship, beginning with an introduction to the concept and its significance. It delves into the entrepreneurial life cycle, outlining its various stages from opportunity recognition to liquidity events. The report then evaluates the role of entrepreneurship in supporting different nations, highlighting governmental support and its impact on economic growth, job creation, and social change. The analysis extends to different types of entrepreneurial ideas, such as social media consulting, online courses, and professional reviewing, explaining their potential for success. Furthermore, the report applies innovation models, including the linear and diffusion models, to identify new business opportunities. The report concludes with a startup plan for a new business venture, integrating the concepts discussed throughout the analysis.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Analysis of entrepreneurial life-cycle.........................................................................................1
Evaluation of entrepreneurship in context of encouraging and supporting different nations.....3
TASK 2............................................................................................................................................4
Covered in to PPT.......................................................................................................................4
TASK 3............................................................................................................................................4
The different range of entrepreneurial idea.................................................................................4
Application of a model/theory of innovation for new business opportunities............................5
TASK 4............................................................................................................................................6
Start up plan for new business venture.......................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship refers to the procedure of establishing, launching and operating a new
business which is often initially a small business. It can be an enactment of creating a business or
business while building and grading it to generate a profit (Aldrich, 2017). This process of
converting new ideas in to business consider both the examination of how new business are
created as well as the potential procedure of protrusive a new enterprise. Entrepreneurship help
in seeking investment and production growth options, developing and managing a business
enterprise, so as to undertake production function, managing inputs such as money material
manpower, new techniques and products. This report will discuss about the entrepreneurial cycle
and support of it in various nations. Further, it will define about different types of entrepreneurs
and their skills & qualities which distinguish them from managers. A new entrepreneurial idea
will explain to develop a new business venture and a model of innovation for new business
opportunities.
TASK 1
Analysis of entrepreneurial life-cycle
Entrepreneurial Life cycle
This cycle starts with an entrepreneur who comprehend a growth option, create a
company to engage it, collect the needed resources, utilize a applicable program, expect the
hazards and rewards, all in a punctual way for all concerned. Entrepreneur life cycle contains
seven stages which are mentioned as follows:
Opportunity recognition- This is the first stage of this life cycle under which the
entrepreneur and business person conduct investigation and understand the dimensions of the
opportunity and determine the options of business growth which is attractive or unattractive. To
find out opportunity to establish new ideas and thoughts, the businessperson does analysis of
different sector under which the individual can launch business by converting potential ideas.
Opportunity concentrating- Focus is important because there can be the possibility of the
enterprise diverging out later. It is the second phase, in it the business person make focus on the
growth option (Ateljevic and Page, 2017). The individual make investigation on it that how
much it relevant for the growth and success.
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Commitment of resources- This is the third phase of entrepreneurial life cycle under
which, after getting business set up opportunity, the individual commit regarding resources
which are required to run the new business (Belz and Binder, 2017)). These resources can be
money, material, manpower, machinery and others. The business person also develop business
plan, commit other resources, start the venture and make focus on the set up business.
Source: Entrepreneurship Life Cycle, (2019).
Market entry- In this phase, the entrepreneur is pledged with a very unsophisticated
company, resources appropriately distributed as per the business plan and the first launching of
goods and services of this enterprise take place.
Full launch and growth- At this phase, the business person requires to select a specific
high growth plan of action. The individual launch business in specific market as per goods and
services which are produced by new venture. The entrepreneur monitoring growth options such
as producing products according consumer’s needs and attain success in business.
Maturity and expansion- Now in this stage, the venture is a marketplace leader at
cruising elevation. In this phase, the product is help in gaining success and growth in the
business of the company by fulfilling consumer’s needs and take the business at maturity stage
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Illustration: Entrepreneurship Life Cycle

and make expansion. The businessperson can attain various growth strategy also such as global
expansion, acquisitions, mergers etc.
Liquidity event- It is the final stage of this entrepreneurial life cycle (Bhachu, 2017). It is
harvesting phase which is concentrated on acquiring the worth created in the former stages by a
business enterprise exit. When entrepreneur analyse that the business attains the success and now
there is no chances to attain more success than the person decide to exit it by liquidity events
such as initial public offer, merger and acquisition, shares buy back etc.
Evaluation of entrepreneurship in context of encouraging and supporting different nations
There are various nation which are entrepreneurship oriented and they support and
encourage to business set up and start ups. There are some countries such as United Kingdom,
Germany, Nigeria and others whose government are encouraged and supported entrepreneurship
(Cooper and Folta, 2017). For example, in Nigeria, the government of this nation promotes
entrepreneurial culture by inaugural that builds business enterprise confidence, affirmative
cognition, pride in success, provide technological assistance, encouraging inter-firm connection,
publicity of research and development. The national authorities also provide financial help, free
access to market, advisory services and others. The government of this also set up some
entrepreneurial institutions or authorities which has the motive of teaching students of higher
institutions to adopt entrepreneurial, creation and administration abilities. It helps in making the
graduates self employed, generating employment to other people and making increment in
economic system (Entrepreneurship, 2019).
Entrepreneurship proving its support to different nations by providing job opportunities
to the people of that country. With the help of employment, individual of the nation and other
countries also so that people can make improvement in their living standards. Entrepreneurial
ventures help in generating new wealth by producing products and services or technologies.
Increased employment and higher earnings make contribution in national income in the term of
tax revenue. Therefore, entrepreneurship help in making development in economic system of the
country. It also support in social change by providing unique products and services according to
the needs and demands of community. In UK, it play an important role in economic growth by
making contribution within it. To support rural entrepreneurship, the government of this nation
offer the Rural Development Programme for England. The national authorities provide
technological and other support so that they can help in improving the economy of the nation.
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Impact of entrepreneurship on economy
Entrepreneurship create influence on economy in various ways. It create job opportunities
and provide employment to the local people of the country so that they can make improvement in
their living standards which make contribution in economic growth (Henry, Hill and Leitch,
2017). By making innovation in the products and services of a specific company, it helps in
fulfilling the needs of the market which help in increasing profit and productivity of the
company. It helps in developing economic system of a nation. By creating competition to other
markets and firms it also assists in improving economic system.
TASK 2
Covered in to PPT
TASK 3
The different range of entrepreneurial idea
New entrepreneurial ideas can be explained as, framing of that particular idea which has
never ever been thought by any other entrepreneur in the market. The idea or thought should be
completely new and different from the existing entrepreneurial idea (Hitt and Duane Ireland,
2017). Uniqueness in idea helps the organization to grow and flourish in the international market.
It directly or indirectly helps the company to pull large section of the customers towards their
organization and product and services offered by them. The distinguished range of
entrepreneurial idea are discussed as follows:
 Social media consulting: This particular idea can be converted into business venture
because in the era of digitalization business associates requires agency to look after their
Facebook, twitter accounts as well as blogs. As a consultant best advices can be provided
to the company regarding posting schedules, content for their targeted customers and
unique strategies to pull potential clients. The reason it can be turned into business
venture and can success in the open market place are discussed as follows:
1. Firm are became digitalized so they hire experts or agency to tackle their social media
account. So opening business in this field will succeeded in the coming years because
company are promoting the goods and services more on social media platform.
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2. Over the years, small organization will needed experts to look after their social media
platforms. So come up with social media consultant will boom across the globe as things
are becoming digitalization tremendously.
 Online courses and tutoring: As things are getting online so education sector is also
expanding their business in this area. By doing so students can assess to their problem
any time at any place related to their subject (Light, Bhachu and Karageorgis, 2017). It
can be made as a business venture and will be successful in the market the reasons are
sated as follows:
1. There are many online courses so opening online courses and tutoring classes will be
beneficial to the customers (Michael, Storey and Thomas, 2017). Students will easily take
foreign university degree by taking classes online.
2. The trend on taking diploma in foreign related courses will make the business of online
tutoring more successfully as more number of students will be attracted towards the
service.
 Professional reviewer: In this business administration concern hire a professional who
can review their product and services accurately. Professional reviewer helps the firm to
makes changes respectively so that customer’s needs and wants can be full-filled. This
business venture will be flourishing in the international market because of the following
reasons which are stated as:
1. As company’s innovative product and services are sold on online platform so they require
professional reviewer to examine their goods and services thoroughly. By doing so
emerging needs and wants of the clients can be satisfied respectively.
2. Organization by working on the professional reviews can modify the goods and services
respectively which will directly raise their goodwill in market place. So, in the coming
years opening business in this field will turned out to be beneficial and huge job
opportunities can be created for people.
Application of a model/theory of innovation for new business opportunities
In neck to neck competitive world there are several innovation model/ theories which are
discussed as follows:
Linear model of innovation: This model state that innovation begins with basic
research, it's implications on the project, enters development phase and wind up with production
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and diffusion. It shows relation among science and technology which aid the company to come
up with better results. The application of Linear model of innovation for new business
opportunities are stated as under:
1. There are various steps which aid firm to easily grow and flourish in international market
smoothly (Nambisan, 2017). As more research work is conducted so there is huge
business opportunities as they scan loop holes of other and turned as their success ladder.
2. In this model step by step innovation is carried forwards which generate numerous
business opportunities because they come across several people and try to understand
their idea and viewpoint which helps to make the ideas more better then earlier.
Diffusion model of innovation: In this particular model it demonstrate how with the
phase of time an creative idea attains momentum and diffuses (Parker, 2018). The core element
of diffusion model of innovation are, an innovation, communicated through certain channels,
over time and among members of social system. Organization adopts this model because in
diffusion new idea is accepted by the market. The application of Diffusion model of innovation
for new business opportunities are as follows:
1. As new product and idea is widely accepted in the market there is huge business
opportunities because they are able to capture huge market ratio. It leads in upliftment of
productivity and profitability ratio.
2. This model creates business opportunities as it motivates the entrepreneurs to come up
with creative thinking so that uniqueness can be brought in the rigid marketplace goods
and services.
The most suitable business idea is social media consultant. In today's world business is
growing into digitization so opening business in this particular segment with with profitable.
Customers are more active on social media platform so promoting product and services on social
platform will be beneficial for new business. Firm will be able to better understand the queries of
the clients will be able to resolve them on immediate basis which will build faith regarding social
media consultant business. organization hires consultant who can handle their social account so
there are chances of growing the business more in global market. Fast and unique services will
aid the firm to gain huge market ratio within no services. Moreover, solving issues and guiding
them regarding social media will help to build strong customers which will raise their
productivity and profitability ratio.
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TASK 4
Start up plan for new business venture
There are various venture which can be launched by an individual but this start up plan is
formulated in context of Online courses and tutoring. This plan is mentioned as follows:
Overview of venture- An entrepreneur can set up an organisation which provide services
regarding online courses and tutoring to local and foreign students, it helps in solving issues and
problems of students any time related to education. There are various online courses will be
offered by this venture according their interest such as management, finance, Human resource
management, advanced legislative studies, applied educational leadership and management and
others.
Mission- The mission of this venture is to deliver effective services to its target audiences
so that they can show their loyalty regarding this enterprise.
Vision- The vision statement of the business is to attain the desired success and attain the
1st position in this sector (Ram, Jones and Villares-Varela, 2017).
Market analysis- With the help of this analysis the businessperson can monitor those
areas where they can deliver their services. They can monitor the demand and needs of their
target audiences such as students who are interested to take advantages form these services
which are provided by this venture. So that they can offer courses according to them.
Budget- It indicates to that money which is required to the businessperson to provide
these services of venture to its target audiences (Shepherd and Zacharakis, 2018). This cost is
required to the company for the production of goods and services, promotion, distribution etc.
The fund which is needed for it, defined below in term of budget planning:
Budget 4 months 4 months 4 months
Work manpower 2500 3000 3500
Tools 1500 2000 2500
Resources Expenditure 1000 1500 2500
Direct and internet marketing 6000 5500 3500
Advertising 4000 4000 5000
Total 15000 16000 17000
Budget 4 months 4 months 4 months
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Work manpower 2500 3000 3500
Tools 1500 2000 2500
Products/ Services- The venture will offer services for online courses and tutoring in
which they offer various courses such as to its target Human resource management, advanced
legislative studies, applied educational leadership and management, finance and others as per
customer’s needs and requirements.
Management and operational plans- If the business person of this venture develop a
online website through which they can offer they services and products to their clients. They
formulate an IT team which help in managing the operations and delivery of these products. In
order to manage this venture, they can formulate teams such as feedback team, operation team
and others.
Marketing and sales channels- It indicates to those channels through which the
entrepreneur can make promotion of its products and sale them in market (Aldrich, 2017). Social
media, company website, educational sites etc. can be marketing and sales channels of this
enterprise.
Business plan
It indicates to a written description of the future of the business which provide
information about business and what factor make contribution in the success of it. This business
plan regarding Online courses and tutoring consist various aspects which are as following:
Mission-The mission statement of the new venture is to provide effective and relevant
sources and information to the customers.
Vision- To develop a strong position at marketplace so that it can sustain till long time
period and serve services to clients.
Objective- The major purpose of this venture is to increase 5% customer base within 2
year.
Branding and promotional strategy- The management of Online courses and tutoring
can use different modes and channels for promotion. They can use TV, radio, Social media,
Pamphlets and others to provide information about their business and offer their services to
them.
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CONCLUSION
As per the above information, it can be summarised that entrepreneurship is an effective
aspects under which a person can operate and run own business. Entrepreneurship life cycle is
helpful to providing information about setting up a new business venture. It is effective to
provide information about every stage of establishing business that in which phase business
person is doing what things. Entrepreneurship is also supported by different countries because it
helps in increasing employment and improving living standard of individuals. Different skills of
business persons differentiate them form the managers of business organisations. Because the
mangers work according to structured framework whereas entrepreneurs are risk taker so they
work according to them.
REFERENCES
Books & Journals
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship, pp.5-25.
Ateljevic, J. and Page, S. J. eds., 2017. Tourism and entrepreneurship. Routledge.
Belz, F. M. and Binder, J. K., 2017. Sustainable entrepreneurship: A convergent process
model. Business Strategy and the Environment. 26(1). pp.1-17.
Bhachu, P., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Henry, C., Hill, F. and Leitch, C., 2017. Entrepreneurship Education and Training: The Issue of
Effectiveness: The Issue of Effectiveness. Routledge.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Light, I., Bhachu, P. and Karageorgis, S., 2017. Migration networks and immigrant
entrepreneurship. In Immigration and entrepreneurship (pp. 25-50). Routledge.
Michael, S., Storey, D. and Thomas, H., 2017. Discovery and coordination in strategic
management and entrepreneurship. Strategic entrepreneurship: Creating a new
mindset, pp.45-65.
Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship Theory and Practice. 41(6). pp.1029-1055.
Parker, S. C., 2018. The economics of entrepreneurship. Cambridge University Press.
Ram, M., Jones, T. and Villares-Varela, M., 2017. Migrant entrepreneurship: Reflections on
research and practice. International Small Business Journal. 35(1). pp.3-18.
Shepherd, D. A. and Zacharakis, A., 2018. Conjoint analysis: A window of opportunity for
entrepreneurship research. In Reflections and Extensions on Key Papers of the First
Twenty-Five Years of Advances (pp. 149-183). Emerald Publishing Limited.
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Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas
for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
Zhang, S. X. and Cueto, J., 2017. The study of bias in entrepreneurship. Entrepreneurship theory
and Practice. 41(3). pp.419-454.
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