Entrepreneurship Report: Facebook, Theories and Development

This report provides an in-depth analysis of entrepreneurship, using Facebook as a case study. It begins with an introduction to entrepreneurship and explores various entrepreneurial ideas, including the concept of a travel agency named "Wander Bottle" offering travel services on EMI. The report then delves into entrepreneurship theories, such as economic, resource-based, psychological, and sociological theories, explaining their concepts and relevance. The report also discusses the value proposition of Facebook and how it aligns with the company's marketing strategies. Furthermore, the report presents a development plan, incorporating these theories to guide business ideas and foster growth. The report concludes by summarizing the key findings and emphasizing the importance of these theories in guiding entrepreneurial ventures.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
1. Entrepreneur ideas and its prepositions..............................................................................4
TASK 2............................................................................................................................................5
Entrepreneurship theories and their concepts.........................................................................5
TASK 3............................................................................................................................................8
3 Development plan and idea of development theories..........................................................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is actually a process of designing, launching as well as running the
business in an effective manner with different ideas and concepts which has not been thought by
any other person till now (Bruton, Ahlstrom and Li, 2010). Entrepreneurs are usually people that
have different kind of perception and the mindset of their thinking about any idea or concept.
Entrepreneurs nature would be basically tends to be good a perceiving new business
opportunities which they can exhibit with some positive biases in their perception and so they are
pro-risk taking people which has kind of attitude which might exploit the opportunities and
generate something especial. They have the capability of changing the world with the latest
trends that comes in their minds. This report is based on Facebook that is an American
corporation that is basically an online social media which has social networking services based
on Menlo Park, California. This site was launched by Mark Zuckerberg. Main purpose of this
report is to explain entrepreneurship theories who has various examples and how these concepts
help in guiding business ideas and developing in the market. In this report there is description of
various entrepreneurial ideas with their value proposition to understand then well in contrast with
other theories. There is a improvement plan for students which will help them to cause change in
their performances. All these theories and concept would help this company to accomplish their
goals and objectives. This company is actually setting an example and has set the trend for the
young generation to work up on the principles of entrepreneurship.

TASK 1
1. Entrepreneur ideas and its prepositions
The idea for this project is to start a travel agency who provide all these services
regarding tour and travel to their customers. This company offer affordable plans but the best
thing about them is that they provide travelling service on EMI. Customers do not need to make
whole amount for the plans in one time. They can pay it in instalment. Name on enterprise will
be ''Wander Bottle'' and they will operate across the global. This idea will attain success because
their is not a single company in tour and travel industry who provide this kind of facility to their
customers. Cost of business of Wander Bottle will be low because they will not make open any
physical office and all the work relating to promotion and booking will be done through their
mobile application and website.
Entrepreneur ideas and its prepositions, A person who start new business and make
innovative products or services which serve to the customers is known as entrepreneur. They are
risk taker which helps them in targeting their goals and objectives. An entrepreneur open
business branch in that area where desired customers are attracting with their services. Facebook
is the American company which provides online chats and videos (Bruton, Ahlstrom and Li,
2010). The founder of this company is Mark Zuckerberg who start Facebook in February 2004.
These application can be accessed by smartphone, computer, laptops, desktop with the help of
internet networks. The ideas of entrepreneur are to make innovative products and services which
does not has been created by anyone in previous time period. The entrepreneur develops an idea
which help to improves old products and convert it into new or modified goods. There are some
ideas related to concepts of entrepreneur which are as under;
Evaluating ideas- An entrepreneur develop and evaluate idea which attracts large
number of customers towards the company new products or services. Facebook assumes unique
idea which attracts new user who is belonging from different age group or perception to know
the company views and functions. They identify the value preposition, the company should
analyse buyers needs and wants and in which manner they can satisfy their demand. Additive
ideas, Entrepreneur is person who solve problems and issues which are related to the customer
demand. They need to adopt additive ideas in which company make changes in their current

system and functions. An entrepreneur adds some techniques and methods which are demanded
by customers and attracts more users (Dacin, Dacin and Tracey, 2011). It helps to remove all
errors and barriers which resolve the issues of customers as well as organisation. The value
preposition provides choice to their customers to choose any types of services or products which
are needed to them. Facebook provides demands and need ful services or products to their
buyers. It is main part of marketing strategies and adopt useful strategies which helps to fulfil
customers need and wants. Value preposition is another type of competitive advantages in the
market. Entrepreneur makes different type of goods which are of high quality, lower rate, useful
product which serve to the desired buyers.
Marketing strategy make strong relation with their employees and employers in an
effective manner. The company deals with huge competitors who are attracting large number of
customers (Dacin, Dacin and Matear, 2010). The firm compare their buyers value preposition
which aid them in evaluate necessary changes in an organisation in an effective manner. There
are details value preposition are as follows: Be simple, The customers are having some simple
needs and wants which must be fulfilled by Facebook company. An organisation should update
its system and function which attracts large number of users. They must implement their
functions in simple with clear terms and conditions.
Short and precise, The company need to make short and precise description of the
information and functions which can be used by each person. The users attract with simple and
short system which will easy to use by them. Value converted in numerical form, The value
preposition changes with trends changes and adopt new techniques and methods which should be
converted into numerical form. Facebook provides different methods to post an individual photos
and videos to the users. Value for customers, The value preposition focus on customer’s
demand and wants which fulfil their needs in an effective manner. The customers are valuable
for the company because they attract with innovative products or services. Wander Bottle will
mainly target youngster as their customer. Youth like to take the plan which is affordable and
offers more services at less cost. key factor of this company is that they do not charge complete
money for their travelling packages, EMI option may get popular in no time because it is a
sustainable idea and completely new for tour and travel industry.

TASK 2
Entrepreneurship theories and their concepts.
There are entrepreneurs who are defined by a small business association which would
cause their business to set up together by their efforts and that will accepts their associated risks
which will make them profit and success. Well basically there is this definition which is very
simple but accurately describing the condition of an entrepreneurs. Theory of entrepreneurship is
basically required for helping us to comprehend the matter and understand the phenomena with
proper concepts and issues. For this there is proper explanation of each and every concept which
explains entrepreneurship values and theories uniquely. All these theories and concepts which
are explained in this report would help to understand entrepreneurial ventures in a more
propounded manner by thinkers (Dacin, Dacin and Tracey, 2011). Basically this concept would
fail to explain various phenomena for the entrepreneurship. That is why there are so many
theories which are used for explaining these entrepreneurship concepts that are given below.
Economic Theories, This theory is basically an economic concept which has been
existing way back from the times of 16th century with the works of Richard Cantillon who has
actually introduced the different ideas of enterpriser which are basically considered as risk
takers. There can be various concepts used like classic, neoclassical and Austrain market process
which has various thoughts of all possible explanation for this entrepreneurial concepts which
might focus on most important part that is economic conditions. which would help in focusing
on the most important part of this company which is economical condition. Thus this will help
in creating maximum opportunities through properly achievement on this hypothesis and
effectively working on it. Economic theories for this entrepreneurship concept is important for
receiving significant criticism which would be possible for failing of recognition of the dynamic
nature of the market, their open concepts and also ignoring the unique nature of their
entrepreneurial activities. There can be downplaying of these diverse concepts which is used in
entrepreneurship and also which occurs in real life scenario (Dacin, Dacin and Matear, 2010).
Resource-based Theories, This concept or theory is basically based on or actually
focusing on the way individuals leverages have different types of resources which would get the
entrepreneurial efforts to be off the ground. There is large need of resources which are required

by various entrepreneurs to meet the needs of the company and accomplish their goals.. There
can be other types of resources in which entrepreneurs which should be used for leverages that
include social network and also those information which will provide some kind of human
resources such as education. But there can be some cases in which intangible elements of
leadership would make the entrepreneurs add up to their operations and mix them up with the
resources which are available to them and might give that business some support which will help
them to succeed.
Psychological theories, This type of theory is basically based on entrepreneurship
concept which would focus on every kind of individual as well as mental elements of emotional
individuals to accomplish entrepreneurial values. There is a theory which is put forward by
psychological David McCLelland which is having a Harvard emeritus professors. They are
offering entrepreneurs to possess some kind of needs and requirements of achievement of the
goals and activities which would drive the firm to attain new heights and success. Another
professors whose name is Julian Rotter which is emeritus in the University of Connecticut which
would be putting lot of locus in control theory for managing concepts of the firm and properly
planning their strategies for their effective functioning (Defourny and Nyssens, 2010). This
professor is actually holding some kind of people which would be having strong internal locus
for controlling of the belief which might restrict their actions and activities that can influence the
external world with their different ideas and ideologies. There is various research methods which
would be suggesting these kind of personality which would trait the ranging from the creativity
to the resilience for basically optimism to drive these types of entrepreneurial behaviour.
Sociological theories, This type of theory is basically centred around some concepts of
explanation which would cause entrepreneurship on various types of social contexts which
would enable them with lot of opportunities that the entrepreneurs would cause with leverages.
There are so many professors which are constantly into the research business of entrepreneurship
in which one of them is D. Reynold, who is in a George Washington University. They are
usually defining the singles concept which basically works on various concepts like social
network, then a desire for a meaningful life, ethnic identification and in the last section they
discuss about social political environment factors. There can be still various other theories and
approaches which includes anthropological model which would be having various types of

questions for the entrepreneurship for actual placements of these concepts within them. Within
this concept there can be various context of culture and examining some types of cultural forces
which would be including various issues like social attitude as well as shaping of both the kinds
of perceptions which these entrepreneurship would have and that might be reflected in their
behaviour and concepts and ideologies. All these concepts would help Facebook to make some
appropriate changes in the performance of the company policies and also help in enhancement of
their planing and strategies (Delgado, Porter and Stern, 2010).
Opportunities-based theory, This process will help in business Prolific management
those author, professors as well as corporate consultant would suggest to put forward some kind
of opportunities based theories that would be very useful in creating better facilities for the
people who wants to work in the firm. Peter Drucker has used this concept to bring in new ideas
and possibilities of outcome as much as possible. This professors has contended that the
entrepreneurs would cause an excel in the watching and seeing of having some kind of
advantages and possibilities which is been created by social, technological as well as cultural
changes. There are many times such situation that has happened which cause the same, so it
includes one such example which states that there was a business which considers the senior
citizens that might have cause some sudden view or influx of the younger residents which would
cause the neighbourhood to have some type of potential with a proper death stroke. There is a
need of entrepreneurs which be required for seeing of some chances to open to a new club and
cause so many opportunities to be availed. These concepts would help in creating so many
advantages to arise (Djankov and et. al., 2010).
TASK 3
3 Development plan and idea of development theories
Facebook company develop their systems and create unique ideas or thoughts which are
implement for up gradation of functions. The main idea of this organisation is to attracts more
user and provides them attracted views that are liked. The Facebook account of user shows
his/her biodata, photo, status, views and choice features (Defourny and Nyssens, 2010).
Development plan focus on to develop strategies and policies of company which helps in

retaining their employees for time period. Company's manager need to adopt plans and methods
which identify employees growth and development. The main development idea is innovate new
products or services which attracts large number of customers. The theories of development
helps to motivate workers to achieves target goals and objectives in an effective manner. There
are some development theories are as under:
Theory of growth and adaptation- In this development theory, it includes social, political,
social, technological, legal, culture and environmental factors. This theory should be adopted to
combine all principles and concepts that affects employees. On the other hand adaptation is
necessary to evaluate changes in company activities and functions. It is important for
entrepreneur business to adopt new techniques and methods and then train the employees to
know the functioning of new equipments (Delgado, Porter and Stern, 2010). Facebook should
also use this theory for adaptation and growth in their business activities.
Dependency theory- The dependency theory are fully depends on new techniques and
technologies. They need to achieve desired goals and objectives. The company should analyse
external factors that are political, economic, social, technology, legal and environmental.
Facebook should adopt this theory for evaluating different strategies and methods that would not
depend on any internal or external factor. The company will depends on their technician who
develop new apps and modify system which attracts users to use the Facebook app. In these
days, organisation implement new app that is Facebook lite which provides new functions in
innovative way. Basic need theory- The need of customers are satisfy to fulfil their needs and
wants in proper manner. Basic need includes shelter, food, home which are necessary for every
person. The resources helps to provides basic needs which complete demand of an individual. A
person can not satisfy by his/ her life condition and they always focus on to finish its needs.
Need can not be fulfil in any manner and it will always increases. This theory helps to identify a
company to evaluate basic need of an individual and how to fulfil it. Facebook company
necessary to adopt this model or theory which analyse their customers needs and demands.
Neoclassical theory- It is the original theory which classify different person or groups.
The company need to make innovate products or services which provides growth and develop
profitability (Djankov and et. al., 2010). This model provides free market place where any person

can sell or buy any goods or services. But in these market, there are always intervene by
government agencies or government.
Modernization theory- In this theory, company identify latest trends and changes which
occurs in new techniques and technologies which are adopted by them. Modernization force to
use different products or services and attracts large number of buyers who purchase innovative
goods to satisfy the need. It helps to make new systems and functions which are adopted by
Facebook company (Drucker, 2014). An organisation changes old methods and techniques which
can not provides more growth and development in the market place. The company should also
identify their competitors innovative products or services which they offer to the customers. So
firm to changes strategies or policies in time to time basis.
Secularism theory- In this theory, the company need to adopt new strategies and
techniques which are essential for an employees. They can not inequality in their workers for
producing innovative products or services. Facebook company need to analyse different plans or
policies which are necessary to adopt by the firm. The government intervene in every activities
or functions of the company which provides growth and development. The organisation
transform their old products or services into modified goods which help to attracts more
customers. The cited company creates innovative ideas, thoughts, views and share vision with
their staff or team members.
The user wants some different idea of app which provides them new techniques and
technologies that develop growth and does equal strategies or policies of an organisation.
Facebook company are depends on ideas which make by entrepreneur who provides innovation
in old techniques and methods in an effective manner. It is important for the firm to develop new
and innovative products or services that serve to their new and existing customers. Development
plan is necessary to do in an organisation. The company grew desired products or services that
helps to increase development plans or policies which implement in a proper manner. All the
employees help their comp[any to adopt new policies or strategies which provides unnecessary
profitability to the firm. An organisation need to develop all essential rules or regulation which
maintain their workers to perform better in an effective manner. The Facebook also develop
plans and policies and make innovative services and products in the company. Also firm helps to
develop all work related task which are done by experience worker and implement new system

on Facebook app. The idea of development is to focus on different strategies or methods which
provides growth and develop new plans or policies.
Facebook company provides their users to change their profile picture, share videos and
post their views, ideas, thoughts in the specific account. The user use different methods or
techniques which are necessary to changes in the particular account. The company focus on to
develop or adopt new plans and policies which are made by entrepreneur in an effective and
efficient manner. The firm adopt plans which need to implement to get success or maintain
strength for the employees. It is the duty of the worker is to satisfy needs and wants of desired
customers. The company need to analyse different strategies.
Their are many Entrepreneurial theory. Wander Bottle will work on organisation theories
which focus on developing an culture of innovation in the company. Promoting innovation is not
an easy task, this company will follow the concept of organisation theory where their focus will
be on two main areas i.e. routine and capabilities. Most of their work will be done in a regular
way so employee of Wander Bottle will continuously try to perform same task in different way
so they can accomplish their work in effective and efficient way. Their innovation strategy will
has four significant steps i.e. finding opportunity of innovation, what company will do and why
they will do it, how execution of new idea will be done and last one is analysing how to attain
benefit from this whole process.
Capabilities is related to finding internal and external changes which can assist company
in exploiting various opportunities which falls in their path. Wander Bottle understand that
Brexit is going to change business environment of UK, they known that number of foreign
tourist in UK may go down so there have made plan for youth of UK. Market trend clearly
shows that younger generation is ready to spend more money and they will provide suitability to
this company in hard time. EMI program is an innovative idea and it was an entrepreneurial
opportunity which was ignored by many multinational corporations.
Enterprise development theory is related to finding right opportunity in right time and
then take action on it. This work can only be done by making organisation strong from inside and
develop it by providing training to the employees and motivating and support them for
innovation. Their development can only happen if they continuously increase their workforce
and increase their area of operation.

CONCLUSION
From the above report, it has been analysed that an entrepreneur is basically a person who
is defined or determined by this own idea and concept of starting its business. He is the one who
is responsible for managing and organising his enterprise properly and take them to new heights
with his beliefs and concepts. They are especially designed for setting their business in a
considerable manner which require some initiative and risks that an entrepreneurs need to take
for himself so that they can achieve some success in future. Only after taking some risks factors
can they expect some kind of reward from it else it would be impossible for them to achieve any
success. This report basically consists of various concepts of various entrepreneurial ideas and
their value proposition. Also this report consists of different entrepreneurship theories which are
discussed in brief. There is a need of proper development plan which is developed for causing
some kind of improvement and development in the theories and concepts.

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Development Theory. 2017. [Online]. Available Through:
<www.britannica.com/topic/development-theory>. [Accessed on 4th September 2017].
Value Proposition. 2017. [Online]. Available
Through:<https://www.entrepreneurship.org/articles/2007/03/value-proposition>.
[Accessed on 4th September 2017].