Entrepreneurship Project: Evaluating Business Ventures and Strategies

This entrepreneurship project delves into the core concepts of entrepreneurship, covering the introduction, literature review, and critical analysis of business ventures. It examines the characteristics of successful entrepreneurs, emphasizing leadership skills, adaptability, and innovativeness. The project assesses the evaluation of business ideas, strategies adopted by organizations, and the potential risks involved. It also explores the entrepreneurial critical success factors, including risk-taking, perseverance, and cognitive skills. The document provides an in-depth analysis of entrepreneurial theories, skills, and qualities essential for navigating the competitive market. The project also includes recommendations and conclusions based on the analysis, providing a comprehensive overview of entrepreneurship principles and practices.

Entrepreneurship

Table of Contents
PROJECT 1......................................................................................................................................3
Introduction............................................................................................................................3
Literature review and critical analysis....................................................................................4
Recommendations and conclusions........................................................................................9
REFERENCES..............................................................................................................................10
.......................................................................................................................................................12
Project 2.........................................................................................................................................13
Evaluation of the idea and the strategies adopted by Organisation.....................................13
Opportunities that Daniel Platt Limited capitalised on........................................................15
Risks that the business is exposed to....................................................................................16
Suggest that the business will last or whether it will ‘fizzle out..........................................17
Entrepreneurial critical success factors in the case..............................................................19
CONCLUSION..............................................................................................................................19
REFRENCES.................................................................................................................................21

PROJECT 1
Introduction
The term “entrepreneurship” means an individual capacity and willingness to develop a
business venture with new ideas and innovation. The act of being an entrepreneur is to assemble
resources including creative ideas, innovation, raising funds from market. Entrepreneur has
passion to come up with attractive ideas and have adaptability of risk taking (DINKER JHA and
Kumar, 2014). They continuously monitor market in gaining knowledge of products and
generating sources for money management for their business to set up. With effective planning,
self-belief, hard-working and motivating themselves by adapting flexibility to come up with
sudden changes in environment. He/she should have most important quality is self-discipline
for successful in life and business. If they are self-motivated, then they can come up new
energetic ideas of innovation, improve standard of living as well as in addition creating wealth
with entrepreneurial ventures. Moreover, they work for welfare for economy and society such as
creating jobs and improving condition for a prosperous society. It also occupies a central position
in a market economy, who serves as spark plug by activating and stimulating natural resources of
all economic. There are certain factors that effects the growth of entrepreneurship influenced by
four distinct factors. Such as economic development, culture, technological development and
education. In this factors, they are influenced by both positive and negative emergence
(Grebenar, Banovic and Pichler, 2015). There are certain economic factors that high influences
the entrepreneur. Capital is one of most important factors of production for establishing an
enterprise or venture. Moreover easy availability of right type of worker also effect as well as
infrastructure of the venture. Further, entrepreneur have to critically analyses market in effects of
generating raw material for production by evaluating market. Moreover, government are
encouraging entrepreneurship by creating capacity for risk capital. Task one will consist of
features, characteristics of an individual taking risk in staring a new business or venture.
Furthermore, evaluation of ideas, ability of risk taking, pitfalls of establishing an venture again
and again (Agnihotri, 2016). It will also considering that there are no efforts with any
shortcoming, weather he/she will be successful in competitive edge of current and future market.

Literature review and critical analysis
As per the views of Cheolwook Park, Entrepreneurship started to recognise as an element
of promoting economic growth with researches for findings how to contribute for development
of economy and become active in the market. In other words, seizing an opportunity regardless
of available resources (Adrienn, 2014).The main core of entrepreneurship is a positive energy
that challenges or changes existing conventions by acutely responding to changing environment.
With innovating and creative mindset also cultivating of young people will effective in solving
the problems concerning with unemployment. Efforts are made to become successful by new
transform innovation in economy. With both positive and negative influences, such as positivity
constitute in facilitating and condition for exploring it. Where as negativity influences in creating
inhibiting milieu to emergence of entrepreneurship. This negative and positive effects, results in
success of nation by encouraging and rewarding entrepreneurial instinct. There are some driving
force of modernization entrepreneurship having characteristics such as innovation seeking spirit,
pro-activeness and risk taking tendencies.
Theories of Entrepreneurship
An entrepreneurship puts together a business and accepts associated risk-taking to make a
profit. The number of theories exists, they are mention below:
Economic Theories: This theories of entrepreneurship tend to recognised significant
criticism for falling to dynamic, opens nature for market systems, ignoring unique nature of
entrepreneurial activity. It help an entrepreneur to bring out productive in their innovation that is
need to combine these input in profitable ways and institution environment that encourages
productivity. As this theory help an entrepreneur to become the ultimate determinate of
economic growth (Altınay and Altınay, 2018). Thus, an entrepreneur and entrepreneurship
should make efforts for nerving in long term economic development.
Psychological theories: Psychological theories of entrepreneurship focus on individual
mental and emotional state. Sometimes their action holds people with strong internal locus of
control believe their action can influence external world.
Anthropological theories: This thieveries is explanation for entrepreneurship on various
social contexts that enable opportunity leverage. It also question out entrepreneur by placing it
within context of culture and examining forces such as social attitudes. As this shapes both the
perception of entrepreneurship and behaviour of entrepreneur.

Resource based theories: This theories focused on way an individuals leverage different
types resources and efforts off group. Resources include social networks, information they
provide as well as human resource. Moreover, leadership quality of entrepreneur adds to mix
operate recourse that a business cannot rep
Skill of an entrepreneur
Skills are ability to use one knowledge effectively and readily in execution or
performance. An entrepreneur should have an ability or an activity to perform a task in an
appropriate manner. It means that an entrepreneur should acquire through deliberate, systematic
and sustained efforts to smoothly and adaptively to carry our complex activities or job function
involving ideas (Aspara,Hietanen and Tikkanen,2010).
Leadership:
As per the view of Catapult Groups, leadership skill is considered as one trait an
entrepreneur must have. It is not only important for leading team, but leading oneself is one's self
is very important. It describe within which an entrepreneur's real work happens, and mind set of
a successful entrepreneur is cultivated. A leader is one who has tremendous belief in themselves
and has confidence gained from years of experience. It do have pitfalls of both learning and
falling in competitive market. They are aware of their strengths and meekness as well as
demonstrate their skills without self confidence. Leadership is an important element in many
success factor for start ups and continuous growth. An entrepreneur should consider leadership
as an interaction process among group members to structure and restructure their perception and
expectation (Afroz and et.al.,2015). To become a successful entrepreneur, an individual must
possess certain attractive qualities they are as follows: An eye toward future: A successful leader will always have one eye towards future. He
thinks several new steps on problems for new opportunities and growth. The main
objective of future focus tendency is useful for multiple reason such as for starters, and
existing entrepreneur . It helps to limit temptation for instant innovation, rather than
taking decision easily. Thus, entrepreneur are willing to sacrifices for brighter long term
future. Self confidence: To become successful entrepreneur a leader should be self confidence.
People who appear self confidence attract others and also make them feel secure. The
main motive is that confident people make better entrepreneurship in competitive

scenario. It is also found that successful entrepreneur showed significantly higher levels
of confidence in winning clients, customer, joint ventures and investors. Adaptability: To become successful an entrepreneur he/she should have the ability to
adapt the changes and innovation in existing and future market (Barral, 2013).They
should ready to adapt changes on sudden mode. Sometimes a big adjustment to business
plan lead to both positive and negative impact on the entrepreneurship. Open minded and creativeness: Every event and situation is a business opportunities. An
entrepreneur realize constantly being generated such as workflow, people skills ,
knowledge and potential new business. They make creativity to make connection
between seemingly unrelated events or situations. Entrepreneur often come up with
solutions and have ability to look everything and monitor resources and focus towards
their goals.
Cognitive Skill:
Cognitive skills are core skills that an individual is need to determine to learn, read,
rememberer and pay attention. For an entrepreneur this skills play's an important part in
processing new information. It determines that if one of the skills is weak, no matter what kind
of information is coming at sudden and retaining of information is impacted. In fact, most of
learning struggles are caused by one or more weak cognitive skills. Moreover, cognitive abilities
are brain based skills that are essential for an entrepreneur to carry out task from the simplest to
most complex. As they have to do more mechanism of problem solving , paying attention rather
than any actual knowledge (Basu,2014). Thus, this skills are supported by specific neuronal
networks, for instance memory skills rely mainly on parts of temporal lobes and parts of frontal
lobes.
Perseverance skills:
Perseverance skill is the ability to keep doing things in spite of obstacles. It can be seen
as tenacity or resistance of some sort of purpose or action that have to decided by an
entrepreneur when he/ she is falling short of difficulties. This skills is important for an
entrepreneur if he/ she is planning to start business and keep going despite all sorts of financial
problem (Becker, 2014). It help a leader to faced with unexpected difficulties, obstacles or
situation which are undertaken to prevent its team from reaching its goals that need to
demonstrate a range of skills. A good leader will consequently, examine the underlying causes

of difficulty as to identify potential solutions and set about implementing methods and allow
them to preserve through obstacles.
Innovativeness:
This is regarded as most critical element of entrepreneurship. It is important for an
organisational culture management to recognise necessity of new ideas and behaviour.
Maintaining that it is crucial element for promoting new products in the market (Nalawade and
Shah, 2015). Moreover there are certain factors the effect the ideas if innovation such as new
advancement of technology is growing rapidly. They need to contribute more time as well as
money in research and development department for adoption of new methods and coming up
with unique creativeness in ideas. Further, the need to continuously evaluate the market by
emphasising more on technological innovation or actively conducts product designing. Such as
conducting market survey, advertising product features and benefit based on process of
innovation and experimental management techniques(Becker,2014 .). Therefore, innovation is
critical part in entrepreneurship with which companies can adapt themselves to rapidly change
in changing environment.
Risk-taking:
Risk is act or fact of doing something that involves danger or in order to achieving a gaol.
An entrepreneur is a risk taker, in hope of achievement or accepts greater potential for loss in
decision-making and tolerates uncertainty in business (Андріїв, 2017).They have the potential or
tendency to engage in activity that may result in harmful or dangerous and sometimes it leads to
huge success in market. Entrepreneurship is all about risk taking, activity or desire to capture and
pursue opportunities in an uncertain environment accepting the opportunities risk involved in it.
Sometimes risk-taking are effected with high as well as low risk factors. While entrepreneur with
low-risk taking tendency try to avoid risk or make decision cautiously. On other hand one with
high risk-taking inclination tend to make decision-making faster and to capture opportunities
more easily. The main drawback of this indicates that risk-taking is degree that boldly challenges
uncertainty or enjoy challenges in competitive edge of market. This is only meaningful if an
entrepreneur is proactive in seizing an opportunity, not just accepting the risk(Becker,2014).
The above mention points can help an entrepreneur to posses a good quality of
leadership. This help an entrepreneurship to become successful in competitive market with new

innovations and ideas. Herein, both leadership and perseverance skills will be effective for an
entrepreneur take into consideration for doing innovations and starting up a new venture.
Risk funnel
Risk funnel is a systematic approach that assist an entrepreneur to sync their ideas for the
effective implementation of good one in their working practices. It help an entrepreneur analysis
weather their idea or innovation will be successful or failure of a particular business. This
procedure is working on different stages as:
Ideas: Idea are generated from direct customer to end goals in most efficient and
effective manner. An entrepreneur generate an idea form the existing business or come up with
new and attractive innovation of their own. For example: Steve job's also have an idea to
introduce some unique features in existing mobile services (Bennani, 2011). This idea was not
much successful earlier as because he was lacking behind in execution to adopt the target what
he wants do in his innovation.
Feasibility: Feasibility is examining the phase of advancing an new idea weather
product has capability phase of risk assessment. Steve job's has tested his idea of developing a
unique phone in marketplace in order to know that weather his idea have the capacity to sustain
in competitive market for long run.
Implementation: Implementation is process of caring out, execution or practice plan a
standard action of thinking in order to do something to actually happen. Steve job's had
implemented his idea of unique feature phone in market in order to create their world in mobile
industry sector.
Launch: After examining all the examination practices Steve job's had launch his idea in
marketplace.
Feedback: After launching the product in market an entrepreneur need ton analyse the
feedback and rewards of their users. Through this they can make possible changes for satisfying
customer need and desires (Bolaji, 2012). Steve job's have received too many feed back in his
innovation of unique feature phone. Here he had adopted its customer feedback and view points
and over come them in order to bring improvement in its product. Thus, feedback help an
entrepreneur to overcome their shortcoming of their products.

Recommendations and conclusions
From the above discussion it has been recommended that entrepreneurship is growing
recognition, that innovation is critical for growth and uncertain development challenges. In
developing countries entrepreneurship is adaption of innovation and knowledge that exists in
competitive advantages of market. Entrepreneurship is seeking to peruse such growths strategies
by analysing opportunities and innovation in current and future market trends.
In the modernization world, individual are increasing seeking out opportunities in the
market by monitoring various wants and need of consumer (Peiqun, 2012). They actively create
value and behave ethically, rather than faithfully follows rules and routines set by others.
Specially young people are commencing up with new ideas and innovation to attract more
customer needs and wants. They are learning to be enterprising both when working as an
employee for other organisation as well as setting up their own business. Being an entrepreneur,
involves in taking responsibility to decision-making, becoming increasingly self reliant,
pioneering and adventurous (IChen, ZouWang, 2009). Moreover they have to be dynamic,
progressive in nature and ambitious in holding custom and values of society as well as being
able to initiate ideas and explore them to through into action.
In order to become successful entrepreneur, self confidence and motivating are essential
part. For an entrepreneur, it is required to implement some most important aspects that assist
them to becoming successful in market as -
 They required implement creativeness and innovation in addressing a new opportunist or
concern a new way to come up with interesting ideas and ventures.
 Entrepreneur needs to learn from failures such as failing again and again as there are no
such efforts without any shortcomings (Frąckiewicz, 2012).
 Entrepreneur are strong and have ability to over where they were lacking behind by
examining the market and communing up with various new strategies as well as with
basic management principle of an organisation.
 Entrepreneurship is important by its innovation therefore it is required for individual to
implement creative ideas that assist to make them different from others.

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