Entrepreneurship Management: A Comparative Analysis of Ventures

This report provides a comprehensive analysis of entrepreneurship, examining local, global, and social enterprises. It explores the scope of each type, using examples like Prime Furniture, Ikea, and Case Business School. The report delves into situational factors, including economic and social aspects, such as capital availability, raw materials, market dynamics, and societal attitudes. It also identifies and discusses key traits of successful entrepreneurs, such as a clear vision, dedication, resilience, self-belief, adaptability, and strong networking and financial management skills. Furthermore, the report analyzes factors affecting entrepreneurship, including government and local support, and capital generation, highlighting their impact on different business types. The conclusion contrasts the challenges and advantages faced by each entrepreneurial model, offering valuable insights into the diverse landscape of business ventures.

ENTREPRENEURSHIP
MANAGEMENT

Table of contents
Introduction
Example of entrepreneurs and scope
Situational factors
Traits of entrepreneurs
Analysis of factors which can affect entrepreneurship
Conclusion
References

INTRODUCTION
The study is on entrepreneurship example covering the entrepreneurship scope on local
entrepreneur, global entrepreneur and social enterprise.
 The situational factors which affect the business with similarities and differences are
explained.
 The shared traits of entrepreneur and characteristics have been discussed.
The background and experience which can hinder or foster the entrepreneurship have
been analysed with specific examples given.
 The conclusion is drawn from comparison and contrasting different entrepreneurs,
background and experience and extent up to which it influences them.

Example of local entrepreneur and scope
Local entrepreneur is one which operates
on a small scale and thus caters to domestic
markets.
 The entrepreneurial scope is limited to
the catering of local residents needs of
products and services.
 Prime furniture is an example of such a
company which meets the demands and
needs of the local population.

Example of global entrepreneur and scope
 Global entrepreneur is one which has business spread across the boundaries of a nation
like Ikea and Wayfair Inc. which are big names in furniture business.
 Their entrepreneurial scope is much larger as it caters to international markets, has
collaboration with a number of companies worldwide and has sufficient resources for
expansion and innovation.
 They are also high employment generators for the country.

Example of social enterprise and scope
Social enterprise is one which is doing business for society’s benefit.
They are motivated to help the society for welfare purpose and CSR activities.
 Case business school is one example which is a social enterprise catering to education.
 The entrepreneurial scope is for helping of the society underprivileged sections and
using measurers to reach their benefits to more and more people.
They also get government grants and benefits for their function and have a social role in
the economy.

Situational factors
Situational factors are present in business environment like economic factors, social factors etc.
The following are some of the economic factors that influence entrepreneurship growth:
Economic factors
Capital
For a company’s establishment, capital is one of the most prominent factors of production.
 Increase in capital spending in viable ventures takes to increase in income, which helps in the
capital accumulation process.
The easy availability of funds for investing activities also boosts entrepreneurship activity.
 Global businesses get the advantage of these capital generation measures.

Raw Materials
The importance of raw materials in the establishing of any industrial activity, and also
having effect on the entrepreneurship rise, need no explanation.
In the raw materials absence, no business needs to be created, and no entrepreneur can
flourish.
A lack of raw materials can have an adverse impact on the entrepreneurial world.
There is no industry which can work properly without having a sufficient supply of raw
material, and the entrepreneurship rise is harmed.
 SMEs and large businesses attach importance to the raw material supply as it is
necessary for their business to continue operations

Market
For the entrepreneurship growth, the role and relevance of market and marketing are
important.
 In today's world of competition, no entrepreneur can think of survival without having
up-to-date knowledge of market and various techniques of marketing.
The truth is that business potential is the most significant determinant of potential reward
from entrepreneurship activity.
 SME and large businesses indulge in marketing activities to make the reach of business
wider

Social factors:
Society attitude
Another factor which has to be considered is society's attitude toward entrepreneurship.
 Certain societies value creativity and novelty, and thus, entrepreneurs' acts and incentives, such as
profits, are appreciated.
Others won’t welcome change, and entrepreneurship won’t be able to take root and do business in
such an environment.
Similarly, there are some cultures having a natural aversion to some kind of profit-making.
Society attitude towards social enterprise has been encouraging as there comes donation for social
and environmental causes although more participation needs to be there.
 While in the case of other businesses, people are only caring for the quality of product or service
they get.

Traits of entrepreneurs
Successful entrepreneurs have a clear view of what their idea of business will be and can
accordingly articulate its aim, goals and position in market.
They have identified all the questions that can come up like who, what, where, when and why of
their business.
 A good entrepreneur has devotion for the business. It's quantity of work, and giving in long
hours if one doesn't like what one is doing would be difficult. People who are passionate know
what can motivate them to keep working for their goals.
 Entrepreneurs keep going even when things get complicated. They are not defeated easily. They
learn from their mistakes and accept rejection. They are ready for change and adapting their
strategy in order to be successful the next time.

Continued
 Being an entrepreneur is difficult than working for any organisation. To be effective, an
entrepreneur has to be willing for putting in the required time and effort, which is for little or no
compensation at first. Successful entrepreneurs understand the risks and effort that shall be
required to achieve their objectives .
 Entrepreneurs who achieve success have belief in themselves and their businesses. They should
be convinced of their abilities and ideas. Setbacks can come with entrepreneurship but
successful are those who can go on despite setback.
 Things do not always work as per schedule. An entrepreneur has to be versatile. They have to
adapt easily and improve on as they move further, learning by their mistakes. They have to
listen to advice of others and are willing for trying new things.