MNG10247: Exploring the Key Features of Successful Entrepreneurship

This report analyzes three key features of entrepreneurship: innovation, risk-taking, and vision, crucial for business success. The report defines innovation as translating ideas into valuable goods or services, emphasizing its role in product uniqueness and customer satisfaction. Risk-taking, another key feature, is explored in terms of decision-making and financial resource management, highlighting the necessity of calculated risks for business growth. The report also underscores the importance of vision, which enhances brand reputation and guides strategic moves to meet customer needs. The study includes learning activities like crosswords, quizzes, and discussions to reinforce understanding. This report emphasizes how entrepreneurs can leverage these features to achieve competitive advantages and overall profitability. The paper aims to help the reader understand the aspects required for an entrepreneur.

Running head: MNG10247
Key features of
Entrepreneurship
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Executive summary
The paper summarizes the importance and the use of key features of Entrepreneurship. The key
feature is defined as the desired theme, which helps in enhancing the role of entrepreneurs to
establish a particular business. Vision and value, innovation, and risk-taking are few of the
essential key features of entrepreneurship that facilitates the effectiveness of entrepreneurs in
operating the concerned business. The paper also evaluated the importance of risk-taking feature
as it involves a higher level of decision-making capabilities from the respective entrepreneur in
supervising the business. Another feature is of being an innovator which drives the growth and
profitability of the firm by innovating the latest products as well as services for the customers. It
is a matter of the fact that the customers always look forward to getting something better for their
valuable money, so being an extraordinary innovator will add value to the satisfaction levels of
the customers. The third feature is of vision and value, and this helps in adding value to the
expectations of the customers by delivering them the superior quality of manufactured goods
along with the services. The paper also concludes a few of the other entrepreneurship features
that may be required by various entrepreneurs in increasing the overall profitability of the
organization.

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Table of Contents
1. Introduction.............................................................................................................................................3
2. Key features.............................................................................................................................................4
Key feature 1...........................................................................................................................................4
Key feature 2...........................................................................................................................................5
Key feature 3...........................................................................................................................................6
3. Conclusion...............................................................................................................................................7
4. Referencing.............................................................................................................................................9
7. Appendix...............................................................................................................................................12

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1. Introduction
The primary purpose of the paper is to analyze three key features for an entrepreneur to become
successful. The paper will focus on highlighting the importance of three key features such as
vision, risk-taking, and innovation for the establishment of a successful business. The topic will
be useful in gaining a vast amount of knowledge regarding the development of the abilities of an
entrepreneur. It will provide knowledge on three key features that are successful in achieving the
goals of the firm. The first feature is innovation, which helps in increasing the uniqueness of the
products and services offered by the firm. The entrepreneur needs to develop a creative and
unique idea regarding the development of the products and services which can influence the
buyers to purchase the product. The second important point that will be described throughout the
paper is the risk-taking capabilities of an entrepreneur (Bjerke, 2018). It is important to have
proper decision-making skills to take the required risks as these help in providing the desired
elevation in the execution of the concerned business processes. The paper will help in evaluating
the required knowledge regarding the execution and the enhancement of the risk-taking
capabilities, which will further help the entrepreneur to achieve the goals of the organization.
There are different risks involved like collection and utilization of the financial resources that
generate a great impact on the evaluation of the business procedures within the competitive
environment. The third key feature denotes the development of a strong vision, which can
generate a significant positive impact on the customers (Huang and Knight, 2017). Moreover, the
vision can be created with the help of putting value to the products and services offered by the
organization, and this should enhance the reliability and satisfaction level of the customers
towards the offerings from the firm.
The focus of the paper is to evaluate the learning outcomes of each of the features so that the
reader can gain a depth understanding regarding the aspects required for an entrepreneur. There
are few of the learning activities which will be provided along with each key feature that will
reflect the way to implement these features effectively. The features will be explained
considering the scope of each feature, to make it very useful for the reader for becoming an
entrepreneur. The skills, capabilities, and thinking level of a person are crucial in accompanying
these features, which will finally to become a successful entrepreneur.

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2. Key features
Key feature 1
Introduction
One of the key features of entrepreneurship is Innovation as it helps in enhancing the reliability
and uniqueness of the products offered by the firm (Collewaert and Sapienza, 2016). It is
essential for the subject theme because it helps in facilitating the overall uniqueness of the
product and services, and it also attracts the customers towards the firm (Eesley and Miller,
2018).
Learning outcomes
 By studying this section, proper knowledge regarding the required development and
modification in the products can be learned.
 It will help in finding new ways to enhance the quality of the products to satisfy the
customers.
 It will help in developing new and creative ideas for the growth of business procedures.
 It will bring forward-thinking, which will further enhance the productivity and
profitability of the organization.
Explanation
Innovation is defined as the procedure of translating a particular idea or invention within a good
or service, which helps in creating values for the customers (Florida, Adler and Mellander,
2017). It needs to be understood that innovation plays a vital role in the development and growth
of an organization. It provides the business venture with latest, creative, and innovative ideas that
offer the competitive edge to that organization. The primary motive of applying innovation
within the execution of the business procedures are to satisfy the desired needs of the customers.
Moreover, it helps in creating and exploring the opportunities available throughout the
competitive market segments and finally provides the competitive edge to the firm (González-
Pernía, Jung and Peña, 2015). The innovation can be brought in any service or products that the
fire is going to offer to their respective customers. There are a lot of things which mainly
depends on the innovation factor, as it helps in bringing the innovative design which can
facilitate the overall effectiveness and satisfaction level of the consumers towards that product

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(Phillips et al., 2015). Each of the employees with the firm is asked to provide his or her valuable
suggestions that can help in innovating the products or services to enhance the selling process. It
becomes essential for each of the firms to innovate its products as it provides them a competitive
advantage over competitors and also it generates enormous amount to the revenue which further
increases the base of customers (Simon, O'Sullivan and Stewart, 2016).
Learning activity
 What learning activity will include innovation?
 What can be done to get feedbacks on creativity and innovation?
Cross word:
Across
1. Change in inward structure-
2. An ideal accepted by some individual or group-
3. Make strong or stronger-
Down
4. Not old-
5. End-results or objective-
6. A thing that is different-
6.
5.
1. 4.
2.
3
.

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Key feature 2
Introduction
Another key feature of an entrepreneur is risk taking capacity. The amount of risk-taking
capacity helps in determining the future evaluation and growth of the firm throughout the
concerned market segments (Block, Sandner and Spiegel, 2015). The risk-taking can be defined
as that risk, which is taken by the entrepreneurs to achieve their business goals and make it
profitable. The purpose of studying is that it will help in gaining knowledge regarding the
capacity for taking significant risks in business (Danso et al., 2016).
Learning outcomes
 This section will provide knowledge regarding the different types of risks involve with
the business.
 It will evaluate the steps required to balance the risks for the concerned entrepreneur and
business organization.
 The risk-taking capacity inspires launching and growing a company.
 Risk taking will also evaluate the areas and opportunities present within the economy.
Explanation
It can be defined as the act which involves risks or danger for achieving the preferred goals
within the businesses (Jiang et al., 2015). Risk taking is one of the essential features that
constricts the ladder for an entrepreneur in achieving the goals of his business (Schwienbacher,
2018). It is an essential key feature for an entrepreneur because it helps him in managing the
entire business procedure, which made critical and tough decisions. Moreover, it has been seen
that not taking significant risks within a business might cause a loss for the firm. So it is vital for
a good entrepreneur to manage these risks effectively (Liu et al., 2019). The amount of risks
helps in generating the desired path towards success for the entrepreneur. Also, proper analyses
need to be done before taking and executing any risks as this will facilitate the overall
effectiveness and prosperity for the risk taken.

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Moreover, the clear understanding of the various risks involved within the execution of the
business procedures is crucial for an entrepreneur. It is the capability, thinking skills, and ability
of the entrepreneur to tackle the risks involved by effective strategies to reach the preferred goals
(Van der Zwan et al., 2016). Managing of the financial resources and utilizing them
appropriately helps to facilitate the overall growth and performance of the firm.
Learning activity
There are two essential learning activities that will facilitate the overall risk-taking feature of an
entrepreneur; these are:
 How can entrepreneurs manage financial resources?
 How can the various risks be analyzed?
Quiz:
1. Whatever plans are developed, there will be something unexpected that will interfere?
2. I can minimize risks by proper planning approaches?
3. Other people considers me as a good leader?
4. Other people considers my lifestyle wild as well as exciting?
5. Do you agree that rules are meant to be broken?
6. I can work as per the demand of the situation and business?
Key feature 3
Introduction
One of the other key features is the vision and the value, which helps in enhancing the overall
effectiveness of the concerned business venture (Chi-hsiang, 2015). The development of the
value in the products and services offered by the organization are merely based on the vision of
the firm. Offering superior value of products to the customers helps in enhancing the brand
name, which this is a sign of clear vision that can promote the growth of the firm.

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Learning outcomes
 The learnings will help in developing a clear vision regarding the execution of the tasks
and business activities.
 This section will help in gaining knowledge regarding adding up of value in the services
and products delivered to the customers.
 The vision should provide the outline of the future growth of the firm considering the
future requirements.
 It will help in evaluating the importance of organizational abilities and the importance of
employee relationships.
Explanation
It needs to be understood that the vision of the firm plays a vital role in enchaining the reliability
of the business procedures and it also enhances the brand reputation in front of the customers
(Kaptein, 2017). The vision of the entrepreneur is considered vital because it helps in taking the
business on the right path, which finally helps in achieving the goals of the business. On the
other hand, the creation of value for the customers by offering superior quality of services and
products to them facilitate overall effectiveness of the firm throughout the competitive market
areas (Levine and Rubinstein, 2017). The vision helps the entrepreneur to identify the needs and
demands of the firm, and based on these, the strategic moves of the firm are developed to get the
competitive edge over the concerned competitors throughout the market segments (Mukherjee,
2016). It becomes the primary responsibility of the entrepreneur to create loyal customer network
by adding value to the services and products (Reicher and Haslam, 2017). Therefore, being an
entrepreneur, the collection of the proper knowledge to create value for the customers with the
help of a proper approach and proper vision will help in enhancing the productivity as well as
profitability for the firm (Waddock and Steckler, 2016).
Learning activity
 How to check and verify the ideas of employees?
 What can be used for strategic moves for the firm?

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Fill in the blanks:
1. The value propositions for customers has three important components, they are:
a. Target buyer, b. -------- and c. --------------.
2. The value proposition creates strong differential among you and your ------------.
3. The delivering of value added products helps in gaining ---------.
4. The vision of the firm helps in improving the efficiency of business ----------.
5. Strong vision of a firm helps in creating and delivering -------- to the customers.
6. The concept of value added acts as -------------------------- for the customers.
3. Conclusion
The paper effectively concluded the importance of three key features for entrepreneurship. The
guide focused on analyzing the significance of key features for entrepreneurs to execute business
processes successfully. The three key features are adequately reflected throughout the paper with
the help of learning outcomes and learning activity. The first key feature is an innovation which
is defined as to be bringing some creative ideas regarding the development of new or previous
products and services which can contribute towards the growth and development of the firm. The
paper provides knowledge regarding the usefulness of the key features in achieving the goals of
the business by a particular entrepreneur. Moreover, it is vital for the entrepreneur to focus on
establishing the business by developing skills, capabilities, and knowledge. The second feature
refers to the risk-taking ability of the entrepreneur, which helps in maintaining the desired
smooth flow of the business operations under challenging situations. The risk-taking ability can
be adequately explained to that situation, which can help in exploring more opportunities
throughout the competitive market areas to promote the growth of the organization. The risk-
taking capabilities help in taking the business to higher levels by outing each step in the correct
path. Moreover, the paper also concludes the third key feature, which is vision and value. The
development of the vision of the business effectively depends on the quality of the services and
products that will be delivered to the customers. This feature helps the firm to provide the best
quality of products as it adds value to the products and enhances the satisfaction level of the
consumers.

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The paper summarizes reflecting the importance of these three key features for entrepreneurship.
There are few of the other features that might be studied to study the understanding of
entrepreneurship; these are forward-looking, hardworking, passionate, opinionated, and
resourceful. These features will help in booting the overall execution of the business and will
help to bring more profitability towards the business. It is essential for the entrepreneur to be
passionate as it will aid in the expansion of the company throughout different market segments.
One of the key features that will be required in the future is forward-looking, as it helps in
finding the new creative and innovative ideas to explore more opportunities present throughout
the competitive market areas. These are the specific areas which will further provide better
understanding and knowledge on entrepreneurship.

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4. Referencing
Key feature 1
Collewaert, V., and Sapienza, H.J., 2016. How does angel investor–entrepreneur conflict affect
venture innovation? It depends. Entrepreneurship Theory and Practice, 40(3), pp.573-597.
Eesley, C.E., and Miller, W.F., 2018. Impact: Stanford University's economic impact via
innovation and entrepreneurship. Foundations and Trends® in Entrepreneurship, 14(2), pp.130-
278.
Florida, R., Adler, P., and Mellander, C., 2017. The city as an innovation machine. Regional
Studies, 51(1), pp.86-96.
González-Pernía, J.L., Jung, A. and Peña, I., 2015. Innovation-driven entrepreneurship in
developing economies. Entrepreneurship & Regional Development, 27(9-10), pp.555-573.
Phillips, W., Lee, H., Ghobadian, A., O'Regan, N., and James, P., 2015. Social innovation and
social entrepreneurship: A systematic review. Group & Organization Management, 40(3),
pp.428-461.
Simon, M., O'Sullivan, J., and Stewart, A., 2016. The reluctant social entrepreneur: shaving
entrepreneurship theories when they are square pegs for round holes. International Journal of
Social Entrepreneurship and Innovation, 4(3), pp.257-271.
Key feature 2
Block, J., Sandner, P., and Spiegel, F., 2015. How do risk attitudes differ within the group of
entrepreneurs? The role of motivation and procedural utility. Journal of Small Business
Management, 53(1), pp.183-206.
Danso, A., Adomako, S., Damoah, J.O., and Uddin, M., 2016. Risk-taking propensity,
managerial network ties and firm performance in an emerging economy. The Journal of
Entrepreneurship, 25(2), pp.155-183.