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Introduction: Entrepreneurial Ventures
An entrepreneur needs to come up with a specific entrepreneurial initiative to implement any new business plan. A specific entrepreneurial initiative helps an entrepreneur identify specific market paths and opportunities. An entrepreneur can build a successful entrepreneurial ecosystem by applying his or her behaviour and modifications, and entrepreneurial entries and modifications are observed as a feature of the organization. Companies with quality behaviour and correction are always able to keep their organizational environment positive so that their customers are always satisfied and loyal to the company. This is why the entrepreneurial organization has been able to survive and gain popularity in the competitive market in the long run. The presence of an entrepreneurial consciousness in an entrepreneur indicates the mentality of that person. This mentality enables the individual to build a well-organized institutional environment and culture through appropriate decision-making and problem-solving and to address institutional risks. There are two types of intrapreneurship in society, although there are many similarities and differences between them, they help in the implementation of entrepreneurship in many ways
LO1. What does entrepreneurship mean and after that give examples. Also, you have to write what social innovations mean.
Definition and meaning of entrepreneurship
According to Eijdenberg et al, (2018), when a person starts a whole new business in a certain market, that new business is called Entrepreneurship. A new entrepreneur starts a business with the right management plan, business strategy, and risk assessment ideas and moves towards success. In this case, the person can deal with the highest risk by marketing new or improved quality products or services in a specific market and at the same time can achieve maximum profit.
For example: David and Simon Reuben are one of the large entrepreneurial businesses that provide property investment services to the US market with a net worth of $14.4 billion. According to Dionisio et al, (2020), on the other hand, Cafepod Coffee Co., a relatively small entrepreneurial business, has been able to bring its current net worth to around $10 billion by marketing coffee products in the US market.
Six types of ventures
Start-up: The term start-up refers to the very early stages of a particular business. According to Baltrunaite et al, (2020), an entrepreneur focuses on a start-up business or venture only to make a profit by marketing a specific product or service. In this case, the entrepreneur of the organization brings a completely new service or product to the market, as a result of which it is often not possible to keep up with the appropriate business plan, marketing strategy, and market situation. On the other hand, it can gain popularity and profit by attracting customers by bringing completely new services to the market. According to Adamou et al, (2021), Uber, Facebook, Google, etc. are one of the most successful and significant examples of startup businesses.
Acquisition: Acquisition Venture refers to the process by which a particular business entity acquires another business entity through a transfer process. According to Haapanen et al, (2019), in this case, a business organization merges the business functions of the occupied company with its business functions, and a specific business portfolio includes two separate business entities. For example, Walt Disney Co., the company acquired Pixar in 2006 for $7.4 billion, and the merged institutional entity has since been able to achieve success on multiple projects.
Franchise: A franchise is a way to increase market share or bourgeois expansion in a business by providing access to the use of business brand names, ideas, business strategies, and plans. According to Priyonoet al, (2018), there are two specific parties, where the franchisor is the owner of the original business entity, which licenses one or more individuals or organizations to provide their brand name and marketed products and services. The other party is the franchisee, who buys access to the brand name, business plan, product, or service product from the franchisor for a fixed start-up price, and pays a fixed profit share as a license fee at the end of each financial year. KFC, McDonald's, Starbucks, etc. are examples of franchises.
New development: According to Zucchella et al, (2019), when an entrepreneur comes to the market with a brand-new business idea marketed product or service and starts the business by investing in new land and plant then that business is called New Development. In this case, the parent company itself mobilizes its resources and uses them as needed. Although the new development venture is costly and time-consuming, it gives the entrepreneur complete control over the business functions. Companies like Syft, Bulb, and Simba are examples of new development ventures in the UK.
Joint venture: According to Paul (2019), when two or more businesses move towards a goal specified by the marketing operations of the products and services they produce, that joint venture is called a joint venture. In this case, all the organizations involved in the venture have a specific goal, the profits are distributed equally and the risk is also shared. Fiat Chrysler Google, Samsung, and Spotify are successful examples of such joint ventures.
Public-private partnership: According to Adamou et al, (2021), a Public-private partnership refers to a long-term agreement signed between the government and a specific private company. Here, the private company is responsible for managing the business and bearing the risk. The venture is currently used for social and economic development in more than half of the world's countries. According to Zucchellaet al, (2019), in this venture, contracts are signed for the construction of roads, bridges, and transport systems as economic development and the construction of schools, hospitals, etc. as social development. Healthcare UK is an example of a public-private venture in the United Kingdom.
To successfully run the new business the business needs to analyse the market and therefore needs to develop effective strategies to successfully enter the market with the best strategies and proper implementation.
Meaning of Social Innovations
Entrepreneurship and innovation are inextricably linked. According to Dionisio et al, (2020), Social innovation refers to specific strategies, functions, concepts, and ideas that accelerate social progress. Social innovation-related brands not only focus on maximizing profits by attracting customers to the products or services they market but also provide certain types of services that help meet the needs of society and create a healthy environment. According to Eijdenberg et al, (2018), in this case, the services marketed by the organizations aim to establish a civil society for the betterment of society through working conditions, education, and community development. Social innovation includes the idea of improving society, using a variety of open-source techniques such as online volunteering, distance learning, and microcredit.
P1. Investigate the scope of entrepreneurial ventures, using a variety of examples.
For any new venture to be successful, it is necessary to set the target of that venture and evaluate the scope of its target lightning penetration. The scope of each venture is different, so the scope of the three main ventures is discussed below.
Lifestyle ventures: Lifestyle ventures are interested in making a certain amount of profit. This fixed amount of profit enables the entrepreneur to pursue a desired lifestyle. In this venture, the typical entrepreneur usually makes a profit through business activities through the use of his hobbies. Lifestyle ventures include vlogging, cooking, photography, writing, teaching, etc. People now have a huge platform to make a profit by utilizing these hobbies. This is an excellent venture to make easy profits as there is a lot of demand for these types of event-related services in the Internet world. According to Ratten (2020), due to the recent pandemic, consumers on the Internet have become more inclined towards such lifestyle-based services or content, so in the age of digitalization, it is gaining popularity as a profitable venture.
Smaller profit ventures: According to Darnihamedani et al, (2018), smaller profit ventures refer to small entrepreneurial businesses. These types of businesses can closely monitor and control their business activities, so their scope for business is much wider. Organizations can manage their short range of employees with appropriate guidance in the workplace, resulting in less annual human resource turnover and more time and opportunity to focus on institutional improvement. According to Haapanen et al, (2019), the scope of such ventures has been divided into three sectors for the convenience of discussion. First, in the industrial sector, smaller profit venture companies present in this sector also make a profit gain of 40% per annum. Second, companies with a small profit margin in the agricultural and allied sectors can conduct business by marketing agricultural technology and financing topics in specific rural areas. Last but not least, the presence of smaller profit ventures in the service sector is undeniable as the continuous expansion of business entities has led to transportation and supply chain problems in certain markets. To overcome this kind of problem, the presence and development opportunities of smaller profit venture organizations in the service sector are much more.
High-growth ventures: According to Gupta et al, (2019), High Growth Ventures are aimed at high-profit margins. In this case, the companies can achieve high profits through continuous expansion, but high profits also carry a high amount of risk. The use of this initiative is abundant in the field of entrepreneurship. These types of ventures lead to higher growth by conducting business in a particular market which in turn has a positive impact on that particular market. According to Goswami et al, (2019), the presence of such ventures is necessary to strengthen the economic and organizational structure of any country so its scope of market entry is wide.
P2. Examine the traits and characteristics associated with entrepreneurship
Entrepreneurship is one of the oldest methods of building and running a business. Entrepreneurs have to carry certain traits and characteristics while running any business. These specific treats help the entrepreneur to succeed in fulfilling their purpose. Below is a discussion of the five main traits and characteristics of entrepreneurship.
Vision: According to Anjum et al. (2020), to set up a successful business, an entrepreneur must have a clear idea about the future of the business. The individual needs to be able to come up with an appropriate plan for his business to survive in a competitive market in the long run, so that it is prepared to deal with future risks.
Innovative: Innovative ideas need to be applied to keep the organization in a sustainable market. The addition of Innovative Ideas helps an entrepreneur to achieve uniqueness from the complements available in the market by providing quality and feature improvements to the services marketed by him.
Risk-taker: Risk is an integral part of managing business activities. According to Blass (2018), an entrepreneur needs to be prepared to deal with the risks involved in running his business, rather than avoiding them. It may be possible to control the overall risks of the organization by developing an appropriate resale assessment plan.
Ethics: Ethical integrity is the key to building a successful business. An entrepreneur can never carry-on business for a long time by negotiation and compromise. Therefore, for the organization to be sustainable, it needs to conduct business activities by following the whole integrity through proper observance of its policies, ethics, and development.
Competitive nature: According to Gazzolaet al, (2020), the presence of a competitive environment in the market for conducting business operations is enduring. As a result, thousands of businesses were created every day and closed overnight. To set up a sustainable business in such an environment, an entrepreneur must have a strong competitive attitude so that he can survive in the market by applying flexible business plans and strategies in any situation.
Example: As an example of the traits and characteristics of entrepreneurialism, below are the three main different characteristics of the owner of two different organizations.
Traits and characteristics of Richard Branson (Virgin Company)
Talent Identification Ability: Sir Richard Branson can select and recruit skilled manpower in his workplace, making Virgin the pinnacle of success.
Following the Hands-on Approach: Richard Branson takes the approach by making specific decisions by closely monitoring his employees and evaluating their advantages and disadvantages.
Ideal Leadership: Proper utilization of its human resources has been enabled by the Ideal Collaborative Leadership of the Virgin Company Entrepreneur.
Traits and characteristics of the Facebook owner
Aspiration to achieve high goals: The owner of Facebook company focuses on achieving high profits as well as high-quality goals, which helps to identify Mark Zuckerberg as a person with appropriate entrepreneurial traits.
Following the Feedback Approach: According to Baltrunaite et al, (2020), the founding entrepreneur of a Facebook company makes organizational improvement decisions and approaches based on the feedback of its customers.
Ideal Leadership: Mark Zuckerberg is an ideal leader and he has been able to fulfill his purpose by giving appropriate encouragement to the employees in the workplace.
Differences and similarities between the traits and characteristics of Richard Branson and the owner of the Facebook Company:
The Virgin Company prioritizes the advantages and disadvantages of its employees over its decision-making, while the Facebook Company follows customer feedback when making decisions regarding its institutional improvement. Both of these organizations can successfully implement the ideal leadership skills in their respective companies' workplaces. But Richard Branson is an associate leader and Mark Zuckerberg is an encouraging leader. Virgin Company focuses on hiring skilled manpower in its workplace, while Facebook focuses on fulfilling a lofty goal.
LO2. What entrepreneurial spirit means
According to Papagiannis (2018), entrepreneurship spirit refers to activism in the decision making, problem-solving, risk control, etc. of an entrepreneur of a particular organization. An entrepreneur gets the opportunity to enjoy the benefits of high productivity, a comparatively good and acceptable problem-solving framework, and the successful implementation of new ideas through proper utilization of his entrepreneurial spirit. Entrepreneurship business is not easy to manage, in most cases, it leaves the ultimate possibility of failure. To survive in such a situation, an entrepreneur must be able to make appropriate decisions promptly and actively manage the institutional work. These capabilities are part of the entrepreneurial spirit, that allows an entrepreneur to deal with problems with proprietary decisions, without avoiding them.
P3 Explain what is meant by an ‘entrepreneurial mindset’.
According to Kuratko et al, (2021), the ideal mindset that an entrepreneur has to carry in setting up and managing a successful entrepreneurial business organization is called Entrepreneurship Mindset. The Entrepreneurship Mindset refers to the existence of the Entrepreneurship Spirit in a particular person. It is a set of multiple skills that help an entrepreneur identify his or her opportunities. In addition, this Mindset enables a specific person to overcome any business problem situation by utilizing his or her characteristics. It also provides the ability to learn from perseverance. According to Lanivich et al, (2021), multiple types of research have shown that the presence of an Entrepreneurship Mindset enhances the efficiency of employees in the institutional workplace, whereas in the educational field, it also helps to strengthen the mental health of students and above all, it plays a crucial role in setting up any new business and developing old business.
P4 Examine skills and characteristics associated with an entrepreneurial mindset.
Establishing an entrepreneurial mindset requires the presence of multiple skills. Such skills and character traits are always present in an entrepreneur. This section of the report provides a preliminary idea of the definition of skill and characteristic and discusses the relationship of entropy with it. At the same time, an example is given to clarify the discussion.
Definition and Meaning of Skills and Characteristics
According to Kerr et al, (2018), to establish oneself as a successful entrepreneur, one must possess certain entrepreneurial skills and character traits. In this case, skill refers to a person's abilities, through which that person can achieve success by developing his knowledge and applying it to a particular cause. These skills are acquired by an entrepreneur through multiple perseverance, practice, and aptitude. In a word, skill is a specific ability that helps a person to apply his knowledge effectively in a particular subject. According to Santoset al,(2020), skills can be varied, the skills of an entrepreneur are ideal leadership skills, proper decision-making skills, and appropriate communication skills. Through leadership skills, an entrepreneur will be able to strengthen the structure of his / her organizational work environment and guide his / her employees towards a specific goal. With proper decision-making skills, an entrepreneur can reduce the risk by making an instant dependable decision depending on the severity of the situation in any favorable or unfavorable situation. With proper communication skills, the entrepreneur will be able to provide his employees with a clear idea of the organization's goals, which will help them achieve their goals in the future.
On the other hand, Characteristics are certain characteristics that distinguish an entrepreneur from other people. According to Caza et al, (2018), an entrepreneur can have more than one character set, which enables him to maintain the uniqueness of himself and his organization. Positive Characteristics give a person perseverance and strength in organizational decision-making and improvement. These characteristics include confidence, cooperation, and so on. A confident entrepreneur motivates the employees of the organization which helps in increasing the productivity and efficiency of the organization. An entrepreneurial organization with a collaborative attitude can create a positive culture
Skills to encourage entrepreneurship
Multiple skills related to entrepreneurship can be noticed. An effective application of all these skills can enable an entrepreneur to implement a successful business organization. Below are five major skills related to entrepreneurship.
Time Management: Time management skills must be used to perform the functions of the organization at the right time. An entrepreneur can motivate employees to perform at the right time through the proper application of his time management skills. According to Kuratko et al, (2021), in this case, employees need to have a clear idea about the specific job and set appropriate deadlines. This allows employees to evaluate their goals and timing and is motivated to use the highest efficiency to achieve that. Thus, it is possible to increase the efficiency and productivity of the entrepreneurial organization through time management.
Critical Thinking: According to Lattacher et al, (2020), Critical Thinking Skill enables an entrepreneur to evaluate events inside or outside his business organization. With this skill, a person can verify the depth and significance of the incident as well as the information obtained from the incident. A reliable decision based on this assessment is possible. An entrepreneur can identify potential conflicts that occur among the stakeholders of his organization with this skill, and the conflicts that occur can identify the people involved in the cause search and select the appropriate action.
Innovative Mindset: An entrepreneur can improve institutional activities through his innovative mindset. Innovative ideas distinguish a particular organization from competitors in the market, so its application enables an entrepreneur to stay ahead of the market competition. At the same time, it is possible to increase the productivity of the organization and the skills and motivation of the employees by adding innovative ideas. According to Caza et al, (2018), it is also possible to increase customer satisfaction and the popularity of the organization by providing customers with a fancy feel which helps the organization achieve a lasting presence in a specific market.
Social Skills: To be established as an ideal entrepreneur, one needs to know the social status and culture of the customers in his target market. In this case, depending on the social behaviour of the target customers, a person can know and evaluate their needs, wants and preferences. According to Lattacher et al, (2020), based on this evaluated information it is possible to decide on the quality and quantity of products or services produced by the organization. An entrepreneur will always be able to keep his customers satisfied and build a loyal customer circle if the organization's productivity is managed following this method.
Motivation: The main asset of an entrepreneur is the human resources working in his organization. Proper management of these human resources makes it possible to increase the productivity and efficiency of the organization. So, it is very important to keep human resources motivated in entrepreneurship. A motivated human resource team is satisfied by performing the functions of the organization and is motivated to provide its maximum efficiency. In addition, an entrepreneur can establish a positive culture in the organization through the use of his motivational skills. This culture influences and attracts customers to accept products or services produced by a particular organization.
Rewards and Recognition: As mentioned earlier, it is important to keep employees motivated to increase the productivity of the organization. In the case of this motivation, an entrepreneur can provide rewards or financial incentives to the employees based on the success of a particular job. This will encourage the employees to apply their knowledge and skills in the workplace and the entrepreneurial organization will be able to move forward with the use of new skills.
The mindset of Bill Gates and Rob Benson and the differences and similarities between them
Here is a discussion of the entrepreneurial mindset of Rob Benson and Bill Gates. At the same time, similarities and differences between the mindsets of these two individuals are being analyzed.
The mindset of Bill Gates
Create a competitive environment: According to Bill Gates, it is possible to deal with business by creating competition. This is because the ability to adapt to the competition is created so that it is easier to keep up with the competition.
Use Opportunity: Proper use of specific opportunities can lead to specific goals. It is possible to control a certain opportunity but it is possible to fulfill the goal by using that opportunity.
Continue to learn: Learning plays a huge role in business. According to Malerba et al, (2020), this learning can be from different people or a teacher or a failure. But according to Bill Gates, the most important thing is to learn from dissatisfied customers. Only through this learning can an entrepreneur be able to set goals to satisfy his customers.
The mindset of Rob Benson
Keep Passion: According to Rob Benson, it is important to have passion for certain tasks. This passion helps to maintain motivation towards work even in adverse situations and it is possible to deal with that situation successfully by making appropriate decisions.
Properly utilize opportunities: According to Lattacher et al, (2020), multiple opportunities can come up in business. They can be financial opportunities or popular opportunities. Rob Benson says proper utilization of such opportunities is essential. Only through this is it possible to achieve certain goals.
Take risks: The key is to deal with the competitive risks facing the organization. According to Rob Benson, if one has to face failure by avoiding the risks, one should learn from it.
Similarities and differences between the mentioned Mindsets
Rob Benson's mindset and Bill Gates's seem to be the same in two respects, first of all, in the proper use of opportunities, both of them point out that by using opportunities it is possible to move towards fulfilment. Secondly, according to these two people, it is necessary to learn from Failure. Bill Gates, on the other hand, says it is important to be consistent with the market without compromising market competition, but according to Rob Benson, it is important to deal with competitive risks without avoiding them.
LO3. Discuss the differences and similarities between public and corporate intrapreneurship and entrepreneurship and their contributions.
P5. Differences and similarities between public and corporate intrapreneurship
According to Kraus et al, (2019), both public and corporate intrapreneurship influence the activities of an entrepreneur and the organization. There are some similarities and differences between the activities of these two sectors. Below are three major similarities and differences between Public and Corporate Intrapreneurship.
Similarities:
Public Intrapreneurs act as leaders in a public sector or organization. Similarly, corporate entrepreneurs perform tasks like an entrepreneurs from within a specific organization.
According to Malerba et al, (2020), both public and corporate intrapreneurs work in different ways for social development. In other words, the goals of these two sectors are the same
Public Intrapreneurs prioritize innovation and create innovative ideas. Corporate Intrapreneurs help implement innovative ideas. In other words, innovation is followed in these two sectors.
Differences:
Public Intrapreneurs work as part of a specific local or government organization. However corporate intrapreneurs operate under government agencies.
Intrapreneurs working in a corporate entity More than one public intrapreneur works under one and a half. But under Public Intrapreneurs no Intrapreneurs work.
Corporate Intrapreneurs organizations are made up of multiple public organizations. Institutions of Public Intrapreneurs are created by a specific entrepreneur.
One example of public intrapreneurship is Mac and one example of corporate intrapreneurship is Google.
P6. Entrepreneurship and its Contribution
According to Malerba et al, (2020), entrepreneurship contributes to society in many ways. Through this, an employment system is created in the society, because in the implementation of entrepreneurship, a unitary institution is created where skilled human resources are required. At the same time, entrepreneurship helps in boosting the economic growth of a particular country and even enriches one's own country by importing foreign currency. Entrepreneurship enables the implementation of innovative ideas so that the products or services produced by a particular organization gain global popularity and benefit the people of the society in many ways. According to Kraus et al, (2019), entrepreneurship can also help transform society, and the innovative services it produces can help improve the standard of living and the economic well-being of the people in society. At the same time, entrepreneurship helps in the development of organizations in society or certain markets, thereby giving the existing organizations the motivation to face market competition.
Conclusion
By observing and evaluating all the issues discussed, it can be concluded that the entrepreneur is an ancient model for conducting business activities. Multiple types of initiatives can be followed to achieve success in entrepreneurship. By following specific initiatives, an entrepreneur can acquire the ability to fulfil his business objectives. At the same time, entrepreneurs need to carry certain traits and character traits that accelerate their success. Entrepreneurial mentality indicates the presence of an entrepreneurial spirit and the relationship between these two issues and their effectiveness is reviewed in this report. It is not possible to sustain an entrepreneurial business without specific skills and characteristics; it provides a detailed idea about the management and application of these specific skills as well as specific skills. A comparative analysis of the mentality of Bill Gates and Rob Benson is provided to illustrate this point. It also discusses the similarities and differences between corporate and public intrapreneurship, as well as the contribution of entrepreneurship to society, which are highlighted. For example, the features and characteristics of Virgin Company and Facebook Company are shown separately and the similarities and differences between the features of these two companies are identified. Building an organization requires the presence of a certain entrepreneurial spirit in an entrepreneur, so which is highlighted in this report. In addition, certain similarities and differences between corporate and public intrapreneurship can be used in the case of entrepreneurship.
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