Mkt2031 Business And Entrepreneurship: Entrepreneurial Assessment Answers
You currently work as business development manager for a consultancy firm that provides advice and market intelligence to small businesses and entrepreneurs. As part of updating the new website you have been tasked with investigating different types of ventures and their impact upon the economy to put on a webpage. This is a mini research project that is based on a range of different examples, one of which should be a local business.
You should choose one example of each type of entrepreneurship, at least one of which should be a local business. You must describe and compare different environments for each of your examples and evaluate their impact on the economy at different levels.
Tasks:
Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.
Explain the importance of small businesses and business start-ups to the growth of the social economy.
Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.
Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship.
Answer:
Entrepreneurial ventures
Entrepreneurship is the capacity and willingness to develop, manage, and put in order operations of any business venture with an intention to make profits despite the risks that may be involved in such venture. Small and large businesses have a vital role to play in the overall performance of the economy. It is, therefore, necessary to consider the difference between entrepreneurial ventures, individual, and corporate entrepreneurs because they contribute differently in the economic platform (Agarwal and Braguinsky, 2014). Their potentials, for instance, innovation and growth are also different. It is believed that a different perspective whereby entrepreneurship models are instrumental in planning and the initiation of new ventures, is important in the making a remarkable growth in the development of entrepreneurial ideas. Entrepreneurial ventures are different in their capacities as to achieving dramatic strides in growth (Tan, Williams and Tan, 2005). Entrepreneurial ventures can cause a dramatic growth in a short duration in relation to their existing positions. These ventures also make it possible to manage economic resources and ensure there is proper allocation of these resources so as to achieve a desired output and profits. In addition, there is a proper allocation of opportunities at the same time (Nambisan, 2016).
The importance of small businesses and business start-ups to the growth of social economy
Small businesses have a great responsibility to achieve in any society. When these businesses are established, they act as a blueprint of ways in which business people can examine and evaluate their business ideas in a market (Baron, 2012). Small businesses create jobs for many people and ensure economic stability. In addition, they act as sources of income to their owners and other employees. Studies have indicated that small businesses are potential businesses that can allow for expansion. People usually start from small businesses to big businesses (Dahlstrand and Stevenson, 2010). They are important in learning the difficulties of the available opportunity. The owner will, therefore, find it easy to adjust to the current challenges and fix the problems as well. Small businesses are usually created from innovation and creativity. Therefore, it is important to note that they are good sources of ideas that can be developed from an individual. The developed innovation can tremendously help in achieving the entire objectives of the business. However, big businesses do not give a proper opportunity for innovation like small businesses may do. Big businesses keep repeating processes and this may hinder innovation and creativity. Besides, science and engineering productivity move hand-in-hand with innovation, small businesses provide a platform for science and engineering ideas which result to innovation and as a result, the owners realize productivity (Desa and Basu, 2013).
Traits and characteristics of entrepreneurs
Entrepreneurs have varied characteristics and traits that distinguish them from other business people. These traits and characteristics are unique to entrepreneurs and would give them the power to explore and undertake opportunities that are unseen by the business people. To start with; focus; entrepreneurs are focused people such that they are more concerned with the necessary parts to begin the business (Baert et al., 2016). A manager, on the other hand, focuses on how to sustain and what can be done to the business to obtain profits. Another important characteristic is the growth, both entrepreneurs and managers are concerned with the growth of the business. However, an entrepreneur starts with the idea of the business from its inception and its gradual growth, while a manager focuses on developing the growth based on the available resources. The manager must ensure that employees are on toes to perform at the optimum while using the human and non-human capital to ensure there are growth and sustainability (Entrepreneurship, 2013).
Entrepreneurs are risk takers whereas managers are not. They are believed to operate in an atmosphere of uncertainty. The risks taken by the entrepreneurs are usually calculated and they do not take blind risks. This is contrary to the business managers who would take risks depending on the parameters that have been laid down by the employer (Weatherly, 2014).
How background and experience can hinder or foster entrepreneurship
Background of an individual has a great impact on any entrepreneurial idea that a person may come up with. Those who have at one point have experience with entrepreneurial activity would understand much about any entrepreneurial activity. However, it may be argued that this experience may hinder the ideological thoughts that may be towards developing entrepreneurial activity. For example, a person that had tried to venture into a business and failed would not wish to repeat such idea (Palmer and Hartley, 2011). However, as people say ‘experience is the best teacher’- one would learn from a previous experience and adjust if need be. However, entrepreneurship can be developed from the mind-set and through learning processes. Many institutions offer programs that train students to develop entrepreneurial ideas. These ideas are helpful to students as they can apply the same ideas to find ways of starting businesses. Therefore, education on entrepreneurship can also improve or foster the entrepreneurial development. This means that people shy away from indulging into entrepreneurial activities because of lack of learned ideas and skills (Worthington, 2014). In conclusion, the background plays an important role in entrepreneurial development.
References
Agarwal, R. and Braguinsky, S. (2014). Industry Evolution and Entrepreneurship: Steven Klepper's Contributions to Industrial Organization, Strategy, Technological Change, and Entrepreneurship. Strategic Entrepreneurship Journal, 9(4), pp.380-397.
Baert, C., Meuleman, M., Debruyne, M. and Wright, M. (2016). Portfolio Entrepreneurship and Resource Orchestration. Strategic Entrepreneurship Journal, 10(4), pp.346-370.
Baron, P. (2012) Business and its Environment. 7th Ed. London: Prentice Hall.
Dahlstrand, å. and Stevenson, L. (2010). Innovative entrepreneurship policy: linking innovation and entrepreneurship in a European context. Annals of Innovation & Entrepreneurship, 1(1).
Desa, G. and Basu, S. (2013). Optimization or Bricolage? Overcoming Resource Constraints in Global Social Entrepreneurship. Strategic Entrepreneurship Journal, 7(1), pp.26-49.
Entrepreneurship. (2013). 1st ed. Irving, TX: Boy Scouts of America.
Nambisan, S. (2016). Digital Entrepreneurship: Toward a Digital Technology Perspective of Entrepreneurship. Entrepreneurship Theory and Practice.
(Special Issue of Entrepreneurship & Regional Development: The Myths of Entrepreneurship? Exploring assumptions in entrepreneurship research, 2011)
Special Issue of Entrepreneurship & Regional Development: The Myths of Entrepreneurship? Exploring assumptions in entrepreneurship research. (2011). Entrepreneurship & Regional Development, 23(3-4), pp.281-282.
Palmer, A. and Hartley, B. (2011). The Business Environment. 7th Ed. Maidenhead: McGraw-Hill.
Tan, W., Williams, J. and Tan, T. (2005). Defining the ‘Social’ in ‘Social Entrepreneurship’: Altruism and Entrepreneurship. The International Entrepreneurship and Management Journal, 1(3), pp.353-365.
Weatherley, P. (Editor) and Otter, D. (Editor) (2014). The Business Environment: Themes and Issues in a Globalised World. 3rd Ed. Oxford: Oxford University Press.
Worthington, I. and Britton. C. (2014). The Business Environment. 7th Ed. Harlow Pearson
Buy Mkt2031 Business And Entrepreneurship: Entrepreneurial Assessment Answers Online
Talk to our expert to get the help with Mkt2031 Business And Entrepreneurship: Entrepreneurial Assessment Answers to complete your assessment on time and boost your grades now
The main aim/motive of the management assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignments. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks. The experts of the assignment help services at urgenthomework.com are so much skilled, capable, talented, and experienced in their field of programming homework help writing assignments, so, for this, they can effectively write the best economics assignment help services.
