Entrepreneurship Management Decision

Question: Discuss about the Entrepreneurship for Management Decision. Answer: Part A Introduction The concept of entrepreneurship can be expanded with multiple form of its definition. I have also observed that concept of entrepreneurship deals with a vast range of meaning. Entrepreneurs are considered as the innovators, who are intended to take risk and create new ideas for generating potential profitably solutions to modern real-world problems. The report, which I prepared, on entrepreneurship helps me to learn multiple type of aspects associated with business. While collecting the information for making the report I have observed that in spite of the significant efforts, the a majority of refugee are in the rush of pushing the limits of what most people as their natural entrepreneurial spirit. I have also experienced that there is resilience among the refugee community that encourage them to struggle not only surviving but for becoming the creative members of society. By doing this, they could gain recognition from the society and world. It is also evident that entrepreneurs pr efer to implement the innovative idea in business rather than following the conventional ways of business. A common trait usually found in entrepreneurship is the nature of struggling and building confidence. I personally believe that refugees view the world more closely and analyze things with real-world facts. Conversely, I have also observed that a majority of entrepreneurs are confident in nature and believe in hardship. As a result, a large number of refugees end up building business. While delving into the traits and characteristic of entrepreneurship, I have found that entrepreneurs mainly focus on the fundamental needs of people that remained unfulfilled over long period. The entrepreneurs focus on those aspects for the major purpose of business. In this context, Chandra, Styles and Wilkinson (2012), a business is about not only earning money and gaining profits; the organizations should contribute to social development. I too believe that contribution to the social development is also an important business strategy as this could help to create a positive impression in the mind of people. Things I have learnt I have observed that there have been different aspects associated with entrepreneurship. I think, the entrepreneurs need to consider the influence of external environment such as market force, key trends, industry forces and other macro-economic forces. At the time of setting up a new business, it is necessary for the marketers to pay attention on the external business environment. The marketers may have to face different type of external risks in business. In such a case, the entrepreneurs take the risk as the opportunity to develop their business. It is evident that any business must come with potential risks, but hardly a number of marketers are able to deal with those risks and lead the business towards a competitive level. My team and I have put effort to understand the applications of entrepreneurial traits and characteristics in business. Initially, it was difficult to grab the concept. However, through, the synthesis of literature, I have found out the effectiveness of entrep reneurship. Things that my team and I could have done differently The report that we have prepared helped us a lot to grab the new idea of business since the report mainly includes the story of entrepreneurship. However, if we would conduct a primary analysis on entrepreneurship, we could have gained a large amount of practical data regarding the traits and characteristics of entrepreneurship. The secondary analysis helps me to collect the onions of marketers in terms of recent trends of business and industry. The primary analysis could help to understand the recent traits and trends of business that may be required to set up a new business in future. Lastly, I would mention that entrepreneurship is one of the broadest concepts, as the business environment is dynamic in nature. The needs and wants of market are changing on a regular basis. Part B A rich description of future with respect to entrepreneurship and business With the increasing complexity in performing business transactions, entrepreneurial oriented could be regarded as an important factor to assure the success of business. Similarly, the organizations are forced to be engaged in seeking out new growth opportunity for business. I have observed that entrepreneurship orientation could reflect the behaviour of entrepreneurs like innovation, proactive as well as risk taking. Likewise, organizations have to be innovative engaging innovations of products and service ad they need to be proactive in comparison to competitors in all aspects. I believe that entrepreneurs could give a new definition to business. At the time of running a new business in the market, I would focus on the basic needs of people that are yet unfulfilled. However, hence, I would like to relate the traits and characteristics of entrepreneurs with my teaching and learning entrepreneurship. While pursuing my course I have learnt about the entrepreneurship education. This for m of educations helps me to realize how theoretical concepts can be applied and related to real-world facts and issues. I believe that there are certain important aspects associated with business that should be taken into the consideration. For example, business performance is one of the important aspects. In my business, I would prefer to utilize the subjective and self-reported measures in measuring the performance of business. I have also observed that most of the successful business owners tend to collect business performance data that usually proved to be reliable and validated. Another significant aspect is associated with entrepreneurship marketing reproduction of idea that is not well-implemented (Onetti et al. 2012). I have experienced that most of the business owners tend to reject the ideas that did not produce good result at the initial stage of implementation. However, the reproduction and implementation of those ideas could bring the benefits to the organizations. Being an entrepreneur, my major objective of business is to boost the economic growth by introducing innovative technologies, products as well as services. This could help me to deal with the competition from other entrepreneurs, challenges from existing organizations to become more competitive in the market. In addition, I have also observed that entrepreneurs provide new opportunity in both short and long term. The entrepreneurial activities that I have learnt throughout the year could help me to find out new opportunity to increase productivity of the organizations and economy. Another significant characteristic I observed in entrepreneurs is the nature of accelerating the structural change through the replacement of established organizations. Apart from all these, I also believe that determination is also necessary to set up a business. In this context Griskevicius, Cant and Vugt, (2012), added that when an individual sets out to become a successful entrepreneur the person might require setting clear goals through the way. I also observed that growing a business, maximizing sales and hiring new employees requires multiple types of micro-goals that should be executed successfully. I have experienced that type of workload as well as challenges are enough to prevent many people from pursing the entrepreneurial career. Thus, I need to be fully determined from the initial stage to become successful. If I lack determination, I may crumble under the pressure. Besides, another potential factor, which could hinder me to gain success in business, is the fear of taking risk (Peiris, Akoorie and Sinha 2012). However, I could successfully deal with this particular factor since from my observation, I must say that nature of dealing with risks and treating them as an opportunity for developing the business is the major characteristic of entrepreneurship. In addition, the confidence is another thing, which I will consider; since I have experienced that entrepreneurs have greater level of confidence. Thus, they are able to get things done very effectively and successfully. As mentioned by Kraus et al. (2012), failure is also one of the important parts of business; the entrepreneurs need to analyze the aspects failure. Thus, they could generate new ideas to overcome the challenge and build the business. In this context, Ionit (2012) added that failure is also a secret to success, as some of the effective ideas emerged from the ashes of shuttered business. The information gathered for the report helps me to learn about the flexibility in business. It is evident that business environment has always been dynamic environment in nature; thus, the marketers or the entrepreneurs need to gain flexibility. Flexibility could help to deal with challenging environment. I have also observed that entrepreneurs have the ability to experience the things that are hiding around each turn. It becomes easier for entrepreneurs to analyze those things and take initiatives. The completion of my course also helps me to gain knowledge about financial management. The money management skills could help me to utilize the financial resources. As mentioned by Bettiol, Di Maria and Finotto (2012), financial management skills are required to make right investment in business. On the other side, poor financial management skills such as overspreading, improper allocation of funds to less important tasks may ruin the business. Apart from entrepreneurial skills and characteristics, I will also pay attention to development and variety of products. With advancement of technology and innovation, it is also necessary to focus on the quality of products and services. I observed many cases, where the marketers failed to meet the objectives due to poor knowledge of implementing marketing strategies. As mentioned by Priem, Li and Carr (2012) a business should be established for meeting the needs and demand of people along with the purpose of meeting organizational goals and objectives. Several stories of entrepreneurs make me realize the major purpose of entrepreneurs. I have observed that entrepreneurship marketing is entirely not about a single marketing strategy; rather it is more about the marketing spirit, which could differentiate itself from conventional marketing. I could utilize a toolkit of new as well as unorthodox form of marketing to help the emerging organizations in gaining a foothold in the competitive market. In addition, I will rely on my visionary and creative marketing concept. This could help me to identify the opportunities for enhancing the business more effectively. There have been some other characteristics associated with entrepreneurship such as pro-activeness, innovativeness, customer intensity, value creation and others (Hall et al. 2012) However, my aim is to focus more on innovation and value creation since the dynamic nature of industries made people search for uniqueness. In this context, Chaston and Scott (2012) commented that the people around the world have always accepted innovation in products and services and the entrepreneurs successfully adopt innovation in their business. As a result, they end up gaining a huge of amount of profit and developing the definition of business. Important issues and future vision Apart from the effectiveness of entrepreneurship marketing, there have been some others associated with the same (Nakara, Benmoussa and Jaouen 2012). The issues that could create difficulties for to set up the business are such as scarcity of finance, legal issues and unknown market environment. I have identified that despite the creative ideas and developed traits of entrepreneurship, most of the starters fail to implement the ideas due to lack of finance. As mentioned by Audretsch (2012), when the business is bootstrapped, it is necessary to make important financial investment. Unlike every entrepreneur, I will focus on donation through crowd funding, several fundraisers and financial loans. I may consider a funding organization such as Universal Funding to maximize the cash flow. In addition, there have been three different major legal issues that I may have to deal with are the issue of structuring the business while incorporating, issue of validating the licenses and the required protection for the business in respect to patents, copyrights and trademark. Thus, in order to gaining the understanding of incorporating the business, I could take help from the lawyers in deciding about the correct direction in respect to taxation and other liability protection issues. Secondly, to make generate the license and take permission, I could take help from the secretary state office. Lastly, I would mention that the report helps me to several things about the business, its strategies and other significant aspects. 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