- Discuss Entrepreneurship as a field of business. What does it seek to understand?
Entrepreneurship is the process of managing, organizing and assuming the rewards and risks of the business. Entrepreneurship is business which is not a one that is traditional, but it is a creative and innovative method of business. For example an entrepreneurship is started out a creation and innovative idea and it is realized to be positioned in business or it should be moved a good business. Just like the business, entrepreneurship also much more concerned about the products quality and the customer’s satisfaction rather than worrying about the returns and profits.
- Explain why entrepreneurship is an increasingly popular career choice and why the activities of entrepreneurs are so important to the economies of their countries
School of management and business are offering entrepreneurship courses and witnessed a rapid expansion of the enrolment in this study, this is mainly because, this course mirrors up an equivalent growth in the number of individuals to be an entrepreneur. The external and internal factors that force an individual to choose this course are workplace culture and frustration in it, layoffs and looking for higher flexibility, independent, freedom of choice. Currently, around 30 million people are self employed in US. Moreover this create more jobs, for example the start of cellular, it provides social and economic mobility. The statistics states that activities of entrepreneurs have a greater impact on the economies of the countries.
- List and discuss each of the five major phases of the entrepreneurship process
Entrepreneurs can increase their success chances if they implement and follow the five –phase entrepreneurship process. The five phases are Awareness – the objective of the policy is to increase the interest level that people have in option of entrepreneurship, Pre-Start-up – policy is concerned with growing peoples intentions and their movement towards opening a business, nascent entrepreneurs are supported, Start-up – people truly start their business and rising prominence on measures on skill and opportunity, Early post start-up – the objective of the policy concerns about the early success and the failures, companies potential growth, administrative, market development etcn, maintenance and expansion – policy works with the issue of sustainability, growth and productivity.
- Researchers have identified three major changes that give rise to sources of opportunity for entrepreneurs. List, describe, and give an example of each of the three major changes.
The first source of opportunity for entrepreneur is changes in occurs in macro forces – This lead to basic changes in how to live, where to live and offers various opportunities for the entrepreneurs to start and market new products, feminism, globalism, urbanization fundamentally alter the people’s attitudes. The second source occurs because of the discoveries and invention which produce new knowledge.
Developments in technologies and breakthroughs in laboratories and other research institutions will suggest significant prospects for entrepreneurial opportunity. The third source of entrepreneurial opportunity is inefficiency’s entrenched and surrounded in society’s present economic structure, for example rise in growth accompanied by the low level of profitability.
- Explain why it might be more difficult for an established firm to invent a new technology or a new product than it would be for a new firm.
A well established firm will not focus on new technology and new product because their innovative effort creates a chance for cannibalizes their existing products and services. In contrary new firms are better at new inventions because of their environmental characteristics, such lack in resources, lack in constraints, competitive products, manufacturing intensity of the production, act as benefit for the new firms, these environmental contingency approach is failed in case of established firm.
- List and discuss the four dimensions of industry differences that influence the relative success of new firms.
New firm’s successes are contributed variables such as business strategy – business strategies for new firms are speciality in product, intensity in marketing, cost leadership and the diversifications. Technology strategy – R&D, Pioneering, forecasting and patenting, Organizational environment – new firms located in urban areas, with strategy of broad-based and holding a position of upstream in value chain of industry and management team – characteristics of the team, team size, heterogeneity influence the success.
- Explain the relationship between becoming an entrepreneur and the concept of illusion of control
The most significant variable that influences the entrepreneurial decision is illusion of the control. Illusion of control is highly related to risk conception. The greater the entrepreneur illusion of control, higher the misconception occurs this has direct effect on perception of the business risks and directly influence on the entrepreneur decision to start a firm. This occurs when a individual exaggerate and overstress the extent to which his knowledge and skills can raise the performance, here chance plays a greater part and skills is not a deciding factor.
- Define creativity and discuss its importance, concepts, and hierarchical networks
Creativity is the ability of coming up with the different and new viewpoints related to the subjects. And this engages restructuring and breaking down the knowledge. To boost the creativity in business the needed components are expertise, skills on creative thinking and motivations. A firm faces various issues, the chance of evaluating a solution to problem is small and hence indentifying and solving the problems needs the problem solving skills and process of creativity is used to approach the issues which has to be reframed and redeveloped with an attempt come up with new perspectives and ideas. The classic example is entry of diesel use of automobiles instead of petrol, diesel is cheaper, easy maintenance, powerful to.
- Why is uncovering the real issues important in resolving conflict?
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In solving a conflict, it is important to define, discuss and uncover the real problems that persist. Bringing and combining all together those who involved is one of the best ways to get a better solution of the real problems. And uncovering the issues will help to determine the cause. To uncover the real issues the one significant approach is issue based consulting, this approach will uncover a greater number of variables that need to focus into compelling for a change. For example, customer’s dissatisfaction with the service is customer aiming for same level of service. There is need of discussing to uncover the real motivations or real interest.