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Entrepreneurship And Economic Development

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Question:

Discuss about the Entrepreneurship and Economic Development.
 
 

Answer:

Introduction:

The five driving force for undertaking the effective entrepreneurship business is based on the self correctional methods through which the lacks can be identified and controlled according to the requirements of the organization. I have enumerated certain weaknesses by undertaking the personality test that is required to be arranged in order to make significant progress in the process of the business. The most important consideration that I observed during the test is based on the habits and outlook that I possess determines the driving force for the organization. The test portrayed that there are issues in certain approaches that might affect the productivity of the organization. The issues are being arranged according to the findings for the better understanding of the modifications hat are required to be brought.

Issue questionnaire

Solutions

How is autonomy important??

Autonomy helps in the proper management of the functions of the enterprise. Therefore, every entrepreneur makes use of the autonomy in order to take the correct decisions for the organization (Morris, 2015).

How to improve the achievement quotient?

The achievement quotient of the organization can be improved through the improvements in the decision-making and the correct form of goal and the implementation of the strategies.

Is risk taking an important factor?

Risk taking is an important factor as it helps the organization in exploring new horizons and cultures, which helps in the progress of the organization (Santos, 2012).

How controlling skills can be enhanced?

Controlling the skills can be enhanced through the methods of proper monitoring over the skills and the services that are being provided.

How can creativity help in the progress?

Creativity helps in bringing in innovations. Innovations helps the organization to stand out to be unique in its approach.

Based on the report that is being formulated, the personality trait that I have received lags on the need for autonomy to a greater extent (refer to appendice 1). Need for autonomy helps the entrepreneur in maintaining the organizational standards depending on the requirements of the organization. it helps the entrepreneur in taking the decisions for the organization freely. A lower rate of the autonomy, as I have received in the test, portrays that I depend on the external sources to take the organizational decisions that might affect the progress of the organization. On the other hand, the risk taking and the controlling factors that forms an integral part of the job is being affected due to the lack of autonomous control over the organization. Therefore, in order to make significant progress, I must modify the outlook and possibly try to take decisions not depending on the external sources. Creativity is again another factor on which I have received high points. Creativity will help in bringing in innovation in the organization and thereby make the significant progress.

 

The scored personality type, which I have received, is the Thinker based on the assessment of the creativity. Creativity helps in bringing about innovation in the business and therefore it is an important aspect that must be considered by the entrepreneur. Creativity helps the business in innovating the new trends and the technologies and thereby helps in sustaining the enterprise largely. The personality will be helping me in making considerable advancements in the business because of my idealism and the new approaches that I would be able to forecast.  The personality that I have received through the test correlates to the characteristics of my inbuilt personality. It has helped me in taking up ideas and making them useful depending on the needs of the business I am into.

I am the Hipster of the team as I can not only motivate the team through my activities but also make use of the ideas in order to make the processes simpler for my people to work on. The thinker always helps the team with the new possibilities and the traits. Therefore, the most important consideration I undertake is to motivate my team through the ideas of improvement in the processes and by simplifying the work of my team.

The most important consideration that is being undertaken in order to make use of the person who have influenced me the most is the life and the achievements of Sir Richard Charles Nicholas Branson. Richard is a business magnate, an entrepreneur who founded the Virgin group of companies. It is through the hard work and the entrepreneurial management that the person has secured such high position in the market. The most important determinant of his success is based on his vision (Fayolle, 2013). The person was having a vision from his early age of becoming an entrepreneur himself and therefore it is the prime target since his boyhood days. Effective leadership and management of the ideas is an important consideration that determines the abilities of the management system they are into (Kelley, Singer & Herrington, 2012).

The most significant factors that affect the business of this man is based on the principles of entrepreneurship. The business is the sole motive of the man and the only thing that is considered to be living is the autonomous culture of the industry and the management of the functions (Fisher, 2012). The main objective of Sir Richard, according to himself, is to set himself in the highest position of the business. The proper integration of the activities and the functions of management and the risks that the entrepreneur took to rise is an important consideration that must be undertaken while discussing on him (Schaper et al., 2014). The major aspect that helps in the process of the undertaking effective management is based on the criteria of the success that is being enjoyed by the man (Gedajlovic et al., 2013). The main philosophy of the business that the man has inherited is based on the sustenance of the business he is into and thereby it is important in signifying the needs of the business.

The mindset of the entrepreneur largely affects the business as the mindset helps in setting the goals and the objectives of the firm and thereby makes probable success in achieving the common goal of the firms (Carland & Carland, 2015). On the other hand, the market and the other factors helps in determining the availability of the organization. it helps ion making a significant ,progress in the processes. According to the Davidson’s model proper integration of the factors helps in determining the effectiveness of the entrepreneurship that the person undertakes.

 


I have chosen this entrepreneur, as my inspiration as the entrepreneurship skills that is being administered by the person is more sufficing. The most important consideration that is being undertaken by the person is based on the goals that the person have set in order to make significant progress in his organizations and the group of companies that falls under his owned system. The autonomous design of his decision-making has been the most compelling of the inspirations that justifies the cause as to why I did choose him. According to me, the leadership styles that have been portrayed by this personality is more influencing in order to bring about significant changes in my organizational structure and the autonomous decision-making.

The ships that are being manufactured by the entrepreneur Sir Richard is the mostly important consideration on which I would like to focus as of now. It seems to be the most interesting part of the discussion as this new launch has made the entrepreneur even more famous (Burrows, 2015). His line of cruises named Virgin Voyages has made significant promotions in the market, which have helped the company in attaining the attention of the mass consumers. The most important consideration relating to the topic is based on the innate features o the cruise and the facilities that the cruise offers (Madhok & Keyhani, 2012). The cruise is made for the adults and there are no other specifications made as per the services that shall be provided within the cruise. It can be simply a promotional way through which the entrepreneur seeks to invite the consumers worldwide to come and enjoy the comfort of the cruise (Bosma et al., 2012). It is a measure that helps in the making of the promotion more effectively depending on the requirements of the services that are being provided by the cruise. The mission and the vision of making the ship available to all is based on the vision of making the service available to all the desiring and potential consumers. The company offers a strong competition to its competitors by making use of the processes to the fullest possible ways (Onetti et al., 2012).

The employee retention rate of the company is based on the remuneration that the company provides to its workforce (Drucker, 2014). Therefore, retention in the rate of the employees might help in the understanding of the company’s situation.  The company and the return on the investments that the company earns base the rate of retention of the employees on the revenue that is being created. Therefore, in order to determine the rate of retention of the employees the company must make use of the resources and make considerable returns on the investment (Bhachu, 2017). The concerned company for this discussion has a higher rate of retention of the employees, which states that the company is making a good place in the market. The market structure of the company and the competitors that the company faces is an important consideration that must be undertaken by the company in order to progress. The concerned company have designed the product and restrained the services in order to make the market more competitive.

 


I chose this company and this enterprise because according to me, the situation of the company is based on the decisions that are being taken by the entrepreneur of the company (Kuratko, 2016). The most important aspect of taking this company is based on the criteria of the critical success factors that are being faced by the organization. the autonomous control of the organization and the integration between the internal and the external departments helps in determining the limits of the company in making its progress in the market (Landström, Harirchi & Åström, 2012). The owner of the company is the reason why I chose this company. the owner is an experienced person with exceptional insight and the ability to forecast the future (Abu-Saifan, 2012). Forecasting the future of any organization helps in making the significant progress through the involvement of the goals that are to be achieved through the proper integration of the internal and the external departments. I feel that the ideas can be incorporated in my company in order to make the significant progress. Therefore, I chose this company in order to refer to the success factors and the tendencies taken by the company in order to sustain themselves in the market (Baum, Frese & Baron, 2014).

The business model canvas of the company helps in determining the market condition of the company and at the same time determines the customer expectations and the stakeholder’s approach of the company. It helps in not only understanding the company’s SWOT but also to identify the suppliers and the benefactors of the company. The most important consideration undertaken by the company is based on the requirements of the consumers and the company’s actions based on the requirements therein (Barringer, 2012). I have enumerated a business model canvas for the company I have chosen as my inspiration, Virgin Voyage. The canvas shall justify the reason as to why I am so much enchanted with the company’s progress.

The progress of the company is based on the several factors that the company undertakes in order to retain the employees and the consumers at the same time (Refer to appendix 2). The steps taken by the company is based on the requirements of the clients and therefore adhering to the requirements, the company formulated the services (Bridge & O'Neill, 2012). The suppliers of the company are mainly based on the company’s requirements of the raw materials and the foods and beverages that the company requires during the production and the execution process of their services. The company aims at retaining the consumers and thereby retains the consumer loyalty towards the organization (Audretsch, 2012). On the other hand, the services that are being provided by the company is based on the requirements of the consumers and therefore customer satisfaction is the basic objective of the company in this context. the service orientation of the company helps he company in retaining the consumers of the company and therefore helps in retaining the market of the company (Moroz & Hindle, 2012). The cost structure of the company is again based on the subjective nature of the costs that are being undertaken by the company in order to render the services that both retains and satisfies the consumers of their demand.

The section of the discussion will also uphold the SWOT analysis of the company in order to make considerable advancements in the competitive market. It determines the situation of the company in the present day market structure therefore it helps ion instilling an insight of the company’s weaknesses or discusses the opportunities of its growth at the same time (refer to appendice 3).  The strengths of the company can be enumerated as the satisfaction of the consumers through the services that are being provided by the organization. The most important criteria that helps the organization in its progress is the customer oriented approach that the company holds. The approach helps in retaining the consumers and making considerable progress in the field of their expertise. The unique kind of cruise manufactured by the company that provides the consumers with the expected comfort is again an important consideration. The competitive pricing strategy of the organization helps the organization to prosper outnumbering the competitors in the market.

The weaknesses of the company can be enumerated as the one major factor that restricts the use of the services by a certain section of the society. the cruise, according to the management of the organization is to be used by the adults only (Acs, Autio & Szerb, 2014). The clause have restricted the use of the services to a certain section which might affect the consumer retention (Miller et al., 2012). The target consumers for the services are being enumerated as the elite class of people looking for a ride on the sea.  The problem lies in the fact that the consumers or the couples bearing a child cannot take the services that are being offered by the organization. Therefore, it restricts the  product or the service offering to a limited range of people. It can be taken as one of the major weaknesses that the company might face, as the competitors in the market, who have not narrowed the scope might get hold of the market that the concerned company might lose (Martin, McNally & Kay, 2013).

 


Opportunities that the company has got is the expansion of its services beyond the restricted boundaries of the nation. Breaking the borders help the company in finding consumers that are looking for just the services that the company is rendering. The most important consideration that the company must undertake in order to make use of the resources is based on the criteria of the service that the company is aiming at providing to the people. The threats faced by the company are based on the competition that the company faces in the market. The quality of the services that are being provided by the company is an important consideration that the company undertakes in order to understand the important aspects of the retention of the consumers (Naudé, 2013).  Monitoring over the quality and the quantity of the services that are being provided to the clients helps the company in making the significant progress in the market (Kirzner, 2015).

According to the Blue Ocean strategies that are being undertaken in order to understand the necessary steps the company is required to take steps in order to differentiate the products and the services delivered by them and their competitors (Kiss, Danis & Cavusgil,  2012). The Blue Ocean strategies denote that the company differentiates between the products and the prices at which they are available between the companies in order to determine the best option that is being taken by the consumers (Koellinger & Roy Thurik, 2012). The most important consideration undertaken by the concerned company is the competitive pricing strategy it has. It assures the company with a competitive advantage over the other companies in the market.

The study of the situation of the company and the example of the famous entrepreneur in the discussion has helped me in understanding the roles played by the entrepreneur in managing the operations of the organization (Storey, 2016). Creativity and intellect plays a major role in the process, but the most used criteria of the entrepreneurship is based on the autonomous control over the organization. The correct forms of decision that is being taken by the organizations help in making the significant progress depending on the requirements of the organization and its target consumers (McKenzie & Woodruff, 2013). The most important criteria that facilitates the kind of strategic planning is the intellect and therefore I have received a lot through the study of the operations of the selected organization, and I look forward to implement the modifications in order to undertake enhancements in the organization level. The organizational behavior that is being portrayed in the study and the organization’s success based on the principles of motivation and management of the entrepreneurs is an important consideration, which I have observed.

The changes that I have observed in the days is being based on the study that was undertaken so long. It is to make sure that the decisions of the organization, I am into, is been taken autonomously. The discretion in the risk taking factors that I previously used to avoid is no more an issue that restricts my decisions.   The changes have been huge as the entrepreneur, his struggle to become the entrepreneur since his boyhood days influenced me, and now I feel I too can take some decisions in order to make the processes more simplified and engaged.

 

References

Abu-Saifan, S. (2012). Social entrepreneurship: definition and boundaries. Technology Innovation Management Review, 2(2).

Acs, Z. J., Autio, E., & Szerb, L. (2014). National systems of entrepreneurship: Measurement issues and policy implications. Research Policy, 43(3), 476-494.

Audretsch, D. (2012). Entrepreneurship research. Management Decision, 50(5), 755-764.

Barringer, B. (2012). Entrepreneurship: Successfully Launching New Ventures, (2012).

Baum, J. R., Frese, M., & Baron, R. A. (Eds.). (2014). The psychology of entrepreneurship. Psychology Press.

Bhachu, P. (Ed.). (2017). Immigration and entrepreneurship: culture, capital, and ethnic networks. Routledge.

Bosma, N., Hessels, J., Schutjens, V., Van Praag, M., & Verheul, I. (2012). Entrepreneurship and role models. Journal of Economic Psychology, 33(2), 410-424.

Bridge, S., & O'Neill, K. (2012). Understanding enterprise: entrepreneurship and small business. Palgrave Macmillan.

Burrows, R. (Ed.). (2015). Deciphering the Enterprise Culture (Routledge Revivals): Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.

Carland, J. W., & Carland, J. C. (2015). A model of potential entrepreneurship: Profiles and educational implications. Journal of Small Business Strategy, 8(1), 1-14.

Chaston, I. (2017). Entrepreneurship. In Technological Entrepreneurship (pp. 1-24). Springer International Publishing.

Drucker, P. (2014). Innovation and entrepreneurship. Routledge.

Fayolle, A. (2013). Personal views on the future of entrepreneurship education. Entrepreneurship & Regional Development, 25(7-8), 692-701.

Fisher, G. (2012). Effectuation, causation, and bricolage: A behavioral comparison of emerging theories in entrepreneurship research. Entrepreneurship theory and practice, 36(5), 1019-1051.

Gedajlovic, E., Honig, B., Moore, C. B., Payne, G. T., & Wright, M. (2013). Social capital and entrepreneurship: A schema and research agenda. Entrepreneurship Theory and Practice, 37(3), 455-478.

Kelley, D. J., Singer, S., & Herrington, M. (2012). The global entrepreneurship monitor. 2011 Global Report, GEM 2011, 7.

Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.

Kiss, A. N., Danis, W. M., & Cavusgil, S. T. (2012). International entrepreneurship research in emerging economies: A critical review and research agenda. Journal of Business Venturing, 27(2), 266-290.

Koellinger, P. D., & Roy Thurik, A. (2012). Entrepreneurship and the business cycle. Review of Economics and Statistics, 94(4), 1143-1156.

Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.

Landström, H., Harirchi, G., & Åström, F. (2012). Entrepreneurship: Exploring the knowledge base. Research Policy, 41(7), 1154-1181.

Madhok, A., & Keyhani, M. (2012). Acquisitions as entrepreneurship: asymmetries, opportunities, and the internationalization of multinationals from emerging economies. Global Strategy Journal, 2(1), 26-40.

Martin, B. C., McNally, J. J., & Kay, M. J. (2013). Examining the formation of human capital in entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of Business Venturing, 28(2), 211-224.

McKenzie, D., & Woodruff, C. (2013). What are we learning from business training and entrepreneurship evaluations around the developing world?. The World Bank Research Observer, 29(1), 48-82.

Miller, T. L., Grimes, M. G., McMullen, J. S., & Vogus, T. J. (2012). Venturing for others with heart and head: How compassion encourages social entrepreneurship. Academy of management review, 37(4), 616-640.

Moroz, P. W., & Hindle, K. (2012). Entrepreneurship as a process: Toward harmonizing multiple perspectives. Entrepreneurship Theory and Practice, 36(4), 781-818.

Morris, M. H. (2015). Entrepreneurship as Experience. Wiley Encyclopedia of Management.

Naudé, W. (2013). Entrepreneurship and economic development: Theory, evidence and policy. Browser Download This Paper.

Onetti, A., Zucchella, A., Jones, M. V., & McDougall-Covin, P. P. (2012). Internationalization, innovation and entrepreneurship: business models for new technology-based firms. Journal of Management & Governance, 16(3), 337-368.

Santos, F. M. (2012). A positive theory of social entrepreneurship. Journal of business ethics, 111(3), 335-351.

Schaper, M. T., Volery, T., Weber, P. C., & Gibson, B. (2014). Entrepreneurship and small business.

Storey, D. J. (Ed.). (2016). Entrepreneurship and new firm. Routledge.

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