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Characteristics of an entrepreneur
Personal characteristics of an entrepreneur
Characteristics of an entrepreneur
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New Venture strategies include processes and steps with regards to entry timing, entry scope, marketing practices, patenting, and licensing, future planning as well as proper exploitation of market opportunities (Shepherd and Shanley, 1998). Business planning is of high importance to entrepreneurs who want to realize start-ups as it refers to a detailed map which can transform an opportunity which has been identified into a profitable business. Furthermore, planning can act as a useful means of gaining financial resources for a start-up from individual investors and financial institutions (Baron and Shane, 2008). This report attempts to make an in-depth analysis in order to address these issues with a stated goal of the identification of a recent venture’s development process, entrepreneurial characteristics, entrepreneurial motivation, and ways of protecting innovation as well as the challenges due tol business growth. Primary research is being conducted in the form of an interview of the owner of an e-commerce recent start-up. 1.1) AIMS - The identification and analysis of the development process of a recent start-up. 1.2) OBJECTIVES - To assess the importance of entrepreneurial characteristics and motivation for a business start-up. - To explore the reasons for the foundation of the recent start-up. - To assess the plans for the future development and growth of the recent start-up. - To analyze the process of the development of the business plan - To assess the practices and methods pursued for funding raising - To assess the methods for overcoming challenges created with the development of the business. - To identify the steps followed by the entrepreneur for protecting innovation 1.3) PRIMARY DAT... ... middle of paper ... ... steps that Dr Tsanis pursued to protect his business. Ambition, social skills and intuitation proved to be the key characteristics which ‘pushed’ Dr Tanis to invent Ven Tribe by investing his own capital in order to be able to manage control and profits independently. Furthermore, business planning was highly important for the entrepreneur as he was able to monitor Ven Tribe’s strategy and sales in accordance to the initial plan, thus taking corrective actions by improving Ven Tribe’s marketing strategy due to low actual sales. At this point it was remarkable to extract that much more pertinent and what potential investors really focus at is not the formulae, but the assumptions behind the formulae with regards to business plans. Finally, the registration of trademarks as well as domains proved highly significant regarding innovation protection in e-commerce.
FreshDirect is an online grocery store who delivers groceries to customers who reside in New York, New Jersey, Pennsylvania, and parts of Connecticut. FreshDirect was launched in July 2001 with a promise to deliver the freshest foods to consumers for the best price. FreshDirect claims that, “their food is fresh and their customers are spoiled.” FreshDirect has been able to charge their customers the best prices by cutting out the middleman and acquiring their goods from local suppliers. The State of New York welcomes FreshDirect with open arms, along with them tax breaks and abatements because of the 300+ permanent full time jobs it has accounted for since their launch. FreshDirect’s CEO Jason Ackerman and partner Joseph Fedele envisioned the entrepreneurial opportunities for an online grocery store and set their sights high with a steady growth plan, the use of off-the-shelf software, automated delivery
A Couple of Squares is a company specializing in producing and selling gourmet cookies to retail stores. Recently, A Couple of Squares has been brainstorming the idea of starting an e-commerce website so they can sell there gourmet cookies directly to consumers instead of selling to retailers. There are many considerations that need to be evaluated when deciding to launch an e-commerce website. First, the risks of launching an e-commerce site and the steps to mitigate the risks must be evaluated. Along with the risks of launching an e-commerce site, the benefits of launching an e-commerce site also need to be taken into account. In order to seek profitability a break even analysis must be performed. Once profitability is feasible, A Couple
Brush, C. G., Kolvereid, L. L., & Widding, O. (2002). The life cycle of new ventures: Emergence, newness and growth. Boston, MA: Edward Elgar Publishing.
Allen, K. R. (2012). Launching New Ventures: An Entrepreneurial Approach. 6th Ed. Mason, OH: Cengage Learning.
Teece, D.J. (2010) ‘Business Models, Business Strategy and Innovation’, Long Range Planning, vol.43, issue 2-3, pp.172-194 [Online]. Available at: http://www.sciencedirect.com/science/article/pii/S002463010900051X [Accessed 24th November 2013]
The INCLUDE strategy is based on the application of applying an individualized method for students with disabilities. The characteristics include providing the teacher with an organized way to provide accommodations that fit the student’s needs and ability. The INCLUDE strategy is intertwined with the Response-To-Intervention method (RTI). The INCLUDE strategy is grounded in the presumption that the teacher and student relationship is vital to the success of the student. Additionally, the INCLUDE strategy allows the teacher to examine the student's needs and abilities as it relates to the classroom setting and implement practical accommodations. The INCLUDE strategy includes features of the universal design and differentiated instruction (Friend, & Bursuck, 2012).
The tasks to create a company start with deciding what problem needs solving for a specific market, then choosing a business structure, performing direct market research, strategy development, determining how to finance the company and most importantly, who will be on the founding team. Businesses with multiple founders are more successful; entrepreneurship is a team effort. (Aulet, 2013). Finding co-founders with similar values is a key component to company success. From there, the founders set rules of engagement frameworks between them to act as a guidepost in how to work wi...
To be a successful entrepreneur, there are steps that one must follow when starting a new enterprise. These steps are termed as the process of entrepreneurial which is the systematic method of preparation of an enterprise that consists of four steps. The four steps are fundamental to the success of an entrepreneur venture. The four entrepreneurial processes includes discovering, assessing and opportunity, developing a business plan, establishing resource needs, and managing the resulting enterprise (Barringer & Ireland, 2010). Each individual step is vital for the start of an entrepreneur venture and for an entrepreneur to achieve their entrepreneurial goals. This paper will discuss the four steps of the entrepreneurial process,
Formation of a new venture is considered as the central activity of entrepreneurial research (Aldrich, 1999; Gartner, 1985). Gartner (1985) further defined venture as a goal directed, a boundary maintaining activity system which emerge when entrepreneurs take initiative to execute the founding activities. The dynamic process of venture formation involves various activities such as forming a business plan, obtaining resources, developing products, finding financial, government, infrastructural, market research, patenting and legal support (Lebrasseur, 2003; Brush et.al, 2008a;b). Thus, the process of a venture formation has been generally also known as the sequence of activities or events performed by an entrepreneur for firm formation (Liao & Welsch, 2008). Various frameworks have been presented by researchers for exploring activities in the firm formation process. They had identified that the firm formation process is majorly descriptive and conceptual assuming it to be a unitary and linear formed with the combination of activities (Carter et al., 1996). On other side, the life cycle study of firm formation argues that the process goes from diverse phase or stages. Carter et al., (1996) had identified that activities which are executed during the process of setting up a firm have high variation in their sequence and amount of activities Moreover, the empirical studies carried by Carter et.al (1996) and Lichtenstein et.al (2006) identified that execution of more activities lead to venture survival. Carter et al. (1996) also analyzed the occurrence, series, and time frame allied with the key activities and events in firm formation process. In addition to this, Reynolds and Miller (1992) identified significant deviation in activitie...
This critical reflection seeks to provide an in-depth analysis of how the entrepreneurial tools taught throughout this semester has assisted me in developing insightful information towards my contributions of the business plan. The process allowed me to identify, clarify and test the credibility of my personal insights. Entrepreneurial tools being assessed are customer experience mapping, questioning and idea networking. The paper started off with a detailed introduction of the actual product that my group have finalised on, then followed by comprehensive evaluations of the tools. Lastly, it ends off with a reflective conclusion with valuable learning points. All in all, it improved the quality of my contribution towards the project.
An entrepreneurial firm must plan ahead, and predict issues that may arise. Have a plan for what to ...
Without a successful business strategy put in place the company would fail and be unable to compete with competitors. There would be on way of knowing what resources are required. No planning for the future of the business. If there are no targets set out to achieve there would be no way of measuring how successful the company has been.
Analyze the strategies utilized by the entrepreneur in securing the success of his / her business venture
One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity. Being innovative may involve either improving upon old methods o...
The business plan will also be useful in facilitating the adoption of a strategy that will help the business prosper in the modern market. The plan will be a critical tool that will help in the production of a reliable strategy for attaining the goals and objectives. The proposed business plan will be implemented in three years time. Within the first three years, the business i...