The paper "Critical Evaluation of an Entrepreneurial Australian Business" is a good example of a business case study. Global business expansion and the introduction of new opportunities in the foreign markets have increased the need for expansive market opportunities. In this case, markets have resulted in the encouragement and propagation of entrepreneurial market ventures. Changing societal cultures as well as technological changes that increase customers unsatisfied needs, leads to the economic rationale for the establishment and development of entrepreneurial market ventures. Entrepreneurship is the process through which entrepreneurs develop business ventures that are geared and propagated by an existing societal need.
As such, they represent a new and unique approach to resolving existing societal needs (Nabi and Holden, 2008, p. 546). This characteristic represents s the distinguishing factor between entrepreneurship business ventures and small business enterprises. This is because, unlike entrepreneurship, small business replicates existing business ideas once a market gap is identified. In order to evaluate the key formulation and evaluation factors in entrepreneurship business ventures, in the Australian economy, this essay evaluates the Health. com. au Company venturing in the Australian health insurance industry. Discussion Social Contribution The healthcare industry is an imperative and important social factor.
In this case, the health well being in society is imperative. Mü hlbacher, Kovac, Novotny and Putnová (2013, p. 175) conducted a study to evaluate the implications of good health to economic performance. In this regard, the study developed a hypothesis that health standards in an economy directly implicated on the overall economic performance. Indeed, in its analysis, the study established that health standards in an economy had direct implications on the workforce productivity. Consequently, economies with a healthy workforce registered increased economic productivity levels.
In a further study, Barraclough and Gardner (2008, p. 211) argued that a major challenge to accessible healthcare is the increased healthcare services costs. This is the situation in the Australian market. The Australian government has invested heavily in the healthcare industry. In this regard, the government has established sufficient infrastructure in the industry. However, the high costs serve as a limiting factor to healthcare service access. As such, there exists a society need for healthcare access need gap in the market. The entrepreneurial Health. com. au Company serves as a remedy for this social challenge.
The company provides an online platform through which the society can acquire health insurance covers to reduce the healthcare service costs in the market. Therefore, the business venture meets the social contribution formulation and evaluation criteria as its implementation enables a reduction in the existing healthcare costs, in the Australian market (“ Health. com. au” , 2014). Innovation and Invention An additional entrepreneurship business venture evaluation criteria are the evaluation of innovative and inventive ideas application. Petti and Zhang (2011, p. 453) conducted a study to evaluate the relevance of innovation and invention in business ventures.
In its hypothesis, the study argued that innovation formed a key concept for organizational development and success. In its analysis, the study established that ventures with increased innovation acquired increased success market rates. Bessant and Tidd (2008, p. 5) discuss the concept of entrepreneurship and innovation. In this case, the authors argue that innovation and invention are key principles in entrepreneurial development and success. In this regard, it is argued that entrepreneurial ventures in the market are characterized by innovation and invention. As discussed, entrepreneurship ventures are based on the existence of a need gap.
In this case, the ventures seek to establish alternative need satisfaction approaches (Oksanen and Rilla, 2009, p. 37). Therefore, the innovation and inventive nature of the entrepreneurship ventures is the establishment of unique approaches to resolving societal challenges.