The paper "Entrepreneurial Business Planning" is a great example of a business assignment. As a factor of production, entrepreneurship seeks to combine the other three factors of production namely land, labour and capital. Through the combination of these factors, individual entrepreneurs establish organizations through which they pursue wealth generation and income (Bruin & Dupuis, 2003). In the process, they increase the national output by reducing unemployment and utilising the available resources efficiently. For the purpose of this report, entrepreneurs are defined as individuals that have realised a market opportunity that they have grasped by providing unique commodities aimed at exploiting the opportunity.
This is unlike intrapreneurship whereby individual entrepreneurs advance a previous business idea through innovation and creativity. Entrepreneurship involves the development of a new idea and taking the necessary actions towards exercising the ideas in pursuit of wealth generation. This report seeks to discuss renowned entrepreneurs by looking at their behaviours, motivators, personalities, individual backgrounds and their influence on their entrepreneurial activities. In this discussion, entrepreneurial theories will be utilised in order to point out the applicability of these theories towards entrepreneurship. Virgin Group (Branson) Dell Inc.
(Michael Dell) Behaviors Risk-Taking, Action-based, creative and motivated. Independent, risk-taker, motivated and flexible. Needs Achievement and affiliation Achievement, power and affiliation Motivator The need to achieve and assist others to achieve their dreams. The need to achieve by setting achievable goals. Decision processes Leaves the decision-making process entirely to the professionals and the business idea owners. Makes the final decision as to the chairman of the company’ s board. Entrepreneurial Essence To empower people by enabling them to realize their dreams Increase consumer’ s accessibility to technological devices such as computers.
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