The paper 'The Potential of a New Business Idea' a wonderful example of a Business Case Study. Many enterprises start as an idea of one person. This one person identifies a business opportunity in the market and ceases it. He or she develops the idea of a working business. This entrepreneur is a risk-taker, driven by achievement and self-motivated. These attributes help him or her to grow the business into prosperity. From these small enterprises, a large business emerges if well managed. BODY Definition of terms used in business Enterprise An enterprise which is another name of a business is described as the actions of a person to take an initiative and risk, start and run a successful business.
On the other hand, the risk is the probability that things may go as planned or wrong, which is, the investment may yield a profit or a loss. The person taking the risk to invest has to be ready to take the responsibility of paying debts that the business incurs. The only trick in taking a risk is being sure that if the investment works the gains are worth the risk is taken. Entrepreneurship These are the skills and capabilities required to start and run a successful business.
It refers to the ability to identify a business opportunity and to implement a business idea based on the opportunity available. One does this by coming up with a working business idea, gathering resources available, ensuring that production works in accordance to the business plan, by also adverting, marketing and promoting the products he is selling, managing the risks involved with the business and lastly by working towards the growth and prosperity of his or her business. Intrapreneurship It is explained as the way an employee acts as an entrepreneur while working within a big company.
These employees’ work is to bring new technology to the company, to increase efficiency and the company’ s productivity rate, and lastly, they come up with new products or services for the company. By doing these the will be working as an entrepreneur for the company. SKILLS, ATTRIBUTES, AND BEHAVIOURS OF ENTREPRENEURS Skills and Behaviors of entrepreneurs (All developed from) Making of well-thought decisions from very little information that affects their businesses positively He or she looks for new business opportunities, ceases them and takes the risk to invest in these new opportunities He or she is able to cope with uncertain and complex situations that affect the business He or she takes the initiative to invest given a new opportunity which may seem like a big risk to invest in. An entrepreneur is able to create know-how and also develop a trust relationship with his or her employees, suppliers, and customers. An entrepreneur is able to create and develop working networks with other entrepreneurs, workers, suppliers, and his or her customers. When his or her business is subjected to a challenge an entrepreneur solves these challenges creatively. An entrepreneur is able to assess a given business opportunity critically and takes a well-calculated risk to invest in these new enterprise opportunities. An entrepreneur has a very high negation capacity.
These help him or her to negotiate deals that will bring prosperity to their enterprise. An entrepreneur selling and persuading capacity are of very good quality which enables him or her to sell a large number of goods. An entrepreneur has the ability to think strategically.
This means that before he or she makes any decision that involves the enterprise he or she is able to look at how this decision will affect the future of the business
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