The Dynamics of Entrepreneurship in My Own Words: Unveiling Success and Impact in the Business World

Introduction

In this essay I will define the terms entrepreneurship, enterprise and intrapeneurship. The attitude and overall drive behind entrepreneurs, focusing on the skills, attributes and behaviour which is a direct result of their success. What makes an entrepreneur, the mindset, the drive and finally the ability to view a product from nothing and built it up in the market place. I will outline the importance of enterprise, entrepreneurship and small business in the context of the wider economy as well as the individual and team.

The characteristics of a good leader and how this affects the working environment and moral of the group depending on the approach the leader takes. The importance of being able to listen to others and take on their ideas and different approaches to various problems.

The 5 Stages necessary to evaluate a new business idea and ensure that it is viable and will make profit. 2 Definition of enterprise, entrepreneurship and intrapreneurship Enterprise has a lot of definitions and can be interpreted in various ways, such as; (1) “a project or undertaking, especially a bold or complex one” or (2) “A project or undertaking, typically one that is difficult or requires effort.

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”. Finally, (3) “an enterprise is a company or business, often a small one”. My interpretation of the word enterprise is something new, such as a small business which is important to you. The word enterprise has a lot of meanings such as a Car rental company, a Starship from Star Trek and a spacecraft called the VSS enterprise build by Virgin Galactic.

From these businesses which have chosen to use enterprise as the fore front of their public image, the word means a new beginning in terms of the Virgin Galactic spaceship which will make space travel affordable. Endless possibilities and freedom in terms of Enterprise rent a car, when someone rents a car, they can travel the country and explore new possibilities whilst feeling free.

Entrepreneurship is defined as (4) “an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organising markets, processes, and raw materials through organising efforts that previously had not existed” my interpretation is that entrepreneurship is setting up a business to with the aim of making profit whilst taking risks. Financial risks for a high finical gain making profit instead of loosing money and being in debt. Entrepreneurship definition doesn’t tell us that entrepreneurship is what people do to take a hold of their dreams and aspires and turn it into a reality on their own, be that building a business, living your dream life or an empire by yourself. This means no bosses, no restrictions and no one holding you back. However, Intrapreneurship has no straight definition, they are all vague such as (5) “The act of behaving like an entrepreneur while working within a large organisation” or (6) “A manager within a company who promotes innovative product development and marketing”.

An intrapreneur is nothing but effectively an entrepreneur within the restrictions and boundaries of a company. Intrapeneurship is when the individual person is syncing risk taking and integrating it into the management approach. 3 Skills, attributes and behaviours of entrepreneurs There are various skills that are required by entrepreneurs in order to be successful and ensure the business does well. Skills such as creative problem solving, to ensure that any problems met by the individual can be overseen and more than 1 outcome can be generated. Persuasion to persuade/ encourage investors to invest or potential customers to purchase the produce. (7)

Negotiation skills are needed to ensure the best deal is always achieved. Selling skills to sell the product in any market which is presented to the individual. Proposing, the proposal of ideas and concepts and the proposals of new business ideas to investors and partners. Another skill required for being a successful entrepreneur is the ability think strategically on the spot whilst putting the interest of the company first. The most important quality to have is essentially a gut feeling, the ability to make intuitive decisions through uncertain times. Having the vision and sticking to it to ensure the greatest outcome. Attributes needed by entrepreneurs are self confidence and self-belief, because if the individual doesn’t belief in themselves then it will make trying to convince a conference room full of people belief in them extremely hard. Self confidence is contagious in business, if your leader is self-confident then they will lead you and make you self-confident in yourself. Perseverance is so important in the business world, as business deals almost never happen straight away, time will be needed to be successful, so perseverance is essential. Action orientated to ensure that all aspects of the business can be monitored. Creative thinking is necessary to be able to see new and out of the box outcomes to problems that ay arise. Determination is key to success in industry, determination allows the individual to see all aspects of the idea and the outcome. Hardworking is needed by the individual to make sure the business is successful and make a profit. A learning method of hands on doing a task. The behaviour of an entrepreneur must be business focused and opportunity seeking and grasping. This ensures the future of the company and creates a path to follow. An entrepreneur needs to take responsibility for, and ownership of things be that a good thing or bad thing. Responsibility for actions sets a good example and a good leader should entice his workforce for the better.

The importance of enterprise, entrepreneurship and small business in the context of the wider economy as well as the individual and team. Entrepreneurs can change the way we live if successful in business. In the economy entrepreneurs are so important because they create new business by inventing products and services, which then leads to employment in that area which will result in the community benefiting from the employment in the form of more money as entrepreneurs add to national income which is used to develop the area and upgrade the resources they have available around them.

There are 2 main reasons why people become entrepreneurs, these can be broken down into push and pull factors. Push factors are things that will push you do something about a problem as such. Job redundancy, when someone loses their job they need some form of income to survive, so they can be pushed to do what they’ve always dreamed about. Other push factors include family issues, recession and seeing no opportunities to climb up the social ladder. Pull factors are things that will entice a person to become an entrepreneur such as financial freedom, the desire to become their own boss and not work for someone else and the individual having a drive to innovate and develop the world around us. Small businesses have been able to build up the area around them, but most importantly have opened new trade routes and new countries to trade with. This is a big factor to consider when setting up a small business and how you can reach the wider economy on a competitive level and still trade.

As of now the UK is still in debates on leaving the EU. The UK’s largest export is medicine with selling 16.9bn in 2009/10. Leaving the EU would shut down essential trading routes and opportunities for small businesses and larger corporation’s as before this if a product could be imported to the UK with little to no tax involved, whereas with Brexit, more small business owners will have to outsource employment and product development and manufacture to less developed countries such as china. 5 Stages necessary to evaluate a new business idea When evaluating a new business idea there must be a lot of thought and effort put into the initial concept of the product. There are 5 stages which are crucial when evaluating a new idea. First, you need to consider the purpose of a business, which is to create and keep customers. This is a key factor to all businesses big or small. A business with a loyal customer base is going to sell more products, however for a business to keep existing and create new customers it needs to cater for all the interested consumers and ensure that the needs of these consumers will be adhered to.

Stage 1, the product, the product itself is the most important thing when trying to evaluate a new idea, does the product fit in my brand/ business image, does the product reflect my brand well. How does the physical product feel to the touch, and how does the packaging look? A good product will always have an eye-catching packaging or have a recognisable logo or emblem that is associated with that brand. Colours play a key role in this part of the sale of the product, for instance if it’s a boy’s toy then having the packaging a light to medium shade of blue which can be associated with boys. Stage 2, the price, this is a tactical number which will decide how much profit the company will stand to make. However, this also will decide how much money goes into advertising after cost price. The cost price is how much it takes to manufacture/ buy the product before selling it on for a profit. Stage 3, the place in which the product is sold also known as the target market. This must be strategically identified so that the business exploits their customers into buying the product. Take a product like the Apple iPhone for example, every September Apple will release a new phone, some with little to no advanced features from the previous generation but Apple still make you want the product, in human nature we want the best things in life. “The grass is always greener on the other side” is an expression that comes to mind, whereas your phone you have now is good, its not as good as the new one that was just released. The term for products that don’t need to be changed or need any product development is “cash cow”.

Stage 4, the promotion of the product, this is so vital to a products success in the market place and ultimately decides on the clientele that the business will be dealing with. Take Rolex for example, there is no tv advertisements for a £5000 watch because simply, Rolexes tailored clientele are not sitting watching tv, they will be working or out at prestigious events such as Formula 1 race days. This is where the Rolex advertisement can be found, right in the middle of everyone’s eye line, a big Rolex clock. Finally, stage 5, which is the people stage. This is where the product gets used and the consumers can give feedback to the business to help the production of the next generation of the product evolve and cater to the modern needs of the consumer. This feedback is taken and given to the marketing team who now know all the good and bad points of this product. They now know where this product can be sold more effectively therefore making more profit overall. If a company is to stick to a SWOT way of selling the product that will not fail. S – strength W – weakness O -oppurtunity and T – threat.

Summary and recommendations

To summarise, there are a lot of small businesses which are running to full capacity who are being led by leaders who understand that the autocrat way of thinking is the wrong way to entice and energise a workforce. There are many reasons why entrepreneurs are made and succeed and it’s because they follow the 5 stages of evaluating a new business idea and ensuring that the location of production will overall help the local community and boost the local economy whilst also exporting to major countries where the demand is high for competition.