Assignment A101 IAE

Entrepreneurship Report
Date: 7th April 2014

By Name: Adit Bakkesh Shamanur

Student ID: 5284203
Word count: 1426

List of contents:

1. Introduction
2. Definition of enterprise, entrepreneurship and intrapreneurship
3. Skills, attributes and behaviours of entrepreneurs
4. The importance of enterprise, entrepreneurship and small
business in the context of the wider economy as well as the
individual or team.
5. Stages necessary to evaluate a new business idea
6. Critique of common misconceptions around the above issues
7. Summary and recommendations
8. List of references
 1. Introduction to Entrepreneurship:
It is actually derived from the French word
known or called as ‘Entreprendre’, which is
basically called as “to undertake” when
translated to English. An entrepreneur is a
person who starts his/her own business by
taking uncalculated risks. It can also be called
as an activity of starting new businesses by
identifying and taking risks, which do not have
insurance for the losses.

2. Definition of Enterprise,
entrepreneurship and Intrapreneurship
a) Enterprise: It is an activity or a project
and undertaking which involves lot of
effort. Its main characteristics are
initiative and resourcefulness.
b) Entrepreneurship: It is also an activity
that firstly includes discovery, followed
by introducing goods and services and
exploitation of taking uncalculated risks.
c) Intrapreneurship: It is the act of
behaving like an entrepreneur while
 working within a large organization.
(Wikipedia 1992). A person within a large
corporation who takes direct
responsibility for turning an idea into a
profitable finished product through
assertive risk-taking and innovation.

3. Skills, attributes and behaviours of

entrepreneurs:
These are the main characteristics of an
entrepreneur to succeed in the modern
world of business.

 Entrepreneurial Skills are the activities,

which the entrepreneur follows or an inborn
talent in order to succeed. Examples are:
a) Creative Problem Solving: This is one of
the main skills to make correct decisions
by creatively solving difficult barriers.
b) Negotiation: It is the learnable skill,
which helps the entrepreneur to have a
better understanding in the market
situation with the existing and new
customers.
 c) Persuasion: It is a process or a skill,
which is used to changing a person’s
behaviour against an idea, event or
feelings. (John 2010)
d) Selling: It is also a learnable skill and the
ways to reach the customers by
introducing the products and services to
them.
e) Strategic Thinking: It is a important skill
that helps an entrepreneur to think wisely
and make decision strategically for
improved success in long run.
f) Networking: It is one of the most needed
and useful skill for an entrepreneur as to
know about the latest information in the
market about product and services.

 Entrepreneurial Behaviours are the

characteristics, which the successful
entrepreneurs regularly do to acquire a
strong position in the tough business
situations. Examples are:
a) Solving Problems: This is one of the
behaviour, which the entrepreneurs have
to acquire as a skill that will help them to
overcome tough barriers in business.
b) Opportunity Seeking: This is an element
or behaviour that helps the entrepreneurs
to seize the opportunities, which come in
their way.
c) Taking Responsibility: This behaviour
helps an entrepreneur to be aware off
barriers coming in his/her way and come
out on top to take charge of it.
d) Making Judgement: This element helps
the entrepreneur to make wise decisions
on buying and selling of products, goods
and services.

Entrepreneurial Attributes are the actions

taken by entrepreneurs when they are
regularly successful and something’s which
they are bound to do or an inborn talent.
a)Hardworking: It is an inborn talent, which
is followed by most of the successful
entrepreneurs to make impact in their
particular fields of business.
b)Persistent: It is an attribute which
explains that no matter how many times
an entrepreneur fails, he will come out
 with success one day for his hard work in
business.
c) Creative: It is an important attribute that
helps an entrepreneur to be humble and
have their own way of dealing with
problems and barriers.
d)Self-Belief: This attribute helps an
entrepreneur to have self-confidence and
survive for long run in business.

4) The importance of enterprise,

entrepreneurship and small
business in the context of the
wider economy as well as the
individual or team.

a)Developing Personal Relationships:

Small businesses help in building personal
relationships with people like suppliers,
customers and employees.
b) Inventiveness and Innovation:
Entrepreneurs with small businesses and
enterprises help in introducing new
 products and services to the present
market by developing innovative ideas.
c)Regular Success to the Economy: Small
businesses also provide the bright future
for the upcoming entrepreneurs in the
economy and even ensure meeting the
customer needs and requirements.
d)Making quick decisions: Problems or
barriers can be easily overcome in small
enterprises because in many cases the
owners are the same people who
responsible for the outcome of the
company.
e)Creating Employment: Main goal of Small
businesses and entrepreneurs is always to
create jobs to the country and decrease the
amount of unemployment in the country.
f) Introduction of Latest Technology:
Entrepreneurs have introduced technology
that have increased sales and created an
wealthy economy in order to improve the
lives of millions.
 5) Stages necessary to evaluate a
New Business Idea:

Stage 1: Identifying Customer Needs

This is the 1st stage in evaluating a
business idea, as the entrepreneur has to
identify the needs and wants of the
customers in the market. It also depends
on the way customer thinks and their taste
for the products and services.

Stage 2: Unique Products and Services

The 2nd Stage explains that the
entrepreneur has to have the uniqueness
and add value to the products and
services for impressing the customers to
buy his products. The products should
have the right quality and reliable features
to satisfy any customer.
Stage 3: Growth and Development:
This stage explains that whether the idea
from the entrepreneur can grow and
develop in large scales as well. The
entrepreneur should be able to increase
the value and add features to the product
eventually.

Stage 4: Sustainability:
The 4th stage defines that whether the
growth of the entrepreneur’s products are
sustainable or is it only for a very short
period of time.

Stage 5: Profitability:
The final stage explains whether the
benefits help the taste and wants of the
customers and does it provide profit to the
entrepreneur as the customer base
increases.
 5) Critique of common
misconceptions around the
above issues:
Bascically most of the entrepreneurs are
not persistent and they give up during the
peak time in business when it matters.
Sometimes even when they follow the
steps to get new business ideas, they fail
in following it regularly. Success does not
come to everyone and it can only be
achieved when somebody works hard for
it. Even the location of the business may
criticize the interests of many
entrepreneurs in many ways. The
disadvantages of entrepreneurship are
even more than advantages because
everyone might not be successful. The
main misconceptions financial risk where
the resources needed to start and grow a
business is very difficult in this modern
world. When the entrepreneur has stress,
he/she tends to give up easily on a
business, which they dreamed about.
There is also time commitment, which the
entrepreneur fails to give when it is
needed.

6) Summary and recommendations:

The main aim of this project is to understand

the basic introduction of Entrepreneurship and
the small businesses. It gives the idea to start
new businesses by different methods and
helps us in understanding the modern world of
business and small businesses. It helps the
entrepreneurs to convert their dreams to
reality by following certain steps.
Entrepreneurship can help many people get
introduced to the modern world of business
and help them realize the advantages and
disadvantages of certain products and
services. It also helps in bringing down the
poverty in some countries by introducing
charity works by the entrepreneurs. One of the
most successful entrepreneur is Steve Jobs
who has taken the world into new scene by
introducing apple IPhones that has the most
demand in the phone market presently.
Entrepreneurs also create employment for
most of the people in the country and can help
improving the economy of the country in many
ways. Entrepreneurship also helps in
identifying new products, which have new
features that the world can get used to and
help many people excel with profits.

8. List of References:
I. Wikipedia (1992) Intrapreneurship [online]
available from
<http://en.wikipedia.org/wiki/Intrapreneurs
hip#Definition> [‘n. d.’]
II. John (2010) Persuasion [online] available
from
<http://en.wikipedia.org/wiki/Persuasion#ci
te_note-1> [‘n. d.’]