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The entrepreneurial process

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Elizabeth t.
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  1. Introduction
  2. Entrepreneurial success
  3. The theory of the entrepreneurship
  4. Innovation
  5. Typical risks
  6. Niche marketing
  7. Business opportunities
  8. Conclusion

Entrepreneurial success is often associated with being capable of spotting opportunities and being a risk taker. An entrepreneurial opportunity can be seen as a situation in which a person can create a new means to an end framework for recombining resources that the entrepreneur believes will yield a profit. On the other hand, to find success in an opportunity comes from more than just understanding of your target market. Successful opportunities are also related to having the ability to have a wider foresight of potential industry transformations Stokes & Wilson (2006).

Stokes & Wilson p.16 (2006) explained that the typical entrepreneur possesses certain characteristics known as the ?Big Five' personality dimensions. These include the following traits; ?need for autonomy, need for achievement, and locus of control, self-efficacy and being a risk taker with determination'. In contrast it could be argued that successful entrepreneurs need not have all of these traits to be successful. Moreover too much of one characteristic may be detrimental to the long term progress of a small-medium sized business.

[...] Opportunists can now exploit the fact that customers cannot afford to buy these machines nor devote the time needed to clean their clothes and therefore are willing to pay for services provided. Entrepreneurs should view potential industry transformations of new technology and incorporate it into their business Stokes & Wilson (2006). Typical risks occur when appliances begin to breakdown. This could be costly in terms of replacement however it could be argued insurance policies eliminate such dangers. Niche marketing is a specified small market segment entrepreneurs focus on. [...]


[...] This has caused insufficient demand for certain online businesses. Through this SME's will have to become diverse by selling exceptional and unique merchandise (e.g. antiques) in order to achieve higher CVP and competitive advantage needed to survive in the online industry Kuratko & Hodgetts p.243 (2000). Competitive advantage and customer value proposition are only sustainable if competitors experience difficulty in emulating business ideas and strategies. The term is also known as barriers to entry. Although, could be argued that the strength of barriers to entry depend on the degree of rivalry that exist within the market. [...]


[...] Schumpeter predicted that such new technology would and the evolution of such dotcom entrepreneurs could be seen to be innovative, a way to sought after lower costs of trading and to reach global markets?. Deakins & Freel (2009) This is a good opportunity because there is a lower start-up cost and there are not too many risks involved. Moreover the entrepreneur can attract wider markets. However one could argue, by solely relying on technology an entrepreneur can lose out on sales if there are any technical failures for instance problems with Wi-Fi connection etc. However low barriers to entry may exist because the online market has become over saturated. [...]


[...] The entrepreneurial process Entrepreneurial success is often associated with being capable of spotting opportunities and being a risk taker. An entrepreneurial opportunity can be seen as a situation in which a person can create a new means to an end framework for recombining resources that the entrepreneur believes will yield a profit. On the other hand, to find success in an opportunity comes from more than just understanding of your target market. Successful opportunities are also related to having the ability to have a wider foresight of potential industry transformations Stokes & Wilson (2006). [...]

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