Nature of Entrepreneurship Course - Coursework Example

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The author states that the nature of entrepreneurship has some connections with other terms such as monopoly, market, entrepreneurial learning, opportunity, and creativity. The author discusses the nature of entrepreneurship course in relation to the mentioned terms that are connected to it. …
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Nature of Entrepreneurship Course
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Download file to see previous pages Everyone can become an entrepreneur as it is the easiest thing to do. Easy in the sense that, one doesn’t have to go to school or use a lot of many to become an entrepreneur. As Seth Godin says, one has to study for very many years to become a neurosurgeon (Seth, 2012). However, you don’t have to do much for you to become an entrepreneur. This qualifies the fact that entrepreneurs are born. It is also interesting to know that not everyone can become an entrepreneur, even though anyone is able to become one. 
Monopoly is a very important tool for entrepreneurs. For one to become a successful entrepreneur, as Seth Godin says, they must have the power of monopoly on various aspects. Monopoly sets in on the issue of space, product, customers and even idea. When an individual can command the market of a particular location, it means they have a monopoly of supply in that location. This is one of the things that keeps them in business and make them successful as entrepreneurs. Monopoly can also exist in the idea that an entrepreneur has. For instance, Apple is able to do what it does because it has a monopoly of an idea of meeting the demands of its customers. It provides products that solve the customer’s problems, hence, making their products most likable in the market against their competitors (Nabi & Holden, 2008). Therefore, the idea of monopoly in entrepreneurship refers to having control over the unique ways of doing business that makes you what you are in what you do. Entrepreneurship is basically built by the creation of a monopoly that becomes like a brand name in the business.
People can have great ideas that lead them to become great entrepreneurs. However, entrepreneurs must be keen on choosing potential markets for their products. There’s no point or sense in it, for an entrepreneur to become one without minding about the market they will target with their products. It is therefore important for entrepreneurs to determine potential markets for their products. Several market characteristics are used to determine its potentiality for the particular product that needs to be launched.  ...Download file to see next pagesRead More
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