Free

Entrepreneurship - Essay Example

Comments (0) Cite this document
Summary
In the paper “Entrepreneurship” the author analyzes weaknesses of entrepreneurial thinking. He states that customers do not usually care about the solution as much as they do about the problem. The entrepreneur needs to know to what extent they wish to grow and whether it will be necessary to expand…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96% of users find it useful
Entrepreneurship
Read TextPreview

Extract of sample "Entrepreneurship"

Entrepreneurship Many entrepreneurs tend to develop a liking for the products that they wish to offer to the market, and hence they focus more on the product they are developing than the needs of their potential customers. A lot of the time entrepreneurs feel that they need to develop a unique product, then, prepare a good business plan and pitch it to the investors who are to fund the business idea. In the end, entrepreneurs see the product as the foundation of the startup business and spend almost all their time coming up with the product. In addition, people tend to be passionate at what they are good at and so naturally entrepreneurs who most of the time develop a product in their area of expertise will develop an attachment to the product they develop. The entrepreneurs who most of the time are seeking for solutions to market problems may also spend a lot of time in coming up with the solution to what they feel is the problem (Maurya 7). The solution is always the product which in the end the entrepreneurs tend to treasure and love.
There exists a weakness in this line of entrepreneurial thinking. Dave McClure states that customers do not usually care about the solution as much as they do about the problem (Maurya 7). The video top ten business model pitfall by Ash Maurya seeks to draw the entrepreneurs’ focus from the product and its development to thinking of the whole venture as the product. To overcome the pitfalls Maurya proposes that the entrepreneurs must define what success will be and set the measure of success even before they start off. That way they can know whether they are achieving their objectives or not. The entrepreneur needs to know to what extent they wish to grow and whether it will be necessary to expand further or not. This will prevent overexpansion and operation of the business below its potential. The entrepreneur should hence define what success should look like and when they should have achieved the goal.
Another mistake identified in the video that entrepreneurs sometimes make is to try to create a product that will meet everyone’s need. In the end the product may not satisfy anyone. It is, therefore, necessary that the entrepreneur should focus on a specified target market and strive to satisfy their need. In doing so, one should identify the early adopters and seek to satisfy their needs before expanding to serve others with the product. However, the entrepreneur must not be too particular since at the start of the venture, the main idea is not about executing a specific plan but experimenting to come up with a plan that will work. He should therefore not focus too quickly on narrowing down to a specific product or service as he may lose out on a greater opportunity.
Beside this, the entrepreneur needs to focus on specifically defining the market’s problem rather than stating a general problem. Thereafter, the entrepreneur should develop the minimum features in the product that addresses these problems. This way the customers’ attention can be drawn to the product that is being offered to them. The entrepreneur must, therefore, concentrate on building a strong value proposition that will attract the intended users of the product. The value proposition tells the customers what benefits they will derive from using the product. The entrepreneur should then devise a proper channel through which he will reach the customers and invest in it. Without doing this, the business will fail.
In the conclusion, the entrepreneur must never fall in love with the product but should be focused on offering value to the customers. The product that they need to develop in the end is the product that offers value to the customers.
Work cited
Maurya, Ash. Running lean: iterate from plan A to a plan that works. " OReilly Media, Inc.", 2012. Print
Maurya, Ash. Top Ten Business Model Pitfalls. Retrieved from https://www.youtube.com/watch?v=5sn7pZXY5b4 Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Entrepreneurship Essay Example | Topics and Well Written Essays - 500 words - 10”, n.d.)
Entrepreneurship Essay Example | Topics and Well Written Essays - 500 words - 10. Retrieved from https://studentshare.org/business/1697470-entrepreneurship
(Entrepreneurship Essay Example | Topics and Well Written Essays - 500 Words - 10)
Entrepreneurship Essay Example | Topics and Well Written Essays - 500 Words - 10. https://studentshare.org/business/1697470-entrepreneurship.
“Entrepreneurship Essay Example | Topics and Well Written Essays - 500 Words - 10”, n.d. https://studentshare.org/business/1697470-entrepreneurship.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Entrepreneurship

Entrepreneurship

...? ENTREPRENEURSHIP …………………….. ………………………… …………… Table of Contents Table of Contents 2 Key factors related to Business Location 3 1- Technology: 3 2- Retail Compatibility 4 3- Competition and customer traffic 4 4- Retail saturation index 5 5- Reilly’s Law of Retail Gravitation: 5 Major recommendations for effective Business Plan 6 SWOT analysis of Fashionable Household Manufacturer and Retailer 9 Weaknesses: 11 Opportunities 11 Threats 12 Entrepreneurial Strategies 12 1- Product Innovation 13 2- Process Innovation 13 3- Business Concept Innovation: 14 References 16 Books: 16 Journals: 17 Key factors related to Business Location Successful entrepreneurs seek better business opportunities, take risks beyond security...
12 Pages(3000 words)Assignment

Entrepreneurship

...to become an entrepreneur when they have sufficient capital in hand, the required resources and expertise available to them, as well as when they are ready to take risks because entrepreneurship can lead to both profits and losses depending upon the strategies adopted by the entrepreneur. Step 2: Developing successful business ideas Developing successful business ideas is the second step of the entrepreneurial process. There are numerous business ideas in the contemporary dynamic and technology driven market. In addition to the traditional variety of ideas that was always available to the entrepreneurs, entrepreneurs today can also choose between brick and mortar business and online business. It is advisable for the...
5 Pages(1250 words)Essay

Entrepreneurship

...? Entrepreneurship How to Conceive and Achieve Your Entrepreneurial Venture Teacher Introduction It takes a special type of person to become an entrepreneur. I know there will be a lot of hard work to make the venture successful and it won’t happen overnight. It almost never does. People get into business for a number of reasons. Among the most prominent reasons is that a potential entrepreneur is sick and tired of working for someone else and wants to now go out on his own and make his own way (Kuratko & Hodgetts 1998). Another reason is that someone gets fired or laid off from work and tries hard to get another job. After a year and a half of unemployment benefits now running out and no job in sight, a person has to resort... open to...
6 Pages(1500 words)Essay

Entrepreneurship

...? Entrepreneurship Due Introduction Entrepreneurship de s the professional application of skills, knowledge, and competencies or of monetizing an innovative idea, by an individual or a group of people by establishing an enterprise or differentiating from an existing one, in order to achieve growth, alongside creating wealth, employment and social benefit. Entrepreneurship is derived from the French ‘entrepreneur’ that factually means, ‘to undertake’. Entrepreneurs are characterized as risk takers, ready to roll the dice using their finances or reputation in support of a new idea or enterprise. They naturally assume responsibility for the venture’s success or failure and are accountable for all its aspects (Gedeon, 2010). According... ...
6 Pages(1500 words)Essay

Entrepreneurship

...? Entrepreneurship inserts his/her s Department’s Entrepreneurship has traditionally been perceived as an isolated process whereby the individual organizes resources and uses them for developing the new venture. However, various theories have highlighted the role of knowing individuals and argue that entrepreneurship revolves around whom you know. These theorists argue that social networks provide privileged access to entrepreneurs to their required resources which helps them progress in the business. On the other hand, there are factors other than knowing others which contribute to successful entrepreneurship. The paper develops a critical view towards the notion of social networking and contact-building and its relationship... with...
9 Pages(2250 words)Essay

Entrepreneurship

...Entrepreneurs: Creative Insubordinates The dilemma in the corporate world emerges when managers and entrepreneurs co-exist within a single workplaceenvironment. As explained in Kets de Vries (1985) article, an entrepreneur has personal and social issues in terms of dealing with the realities of corporate control and management whereas managers are people who are willing to subordinate themselves from a superior entity for the welfare of the company. If I were to choose, whether to become a corporate person who manages the 100-year-old IBM or to become an entrepreneur who creates a service line which is modeled after Google, I will pursue the latter goal. Apparently, there are major pitfalls of entrepreneurship because...
2 Pages(500 words)Essay

Entrepreneurship

...Entrepreneurial Plan Executive summary. This is a study on setting up a new business, its procedures and plan. The business is a new concept to be introduced in the locality coming from a foreign idea linked to healthy lifestyles. The study will focus on the procedures, advantages and opportunities of a sole ownership trader kind of business .(Business Link) Decision of becoming an entrepreneur is made by choice because of lifestyle of owner who sees the opportunity of income for introducing a new concept of business and to practice the technology and skills she learned on Turkish bath and sauna. 1. Objectives of business. To exploit the opportunity of developing the growing market for health conscious people To introduce a new...
3 Pages(750 words)Assignment

Entrepreneurship

...to the business or entrepreneurial start up. The aim of this paper is to explore the role that is played by innovation in entrepreneurial startups and in the growth of businesses. This is done through a reviewed of existing literature in peer reviewed journals. Selection the Journals to be Used In order to unravel and explore the role of innovation in entrepreneurial startups and in the growth of businesses, this paper relies on secondary data that exist in journals. To explore and understand how innovation impacts on entrepreneurial startups and the role that it plays in the growth of existing businesses, the paper will use peer reviewed journals. The journals that will be used in this paper are those that deal with innovation,...
10 Pages(2500 words)Essay

Entrepreneurship

...Entrepreneurship Table of Contents Introduction 3 Characteristics/ Traits of Entrepreneurship 3 Themes of Entrepreneurship 9 Types of Entrepreneurship 14 Comparison of Characteristics/Traits and Themes of Entrepreneurship 18 Conclusion 23 References 24 Introduction Entrepreneurship is the process of exploring opportunities in market place and arranging resources required to achieve prospects for long-term gain. Contextually, entrepreneurship is a dynamic process of creating incremental wealth. An entrepreneur is an owner or manager of a business enterprise who makes money through initiative and risk taking behavior. In general, “entrepreneur” is a term applied to a person who is willing to launch a new enterprise and take full... ...
16 Pages(4000 words)Essay

Entrepreneurship

...Entrepreneurship Table of Contents Table of Contents 2 Introduction 3 Personal communication networks of ‘The Gathering Goddess’ 3 Conclusion 10 Reference list 11 Introduction Personal communication networks refer to communicational channels of interaction between the entrepreneur and individual customers. This type of network helps organizations in maintaining proper utilization of resources and increase customers attraction towards the heritage clothing range. Personal networks help organizations to maintain line up process among the customers. According to Brammer (2011), customers can be able to provide the feedback about the service and products. Effective communication helps in maintaining exchange of information...
8 Pages(2000 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Entrepreneurship for FREE!

Contact Us