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"Opportunities are at the heart of entrepreneurship. Critically discuss this statement and explain how entrepreneurial opportunities are identified"
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Entrepreneurial ventures provide more jobs than large firms. In the 70s and 60s, small enterprises had a net gain, despite severe recessions, in job creation. In the US, small firms account for two thirds of jobs created in the private sector (Sahlman, 2009 p26). Interestingly, over the same period, an approximated 500 companies lost five million jobs. Small and medium enterprises provide the local population with employment. This helps promote the development of such areas as inner cities. Sponsorship of local events also helps discover new talent which when developed proves beneficial to the local economy.
Entrepreneurial opportunities can be defined as situations whereby new organizational methods, markets, raw materials, services, and goods can be introduced to existent ways of business operations. The introduction is via formation of new ends, means or means-ends relationships. The situations do not require a change in economic exchange terms in order to become entrepreneurial opportunities. Rather, all they need is potential to change the economic exchange terms. Entrepreneurial decisions, unlike satisfying or optimizing decisions, are creative decisions. This means that the entrepreneur creates the ends, means, or both in the chain. The creation of these frameworks of new means-ends in entrepreneurial making of decisions marks a crucial difference in optimization of previously established frameworks. They cannot be optimized for exploitation since they are unknown. Entrepreneurial decisions involve identification or creation of new ends or means previously undetected by participants in the market (Audretsch, 2010 p67).
This paper aims to explain the role of opportunities in the process of entrepreneurship. It also seeks to examine entrepreneurship through a framework focused on the existence and characteristics of entrepreneurial opportunities. Finally, the paper seeks to discuss
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The research aims to understand all the elements that are included in a business plan, before one decides to begin with its creation, such as idea generation, strategic objectives, market analysis and research, competition, cash flow statement (pro forma cash flow statement), profit and loss forecast, balance sheet projections, competitive strategy, scenario analysis
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For example, there has been a dramatic gender shift of people who are working in the UK. While in 1911 nearly 90% of men and 30% women over 15 were gainfully active, it is anticipated that by 2011, women will make up 49% of the labour force.
Places the responsibility on service providers to promote good gender equality policies and processes as opposed to leaving the responsibility to individuals to challenge discriminatory practice - practices that, wittingly or unwittingly, have continued 30 years after the introduction of the sex equality legalisation.
All four of the venture capitalists review the market opportunity and growth. The most significant prerequisite is a prominent market possibility and the market has size and growth. Each venture capitalist has target revenue goals and they examine the people of the company
Planning entails formulation of a structure that is not rigid or inflexible but, that is easily understandable by everyone. Directing entails offering consistent quality products and service, reliable pricing, treating employees fairly and consistent delivery patterns.
The entrepreneurial organizations have to decide for themselves whether or not innovation is significant towards their domains, and once established, they must dedicate their own selves whole-heartedly towards this undertaking.
The first reason why entrepreneurial
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