Entrepreneurship
equired:
� Discuss briefly the terms entrepreneur and entrepreneurship.
� Select an �entrepreneur� and illustrate with examples to what extent Timmons core and desirable
attributes are applicable to them. You may tabulate your findings.
� Critically evaluate whether these attributes alone fully explain the successful launch and growth of your
entrepreneurs venture. What other factors are critical?
� Based on your response and understanding of entrepreneurship following on from the module, what do
you conclude about successfully launching and growing a new venture?
� How has this learning impacted you personally in terms of being an entrepreneur or more
entrepreneurial?
You are reminded to make use of examples from your analysis and draw upon wider reading of the
entrepreneurial literature, in your response
Date
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Introduction
Many people have failed in their businesses due to lack of essential skills concerning
entrepreneurship. When one has basic knowledge on entrepreneurship such as the role of
entrepreneur, the possible challenges as well as how to tackle them, it leads to success in delving
in a given business venture. This paper analyses different aspects of entrepreneurship such as the
role of entrepreneur, and how to venture into business in a successful way. There is analysis of
the Timmons core and desirable attributes and their applicability in entrepreneurship based on a
case study. There is also analysis of how one can maneuver in a new business venture based on a
business model. Aspects such as the feasibility of the business venture have been analyzed.
Entrepreneur and entrepreneurship
According to Millán, Congregado, Román et al (2014) an entrepreneur is a person who
develops a business idea, acquires the necessary resources and runs such a business. Such a
person is usually responsible for the success or failure of the business. For an entrepreneur to be
successful in a given business venture, they must be able to articulate some viable attributes in
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relation to the entrepreneurial ecosystem. This idea emanates from the consideration that; a
business does not exist in a vacuum. The entrepreneurial environment plays a great role in
influencing success or failure of a given business venture. The entrepreneur must therefore not
take for granted the prevailing environment, but must put it into consideration as they move
along with management of the business.
Entrepreneurship entails the process of starting a given business venture. Millán,
Congregado, Román et al (2014) clarify that; before the start of such a venture, the entrepreneur
must have conceived an idea of the idea. Entrepreneurship also involves assembling the required
resources. These do not just include monetary resources but may have also to involve personnel.
Entrepreneurship also entails managing the given business venture to ensure its success. This
idea is based on the consideration that; no entrepreneur starts a business venture with the aim of
seeing it fail. But still, for such a business idea to succeed, the entrepreneur must put in the
necessary efforts and skills.
Case study
A case study of a well known entrepreneur has led to understanding of applicability of
Timmons core and desirable values. The entrepreneur in question is here is Steve Jobs, the
founder of Apple. This entrepreneur came to be known in the whole world following his
entrepreneurial skills which led to development and maintenance of a global business that
withstood the test of hard economic times as well as other business hardships. The skills
exercised by this globally known entrepreneur cannot be said to have emanated from business
schooling, rather they are associated with his innate traits that perfectly orient to business, as
well as his past experience in undertakings that were related to the ventures he came to take.
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Through his savings coupled with contribution from his partner, the Apple Company was
started. The vision of this entrepreneur was oriented to seeing that the products would change the
way people communicate in the whole world. It is such kind of vision that saw the success of this
company, and which many entrepreneurs today ought to emulate regardless of the orientation of
their businesses.. Timmons core and desirable attributes of an entrepreneur are applicable to this
entrepreneur as shown in this table.
leadership Entrepreneurial trait of leadership has been
manifested in this entrepreneur in the way he
made leadership in the company. As it is
understood, it is not always that leadership is
demonstrated in words. Steve Jobs
entrepreneurial trait of leadership could be
analyzed in terms of the way he set good
example as a leader to the employees in his
business especially in articulating the quality
of hard work.
Commitment and determination The trait of commitment and determination is
manifested in the undertakings of Steve Jobs in
the way the way he managed to keep his
business afloat despite many challenges that
are inescapable in every given business. It is
this commitment and determination that saw
him come up with gadgets that were not
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envisioned by any one before and keep
measure in place to ensure that they reach the
targeted destinations. This determination also
enabled him to come up with varieties of the
gadgets in a bid to match different needs of
different people.
Opportunity obsession Opportunity obsession in Steve Jobs is
manifested in his seizing of the opportunity
that he saw in the need for communication
especially in the modern world. It is realization
of this opportunity that saw Steve Jobs put
efforts in ensuring that he comes up with
devices that are capable of solving the rising
needs of communication
Tolerance of risk, ambiguity and uncertainty This is manifested in the investment in
electronic devices especially in the initial
stages whereby; there was no certainty of the
outcome.
Creativity, self-reliance and ability to adapt It is creativity that saw Steve Jobs envision his
devices being used allover he world. .
Motivation to excel Motivation to excel saw Steve Jobs put efforts
in coming up with devices that match the need
of communication in the modern world. This is
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more so especially in coming up with highly
portable devices.
This entrepreneur demonstrates desirable traits necessary in success of entrepreneurship.
For instance, the trait of intelligence is highly demonstrated. Ankeny (2014) proposes that;
intelligence is a very much viable trait when it comes to entrepreneurship. It is this intelligence
that saw continued existence of this business venture and in a highly successful way despite the
many other businesses of this caliber. The trait of creativity is demonstrated in this entrepreneur
in the sense that there were efforts to come up with a device that matches a given need for
particular groups of people.
These factors are not exhaustive when it comes to entrepreneurship. This idea emanates
from the realization that; depending on the nature of business, there is always need to embrace
different attributes to ensure success. For instance, creativity must take different angles when it
comes to different business venture. Millán, Congregado, Román et al (2014) maintain that; there
must also be deliberate seeking of more knowledge concerning business. In the case of this
entrepreneur, there should be more efforts of ensuring additional knowledge. This idea is based
on the consideration that; the business world keeps changing and therefore entrepreneurs must
always be in the front line when it comes to additional studies concerning business.
Many people may be tempted to think that nothing more would have been needed in
Steve Jobs, but no one knows how more education would have impacted him in terms of
improving his entrepreneurship. It is therefore, crucial that; entrepreneurs attend conferences or
even join classes of business studies that will ensure expansion of their business knowledge.
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Such entrepreneurs should ensure the same for the workers so that they reap the benefit of having
highly knowledgeable workers.
Successfully launching and growing a new venture
Many people, including entrepreneurs take for granted the process of launching and
growing new venture. As Ankeny (2014) found out; in order for one to be successful in
launching and maintain a new venture, they must be articulate in coming up with the business
idea. The idea should be based on reality in the ground and not on fantasies. When one has
ensured that the idea is viable through a feasibility test or survey, it is crucial that they come up
with the strategies of ensuring its launching. For instance, select a strategic positioning f the
business. The entrepreneur must ensure that they acquire and maintain human personnel. Many
people are tempted to think that as long as one has monetary resources, it is enough for a
successful launch of a business. One must have the right human personnel to ensure success.
Such human personnel must be well selected in terms of their education level, ability and
willingness to serve the purpose.
When an entrepreneur gets the right personnel as required, they ought to ensure that they
employ strategies of maintain them. For instance, reasonable remuneration goes a long way in
ensuring that the entrepreneur does not lose the good workers. Incentives for motivating the
workers also ensure that they employ good performance. To ensure successful launching and
growing of a new venture, the entrepreneur must ensure an availability of required materials. For
instance, if the business requires transportation, there must be an availability of transportation
facilities. There must be an accumulation of adequate capital to ensure that the business kicks up
in good momentum.
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It is crucial that entrepreneur ensures utilization of the unique advantage of the business.
This idea is pegged on the consideration that; when one is coming up with a business idea, they
must ensure that there is an element of uniqueness in the venture. This aspect is what the
entrepreneur must then seek to utilize in order to maximize on profitability. For instance, if the
business attracts more sales in a given period of time, such time must be made use of in the
highest way possible.
The entrepreneur must ensure good organization and coordination. This idea is pegged on
the trait of an entrepreneur hat touches on leadership. The entrepreneur is a leader who must lead
by example. A good organization and coordination of a business ensures a success of the
venture. In order to ensure success, the entrepreneur must ensure that the business keeps
congruency to the culture of the society. This ensures that the business gets maximum customers
which translate to success.
The learning in this course is very much influential because it gives one insights in to the
way to become a successful entrepreneur. Articulation of elements of this success such as the
core and necessary traits of an entrepreneur as well as the strategies f ensuring success in
venturing into a new business, lead to better knowledge and enthusiasm in the entrepreneurial
world.
Business planning
The conceived business idea involves provision of computer training services. This idea
is based on the realization that; there is increased demand for computer knowledge in the modern
world. It is realized that, many people have deficits in one area of computer operation or the
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other. Other people do not have the idea of operating such useful devices. Pisano (2015) suggests
that; in coming up with business ideas, one must consider the available opportunities
The conceived business idea would therefore involve customizing the service to the needs
of the individual client. For instance, those that have an idea in one area and not the other would
be taken through the course on the part that they lack knowledge. There would also be flexibility
in offering the services to match the different timings of clients. For instance, the people who
cannot be able to come for the services in daytime due to work or other commitments would be
attended at their convenient time. This aspect is in the realization of many commitments ailing
people that make them not to be able to get time for some increased knowledge in the usual
hours. In consideration of such commitments, there would be more flexibility in the services
such that, there would be offering of coaching at one’s required place at extra charges. This
would allow people to receive coaching in the comfort of their homes or at relaxation places.
Such flexible offer of services would on the other hand provide extra income due to the extra
cost associated with them. However, it is realized that; this kind of business requires heavy
investment especially with the flexible services. For instance, there would be need for extra
workers to cater for the offering of services outside the business premises. Laptops would be
required for the venture as well as an office location for contact.
Market research for this business venture would delve in the availability of customers for
such services and if they are willing to pay enough for the services such that the business is
viably sustained. Pisano (2015) maintains that; such market survey would also entail the cost of
needed implements. These would include computers and software. There would also be
exploration of the success rates of similar or oriented kind of businesses so as to ascertain the
areas that need innovation for more success.
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Financial projections
Financial projections in this business model touch on the cash received from the services
offered and the costs incurred in buying the implements as well as offering the services. There is
a complication in accounting for this kind of business venture due to the realization that there is a
huge sum required in the initial investment stage. But the good thing is that the implements
bought would serve for a long time while generating profits. There would therefore not be an
accumulation of profits in the initial stages; rather, there will be a lapse of time before real profit
is generated. It is therefore conclusive that; this kind of business venture requires huge
investment as well as patience in waiting for the reach o f profitability stage.
Analysis of the expected cash flow and the expected costs would suggest that within the
first one year there would be break even. This is whereby; the business would have been able to
pay up all the required cost. There would be cash in but no profit would have been made. This is
mainly due to the initial cost of buying electronic implements for the venture. At such point,
there would be no profit neither would there be loss. This is as seen in appendix 1
One year cash flow
This is estimated to be as shown in appendix 2
Analysis of the business model
The business model adopted is as seen in appendix 3. The strengths of this business
concept touch on its orientation towards realistic needs in today’s world. The world today is
revolving around technology and therefore, it is crucial that everyone gets knowledge concerning
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computer application which enables one to interact with the world as well as carry out much
functionality which is useful in business and in day to day life. Therefore, basing a business
venture on such need makes it very strong and able to fetch a high market hence its success.
Strength in this business model touches on the flexibility of services. The services are to be
flexible such that it is possible to accommodate as many customers as possible. Haslam,
Tsitsianis, Andersson (2015) assert that; when a service orients to the needs of the customers, it
is highly viable and the chances of its success are usually very high. In this model, there is
consideration of competencies. In regard to this, the entrepreneur involved, has knowledge
concerning the service being offered. There must also be consideration of competency of the
employees to be utilized, not only in offering the service required in the business but also in
having business knowledge such that they are able to generate income.
In view of this business model, there must be good management f the business. This
touches on management of the utilities as well as the personnel involved in the business. Haslam,
Tsitsianis, Andersson (2015) note that; in management, one ought to implement the core trait of
leadership in successful business management. The product involved is the services being
offered. Revenue is expected to be collected from the offering of such services in a flexible
manner. In view of this model, there ought to be a wide distribution of the services, but in a
controlled manner such that the extended distribution brings in more profits.
However, there is weakness in terms of the initial cost required. The initial cost is high
due to the need to buy electronic devices and also payment of initial cost of rent. There is also
weakness in terms of the fragility of devices to be used. For instance, it is easy to incur losses
from computer breakage or theft. However, this business concept is feasible because; the
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expected profit far much surpasses the costs involved. In consideration of the long term profit, it
would be viable to pursue this venture.
Appendices
Appendix1
Appendix 2
Cash at start 5000
Cash in
Sales in cash——3000
Sales in credit —–500
Cash going out
Inventory ——4500
Rent —200
Wages —2000
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Insurance—100
Ads ——-100
appendix 3
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References
ANKENY, J 2014, ‘YOU WIN SOME, YOU LOSE SOME’, Entrepreneur, 42, 3, pp. 64-70,
Business Source Complete, EBSCOhost, viewed 7 July 2015.
Haslam, C., Tsitsianis, N., Andersson, T., & Gleadle, P. (2015). Accounting for Business
Models: Increasing the Visibility of Stakeholders. Journal Of Business Models, 3(1), 62-
80.
Millán, J, Congregado, E, Román, C, van Praag, M, & van Stel, A 2014, ‘The value of an
educated population for an individual’s entrepreneurship success’, Journal Of Business
Venturing, 29, 5, pp. 612-632, Business Source Complete, EBSCOhost, viewed 7 July
2015.
PISANO, GP 2015, ‘YOU NEED AN INNOVATION STRATEGY’, Harvard Business Review,
93, 6, pp. 44-54, Business Source Complete, EBSCOhost, viewed 7 July 2015.
