2 essay questions for final exam of Entrepreneurship Example

  • Category:
    Business
  • Document type:
    Math Problem
  • Level:
    Masters
  • Page:
    1
  • Words:
    560

Responsibility of social entrepreneur and how can he improve the corporate
in relation to the growth of the
business

The concept of social entrepreneurship is growing at an alarming rate than earlier projected, according to research findings. Evidently, social enterprises are making the lives of hundreds of people around the world easier and play a critical role in stimulating economic growth and improving the financial welfare of people throughout the globe. While social enterprises have contributed immensely to output and employment creation in both developing and the developed countries, there are various challenges that they face. The social entrepreneur who is the main stakeholder has an active role to play to enhance sustenance of an enterprise.

Today’s dynamic markets and innovations have forced social entrepreneurs to maintain and improve their enterprises’ competitive position in the market. The social entrepreneur should cultivate distinct competence in order to defend the business against competitive forces. Entrepreneurs should benchmark against the competitors in order to ensure that the firm is in a position to perform well than the competitors.

Social entrepreneurs should also modify the status Quo. With this regard, they should embrace innovation. Innovation has become an important and competitive resource for business organizations. Research shows that great organizations have overwhelmingly institutionalized the culture of innovation. Failing companies, on the other hand, take a lazy, disinterested approach to innovation. These companies do not feel bothered by the high priority their more successful competitors give to innovation programs. Thus, social entrepreneurs should take a serious look at the innovation imperative, namely: adapt or perish. They should thus introduce products that appeal to the market while at the same time finding new opportunities to grow its business (Lyon 131).

Technology

According to Lyons (2) innovation has provided social entrepreneurs the capability to create economical, efficient, wealth producing products. Innovation is the model which assures enterprises of the chance to have and to hold their respective competitive positions in the market place. In its basic form, innovation is about an enterprise continuously creating new products and services. The products may arise from a combination of currently existing ones or the creation of previously unavailable ones. Enterprises may also take advantage of technological opportunities to bring about a convergence of their existing services to deliver new products.

In the race for entrepreneurs to cut a niche in the market, internet media have taken a lead in promoting products. Entrepreneurs prefer advertising their products through internet media because it captures the attention of visitors as compared with other options like print and electronic media.

Social entrepreneurs are using social media, that is, advertising through Facebook and Twitter to supplement the primary media. Ideally, having the enterprise as a trend in twitter would attract many visits into the enterprise’ website, which, in turn, would enhance the visibility by potential clients (Lyons 162).

Intellectual property rights applicable to start up businesses include patents and trademark. Intellectual property rights serve to give exclusive rights of the new invention to the owner. However, any infringement of such rights can be challenged in a court of law. Therefore, an entrepreneur must ensure that his new technology is not documented elsewhere or used by any other person or business for it could amount to copying other people’s knowledge.

Work Cited

Lyons, Thomas, social Entrepreneurship: How Businesses Can Transform Society, Volume 1. California: ABC-CLIO, 2013.