Table of Contents
22.0 The who Question (Description of an Entrepreneur)
22.1 Types of Entrepreneurs
32.2 Characteristics of an Entrepreneur
43.0 The what Questions (Rationale for Entrepreneurship Culture Development)
43.1 Increased Market Sustainability
53.2 Satisfaction of Customer Satisfaction Needs
54.0 The How Question (Methods and Process of developing Entrepreneurs)
54.1 Entrepreneurs Training
64.2 Creating Access to Resources
75.0 The Why and Where Questions (The Sources of Entrepreneurship Development Resources
This analysis is based on the understanding that global organisations and market is increasingly focusing and appreciating the role played by entrepreneurs both in economic development s and in organisational competitiveness enhancement. As such, this plan offers a strategic plan and guidance on the need to develop entrepreneurs as well as the process of developing them and key support sources respectively. In this regard, the guidance plan seeks to answer five pertinent questions in entrepreneurship development, which are what entrepreneurship entails, who is an entrepreneur, why imperative and key sources of information and resources to develop entrepreneurs is.
2.0 The who Question (Description of an Entrepreneur)
The first evaluation aspect in developing entrepreneurs is an understanding of the fundamental aspects and qualities that define an entrepreneur. In this case, this section highlights on the various fundamental characteristics of an entrepreneurs as well as the key types of entrepreneurs in the market.
2.1 Types of Entrepreneurs
There are different forms and types of entrepreneurs in the global market. In this case, the classification of the entrepreneurs is based on their areas of specialisation. In this case, this guidance established that among the many types of entrepreneurs include:
The intrapreneur-Although relatively different from the rest of the intrepreneur, the intrapreneur works within an organisational framework. As such, other than the other entrepreneurs who work on their own business this form of an entrepreneur is an employee in an organisation. In most cases they serve as managers in such organisations.
The Innovative Entrepreneur- This is the type of entrepreneurs who survive through creativity and market research. In this regard, their innovation are hedged on the evaluation of existing market gaps and a failure of the existing product and services to need the expected and changing customer needs (Drucker 42). This category of entrepreneurs is highly motivated by experiments and market tests as a drive to ensure that their innovations and proposed development are a viable market development, sustainable in the long run period.
Copy Cat Entrepreneurs— As the name suggests this is a category of entrepreneurs who are in the habit of emulating other successful business ventures. This category of entrepreneurs is very innovative in the process of emulating and improving on existing successful ventures. As such, unlike the innovative entrepreneurs who evaluate short falls in the market, the copy cats look for successful business models and ventures. Consequently, they explore and evaluate on alternative approaches’ through which they can improve and market their products and services in the market.
2.2 Characteristics of an Entrepreneur
Passion- One of the fundamental characteristic of an entrepreneur is the possession of a strong passion to accomplish. In this case it is the passion that offers the entrepreneurs the desired drives in the market in order to increase their productivity. Moreover, it is the possession of a strong passion for their endeavours that serves as key internal driving factors to accomplish the desired goals in the long run period.
Risk Takers- The second key characteristic for entrepreneurs is that they should be risk takers. The process of entrepreneurship includes achieving and striving to achieve what is beyond the books. Thus, this means that the entrepreneurs are not limited to the operations of the existing framework. For instance, in a majority of the organisational operations, the employees and other staffs are limited and guided by the role and need to abide by the existing risk management systems. Thus, the employees are limited to work and execute their functions within the set framework (Martin 83). However, this limitation and border line does not exist in entrepreneurship. In this case, the entrepreneurs are bound to take risks to innovate and develop new products. This includes committing huge amounts of personal time and resources into the development of new products that they intend to deliver into the market. This is a huge risk in the market as they are not guaranteed of success upon the product’s introduction in the market.
Perseverance- The third key strategic characteristics for an entrepreneur are a high level of perseverance. In this context, the entrepreneurs need to invest much time and energy in developing new products’. In most cases, the products first trials fail and there is need for improvements’ prior to making them viable and applicable in the market. In this case, there is the high risk of the entrepreneurs losing hope. Thus, one must have perseverance skills to enable them push through failures and attain success in the long run period.
3.0 The what Questions (Rationale for Entrepreneurship Culture Development)
The second segment if this guide development explores on the rationale and need for the development and enhancement of entrepreneurs growth and rise in the market. In this case, the section evaluates on the potential merits that organisation and the economy can gain as a result of encouraging entrepreneurial development.
3.1 Increased Market Sustainability
One of the key gains of the development of an entrepreneurship culture in organisations is increased market competitiveness and market operations sustainability. This can be explained through a series of approaches. On one hand, this can be illustrated through the use of the product lifecycle model analysis. In this case, the model notes that the lifecycle of a product runs from the introduction through the growth and maturity stages to the decline stage in the market. At the maturity and decline stages, organisations loose out the potential for profitability rise and experience declining profitability’s respectively. Thus, there is the need to overcome this challenge in the market. The use of entrepreneurship ensures that the entrepreneurs and the respective organisations develop new products’ in the market to counteract and improve on the existing products. Consequently, this guidance establishes that entrepreneurial practices in organisations enable the elongation of a product lifecycle in the market. This enables the venture increase and earns more on already improved products in the long run period (Cohen and Winn 32).
The second evaluation process could be illustrated through an exploration of the changing market concepts in the global market. In this case, the organisations are facing a major challenge to cope and keep up with the changing customer needs and preferences in the market. This requires the regular development and improvement of the existing market products’. As such, the role of the entrepreneurs comes into play. This is especially the role of the intrapreneurs and the innovate entrepreneurs to develop new market products’ that enable the ventures meet the existing and forecasted customer preferences in the long run period. The third aspect through which entrepreneurship enables an organisation attain market effectives are through the use of copy cat entrepreneurs. This is especially viable in the face of a well performing competitor in the global market. In this context, the entrepreneurs are able to support the analysis of the competitor models and the identification of the successful models potential weaknesses and existing improvement opportunities. As such, the entrepreneurs’ work on these findings to creating a more competitive product, service or operational model for their own parent companies.
3.2 Satisfaction of Customer Satisfaction Needs
The second category on the rationale for the adoption of an entrepreneurship culture is the need to increase customer satisfaction and addressing of key social needs in the market. This includes the evaluation of the rationale beyond the economic lens, and instead uses the social implications lenses. In this context, in the analysis, one of the key functional elements of an entrepreneur is the development of solution oriented products’. This is especially with respect to the innovative ones who evaluate the existing market gap and customer dissatisfaction. Thus, through the support of entrepreneurs, the society is able to eliminate the high product and needs gap in the market through the creation and development of key products that are customer centres and oriented towards the development of products that are not only viable but also meet the customers’ needs in the market. This has the likelihood of improving the overall living standards in the society. The development of the products and the improvement of society living standards consequential impact of creating increased employment in the market. As a result, this enables the nation and global economies mitigate the rising challenge of unemployment among the youths.
4.0 The How Question (Methods and Process of developing Entrepreneurs)
The third aspect for the development of an entrepreneurship culture in this analysis is an evaluation of the process through which this process can be achieved. This section lists three main approaches of developing such as training, resources access, and organisational realignment approaches respectively.
4.1 Entrepreneurs Training
The first approach through which the culture of entrepreneurship in the market include the offering of training programs. In this regard, a training process recommendation is based on a number of justifications’ and influencing factors in the market. On one hand, the entrepreneurs are expected to operate in different markets with cross culture relation and diversity. Different cultures’ in the global market have unique approaches into handling issues and practices respectively. In this case, the need to learn n culture diversity is because entrepreneurs are expected to operate and work in teams. No single big project can be achieved and actualised if they work in isolation as single individuals. Thus, they are force d to share and wok with others in respective teams. Consequently, as Gelfand, Erez and Aycan (483) noted, one major challenge in teams is the elimination and handling of conflict in a cross cultural diversity situation. Thus, the need to ensure that the entrepreneurs have the right skills and expertise to handle such tam conflicts and diversity creates the rationale for cultural training. In the long run period, this has the impact of ensuring that such formulated ventures are free of rapid expansion barriers as the owners can effectively and with ease handle any emerging culture related challenges and issues.
The second key area that the entrepreneurs should be trained on is with respect to financial management skills, Finances are key scarce operational resources on the global market. Thus, there is need to ensure effective and prudent utilisation of the resources. In most of the new product development projects, the entrepreneurs are offered a limited level of resources to complete the projects. As such, in order to ensure that the resources are not a major limitation in the execution of their activities, relevant financial management skills are imperative.
The third key training skill required for entrepreneurs is the research skills. Although some could be talented and willing to develop innovate products, this should be guided by a proper market research process. Although many could perceive this as an easy evaluation task, it is true that a market research process involves more than just the actual data collection process. Some of the key skills required in a research study development process include hypothesis development and testing, determination of a research philosophy and approach, ethical issues guiding a research study, and data analysis skills, for both quantitative and qualitative research studies in the market.
4.2 Creating Access to Resources
The second approach through which to ensure the development of a proper entrepreneurial culture in the market is through the development of proper and clear rescue systems in the global market. This especially includes the financial resources that a majority of the entrepreneurs lack. In this case, an evaluation developed by Cull (11) illustrated that a majority of the global young entrepreneurs are unable to develop their skills and ventures due to the lack of sufficient resources funding. This is because, the financial lending institutions, especially in the developing nations are unwilling to loan out and lend to such young periods with no corresponding collateral as security in the market. Consequently, the young entrepreneurs face the challenge of acquiring the requisite finances in the market. The global youth face the challenge of acquiring relevant resources in the market. Thus, the global governments can overcome and mitigate these challenges in the market through the development of an approach and system through which the youth can acquire the required finances to support and develop their ventures. Through the development of this system, the global governments would creates an opportunity for acquiring resource and as such create the desired market environment.
5.0 The Why and Where Questions (The Sources of Entrepreneurship Development Resources
The last segment for this analysis includes the evaluation of the key sources of information for entrepreneurs in the market. In this case, the section explores the key sources of data through which key entrepreneurs relevant information can be obtained from Online Platforms. The first key data source is through the existing online platforms. In the current global society, organisations are able to explore and evaluate on the key entrepreneurial contexts. Although the online platforms were only available in the developed nations, this has changed in the emerging market context. In this regard, the global emerging markets in the developing nations continue to gain increased internet connectivity in the market. This means that more and more people continue to face and acquire an increased trend and rate of internet connectivity. The main global category that applies technology and relies on its development to acquire relevant information is the young in the market.
Coincidentally this is the group that has the largest category in the number of entrepreneurs in the market. Thus, through the use of online platforms interest groups and the governments can create increased awareness among the key target groups. Through the development of online platform and systems increase the possibility of disseminating a large information base across the market with reduced costs. The portability and affordability of key tools and apparatus such as tablets and smart phones will ensure that the youths are reached out to. In order to increase the efficiency through which governments can reach out to a larger customer base of potential and already existing entrepreneurs is through rolling out a complimentary approach for building capacity for internet access in the market. This can be applied through two key tools and approaches globally.
On one hand, it is imperative that global governments roll out training among the youth on internet and technology use respectively. This would ensure that youths have the right set of skills and understanding to access the set up online platforms. On the other hand, the government could roll out a system of distributing key technological tools such as tablets and smart phone to the youths through a coordinated approach that allows for the products’ cost reduction. The use of these approaches would ensure that a majority of the youths and potential entrepreneurs are accessed and reached out through the applied online platform in the global markets.
In summary, the guidance plan creates a rationale approach and the respective process through which an entrepreneurial development plan can be developed, In this case, the plan developed system and approach indicates that this is a viable approach that can be applied and rolled out in the market. Thus, this proposed plan should be rolled out and a new culture for entrepreneurial a development applied.
Cohen, Boyd, and Monika I. Winn. «Market imperfections, opportunity and sustainable entrepreneurship.» Journal of Business Venturing 22.1 (2007): 29-49.
Cull, John. «Mentoring young entrepreneurs: what leads to success?.»International journal of evidence based coaching and mentoring 4.2 (2006): 8-18.
Drucker, P. F. Innovation and entrepreneurship: Practice and principles. New York: Harper & Row, 1985. Print.
Gelfand, Michele J., Miriam Erez, and Zeynep Aycan. «Cross-cultural organizational behavior.» Annu. Rev. Psychol. 58 (2007): 479-514.
Martin, Renee. The Risk Takers: 16 Women and Men Who Built Great Businesses Share Their Entrepreneurial Strategies for Success. New York: Perseus Books Group, 2010. Print