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An entrepreneur needs to come up with a specific entrepreneurial initiative to implement any new business plan. A specific entrepreneurial initiative helps an entrepreneur identify specific market paths and opportunities. An entrepreneur can build a successful entrepreneurial ecosystem by applying his or her behaviour and modifications, and entrepreneurial entries and modifications are observed as a feature of the organization. Companies with quality behaviour and correction are always able to keep their organizational environment positive so that their customers are always satisfied and loyal to the company. This is why the entrepreneurial organization has been able to survive and gain popularity in the competitive market in the long run. The presence of an entrepreneurial consciousness in an entrepreneur indicates the mentality of that person. This mentality enables the individual to build a well-organized institutional environment and culture through appropriate decision-making and problem-solving and to address institutional risks. There are two types of intrapreneurship in society, although there are many similarities and differences between them, they help in the implementation of entrepreneurship in many ways
According to Eijdenberg et al, (2018), when a person starts a whole new business in a certain market, that new business is called Entrepreneurship. A new entrepreneur starts a business with the right management plan, business strategy, and risk assessment ideas and moves towards success. In this case, the person can deal with the highest risk by marketing new or improved quality products or services in a specific market and at the same time can achieve maximum profit.
For example: David and Simon Reuben are one of the large entrepreneurial businesses that provide property investment services to the US market with a net worth of $14.4 billion. According to Dionisio et al, (2020), on the other hand, Cafepod Coffee Co., a relatively small entrepreneurial business, has been able to bring its current net worth to around $10 billion by marketing coffee products in the US market.
To successfully run the new business the business needs to analyse the market and therefore needs to develop effective strategies to successfully enter the market with the best strategies and proper implementation.
Entrepreneurship and innovation are inextricably linked. According to Dionisio et al, (2020), Social innovation refers to specific strategies, functions, concepts, and ideas that accelerate social progress. Social innovation-related brands not only focus on maximizing profits by attracting customers to the products or services they market but also provide certain types of services that help meet the needs of society and create a healthy environment. According to Eijdenberg et al, (2018), in this case, the services marketed by the organizations aim to establish a civil society for the betterment of society through working conditions, education, and community development. Social innovation includes the idea of improving society, using a variety of open-source techniques such as online volunteering, distance learning, and microcredit.
For any new venture to be successful, it is necessary to set the target of that venture and evaluate the scope of its target lightning penetration. The scope of each venture is different, so the scope of the three main ventures is discussed below.
Entrepreneurship is one of the oldest methods of building and running a business. Entrepreneurs have to carry certain traits and characteristics while running any business. These specific treats help the entrepreneur to succeed in fulfilling their purpose. Below is a discussion of the five main traits and characteristics of entrepreneurship.
Example: As an example of the traits and characteristics of entrepreneurialism, below are the three main different characteristics of the owner of two different organizations.
The Virgin Company prioritizes the advantages and disadvantages of its employees over its decision-making, while the Facebook Company follows customer feedback when making decisions regarding its institutional improvement. Both of these organizations can successfully implement the ideal leadership skills in their respective companies' workplaces. But Richard Branson is an associate leader and Mark Zuckerberg is an encouraging leader. Virgin Company focuses on hiring skilled manpower in its workplace, while Facebook focuses on fulfilling a lofty goal.
According to Papagiannis (2018), entrepreneurship spirit refers to activism in the decision making, problem-solving, risk control, etc. of an entrepreneur of a particular organization. An entrepreneur gets the opportunity to enjoy the benefits of high productivity, a comparatively good and acceptable problem-solving framework, and the successful implementation of new ideas through proper utilization of his entrepreneurial spirit. Entrepreneurship business is not easy to manage, in most cases, it leaves the ultimate possibility of failure. To survive in such a situation, an entrepreneur must be able to make appropriate decisions promptly and actively manage the institutional work. These capabilities are part of the entrepreneurial spirit, that allows an entrepreneur to deal with problems with proprietary decisions, without avoiding them.
According to Kuratko et al, (2021), the ideal mindset that an entrepreneur has to carry in setting up and managing a successful entrepreneurial business organization is called Entrepreneurship Mindset. The Entrepreneurship Mindset refers to the existence of the Entrepreneurship Spirit in a particular person. It is a set of multiple skills that help an entrepreneur identify his or her opportunities. In addition, this Mindset enables a specific person to overcome any business problem situation by utilizing his or her characteristics. It also provides the ability to learn from perseverance. According to Lanivich et al, (2021), multiple types of research have shown that the presence of an Entrepreneurship Mindset enhances the efficiency of employees in the institutional workplace, whereas in the educational field, it also helps to strengthen the mental health of students and above all, it plays a crucial role in setting up any new business and developing old business.
Establishing an entrepreneurial mindset requires the presence of multiple skills. Such skills and character traits are always present in an entrepreneur. This section of the report provides a preliminary idea of the definition of skill and characteristic and discusses the relationship of entropy with it. At the same time, an example is given to clarify the discussion.
According to Kerr et al, (2018), to establish oneself as a successful entrepreneur, one must possess certain entrepreneurial skills and character traits. In this case, skill refers to a person's abilities, through which that person can achieve success by developing his knowledge and applying it to a particular cause. These skills are acquired by an entrepreneur through multiple perseverance, practice, and aptitude. In a word, skill is a specific ability that helps a person to apply his knowledge effectively in a particular subject. According to Santoset al,(2020), skills can be varied, the skills of an entrepreneur are ideal leadership skills, proper decision-making skills, and appropriate communication skills. Through leadership skills, an entrepreneur will be able to strengthen the structure of his / her organizational work environment and guide his / her employees towards a specific goal. With proper decision-making skills, an entrepreneur can reduce the risk by making an instant dependable decision depending on the severity of the situation in any favorable or unfavorable situation. With proper communication skills, the entrepreneur will be able to provide his employees with a clear idea of the organization's goals, which will help them achieve their goals in the future.
On the other hand, Characteristics are certain characteristics that distinguish an entrepreneur from other people. According to Caza et al, (2018), an entrepreneur can have more than one character set, which enables him to maintain the uniqueness of himself and his organization. Positive Characteristics give a person perseverance and strength in organizational decision-making and improvement. These characteristics include confidence, cooperation, and so on. A confident entrepreneur motivates the employees of the organization which helps in increasing the productivity and efficiency of the organization. An entrepreneurial organization with a collaborative attitude can create a positive culture
Multiple skills related to entrepreneurship can be noticed. An effective application of all these skills can enable an entrepreneur to implement a successful business organization. Below are five major skills related to entrepreneurship.
Here is a discussion of the entrepreneurial mindset of Rob Benson and Bill Gates. At the same time, similarities and differences between the mindsets of these two individuals are being analyzed.
Rob Benson's mindset and Bill Gates's seem to be the same in two respects, first of all, in the proper use of opportunities, both of them point out that by using opportunities it is possible to move towards fulfilment. Secondly, according to these two people, it is necessary to learn from Failure. Bill Gates, on the other hand, says it is important to be consistent with the market without compromising market competition, but according to Rob Benson, it is important to deal with competitive risks without avoiding them.
According to Kraus et al, (2019), both public and corporate intrapreneurship influence the activities of an entrepreneur and the organization. There are some similarities and differences between the activities of these two sectors. Below are three major similarities and differences between Public and Corporate Intrapreneurship.
Public Intrapreneurs act as leaders in a public sector or organization. Similarly, corporate entrepreneurs perform tasks like an entrepreneurs from within a specific organization.
According to Malerba et al, (2020), both public and corporate intrapreneurs work in different ways for social development. In other words, the goals of these two sectors are the same
Public Intrapreneurs prioritize innovation and create innovative ideas. Corporate Intrapreneurs help implement innovative ideas. In other words, innovation is followed in these two sectors.
Public Intrapreneurs work as part of a specific local or government organization. However corporate intrapreneurs operate under government agencies.
Intrapreneurs working in a corporate entity More than one public intrapreneur works under one and a half. But under Public Intrapreneurs no Intrapreneurs work.
Corporate Intrapreneurs organizations are made up of multiple public organizations. Institutions of Public Intrapreneurs are created by a specific entrepreneur.
One example of public intrapreneurship is Mac and one example of corporate intrapreneurship is Google.
According to Malerba et al, (2020), entrepreneurship contributes to society in many ways. Through this, an employment system is created in the society, because in the implementation of entrepreneurship, a unitary institution is created where skilled human resources are required. At the same time, entrepreneurship helps in boosting the economic growth of a particular country and even enriches one's own country by importing foreign currency. Entrepreneurship enables the implementation of innovative ideas so that the products or services produced by a particular organization gain global popularity and benefit the people of the society in many ways. According to Kraus et al, (2019), entrepreneurship can also help transform society, and the innovative services it produces can help improve the standard of living and the economic well-being of the people in society. At the same time, entrepreneurship helps in the development of organizations in society or certain markets, thereby giving the existing organizations the motivation to face market competition.
Conclusion
By observing and evaluating all the issues discussed, it can be concluded that the entrepreneur is an ancient model for conducting business activities. Multiple types of initiatives can be followed to achieve success in entrepreneurship. By following specific initiatives, an entrepreneur can acquire the ability to fulfil his business objectives. At the same time, entrepreneurs need to carry certain traits and character traits that accelerate their success. Entrepreneurial mentality indicates the presence of an entrepreneurial spirit and the relationship between these two issues and their effectiveness is reviewed in this report. It is not possible to sustain an entrepreneurial business without specific skills and characteristics; it provides a detailed idea about the management and application of these specific skills as well as specific skills. A comparative analysis of the mentality of Bill Gates and Rob Benson is provided to illustrate this point. It also discusses the similarities and differences between corporate and public intrapreneurship, as well as the contribution of entrepreneurship to society, which are highlighted. For example, the features and characteristics of Virgin Company and Facebook Company are shown separately and the similarities and differences between the features of these two companies are identified. Building an organization requires the presence of a certain entrepreneurial spirit in an entrepreneur, so which is highlighted in this report. In addition, certain similarities and differences between corporate and public intrapreneurship can be used in the case of entrepreneurship.
References
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