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Key Topics
- Requirement
- Solution
- Identify and discuss the three primary reasons that entrepreneurial behavior has a strong impact on the United States economy.
- Define strong-tie and weak-tie relationships. Show which of the tie is entrepreneurial. Give scholarly evidence to support your claims.
- With a schematic diagram describe and explain the entrepreneurial process. How would this process be applied to an individual seeking counsel on how to become an entrepreneur?
- Why should an entrepreneur do feasibility? What are the processes involved in carrying out feasibility analysis?
- Describe the Barringer/Ireland Business Model Template and discuss its purpose. Describe the four main components of the template.
- References:
Requirement
What Questions Did you ask?
What were the responses of the entrepreneur?
How did you report the entrepreneur’sopinion?
How did the entrepreneur’s opinion compare with the theories and concepts learned in class?
Did you write in the APA Style?
Solution
Identify and discuss the three primary reasons that entrepreneurial behavior has a strong impact on the United States economy.
The three primary reasons for having a strong impact on entrepreneurial behavior on the United States economy are (REN, 2008):
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Innovation: when something new is created it is called innovation. It can be any good, service, process, machine, etc. The small firms in the US are the significant contributors of innovation in the US. The people come up with new concepts and new ways of doing business which has a strong positive impact on the economy of USA. With new ideas, new things come up in the market and consumers have more options to choose from.
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Job creation: the entrepreneurs come up with new ideas and they set up their firms that are sufficient to create new jobs. Since more people are employed in the startups, so the economy develops, and unemployment decreases. These firms play a major role in employing more than half of the employees from the private sector and create most of the new jobs. When entrepreneurs start their own ventures, the government has to put less effort in the creation of new jobs. Thus, the people get employment easily.
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Globalization: most of the exporters of US are either small, or they are mid-sized. The market for exports is vital for the development of the economy of US. It provides the outlets by which the products of US can be sold to other markets. Globalization helps in developing relations with other countries too, so the economy of the country USA gets a boost. New ventures become popular in the other countries and hence promote the market of USA
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Define strong-tie and weak-tie relationships. Show which of the tie is entrepreneurial. Give scholarly evidence to support your claims.
The strong ties are those in which the entrepreneur interacts with the people for at least two times a week, and the weak ties are those in which the people interaction happens less than two times a week, but the interaction happens more than one time in a year. So in strong ties, the entrepreneur spends more time on the relationship with other parties. In the strong ties, the emotional intensity between two parties is built as friends, and the relation is more intimate than in weak ties because, in weak ties, the relation is just of acquaintances. When the ties are strong, the parties feel that if one person is doing something for the other, then they have the responsibility of paying it back in the form of professional advice, information, etc. But when the ties are weak, the people feel that they should carry out fewer services for the other party and take fewer favors from them (Wright & Miller, 2010).
The Strong tie is entrepreneurial because it has more level of trust, loyalty, reliability and openness of relationships which is needed when the professional relations are built with the people. When the people begin their career as entrepreneurs, they have to interact with people and build strong relations, so the interaction happens more than two weeks sometimes. This will ensure that their ties are getting stronger with the people and hence they are able to network their business to others too. When the ties are stronger, the price of goods can be set in a fair manner and often the very good value of for the goods can be offered.
With a schematic diagram describe and explain the entrepreneurial process. How would this process be applied to an individual seeking counsel on how to become an entrepreneur?
In this process, the entrepreneur generates new ideas, he recognizes and spots that what opportunities are present in the market and he thoroughly studies the entire market. After this, the entrepreneur discovers that what are his skills that suit best to the market and his ideas so that he can apply them to the market and gain the knowledge about it. Before launching the product in the market, the entrepreneur researchers that what are the needs and wants of customer that are to be satisfied. He does this by conducting research in the market through questionnaires and interviews. After discovering the demand, he develops a concept about what will be offered how it will be offered and sold. Basically, a business model is developed by the entrepreneur. Then the main step comes where the entrepreneur has to look for funds and investment of his project. He also has to convince the people that how will they gain of they spend in their venture and how much returns they can earn. Then the actual implementation occurs where the physical product is developed and sold to the people. Initially, the aim is to establish the product in the market so that people adapt to it, and they start liking it. Finally after few years when the costs are covered, the entrepreneur starts harvesting the gains from his venture ("Creating a Business Process Monitoring System“A-IOMS” for Software Development", 2012).
This process can be applied to an individual seeking counsel on how to become an entrepreneur as he can get an idea about what is to be done to start a venture and what steps he should follow if he wants to develop something successfully in the first attempt.
Why should an entrepreneur do feasibility? What are the processes involved in carrying out feasibility analysis?
The entrepreneur should do a feasibility study because it helps in assessing the merit of the idea of the business of entrepreneur. It helps in determining that whether the product has the market or not and whether the idea of an entrepreneur is viable financially or not. If the entrepreneur is doing a feasibility analysis, then it helps to know that whether it is worth to invest the money in the particular venture or not as it gives the expected returns or not. If the venture does not have the potential to give the returns in proper time as well as amount, then the entrepreneur must not invest his time in it. It also helps to know the demand for the particular product and the likely customers for that product. The stakeholders of the company get a clear picture about the idea of the project (Caan, 2009).
For doing this, the project is selected and evaluated as per the selected criteria. Then the results are summarized in the form of a table or so. By doing this the strengths and weaknesses of the project are identified. The nature and components of feasibility studies depend primarily on the areas in which analyzed projects are implemented. ). Spatial information and its availability, as well as analysis and visualization capabilities, will, therefore, play an important role in the analyzed projects. Therefore, references made to the INSPIRE directive will be one of the important points of the feasibility study.
Describe the Barringer/Ireland Business Model Template and discuss its purpose. Describe the four main components of the template.
The purpose of Barringer/Ireland Business Model Template is to develop a successful business model with some common set of attributes that are developed for the entrepreneurs. These attributes can be laid out in a visual framework or template, so it is easy to see the individual parts and their interrelationships (https://www.scribd.com/doc/217942733/Barringer-e3-Tb-06).
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Core Strategy: The main part of the plan of action is the center procedure. A center technique depicts how the firm wants to contend with respect to its rivals. The essential components of the center system are Business Mission, Premise of Differentiation, Target Market, and Item/Market Scope.
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Resources: The second part of a plan of action is assets. Assets are the inputs a firm uses to create, offer, circulate, and benefit an item or administration. A company's most imperative assets, both substantial and impalpable, must be both hard to copy and elusive a substitute for. This stipulation is important for an individual organization's plan of action to be aggressive over the long haul.
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Financials: The third component of a firm’s business model focuses on its financials. This is the only section of a firm’s business model that describes how it earns money—thus, it is extremely important. For most businesses, the manner in which it makes money is one of the most fundamental aspects of its business model.
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Operations: The final quadrant in a firm’s business model focuses on operations. Operations are both integral to a firm’s overall business model and represent the day-to-day heartbeat of a firm.
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REN, C. (2008). THE RISE AND FALL OF ENTREPRENURIAL OPPORTUNITIES: A PROCESS MODEL FOR CORPORATE ENTREPRENEURSHIP. Academy Of Management Proceedings, 2008(1), 1-6. http://dx.doi.org/10.5465/ambpp.2008.33717620
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Wright, K. & Miller, C. (2010). A Measure of Weak-Tie/Strong-Tie Support Network Preference. Communication Monographs, 77(4), 500-517. http://dx.doi.org/10.1080/03637751.2010.502538
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Creating a Business Process Monitoring System“A-IOMS” for Software Development. (2012). CBR, 11(06). http://dx.doi.org/10.17265/1537-1506/2012.06.009
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Caan, W. (2009). Feasibility study. BMJ, 338(may12 1), b1897-b1897. http://dx.doi.org/10.1136/bmj.b1897
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https://www.scribd.com/doc/217942733/Barringer-e3-Tb-06
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