Role of Entrepreneurship and the Factors Affecting the Entrepreneurs in the Market (Research Proposal Sample)

Role of Entrepreneurship and the Factors Affecting the Entrepreneurs in the Market
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Table of Contents
Page Numbers
1.0 Introduction………………………………………………………….….3
2.0 Roles of Intrapreneurship and Entrepreneurship in Business……………3
2.1 Innovation…………………………………………………………..…...3
2.2 To improve the performance of a company……………….…………….4
2.3 Central Leader of the Company…………………………………………4
2.4 Building customer relations……………………………..……………….4
2.5 Creating a Brand Culture……………………………..…………………5
2.6 Networking………………………………………….…………………..5
3.0 Factors that Promoting Entrepreneurship……………………………….5
3.1 Factors Inhibiting Entrepreneurship and Intrapreneurship….………….6
4.0 Conclusion……….………………………………………………….…..7
5.0 References…………………………………………………………….…8
1.0 Introduction
Entrepreneurs are the initial people who are able to see a Niche in the market, and take a risk to invest their resources in that market opening in order to gain profit. In other words they are the risk takers. In recent times the concept of intrapreneurship was born whereby a person can invest in a new product within an existing company (Drayton, 2012:120-132). The intrapreneurs do not bear any cost incurred by the firm because they are not the initial owners. These two types of people play a major role in deciding on the best market Niche for a new or an existing company to invest in. These changes have been brought by the evolving global markets and rapid technological innovations and so for any firm to remain competitive and relevant in the market it must adapt to new developments in entrepreneurial process. Through the adoption of the modern concepts of entrepreneurship such as intrapreneurs, companies are able to identify a business opportunity and create a brand from it through product innovation using the human and capital resources at the disposal (Di Domenico et al 2010: 681–703).
2.0 Roles of Intrapreneurship and Entrepreneurship in Business
2.1 Innovation
They play a decisive role in during the implementation process of new and innovative ideas and practices in a company by the selected employees. The person supervising the implementation process plays the role of an intrapreneur. This is an important factor in maintaining a competitive edge of the company over its rivals in the market.
2.2 To improve the performance of a company
The investors plays a major role ensuring that the performance of their companies is the best In order to gain the market dominance and cope with the ever changing business environments and to fully satisfy the needs of the consumers (Di Domenico et al 2010: 681–703). Through intrapreneurship a firm can utilize all the resources that have not been be fully utilized and create a new product to improve its financial performance. This can only be achieved through multidimensional leadership whereby a more efficient resource utilization protocol is followed as well as keeping the employees highly motivated in order to improve their output.
2.3 Central Leader of the Company
The entrepreneur plays a major in the management of the business entity especially in a new business entity where he is tasked with organizing all the factors of production required for the business to start operating effectively. They are also the key decision makers for the future operations and growth of the company (James & Young, 2010:259–282)
2.4 Building customer relations
The idea of an entrepreneur is not only about profit maximization but also creating a personal contact with the consumers (Di Domenico et al 2010: 681–703). It is human for consumer to demand that facial trading. In the current times people prefer the smaller firms where there is contact and relationship building as opposed to the faceless multinationals. Many businesses have adopted an over the counter system of interaction with the customers as tool of marketing to create brand loyalty as well as keeping the customers satisfied.
2.5 Creating a Brand Culture
The entrepreneur can open a restaurant which serves local or organic foods such as Tesco outlets and drive that culture of organic products and healthy foods to the customers to create brand loyalty and awareness while serving the consumers with what they want. This enables the consumers to identify with the company brand leading to increased turnover by the firm.
2.6 Networking
These are the chains of connections among the various industry players such as firms and the internet service providers to ensure there is fluent flow of information and exchange of ideas for maximum utilization of resources. Networking is an important aspect for competitiveness of an organization. The entrepreneur can venture to the external networks to learn on new innovative ways to improve the operations of his company leading efficiency in production.
3.0 Factors that Promote Entrepreneurship
In order for the firms to maintain and cope with the competition of the global market today, the management must adopt systems and factors which are geared towards future innovations and entrepreneurial culture relevant to the market demands. These factors include;
* An effective Performance appraisal: This is an important aspect in ensuring that employees are rewarded efficiently in order to spur them to work towards the entrepreneurial blue prints set by the founder of the organization responsibility in production process (Molina & Callahan, 2009: P388-400).
* Management support: The top management of a company must be willing to promote intrapreneurship amongst its employees in order to ensure maximum utilization of resources. This is possible by encouraging the employees to be innovative and providing an enabling platform form for them to showcase their ideas.
* Availability of resources: In order for the employees and investors to fulfill their innovative ideas should be readily available resources even if they are scarce. Through this an entrepreneur can operate based on the opportunity cost.
* An enabling organizational structure: The structure of a business entity must encourage the innovative people in its ranks to showcase their ideas which are evaluated and incorporated into the business operations (Corner and Ho, 2010: P: 635-659). This keeps the people motivated to maintain the start-up mindset of the initial entrepreneur.
* Low risk mark...