FINAL TERM

PAPER
ENTREPRENEURSHIP

SUBMIT BY: Muhammad Shariq

REGISTRATION NO: 2171019
SUBMIT TO: SIR INTEZAR JAVED
 (1)
As the venture evolves, how effectual process affect this
evolution of identity? Can the application of effectual
principles affect the formation of an entrepreneur's identity?
ANS
Effectual entrepreneurs start their business with the things that are in their control,
and make the best use of their experience, skills expertise, knowledge and the
networks. Such entrepreneurs may not initially have well defined goals but they
keep on focusing on work so that they can achieve something big.
Well in this case study Linda and David with no former business experience
jumped into the Pottery business and the Effectual process helped them to be a
success. They both had the knowledge and some skills in making pottery art. They
opened there a small studio in a rural area. Linda had come up from the family
where most of the people were owning their own businesses. Linda also got some
of the business skills in being the development officer for the craft business in the
province. Linda developed their networking through her ex job. With her ex job
relation, she was able to do good in promoting their business. On the other hand, if
we look upon David, he was involved with the large design company in Toronto.
In the beginning, they were selling their craft in wholesale but later they
redesigned their process to increase the profit margin. They also thought of
expanding. Overall, there were hurdles but they overcame them.
The effectual process affected the evolution of identity in a way that they were
zero and started the business with little knowledge. But as they kept going their
little knowledge and skills helped them to solve the issue such a less profit margin.
They looked upon the situation and reacted. They were hiring students in summer.
They took the opportunities that came to them, even they started with limited
people, place.
Well, in other words, we can say that they both used the bird in hand principle of
effectual process. They used their current resources or resources in their hand to
develop a business. Both were following upon the effectual process. They utilized
all the things they have or they know. They utilized Linda's father's gas station to
set up a business. They had their own skills, knowledge, and experience in the arts
and they used that knowledge is their own start-up. Linda had good networking
throughout the province because of her previous job in government and this helped
them to promote their Business by putting signage on the highways and roadways
directing and enticing travelers to their little studio.

The implementation of the effectual principals helps in making the entrepreneur's

identity. The skillful entrepreneurs will start a venture with the resource readily
available to them and the resources they possess by themselves, they will mold the
resource they can control. They would look upon the opportunity and resources as
their venture grows. Here in this scenario Linda and David didn’t wait much and
started with limited resources, knowledge, and skills being risk takers. They
manufactured craft with minimal supplies and focused on their unique selling
points.

(2)
Based on the study content you have been provided when,
what are the entrepreneurial characteristics of the business
owners

ANS
The entrepreneurs should have certain characteristics in order to make their venture
a successful one. The business owners in the case study also possessed certain
characteristics that helped them build their business.
Passion is the driving force, that motivates you to get up and work to achieve
something big. In the case study, the business owners David and Linda were very
passionate for developing up a business of something that they loved I.e. pottery.
Both David and Linda were Self-motivated, they believed that they had the
capability to create the world class business of pottery. It is evident from the case
that both the business owners were
Optimistic and Focused because there were many people who opposed the pottery
business, degraded them both and said that this business would not turn out to be
successful but David and Linda believed in their business idea and started working
on them despite all the opposition.
Risk taking is one of the main characteristics that entrepreneurs usually have so in
the given case both the owners of the business took a great risk by setting up a
pottery business at a place where people thought that it won’t work out for them.
Knowledge is something that is necessary for starting any sort of business both
David and Linda had knowledge and expertise in arts and crafts so it was obvious
that they can achieve something big in pottery business. They planned or mapped
out each and everything of their business themselves.
There is nothing in life that a person can achieve without Hard work. Both the
owners in the case are quite hardworking as initially they were unknown at the
place where they started their business so in order to gain customers they went to
the markets, roads and everywhere from where they can get benefit for their
business.
Social skills are required by the entrepreneurs, Linda and David did their best to
educate their customers about the products they were offering and the skills they
possessed and techniques they used to create the beautiful pottery.
Determination and Dedication of both Linda and David helped them in achieving
more and more in business as soon after they started their business their pottery
was available at different locations within the province.
Lastly, Networking helps in flourishing the business studio. Linda had the
experience of working with the government. Previous experience in government
also helped so she had connections with the people of the province. Linda making
the best possible use of the connections built up a network of people who helped
them in promoting their products successfully.
 (3)
was there idea OR an opportunity? Explain your answers in
the context of the case study.
ANS
In context of the case study the pottery business by Linda and David was surely a
business idea instead of an opportunity as it is an idea which is the first
milestone towards a successful business or we can say that every successful
business today was once an idea of someone. This business was never an
opportunity for both of them Both Linda and David had an idea or impression in
their minds that one day they would pursue their passion and start a business of
their own of pottery. Soon when David and Linda met at a programmed their idea
of business changed into a reality when they started their own business as Kings
point pottery. Since successful entrepreneurs are good at turning ideas into
opportunities they always respond spontaneously and try to execute their thoughts
to make their idea a reality. But all this needs great hard work and time. In this case
study both Linda and David realized that they had an idea in their mind to start up
a business and required skills and knowledge as well so in order to get an edge
over the idea they got themselves registered in an advanced glaze course to polish
their skills.