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Entrepreneurship

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Contents

Entrepreneurship........................................................................................................3
Task One....................................................................................................................3
AC1.1 Entrepreneurship Life Cycle..........................................................................3
AC1.2 Globalization and the Rise of Entrepreneurship............................................5
Task 2........................................................................................................................7
AC2.1 An analysis of different types of entrepreneurs.............................................7
AC2.2 An analysis of the combination of personal skills and qualities in
entrepreneurs which distinguish them from managers in other organizations..........8
Task 3........................................................................................................................9
AC3.1 New Entrepreneurial Ideas.............................................................................9
AC3.2 Theory and Models of Innovation................................................................10
AC3D1 Distinction: Business Venture....................................................................11
Task 4......................................................................................................................11
AC4.1 Business Description....................................................................................12
AC4M1 Brand Development and Promotion..........................................................15
AC4D1 To achieve a Distinction,...........................................................................16
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Entrepreneurship
Entrepreneurship entails having new ideas for a business in the interest of working for oneself.

Therefore, this paper shall determine the information needed in setting up a new enterprise. Each

of the discussions shall be narrowed down into three tasks. 

Task One
AC1.1 Entrepreneurship Life Cycle 
1. Opportunity Focus

Entrepreneurs should move on with their business strategies based on the prospects they've

recognized at this point in their development. There is a chance that the business could expand in

the future if focus is maintained now. Regardless, figuring out the idea's genesis is critical.

Outside perspectives are vital because different people can see the same opportunity in a

different light and come up with wildly different results (Galindo et al., 2019). It also involves

narrowing down the entrepreneur's opportunity to select what would be the best business idea

and how it could be implemented, leading to the third stage of the entrepreneurship cycle.

2. Development and Growth

The business is currently a market leader at cruising altitude. The company's growth is made to

seem organic and natural thanks to professional management tactics. Some examples of this are

mergers, acquisitions, and expansion initiatives, among others. The primary objective is to

expand the company's market share (Wei, Liu & Sha, 2019). As cash is available and

inefficiencies have been completely extracted from the firm, a competent management team

executes the venture's worldwide expansion, acquisition, and merger strategy. The

implementation of competent management that assures the achievement of goals and the
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efficiency and effectiveness of job completion is one technique to ensure continual development

inside the organization.

3. Resource Commitment 

For the majority of small business owners, making a commitment means either incorporating

their business or quitting their job. However, the process of developing a firm strategy begins

here (Galindo et al., 2019). The process of screening an opportunity, performing research, and

writing a business plan are all distinct. Writing an effective business strategy necessitates

knowledge and commitment. Therefore, this level of commitment is only possible if the

entrepreneur has the necessary resources and is prepared to invest them. An enormous amount of

effort and time will be required if one is to succeed in this stage's completion. There are many

factors to consider, including whether or whether the entrepreneur is willing to put money into

his or her new idea.

4. Markey Entry 

To begin with, the entrepreneur only had a little amount of overhead when the business plan was

put into action. When it comes to the early stages, this is what counts. Profitable companies,

those that have met fair goals, and are on track for economic health might choose to take money

from investors or remain small and self-funded (Wei, Liu & Sha, 2019). The goal is to figure out

what the product's first impression should be in the market. When it comes to market entry plans,

this stage would include determining which options are most appropriate for the organization.

5. Recognition of Opportunity 

During the "gestation" stage, an analysis known as a "pre-start" is conducted. Depending on

when the opportunity was discovered, the time frame could range from a month to ten years

(Galindo et al., 2019). There are a variety of things that come into play during this stage of the
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process, including personal encounters, observations, and experiences. At this stage, the only

way to know if an opportunity is appealing is to conduct thorough research and gain a thorough

understanding of the concept behind it. People must decide for themselves whether or not they

are capable of starting their own company. People, including most innovators, tend to stay here

for the rest of their lives and never consider beginning a firm.

6. Launch and Growth 

The entrepreneur must choose a high-growth strategy at this time. When the entrepreneur weighs

all of these possibilities, such as the resources, and implements all of the essential steps for a

business commitment, such as needed licenses, the firm may be launched (Galindo et al., 2019).

The entrepreneur chooses to continue expanding the company once it has launched. Their

methods of production and management aren't scalable because of a shortage of market space, or

they won't expand because the expansion rate is too huge a challenge for management; they don't

have significant growth potential.

7. Liquidity

Sell the company's assets to make money at this point. It's typical for companies to go public or

be acquired by another publicly listed firm (Wei, Liu & Sha, 2019). Several studies have

concentrated on the early stages of starting and operating a small business. Less attention has

been paid to exits. The ability to exit a firm successfully is critical for both the entrepreneur and

any investors who provided money to the organization.

AC1.2 Globalization and the Rise of Entrepreneurship

There are several tax incentives put in place by state governments around the country aimed at

encouraging small business ownership.

Tax Cuts for the Taxpayer

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Research from the Kauffman Center for Entrepreneurial Leadership found that some states are

trying to reduce the total tax burden by lowering taxes or increasing exemptions to stimulate

entrepreneurial activity" (Darnihamedani et al., 2018). The tax policies of around 10 states are

more active and include incentives like as tax credits focused at the location of the company,

R&D, and capital requirements Several jurisdictions, including the United States, China, Saudi

Arabia, Singapore, and others, have reduced or abolished taxes on capital gains and inheritances

(Darnihamedani et al., 2018).

1. European Countries and North American Countries

In terms of the labor market and the regulations of business, entrepreneurs encounter a number of

difficulties. Regulations in the United States are significantly laxer than those in Europe, by

European standards. Some nations in Europe restrict the number of hours or the time of day that

a company may be open, for instance (Darnihamedani et al., 2018). The legal limit on the

number of hours a person may work in a week is 35. Europe's businesses have less alternatives

when it comes to recruiting and firing people than their American counterparts in the United

States and Canada. This has a negative impact on the company's ability to be flexible throughout

employment (Darnihamedani et al. 2018).

2. Singapore 

Singapore beat the average economy in five of the six categories of government programs. There

is a widespread consensus in the local business community that government initiatives are

appropriate and helpful in supporting new and developing businesses. New businesses may also

benefit from scientific parks and business incubators.

Singapore's early-stage entrepreneurial activity (TEA) accounted for 11.6 percent of the

country's total in 2012. (Chernyshenko, Uy & Jiang, 2020). By comparison, Singapore scored
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second in the study of 25 nations, with a 6.6% increase in 2011. Singapore's economy has grown

gradually since the crisis of 2009, which may have given Singaporeans more confidence to

establish their own firms (Chernyshenko, Uy & Jiang, 2020). Showing that a rise in the number

of entrepreneurs in a nation is due in part to increased personal drive.

3. Merit: Impact of Economic Growth on a Country

There was a correlation between state per capita personal income growth and tax receipts in the

United States dating back to 1977. (Slattery & Zidar,2020). Entrepreneurship activity in the

nation rose, which resulted in a rise in the country's economic standing.

Regardless of the country's economic development level, entrepreneurship has a significant

influence on growth, job creation, and overall economic health. A rise in the number of business

owners also increases the country's purchasing power, which is good for the economy (Slattery

& Zidar,2020). Because the country's success is largely based on the economic activities of its

residents in Singapore's innovation-driven economy, understanding the country's population's

entrepreneurial ambitions is especially crucial.

Task 2
AC2.1 An analysis of different types of entrepreneurs
Entrepreneurs may be classified in a multitude of ways depending on the person's point of view.

In this article, we'll cover the two most common categorization systems. They are as follows:

1. According to the Type of Business 

These options are available to entrepreneurs, depending on the sort of company they want to

start:
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An entrepreneur is a person who comes up with an idea for a new product or service, and then

starts a company to bring it to market. In order to produce a promising business prospect, they

need both manufacturing and marketing resources (Sinha, 2022).

They have a wide variety of businesses, although they tend to prosper in smaller ones.

This person engages in trade operations that do not include the production process. Trading

Entrepreneur Identifying new markets, generating interest in their product line, and encouraging

clients to buy their wares are all things they do. The majority of these businesspeople conduct

business both domestically and internationally (Sinha, 2022).

2. According to the Technology

New technology is vital for a company's long-term success if it wants to prosper in the future.

Consequently, entrepreneurs may be divided into the following groups according on how they

employ technology:

It is not uncommon to see a "craftsman" referred to as a "technical entrepreneur." Because of

their meticulous attention to detail, they produce things of higher quality. It's common for them

to focus more on manufacturing than marketing. They display their ability to think beyond the

box when it comes to making and providing products and services. Diverse manufacturing

methods are one of their biggest strengths (Sinha, 2022).

AC2.2 An analysis of the combination of personal skills and qualities in

entrepreneurs which distinguish them from managers in other
organizations
The following are essential characteristics that entrepreneurs have that distinguish them

from managers:

1. Function
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An entrepreneur is someone who sees an opportunity and seizes it by turning it into a company.

Because they own a firm, they take up all the financial and other risks. If you're an employee,

though, you'll be paid a wage. As a result, there are no dangers for them to worry about.

(Topper,2022)

2. Risk and Reward

Profit is the incentive for taking risks, but a manager's compensation is the reward for labor for

entrepreneurs. The entrepreneur is a risk-taker by nature. For the firm to grow, they must take

risks that are well-judged. When it comes to risk, a manager is more cautious. Maintaining the

status quo is their primary objective. As a result, they are unable to take chances. (Thakur, 2022).

3. Ambition

However, entrepreneurs have a very ambitious mindset and are always looking for or considering

ways to push their firm to the next level; in contrast, managers believe in meeting their

sales/management goals or carrying out daily tasks (Verdhan, 2020).

Task 3
AC3.1 New Entrepreneurial Ideas
The first important consideration is whether or not the company concept is feasible. This might

involve developing scheduling software that could be valuable to businesses in the healthcare

sector. In addition, the plan's feasibility would depend on whether or not a working software

could be developed for mobile phones, making it easier for customers to use. The construction of

the scheduling system will incur charges in the creation of the programme by professionals in

information technology. Therefore, there will be prices for the services, but these fees will be

recouped by the monthly membership fees that will be charged to the customers.
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It's possible that a social media app that enables people to debate political and historical issues in

an open forum is a viable business concept. History students, political parties, governments, etc.

would all profit from the application in this scenario. Creating an effective social media

application is also essential to the idea's success. In contrast to other enterprises that need a

steady supply of raw materials for manufacturing, the building of the social media application

will be financially feasible.

AC3.2 Theory and Models of Innovation 

The Drucker 7 sources of creativity include Process Needs, which is pertinent in this situation

(Buta, 2019). Innovation that seeks to enhance a process in the hope that a better method exists is

known as "process needs." As a result of this, the social networking app and scheduling software

are claiming that the process has been streamlined. The social media platform claims that there is

a better method to disseminate knowledge about politics and governance to a huge number of

people. Scheduling software also makes it easier to set up appointments, gather patient data, send

out reminders, and keep track of calendar events. As a side benefit of process improvement,

workers at the medical institution are able to take on more responsibilities.

Technology Acceptance Model 

Technology Acceptance Model (TAM), Whether an invention is adopted by its target audience is

directly influenced by attitudes and expectations of prospective adopters (Grani & Maranguni,

2019). Consumer perception and experience, such as ease of use, understanding the innovation,

and potential utility, are the main emphasis of TAM. (Grani & Maranguni, 2019). Adopter

productivity increases as a direct result of adopter convenience (Grani & Maranguni, 2019),

hence this is a critical consideration when trying to assess the value of new innovations. Data

collected by Davis showed a stronger link between user perceptions and the uptake of new
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technologies. A person will not accept a technology that they do not feel is beneficial in

increasing their productivity, no matter how easy the technology is to grasp.

So, since a political and historical social media application and a scheduling tool are both in

technology, the Technology Acceptance Model must be used. In this situation, the inventions

would be seen as beneficial to customers or end-users. If the social media app is used correctly, it

may help users better comprehend the present social and political situation by providing them

with relevant historical and political information. Customers may utilize the scheduling system

to make online appointments with doctors without having to go to the medical facility, which

would free up staff time for other activities such as dealing with patient visits. However, in order

to be used on a regular basis, both programs must be simple to use and understand.

(AC3D1 Distinction: Business Venture

The implementation of a healthcare scheduling system was chosen as the business concept for

this report. The premise is that the notion would be profitable, and the buyers would include

hospitals, clinics, physicians, nurses, dentists, and other healthcare providers. These buyers

would also benefit from the product from a commercial standpoint, since it would increase the

efficiency of their operations at a healthcare institution. Booking and maintaining patient

information would be better as a result of the new system's features. Their firms could then

delegate the handling of appointment booking and cancellation to the system, freeing up staff

time for other tasks. Patients would also be allowed to choose the doctor or nurse they want to

see. As a result, the system's developers would reap the benefits of higher sales and

subscriptions.

As a result, the technology must be simple to use and navigate so that customers will want to

participate in the program. To make things easier for customers, procedures like billings and
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searches, as well as cancellations and refunds, need to be simple and plain to understand using

clear, readable terms and symbols. During the creation phase, these features would have to be

incorporated.

Task 4
Executive Summary 

The executive summary is the initial component of a company plan. This section provides an

overview of the company's strategy, as well as a short summary of each subsection. The

optimum time to write an executive summary is towards the conclusion of a project or company

concept (Tanev, Rasmussen & Hansen, 2020). It is essential that the executive summary reflect

the organization's mission statement, as well as the products and services it intends to or

currently provides. As a result, a thorough explanation of the company's goals, financial and

operational management, and future predictions is essential.

Owners' personal assets will be safeguarded by forming Schedule Help, Inc. as a limited liability

corporation. Schedule Help is software that may be purchased by healthcare practitioners who

want to make scheduling appointments, managing patient information, and communicating with

patients easier. As a result, they will be more productive. As a consequence, the product was

purchased by a number of healthcare professionals. As a consequence, the designer of the

software stands to gain financially from rising subscriptions to the programme, which will be

made available to patients through their mobile devices.

(AC4.1 Business Description 

The objective of a business description is to provide an overview of the company's mission,

products, services, and industry. As a result, it's essential to bring up the issue of determining if a
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company should be registered. T. Rasmussen et al. (2020); Make a point of mentioning the

company's industry expertise and what sets it apart from the competition in the description.

Schedule Help's goal is to provide the greatest possible scheduling experience for patients. ' The

Schedule Help application, which will be installed on the patient's phone while the system is

housed at the healthcare institution, is the company's relevant product. A patient's health state

and schedule are included in the services provided, as well as a list of healthcare professionals.

1. Market Analysis 

The target and segmentation important to the company are narrowed down by the market study.

Consequently, this phase will focus on locating the optimum place to distribute the items or

services (Alonso-Vazquez et al., 2018). In addition, the part addressed the wants and

requirements of the intended audience, which provided insight into how the goods and services

will fare on the market in the future.

Schedule Efforts are required within the industry to make medical appointment scheduling easier

for customers. As a result, patients will find it easier to locate the healthcare practitioner they

need. Health care professionals would also have easier access to patients' information in the

system context before a checkup. As a result, they are enhancing their market activities.

2. Organizational Management 

As part of a business strategy, it is essential to include this section. An overview of the

company's senior executives and their present duties will be provided (Alonso-Vazquez et al.,

2018). The company's organisational structure will be determined in this part as well. The legal

framework and staffing needs of the business should also be considered.

Schedule There will be a functional organisational structure in which each department will

perform a specified role. Human resources, finance, communication, product, and design are
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among the divisions that fall under this umbrella. Each of these departments will be overseen by

a manager with a specialized role. It is up to human resources and finance to recruit and manage

the workforce, while accounting and other financial matters are handled by the latter. In addition,

the company's communication staff will be responsible for handling client contacts.

Furthermore, the product and design department shall take care of updates, research, and

development. These department heads would have to answer to the supervising manager, who

answers to the deputy manager, and the Chief executive officer sits at the top. Therefore, the

organization structure is hierarchal. 

3. Sales Strategies

Sales strategies refer to the activities that are taken in terms of the sales and placement of items

in order to attract new customers. As a result, these tactics help to guarantee that sales of these

items meet the company's goals, which is the job of the sales staff (Alonso-Vazquez et al., 2018).

As a result, under this part, the firm must choose a pricing strategy, such as value-based price

points, competitive pricing, penetration pricing, and more.

Schedule If the organisation applies value pricing, customers will pay what they think the

product is worth depending on how much they think it's worth. Healthcare professionals and

patients would benefit much from the software in this situation; thus, the monthly cost will be

$2,000 for the system installation. To guarantee affordability, patients would be charged $25 a

month to use the application. Prices will be set depending on the company's ability to establish

itself as a dependable resource for society's long-term well-being.

4. Funding Requirements

Financial details of the company concept are outlined here, such as the amount of funding

required to make the concept a reality (Tanev, Rasmussen & Hansen, 2020). It's also important to
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consider rent space for operations, furniture, technical equipment (such as computers), WiFi

prices as well as wages and more.

The multi-platform application will need a capital investment of $150,000 owing to its various

functions, including booking, communications, information storage, reminders, and more. As a

result of system purchases and membership payments, all costs will be covered. Aside from that,

the corporation plans to look at the wages of its employees and the cost of leasing office space in

New York City. The extra $250,000 in costs is expected to raise capital to $400,000 for the firm.

These money will be raised from a variety of sources, including investors, individual investors,

and banks.

5. Financial Projections

These financials may be determined by doing projected income statements, cash flow statements,

break-even analysis, and a whole lot more. The firm would be able to estimate how long it would

take to break even by doing a break-even study (Tanev, Rasmussen & Hansen, 2020). In this

way, it is possible to determine whether or not the proposal is realistic.

To get the initiative started, Schedule Help will require $400,000 in funding. As a result of

system purchases and membership payments, all costs will be covered. As a result, the break-

even point might be reached sooner. Studies have shown, however, that the majority of viable

enterprises break even within the first two to three years. As a result, the same reasoning may be

used to this concept.

AC4M1 Brand Development and Promotion

1. Brand Development 
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Spreading the word about a product or service, enticing others to give it a try, providing valuable

information and keeping current customers satisfied are just some of the goals of promoting a

service or product (Tewary & Mehta, 2021).

One of the most prevalent causes of a company's demise is a lack of awareness of what it does or

does not do. It's not always enough to just put up a sign and open the door. Advertising via social

media platforms and local radio or television, coupons in local newspapers, leaflets, etc. may be

used to get the word out about a new company or product.

In order to raise customer awareness of their goods and services, multinational businesses often

use the employment of slogans. Dodge truck drivers at stoplights asking, "Hey, that car has a

Hemi?" have drawn many new customers to the company's vehicles (Tewary & Mehta, 2021).

Now, Hemi is a recognized brand in its own right (Tewary & Mehta, 2021). A great hit for

Chrysler, the Hemi engine is now being offered in Jeeps. 'A phone call away from a healthy day'

might be a tagline for Schedule Help. Consequently, it is important to keep it succinct and

memorable for the target audience.

2. Promotion 

The most typical kind of marketing is promoting a brand-new product or encouraging those who

have never used it before to give it a try. Customers may be provided complimentary samples on

occasion (Lam, 2021). As a result, Schedule Help might provide a free two-week trial to

prospective consumers to entice them to make a purchase and subscribe. Influencer marketing

has made it easier for people to experiment with new items, particularly in the current era of

celebrity endorsements. An endorsement from an influencer brings a sense of familiarity and

trust.
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It's more typical to see educational advertising in the early stages of a product's life cycle than

any other kind (Lopes & Veiga, 2019). If the product's contents (the programme) have a positive

effect on the consumer's health, or if the product is better than the competition, then this sort of

advertising is a good choice.

AC4D1 To achieve a Distinction,

In order to get consumers to use a product more regularly, it's common practise to run

promotions. As a result, advertising should emphasise the necessity of consumers utilising the

product on a regular basis and the advantages that accrue as a result, such as better health

management for those customers. It is thus necessary to educate customers about the product at

this point.

A promotion mix, on the other hand, will help an idea succeed (Lam, 2021). Traditional

advertising and direct marketing techniques like personal selling and sales promotion are used by

marketers together with public relations and social media platforms like Facebook and Twitter to

help promote a product (Lam, 2021). Each firm has a unique way of promoting its products. In

the end, it's all about getting the company's message out to the right people at the right time.

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