May/June 2023 Entrepreneurship Unit 1 Paper 2

Okay-Lia Buchanan

An entrepreneur is a person that sees an economic gap in an

existing domain or market aspects, they allocate the proper

resources through the process of using ideas or opportunity,

and this his heavily focus on a financial risk.

Two contemporary drivers were, unemployment and information

technology. Information technology has led Wanda to start her business

because of opportunity recognition, that majority of the individuals was

requesting more online solutions. Wanda uses a survivalism approach in

starting her business to satisfied her needs and wants by creating job
opportunities.
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Jackie, plan to keep the business small and maintain the status quo.

To keep track of the daily operations within the business venture.

A small business management is associated with the coordination

of all business transparency, that is heavily concerned with generating

a profit rather seeking innovation.

May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Cultural homogenization, the restriction would impede

the development due to different cultural aspect and
traditions, Wanda would then have to set rules and

regulations to combined those to suit the criteria of

the country’s laws, which would affect business.

operation and market expansion.

Feminism marginalized, it would see Muslims women as

more of a care giver and not important aspect of society

as they are not important to the Gross national product

or Gross domestic product, Muslims have limited access

to source of finance and these affects the countries

revenue or income rate. It could also decrease the human

develop status of the country. For example, the Muslims

would be a latter aspect of the development.

May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Two characteristic that is associated in the case is John

was innovated, John provided services in the marketing
domain, also John was confident that clear guidance

his business will strive for growth.

Calculated risk taker- being a calculated risk taker involves being

visionary but taking in all possibilities of failure and success.

When the possibilities of failure and success are considered

the entrepreneur can make decision based on their view

and knowledge of what the venture can endure.

May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Entrepreneurship is process of sources resources and using

ideas and opportunity outside an organization structure with
financial risks. On the other hand, Intrapreneurship works
within an functional organizational structure with minimal
risks, they seek to manage ventures operation by exploiting
resources in the firm.

Knowing your business in depth- it is important to understand

the business in depth so as to access the opportunities that
exist and are emerging. The entrepreneur will need to
understand the market, the financing that is required what
human resources are needed and what operations will have to
be carried out in the venture.

Human resources management - This could be as a result

of failure in the recruitment process. If the right amount

employees are not hired or the employees hired do not have

the required skill for the job, this could negatively impact
productivity in the venture, and inevitably, the business’

success.

business success.
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Equity- Withdrawal from personal saving.

Friends and family- which is in the form of Paul’s
Aunt, Irene and Pat’s friend, Sue.

Two other external sources of required

resources to get other funding they could utilize
angle funding and venture capitalist.
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

An idea is the imaginative thoughts or awareness

that an entrepreneur uses to add core innovation
concepts or add values to an existing domain to

produce useful services.

An opportunity is the process were the entrepreneur

uses existing economic issues to fill a market
separation or gap in the production of goods and

services.
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Paul and Patt could utilize the problem

inventory analysis as their advantage by
using a focus group to ask about their new
product to formulate strategies that aid in
the establishment.

Creating a focus group for idea generation involves

carefully selecting participants who represent the
target audience or stakeholders, establishing clear
objectives for the session, and designing a structured
agenda to guide discussions. During the session, a
skilled facilitator encourages active participation and
open dialogue among participants, capturing key
insights and observations. Afterward, the data
collected is analyzed to identify common themes and
insights relevant to idea generation. Based on these
insights, participants collaborate to brainstorm and

refine ideas that address the identified needs or

challenges.
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

A business concept is a bridge between an idea

and a business plan. It focuses one's thinking
so that the entrepreneur can identify the
specifics of his/her proposed venture

A business concept mentioned in the case are a

senior day care offering daily brain and body
exercises, games and dancing and a toddler’s
day care offering cutting edge learning
development activities in motion, speech,
reading, music and art.
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Implementation of Concept

Monitoring of Performance

One essential activity in managing a venture is financial planning

and budgeting. This involves creating a comprehensive financial

plan that outlines projected income, expenses, and cash flow over a
specific period.
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Having the right human resources for a business

refers to having a workforce that possesses the
necessary skills, knowledge, experience, and
attributes to contribute effectively to the
organization's goals and objectives.

Financing is a vital resource for businesses as it

serves as the lifeblood that fuels operations,
expansion, and innovation. Adequate financing
enables businesses to invest in essential assets,
such as equipment, technology, and inventory,
which are necessary for day-to-day operations
and long-term growth. Additionally, financing
provides the capital needed to hire and retain
skilled employees, develop new products or
services, and enter new markets.
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Divergent Thinking:
Collaboration
Risk-taking
Generate Ideas

Creative marketing is crucial to the team's success for

two main reasons. Firstly, in a competitive market,
creative marketing sets Dynamic Marketing apart from
competitors by offering unique and innovative
approaches to promoting Caribbean music. Creative
marketing campaigns capture the attention of target
audiences, differentiate the brand, and generate
excitement and engagement.
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Position innovation involves redefining or

reshaping the perception of a product, service,
or brand in the market to occupy a distinct and
advantageous position relative to competitors.
It focuses on identifying unique value
propositions and differentiation strategies.

Paradigm innovation changes in the

underlying mental models which frame
what the organization does. This is
somewhat specific innovation
category. It concerns the change
(sometimes radical) in the way
something is done in the organization.
it could be anything.
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Innovation refers to the process of

introducing new ideas, products, services,
or methods that create value and drive
positive change in an organization or
industry.

The prominence of innovation is a result

of the fact that it develops a path for
growth, competitiveness, and image in
the business and industry sector.
Innovation therefore enables a business
to keep in the (expect that cultural
practices will continue evolving due to
exposure to diverse influences both
within the nation and globally).
May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Team Diversity: Encouraging diversity within the team can foster a

variety of perspectives, ideas, and approaches to problem-solving and

Innovation.

Open Communication and Collaboration: Establishing a culture of open

communication and collaboration within the organization can facilitate the

exchange of ideas, feedback, and knowledge among team members.

May/June 2023 Entrepreneurship Unit 1 Paper 2
Okay-Lia Buchanan

Disruptive innovation refers to the process by which a

new product, service, or technology fundamentally
transforms an existing market or industry by
displacing established market leaders or creating
entirely new market segments. An example is
smartphones disrupting the mobile phone industry.

Product innovation refers to the process of creating and

introducing new or improved products or services to the market
that offer unique features, functionalities, or benefits compared
to existing offerings. Product innovation is essential for driving
growth, staying competitive, and sustaining long-term
success in today's dynamic and evolving business landscape.
It enables companies to address changing customer demands,
capitalize on new market opportunities, and maintain relevance
in an increasingly competitive marketplace.