ENTREPRENEURSHIP

PROJECT
BY AKSHAT
ENTREPRENEURIAL JOURNEY

The series of entrepreneurs' autonomous, innovative, and improvised actions throughout the entrepreneurial
process will consist the entrepreneurial journey. This journey will be viewed as a combination of volitional
and emergent process of transforming potentiality into actuality, that is, opportunity realization.
UNDERSTANDING THE MARKET

• A key part of operating a business is understanding your industry and the market you are
serving. That means analyzing the competition, the opportunity for growth and your
audience or customer base.
FORMS OF MARKET

• 1)Perfect Competition
• 2) Monopolistic Competition
• 3) Oligopoly
• 4) Monopoly
PERFECT COMPETITION

• In a perfect competition type of market structure, there is a large number of buyers and sellers, where
each of them is competing against each other. There is no big or influential seller in the market. Hence
the sellers in this market are known as price takers.
 MONOPOLISTIC COMPETITION

• This competition is a realistic scenario. In monopolistic competition, there are a large number of buyers
as well as sellers. But the difference is that they all do not sell homogeneous products. The products are
similar but all sellers sell differentiated products. The sellers here can charge a marginally higher price as
they enjoy a dominant position in this form of market structure.
OLIGOPOLY

• In an oligopoly structure, few firms are existing in the market. In this type of market structure, the
buyers are far greater than the sellers. The firms in the case of Oligopoly, either compete with another
or collaborate. They use their market influence to set the prices and then maximize their profits. So,
here the consumers become the price takers. In an oligopoly, there are various barriers to entry into the
market, and new firms find it difficult to establish their foothold in this type of market structure.
 MONOPOLY

• In a monopoly type of market structure, there is a single seller, here this single seller means the single
firm will control the entire market structure. It can set any determined price of its wishes since it has all
the market power under its dominance. The consumers do not have any alternative to paying the price
set by the seller. Monopolies are the most undesirable form of market structure. Here the consumer
loses all their power and thus the market forces become irrelevant. However, a pure monopoly is rather
rare in reality.
MICRO ECONOMICS

• The micro environment is the operating environment of the firm. This is because the functioning of the
micro environment has a direct and immediate bearing on the company. They are more interlinked with
the company than macro environmental factors.

• Let us take a look at some of the most important and common elements of the micro environment.
These elements are different for different organizations. But the following ones are usually found in
almost all companies.
MACRO ECONOMICS

• Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and
decision-making of the whole, or aggregate, economy. The two main areas of macroeconomic research
are long-term economic growth and shorter-term business cycles.