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Introduction to enterprise and entrepreneurship (Exam)
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1. ‘Are entrepreneurs born or made?’ Critically discuss this question with reference torelevant theories of entrepreneurial behaviour. Provide an example for whether
entrepreneurs are born or made?
It has been established that entrepreneurs are born, rather than made. Entrepreneurs are
the people who possess a set of certain traits, which can not be found in other people.
Surely these traits may be developed naturally by developing them, but most of the
successful entrepreneurs are who they are because of the genetic heritage they have. Such
personal attribute helps them to outstand, differentiate from others. In relation to the trait
theories, they suggest that entrepreneurs have a strong need for achievement, which makes
them more eager to take relevant steps towards success. However, studies outlined the fact
that not only entrepreneurs are having such need, but also other groups of professions too.
Unfortunately, such does not make them unique and special. Despite this, born
entrepreneurs are having a different sense of perception, but also strong set of interpersonal
skills. For example, risk-taking and need for autonomy traits are important as they see it as
essential tools. It is in their psychological nature to be able to cope with any failure, but also
to rely entirely on themselves. A true entrepreneur possesses qualities to be in control, lead
others and be independent. Therefore, being born with such attributes brings an advantage
over others as it will help them to become an effective, genuine entrepreneurs.
2. ‘What is entrepreneurship?’ Please define this concept and critically analyse any
four factors necessary for successful entrepreneurship as discussed on this module.
The entrepreneurship is considered to be a management of organisation in a way of
imposing innovations and creativity on product and/or service development. This leads to
new ventures creation, which in the same time contributes to generation of opportunities
from the external and internal sources. For example, in terms of social factors,
entrepreneurship provides employment opportunities that facilitates a social security. In
addition, entrepreneurship may also dive into social demographic changes by analysing the
current trends; life style, etc. Similarly, in terms of environmental factor; entrepreneurship
may focus on counties with a high probability of natural disasters, or even disease; and
come up with essential products. Such would help to enhance further innovation
development, which is mutually beneficial for those in need and entrepreneurs themselves.
Another essential external factor for entrepreneurship is a regulatory change. For example,
in spike of Covid-19 out-break, the government imposed wearing of face masks. Thereof
that, such created an opportunity for entrepreneurs to develop customised face masks.
There was a high chance of failure, as these masks might not have been up to standards of
those regular ones. Despite that it gained popularity very quickly. The last factor that is
necessary for successful entrepreneurship is an active search and experimentation. Even if
entrepreneurship is involved in operation within a highly risky and uncertain environment,
there is still a chance to succeed. Therefore, it requires persistent and continuous
contribution towards work, in order to develop an innovative product or service.
3. One way in which individuals can develop an entrepreneurial mindset is through
the habit of improvisation. Define entrepreneurial mindset and explain any 4 ways in
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