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Summary Assignment 1 - unit 20 enterprise in IT Distinction Achieved
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Unit 20: Enterprise in IT 28/02/2023Enterprise in IT (Information Technology)
I am currently in the process of launching an IT-based company, and one of the steps in
the planning process involves conducting research into various IT businesses. In this
assignment, I will not only discuss the characteristics of successful IT businesses, but I
will also evaluate the principles and characteristics which are utilised by those
businesses. These features and principles will include the skills and capabilities of
successful IT businesses, as well as the factors that contribute to the success of those
businesses.
In addition, I will discuss the factors that contribute to the success of a company as well
as the qualities that are associated with such companies and how they came to be
successful. I will also discuss my own skill sets, what I have learned from them, and how
I intend to put those skills to use to be a successful entrepreneur.
In this document I will include the following:
· what enterprise is and what it involves
· enterprise skills and capabilities
· factors that make enterprises successful
· attributes of the entrepreneur
· enterprise planning
· new technologies and techniques
What enterprise is and what it involves:
Entrepreneurship refers to a process of starting a new enterprise and operating it, to
create a new product, having a value for people by giving necessary time and effort and
bearing all the financial risks difficulties and challenges with an intention to make a
profit. Entrepreneurs are the individuals who have an idea and are willing to take risks to
set up a new enterprise and is ready to bear all the risks and takes all the necessary
decisions to provide products and services that has a value to the customer.
An entrepreneur has capabilities such as:
High degree of commitment
High energy level
Foresightedness
Desire for responsibility
Risk taking ability
Leadership and managerial skills
Value for achievement over money
Open mildness and optimism
The characteristic of the Entrepreneurship includes:
Economic activity: Entrepreneurship is an economic activity that it involves
commencement and operational business enterprise for commercial purposes that is to
make money out of purchases and sales of good and services while ensuring the best
and possible use of resources.
Innovation: Entrepreneurship involves creative thinking and conceiving new ideas and
making efforts to turn that idea into product or service which has the potential to
generate the profit. An entrepreneur continuously evaluates the latest modes of running
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, Unit 20: Enterprise in IT 28/02/2023
business and identifies new methods, procedures and techniques to do business with
great efficiency.
Risks: risks and uncertainty are the inherent characteristics of business and so does the
Entrepreneurship. The essence of entrepreneurship is the willingness to assume the risk
without which no one cannot accept the success. This is due to discovery and
implementation of new ideas, concepts and techniques in business which may or may
not be successful in long run.
Profit: the primary object of Entrepreneurship is to make profit which encourages the
entrepreneur to work continuously. It is reward for the efforts made and risk born by the
Entrepreneur.
Teamwork: teamwork and entrepreneurship teamwork play a crucial role as it is a
collaborative effort of the group to attain a common goal that is creation of enterprise to
on profit.
Entrepreneural process:
The Entrepreneural process includes:
Idea generation: in this step the entrepreneur identifies and analyses business
opportunities for these purposes the entrepreneur performs market research and take
input from different people to find out an optimum business opportunity thereafter the
entrepreneur analyses whether the conceived idea is worthy for the investment or not.
So, as to take a calculated decision regarding the business opportunity.
Developing the business model: after finalising the idea the next step is to create an
optimum business model the business model is significant for the success or failure of
any business venture as it acts as a major criterion to cheque whether the organisation
is moving towards set goals or not.
Resourcing: is one of the most important steps in entrepreneurial process wherein the
entrepreneur identifies the sources from where the funds can be raised, he ascertains
the type of human resources required for the performance of tasks and arranges the
same. He or she also identifies the supplier of materials and machines to perform the
task effectively he also arranges a proper space for doing business.
Promotion: nowadays promotion is one of the ways to make something popular
overnight most of the entrepreneur use this tool to promote their products all service
before it comes into being to get a ready market for it.
Actualisation: actualisation involves commencement and management of business
operations after all the prior activities are performed and registration formalities are
done to manage the company effectively the entrepreneur decides the management
structure to solve the operational problems and delegating authorities to different levels
of managers.
Harvesting: in harvesting the entrepreneur determines the prospects and growth
opportunities in this step the actual outcome that is profit is compared against the
estimated one and finds out the reason for discrepancies further those decisions
regarding business expansion is also taken accordingly by the entrepreneurs.
Enterprise skills and capabilities:
If an employee seeks to show that they can run a profitable company, they must have a
good skill. A worker needs to have a curriculum vitae (CV) so that they can see all the
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