Question

i have just 20m please answer

q1: Briefly explain the four distinct stages of the entrepreneurial process (in your answer explain the main stages and list the sub-stages of each one)
q2: Briefly explain the entrepreneurial firms impact on society (both positive and negative impact) and support your answer with an example

Answer 1

Solution:-

1)  The four distinct stages of the entrepreneurial process

1. Discovery : Recognises an opportunity and spends time to understand it. This involves observing trends, solving problems and find a marketplace.
2. Business development plan : Finds an objective, mission statement, company structure, product design, market for the product, plan for marketing, competition, risk identification, employees management, capital requirements.
3. Conceptualisation : Choosing location, patent for invention, trade mark, copyright etc
4. Resourcing : identifies and acquires financial and human resources needed. Involves meeting investors, apply loans, hiring employees etc.
5. Commencement : business operation starts at this point.
6. Growth & development : formulates long term strategie

2) Briefly explain the entrepreneurial firms impact on society

importance of entrepreneurship are;

1. Growth of Entrepreneurship.
2. Creation of job opportunities.
3. Innovation.
4. Impact on community development.
5. The consequence of business failure.
6. Political and economic integration of outsiders.
7. Spawns entrepreneurship.
8. Enhances the standard of living.
9. Promotes research and development.

Growth of Entrepreneurship

Entrepreneurship the advent of new venture particularly small ventures to materialize the innovative ideas of the entrepreneurs.

Thus, the growth or establishment of small enterprises ii the specific contribution of entrepreneurship in every economy of the world.

Creation of job opportunities

Entrepreneurship firms contributed a large share of new jobs. It provides entry-level jobs so necessary fur training or gaining experience for unskilled workers.

The small enterprises are the only sector that generates a large portion of total employment every year.

Moreover, entrepreneurial ventures prepare and supply experienced labor to large industries.

Innovation

Entrepreneurship is the incubator of innovation. Innovation creates disequilibria in the present state of order.

It goes beyond discovery and does implementation and commercialization, of innovations.

“Leapfrog” innovation, research, and development are being contributed by entrepreneurship.

Thus, entrepreneurship nurses innovation that provides new ventures, products, technology, market, quality of good, etc. to the economy that increases Gross Domestic Products and standard of living of the people.

Impact on community development

A community is better off if its employment base is diversified among many small entrepreneurial firms.

It promotes abundant retail facilities, a higher level of homeownership, fewer slums, better, sanitation standards and higher expenditure on education, recreation, and religious activities.

Thus, entrepreneurship leads to more stability and a higher quality of community life.

The consequence of business failure

The collapse of the large industry almost has irresistible damage to the development of the state and the state of the economy and the financial condition of the relevant persons.

The incumbents lost their jobs: suppliers and financial institutions face a crisis of recovery.

Customers are deprived of goods, services, and government losses taxes. This could not happen in the case of failure of entrepreneurship.

There shall be no measurable effect upon the economy and no political repercussions too.

Political and economic integration of outsiders

Entrepreneurship is the most effective way of integrating those who feel disposed of and alienated into the economy.

Minorities, migrants, and women are safely integrated into entrepreneurship that will help to develop a well-composed plural society.

Spawns entrepreneurship

Entrepreneurship is the nursing ground for new inexperienced adventurists.

It is the field where a person can start his/her idea of the venture, which may be ended up in a giant enterprise. All the large industrial ventures started as a small entrepreneurial enterprise.

Therefore, entrepreneurship provides a wide spectrum of ventures and entrepreneurs in every economy. The vast open arena of entrepreneurship thus acts as an incubator to entrepreneurs

Enhances the standard of living

The standard of living is a concept built on an increase in the amount of consumption of a variety of goods and services over a particular period by a household.

So it depends on the availability of diversified products in the market. Entrepreneurship provides enormous kinds of a product of various natures by their innovation.