1) What creates opportunities for entrepreneurs to start a business?
One of the key opportunities for entrepreneurs to start a business is acknowledging and realising the unmet needs and wants of the society. For example, there will be different demands coming from the society, this creates the opportunity for entrepreneurs to further develop their visions accordingly and find inspiration through these demands. These requests also acts as a new idea that your business can revolve around, for example you can either invest in a certain product that is on high demand, or even create a product according to how fast its advancing at (ex. You can take advantage of how fast technology is advancing now a days, more functions and options can be offered/created). Another business opportunity is to meet the needs of people who don’t have a voice in the society, this way, you can not only meet the wants of certain people, but also the needs. There would be other factors affecting this such as how the economy is doing, which many manipulate many people in to starting/investing in to more business which encourages more people to take risks and possibly receive the reward of profit and gain. Furthermore, other factors such as different methods and inventions may trigger the society’s perspective towards a certain good, for example a new idea may result in a larger demand of it from the community. This may mean that people may want to keep up with the “latest trends” and products.
2) How do entrepreneurs respond to the needs & wants of society?
Needs and wants of the society allows Entrepreneurs to gain a better understanding on how to further develop their ideas (services and wants). Often, entrepreneurs may find inspiration or new ideas coming from the society, this can drive innovation as well as invention for a certain product. It also allows the business to grow as a whole due to the fact that there are demands that need to be met, creating more opportunities for the business to develop. Entrepreneurs may respond by doing what is asked by the society or, finding inspiration from is and innovate from their previous ideas to create a more advance/improved good.
3) Why do individuals become entrepreneurs?
There are many factors that can drive people to become entrepreneurs. Factors such as the want to implement a new idea upon the society, perhaps someone came up with a new idea for a good/product or service that no one else has thought of that can both improve and make people’s lives better. The idea may help people, while giving you the chance to earn a substantial income. Being an entrepreneur allows you to give back to your community and take action by meeting the demands of other people as well as creating a better living environment for people in a positive way. Many just wants to take part of the society as entrepreneurs requires for analysing the state of the world, and are always searching for places/communities where their passion, ideas and strengths can make a larger impact on the world. It may give joy to the entrepreneur as they share their idea with the world, as well as taking on the responsibilities of responding to what the people want/people’s voices. In conclusion, many would be compelled to become a entrepreneur simply because they possess the traits and skills needed of good entrepreneurs and would like to share it with others and become their own boss as well as the sense of taking control of your own life as the business will allow you to work at your own pace which creates a flexible work space.
4) What drives innovation?
Many factors such as the advancing of technology & demands/wants of the community etc. may drive innovation towards the entrepreneur. For example, a new feature of technology ay drive innovation as it inspires the entrepreneur to develop new ideas while taking advantage of how fast the technology in our society is advancing. It creates more opportunities to manipulate different functions and designs to incorporate in to the new product. Another factor are the needs and wants/ high demands of the society, this pushes the company to create a newer and better product in order to stay on top and sustain their reputation. It also, creates a sense of competitiveness and the need for the entrepreneur to create a new product that will become more popular than others.
5) Are the traits that are needed to be successful as an entrepreneur always the same?
The traits may vary according to your type of business, but you must understand the different steps that entrepreneurs are willing to take to build a successful business. For example, you need to make sure that your proposal/idea is unique and different compared to your competitors (distinctive) making sure that you will be able to stand out amongst everyone else, this way, it allows your company and other people to innovate from it. Also, you need to maintain a good attitude and keep an open mind towards the different opinions and wants from the society. The first principle to consider in selecting any new product or service is to determine if it fills a genuine, existing want/need that customers have right now. This shows how you cannot keep a close mind about creating a product, this is because if you think the product is amazing, others may not agree. So, you need to see how your idea will affect different people (negative and positively). Another trait that may come in handy is knowing the fundamentals of taking risks to help your business grow, and as a result you may be able to profit from it (with risk comes reward). You must be organised in a sense of having a vision of what you want your business to achieve. One of the most important aspects of running any business is to have a clear vision of what you want that business to be like (ex. What do you want to be known for in the market). This way, you can build a steady base to build on over your progression. Once you gain clarity on your vision, you must be willing to develop a plan. You need to take time to map out what needs to be done to achieve your outcomes/reach your goals. This means that you aren’t able to “wing it”, as you should set goals for what and when you want to complete. Determination is also a key/important trait to being a successful entrepreneur. This means that you don’t back down just because there is tough competition, you must also be determined to meet the demands of the society. For example in class, I took an “Entrepreneur Computability Quiz” that asks questions about you as a person and if you’re fit to become an entrepreneur. One factor was to be determined and not be afraid to share your ideas with others, this way, you don’t just sit back and let other people do the talking, you must be the one who takes action and contributes as well.
6) To what extent should competitors work together?
There are different perspectives and choices that will be made from different companies depending on the type of business and product they sell/have. Having to work with your competitor may be a good choice to make as it may benefit your company as well as theirs. For example, if both companies sell sports clothes they can come to gather and advertise cooperatively in order to save resources (ex. money, people, space), but in this case, it would only work out if they make different types of the same products (ex. shorts and clothing instead of both companies selling the same product). By doing this, it may also raise the reputation of one company if the other is doing well in the industry. For example, if knee socks are trending in society right now and, that company advertised with another company that sells shoes, it may help the company that sells shoes to raise awareness as well as attention from buyers. Also, it can build a stronger business in the marker compared to other businesses when 2 companies cooperate with each other. This way, there will be less competition out there. Furthermore, there are also many reasons being that companies would not agree to work together and there will be existing factors that support this POV as well. One of them being that one business owner might not think it is not logical to cooperate with your competition and that overpowering them & eliminating them is the only way for their business to grow and develop in the market. Generally, it is possible for any types of entrepreneurs to adapt in to a successful business despite his/her decision in cooperating with competitors, many entrepreneurs posses different traits and it still allows him/her to be successful as it supports the fact that not everyone has to has a set/certain skill set in order to achieve success in the business. Both cooperating or non-cooperating with other companies still may allow success in accomplishment of an aim or purpose of your business. There is no justifiable answer towards this, this decision simply lies in the hands on each business and what is best for them.
7) Is there an optimal form of business ownership?
There is no optimal form of business owner ships because, there are different factors to which the best ownership structure for your business depends on the type of services or products it will provide. For example if your business involves in high-risked activities and services (ex. stock trades), having a business entity that provides personal liability/limited liability may be your best choice as it protects your personal assets from business debts and claims, meaning that a limited liability company/LLC may be your best choice of ownership. Another form of structure is ‘Partnership’, in this case, this type of business structure may benefit businesses that require different types of expertise as well as businesses in need of further financial aid as both owners may take out loans. There are also disadvantages such as having unlimited liability, meaning that if the business fails, so will the individuals as their collateral/personal assets may be in risk. Other forms of business ownerships includes sole trader, this type of structure may benefit small startup businesses as this type of structure is Quick & easy to set up meaning that the business can always be transferred to a limited company once launched. One the other hand, some businesses do require and have an optimal form of business ownership hat suits them very well, allowing success through the business depending on which type/industry it is in as well the justifiable reasons to further support a certain choice of the ownership. It is truly up to the business itself and believing in which ownership it suits best and how it will both benefit and provide loss despite what type of industry it is in, in order to build on a more successful business.