The Entrepreneurial and Intrapreneurial Mind

Entrepreneurship is an act that requires complete Innovation, risk taking and creativity. Because you can't be an entrepreneur without this three qualities. Entrepreneurs are certainly know doubt business planners and also managers enterprises.

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Being and entrepreneur is all about taking risks and solving problems in the business venture. Best of luck to all the contest participants.

Define the Entrepreneurial process?

Let's start with the definition of who an entrepreneur is.

Meaning an Entrepreneur

An entrepreneur is a an individual who combines all other factors of production i.e (land,labour,capital and entrepreneur) in the production of goods and services with the purpose of making profit.

The entrepreneurial process is a structure approach in to help in the creation of a new business venture. It also involves the developing of opportunities and identifying, evaluating and overcome the obstacles that completely resist the formation of something new.

Briefly describe the four key phases of the entrepreneurial process.?

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PHASE ONE

Identifying and Evaluating the available opportunities.

The tendency of a successful business opportunities are usually discovered by entrepreneurs that are always aware of the future possibilities, an entrepreneur usually discover way of running a successful business for the continuos interaction with the consumers.

PHASE TWO

Development of Businesses plans.

Being able to notice and discover the available opportunity will the lead you to complete evaluation in other to develop a will structured and organized business plan 👌.

PHASE THREE

Determine the Required resources.

This is a process of checking the resources required to start, improve and sustain the business venture.

PHASE FOUR

Manage the Enterprise.

This phase as we know is the final phase that requires the implementation of business plans and the managing of the enterprise. It has to do with the building of managing structure and establishing a good system that helps utilize and manage the resources available and required.

Compare Entrepreneurial and Managerial Decision Making:

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Entrepreneurial in terms of decision making

• Entrepreneurship requires risks taking which means that the entrepreneurs are willing and ready to face the risks and problems hoping to gain more as they invest while managers usually reduct the risks to protect the available assets and make sure that they is consistent flow in the business.

• Entrepreneurs are focused on value creation to attract costumers and opportunity recognition to keep the business alive. Meanwhile the managers may emphasize control, efficiency and stability.

• Entrepreneurs usually have time to interact with the consumers to know want they need and want through this way they can improve they products or do otherwise. Instead, the managers don't interact with the consumers which will make him to make decisions based on self interest.

• Entrepreneurs usually have a long-term vision of looking beyond the present but the future potentials of enhancing the business. Meanwhile managers often focus on short-term results to meet the organizational performance metrics and goals.

Identify two key difference between how entrepreneurs and manager approach decision-making.

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Here are the two key difference between how entrepreneurs and managers approach decision making.

1. Decision making environment.

2. Risk tolerance.

Identify Entrepreneurial Characteristics:

The characteristics of an entrepreneur are

Adaptability: Entrepreneurs are always prepared to face the new challenges and opportunities present themselves at every turn, they learn to accept the new choice of costumers towards they products.

Creativity: Entrepreneurs are naturally creative, with they ideas of discovering new things in business, they also engage in creative activities that helps to promote innovation and problem solving.

Innovation: innovation is a the ability of an entrepreneur to think creatively and also implement the new ideas gotten.

List three common traits of successful entrepreneur and explain why these traits are important.

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• Risk taking: Entrepreneurs are naturally risks takers and are willing to take risks to boast they business and certain goals.

• Perseverance: Being able to make sure a business stands on a solid rock in it's early stage isn't easy. Entrepreneurs must be ever ready, resilient and persistent on the face of trails and setback in a business.

• Innovation and Creativity: Entrepreneurs are sometimes carried away by they continuos desire to create new things and help them to establish this new ideas.

After coming to the end of this contest I will like to invite @josepha, @saintkelvin17, @goodybest, @mainuna, @chisom77, @pandora2010, @ahmnseka, @saintpaul17, @john247, @aspiya and @impersonal to participate in this contest.

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