Entrepreneurship for Business Venturing - myassignmenthelp.com

Question: Discuss about theEntrepreneurship for Business Venturing. Answer: According to Davidsson (2015) invention refers to coming up with new ideas or products which did not exist before and would help to create value in the market. Many inventions have been made since the 16th century up to present time .I would have to examine the three major inventions that have transformed the operations of the people in the world by making work more easier. One of the greatest inventions was the invention of light bulb. This was invented by Edison in 1879 where he saw a need for lighting after electricity had been invented by connecting voltaic piles to charcoal electrodes to produce light. This was made possible through different trials of the invention by different people up to the end product. I believe he was the first to invent the product because it was successful and lasting different from other inventors who were not able to come up with the final product in the market. The second invention was the invention of shoes by Matzeliger in 1883 when he found out an automatic method for lasting shoes. He started with making designs for the shoe making machine and after different experiments he finally came up with a lasting solution which was a reliable shoe making machine .Lastly the invention of electricity by Michael Faraday. He came up with creating electricity through the process of electromagnetism where electric charge can produce electric fields which can be positive or negative which produces electric current. All these inventors were the first to invent because they came up with new ideas and they were able to patent their products which are used up to today (Drucker,2014). Many of the entrepreneurs who venture into franchises have a higher rate of failure compared to those who start their own businesses from scratch based on their ideas. This can be attributed by lack of passion of the type of enterprise since it was not someones innovation and it will lack commitment by the person and the founders. Also the franchisers do not understand the challenges that the enterprise faces hence lack of support. Lastly there are disputes between the parties since they have different expectations and goals about the franchise. It is not a waste of time to put a strategy on the business plan because a business plan is a blue print of the business. It shows the procedure of how the business would be operating from the time of formation to growth. The business will have to strategize to know their competitors, customers, producers and other stakeholders who will affect the operation of the business. It is also important to consider the quality and competence of the management team to help manage the business well. As a venture capitalist I will major on the experiences of the management team on how they run businesses and also focus on the financial plan of the business by focusing on the sales projections of the products offered (Shepherd,2015). According to Mehta (2010) patent is a technology which is very important for a business in invention of a new product. The importance of the patent involves; it gives a company or business competitive edge over other business, provides licensing opportunities with companies in the market and lastly it creates value for the corporate world because it is one of the assets of company. I examined three websites which involves alibaba.com, bigcommerce.com and shopify.com where I wanted to purchase a computer, printer and a scanner for my office work. Based on the websites the best was alibaba.com then shopify.com.Alibaba was the based because the website was easy to navigate through, their products were affordable and would offer great discounts. Their feedback was very efficient compared to other two websites. If I were to create the perfect website it would have different types of products which are available and affordable. The website should be easy to navigate through and the customers should be able to pay conveniently. It would be attractive to be able to create more traffic. References Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-conceptualization.Journal of Business Venturing,30(5), pp.674-695. Drucker, P., 2014.Innovation and entrepreneurship. Routledge. Mehta, A., Rysman, M. and Simcoe, T., 2010. Identifying the age profile of patent citations: New estimates of knowledge diffusion.Journal of Applied Econometrics,25(7), pp.1179-1204. Shepherd, D.A., Williams, T.A. and Patzelt, H., 2015. Thinking about entrepreneurial decision making: Review and research agenda.Journal of management,41(1), pp.11-46. See-To, E.W. and Ho, K.K., 2014. Value co-creation and purchase intention in social network sites: The role of electronic Word-of-Mouth and trustA theoretical analysis.Computers in Human Behavior,31, pp.182-189. Ward, A.C. and Sobek II, D.K., 2014.Lean product and process development. Lean Enterprise Institute.