Saturday, September 7, 2019
An analysis of entrepreneurial theory Essay Example | Topics and Well Written Essays - 4000 words
An analysis of entrepreneurial theory - Essay Example Many new entrepreneurial firms fail as a result of entrepreneurs not fully understanding problems associated with their business models. It is rather commonplace for entrepreneurs to jump blindly into a new business model without properly planning that includes construction of a concise and well-developed business plan. A successful entrepreneurial venture must be considerate of the entire value chain, including marketing, human resources, technology, logistics and production in order to have a viable business model that can productively support the desired vision. Failure of the entrepreneurial venture occurs regularly as entrepreneurial leaders do not effectively measure the businessââ¬â¢ holistic capabilities and capacities needed to service a market which leads to a lack of competitiveness in the firmââ¬â¢s competitive market. In order to properly service the external market effectively and profitably, it is critical to understand what constitutes the dynamic of the post-re cession markets and then attempt new strategies to align the entrepreneurial enterprise with these conditions and dynamics. As one example, the post-recession consumer is now more concerned about the ethical values and behaviours of the organisation. A study conducted by Oh and Yoon, utilizing a sample of 343 different consumers, identified that when an organization illustrates that it maintains altruistic values and activities, consumers maintain a more positive perception of this business over that of businesses without a promoted ethical stance.
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