Ent530

1. What excites you about being an entrepreneur? What are your major concerns?

Entrepreneurs play an important role in the creation and growth of businesses, as well as in the growth and prosperity of regions and nations. The entrepreneurial opportunities are one of the reasons to be an entrepreneur. Opportunities are those situations in which ne goods, services, raw materials, and organizing methods can be introduced and sold at greater than their cost of production.

There are few major concerns that an entrepreneur should think to be an entrepreneur. Firstly, is environmental instability surrounding the market. The performance of the firm depends on the fit between its bundle of resources and the external environment. If there is a good fit between its resources and the external environment, then the firm will be rewarded with superior performance. However, if the fit is poor then the performance will also be poor. Demand uncertainty makes it difficult to estimate future demand, which has important implications for new venture performance as both overestimating and underestimating demand can negatively impact performance. Secondly, is uncertainty for customers. Customers may be uncertain about how to use the product and whether it will perform as expected. Even if it does perform, they might wonder to what extent its performance provides benefits over and above the products that are currently being used.

2. Is entrepreneurial management in a firm is always a good thing? Discuss.

Entrepreneurial management in a firm is always a good thing because the strategy of entrepreneurial management is driven by the presence or generation of opportunities for new entry and is less concerned about the resources that may be acquired to pursue such opportunities. Besides that, entrepreneurial management are committed to taking action on potential opportunities and therefore can pursue opportunities rapidly, making the most of window of opportunity. Entrepreneurial management...