Introduction
The basics of entrepreneurship depend on the viability of the entrepreneur in maintaining the innovativeness of the propositions. The key changes that are undertaken by the entrepreneurs are based on the assessment of the urgency that is faced by the business. In this connection, the entrepreneur has chosen a business, which is innovative in nature and has helped the same in maximizing the propositions as per the needs of the customers (Acs, Autio and Szerb 2014). The sustenance of organizations varies from the operations and the propositions to the quality of the product or services that re proposed by the same. The discussion will be evaluating the different steps that were undertaken by the respondent while starting up the new venture. On the other hand, the discussion will also evaluate the different changes that were undertaken by the entrepreneur as per the assessment of the changing preferences of the customers.
The discussion will be undertaking an evaluation of the interview that was undertaken and thereby correlate the same with the findings in order to identify the efficacy of the frameworks and models based on entrepreneurship. The evaluation of the interview will be helping to identify the different aspects of entrepreneurship and the practices that might be undertaken by an entrepreneur for upholding the sustainable functioning of the venture.
2. Assessment of the interview contrasting with the frameworks
2.1 During the startup
The interview reflected on the different relevant facts from the respondent on the experience gathered by the same while starting up the new venture. The business objective was to set a clear ERM for collaborating with all rental companies or vehicles together on one website. The idea was to create a website, which would make the customers aware of the different vehicles that are available and their present rates. On the other hand, the website also focused on identifying the customers’ needs and providing the same with information as per the concerns. The knowledge on the processes has helped the respondent in establishing the venture through an assessment of the market capabilities. Creativity in the entrepreneurship form of business is again an important part as it helps the enterprise in offering unique propositions (Hitt and Duane Ireland 2017). Unique propositions help the organization in gaining a competitive edge over the other existing players in the markets. Austin, Stevenson and Wei-Skillern (2012) stated that the innovativeness of an entrepreneurship venture helps the same in maintaining the efficacy of the operations through an assessment of the preferences and needs of the customers. On the other hand, Hitt and Duane Ireland (2017) stated that the innovativeness of the venture is backed by the collaborative approach of the stakeholders, which helps in facilitating the smooth functioning of the venture. The entrepreneur had knowledge of the vehicles, which helped the same in starting up the venture in the relevant industry. On the other hand, the entrepreneur undertook collaboration with different organizations in order to facilitate the smooth functioning of the venture.
2.2 Steps taken by the entrepreneur during the startup
The entrepreneur framed a detailed plan and allocated resources for the implementation of different technologies as the first step. As per the case, the respondent stated that the person undertook a thorough market study for identifying the potentiality of the idea as per the market needs. The lines 38 to 41 clearly enumerate the different market research activities that were undertaken by the same. Santos (2012) stated that the market research helps in maintaining the efficacy of the decision making and planning capabilities in entrepreneurs. On the other hand, Bae et al. (2014) stated that the assessment of the markets helps the entrepreneur in identifying the probable risks that might be faced by the same while undertaking the venture. In this relation, the market research helped the respondent in identifying the issues that were faced by the customers while choosing the best vehicle for rental purposes. The entrepreneur designed the processes that will be undertaken by the enterprise and the third party investors assisted the startup through capital investments. It has helped the entrepreneur in distributing the risks uniformly among the stakeholders. However, the lines 55 to 58 portrayed the error in the entrepreneurship role through the inclusion of the developer in the list of shareholders of the business.
Acs, Autio and Szerb (2014) stated that the collaborative functioning of the stakeholders assists the organizations in facilitating the smooth functioning of the processes. Therefore, it can be stated from the interview that the respondent utilized rational decision making model before undertaking the startup as the person undertook a market research and thereby allocated resources to respond to the issues that are faced by the customers. The funding of the organization depends on the level of involvement of the stakeholders. Fisher (2012) stated that the entrepreneurs must take steps to maximize the involvement of the stakeholders through proper communication with the same. It helps the organization in maintaining the efficacy of the processes that are undertaken by the same. As per the case, the respondent undertook suitable communication with the stakeholders, most commonly the website developer, which has helped in enhancing the processes of the business (Kazanjian, Drazin and Glynn 2017).
Miller et al. (2012) stated that the communication plays a major role in maintaining the efficacy of the operations that are undertaken by the businesses. In this relation, the funding that were received by the respondent was from the third party stakeholders or investors which has helped the entrepreneur in distributing the liabilities evenly. It has also provided the enterprise with a capital funding for supporting the smooth functioning of the venture.
2.3 Challenges faced by the entrepreneur
The interview also unraveled the challenges that were faced by the entrepreneur while undertaking the startup. The most important challenge that was faced by the entrepreneur was due to the lack of vision of the developers. Kazanjian, Drazin and Glynn (2017) stated that vision and planning are the two most important factors that helps in determining the success of the entrepreneurship business. Lack of vision of the developers has affected the interests of the entrepreneur and the organization. The entrepreneur planned to establish an organization with a long term vision of sustenance in the international markets. However, sustenance is the supported through the vision of the developers in a website- based organization (Fayolle and Gailly 2015). Therefore, the respondent or the entrepreneur aimed at making the venture self sufficient without the developers. Lines 78 to 81 depicted that the entrepreneur did not have clarity of vision, which affected the operations of the business. The lack of clarity in the vision of the entrepreneur also affected the venture, as the developers were confused during the designing of the website. Onetti et al. (2012) stated that clarity of vision of the entrepreneur helps the enterprise in upholding the efficacy of the designs as per the needs of the business. In this case, the lack of clarity in the vision of the entrepreneur affected the smooth functioning of the developers as per the needs of the organization.
Koellinger and Roy Thurik (2012) stated that the gradual development of the organizations dependent on the vision of the entrepreneur. The entrepreneur plays a major role in maintaining the efficacy of the operations that are undertaken by the organization. As per John Kao’s Model on entrepreneurship, the interrelated approach of the entrepreneur with the task, the organization and the market environment helps in identifying the vision that is held by the same (Kiss, Danis and Cavusgil 2012).
The identification of the market environment will be helping the entrepreneur in understanding the necessary steps that might be undertaken by the same for avoiding the uncertainties. On the other hand, the assessment of the markets will be helping the entrepreneur in identifying the potential customers of the same, which will be helping the same in undertaking expansion. The model also facilitates the understanding of the organizational capabilities, which will be helping the entrepreneur in bringing forth dfferent modifications as per the preferences of the customers. The leadership role of the entrepreneur is a significant part in the smooth functioning of the enterprise. The assessment of the needs of the customers and the decisions that are undertaken by the same contributes to the sustenance of the venture (Nambisan and Baron 2013).
Lepoutre et al. (2013) stated that the model helps the entrepreneur in identifying the priorities that are faced by the enterprise while bringing forth modifications in the processes. However, as per the case of the entrepreneur in the interview, the long term vision of the same has helped in enhancing the operations of the venture as per the sustainability needs of the same .On the other hand, the entrepreneur aimed at making a market survey in order to identify the potentials before forging a modification in the processes. However, the lack of clarity in the vision has affected the smooth functioning of the enterprise as per the long term objectives of the entrepreneur (Morris et al. 2013).
2.4 The skills of an entrepreneur
The skills of an entrepreneur help the same in facilitating the smooth functioning of the venture. Nambisan and Baron (2013) stated that the major skills that are required in an entrepreneur are creativity, communicability, knowledge of the processes and vision. The skills of an entrepreneur assist an organization in identifying the different potential markets and thereby undertake expansions. On the other hand, knowledge of the processes and the clear vision of the entrepreneur help in maintaining the smooth functioning of the business units as per the sustainable needs of the same. As per the interview, the respondent stated that the knowledge and the experience of the same have helped in enhancing the operations of the organization. The lines 105 and 106 can be used as an evidence where the entrepreneur speaks of the skills that has helped him in driving the activities of the organization. Acs, Autio and Szerb (2014) stated that the Timmon’s model of entrepreneurship deals with the integrated system of resources, opportunity and the team functioning on the objectives of the organization. On the other hand, the model also portrays the role of communication, creativity and leadership in maintaining the smooth functioning of the business processes. The key changes that are undertaken by the entrepreneurs are dependent on the assessment of the market demand that is faced by the same (Estrin, Mickiewicz and Stephan 2013). The assessment of the market demand and the preferences of the customers help in maintaining the efficacy of design of the processes. On the other hand, the communicability of the entrepreneurs plays a major role in making the stakeholders aware of the different processes.
Lack of communication in an enterprise affects the collaborative functioning of the stakeholders. It also affects the productivity of organizations as per the sustainable objectives of the venture. The necessary skills of an entrepreneur thereby help the same in upholding the efficacy of the operations that are planned by the same. Fisher (2012) stated that the development of the entrepreneurial skills helps the individuals in enhancing the operations of the same while operating in diverse international markets. Therefore, the model has helped in identifying the interconnectedness of the entrepreneurial role with the capabilities of the enterprise for making a sustainable venture (Koellinger and Roy Thurik 2012).
3. Conclusion
Therefore, from the above assessment it can be stated that the interview has helped in identifying the different steps that ate undertaken by an entrepreneur while opening a start up. On the other hand, the report enumerated the challenges that are faced by an entrepreneur, mostly the respondent in the interview, and the manner in which they could be avoided. The research also evaluated the chief skills that are required to be inherited by the entrepreneur for the smooth functioning of the enterprise.
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