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H 3.1 Entrepreneurial Activity [Josh Feeney]
HSC Outcome 3.1: Analyses the factors that influence innovation and the success of innovation.
The Nature of Entrepreneurial Activity
An entrepreneur performs three basic functions:
Decision making: The entrepreneur controls the company, making decisions that are fundamental to the nature of the company, its operation and continued existence.
Innovation: Application of new techniques to the production process, ensuring the production and distribution of new and improved goods and service whilst introducing new forms of selling and organising a company.
Risk bearing: Makes necessary uncertain decisions, connected to the anticipated marketplace or the introduction of innovations, having to accept the subsequent risks.
Role of the entrepreneur in Design
Entrepreneur activity is necessary to encourage design and technological advancement
Agencies that Affect Entrepreneurial Activity
Management and Entrepreneurial Activity
Fundamental difference between a manager and a entrepreneur is the type of decisions made by each.
Entrepreneur: Responsible for the basic policy decisions that set the future course of the business firm
Manager: Decisions affecting day-to-day routine matters
Entrepreneurial activities
The following is a list of innovation activities which need to be managed by entrepreneurs:
- product design
- distribution/Sales/Service
- manufacture
- promotion
- obtaining resources
- research and development
- protecting intellectual property
- obtaining raw materials
- identifying a market opportunity
The Nature of Entrepreneurial Activity
An entrepreneur performs three basic functions:
Decision making: The entrepreneur controls the company, making decisions that are fundamental to the nature of the company, its operation and continued existence.
Innovation: Application of new techniques to the production process, ensuring the production and distribution of new and improved goods and service whilst introducing new forms of selling and organising a company.
Risk bearing: Makes necessary uncertain decisions, connected to the anticipated marketplace or the introduction of innovations, having to accept the subsequent risks.
Role of the entrepreneur in Design
Entrepreneur activity is necessary to encourage design and technological advancement
- Establishing the marketing opportunity for the design
- Organising financial backing for the development of the design
- Protecting the final design by securing design registrations and patents
- Organising the supply of components, raw materials and labour
- Manufacturing of the design
- Advertising the product to the target market
- Organising sales, distribution and servicing
Agencies that Affect Entrepreneurial Activity
- Government agencies, through laws, incentives, subsidies and so on.
- Commercial agencies, through the buying and selling of goods.
- Industrial agencies, through WorkCover, workplace agreements and awards.
Management and Entrepreneurial Activity
Fundamental difference between a manager and a entrepreneur is the type of decisions made by each.
Entrepreneur: Responsible for the basic policy decisions that set the future course of the business firm
Manager: Decisions affecting day-to-day routine matters
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, Sep 13 2007, 8:20 PM EDT
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