Entrepreneurship assignment

1, Clearly describe the three types of Entrepreneurs. Give example for each

1, the individual entrepreneur

An individual entrepreneur is a person who, without forming a legal entity, independently and on their
own risk, engages in economic activities such as selling goods, performing works, or delivering services
with the goal of making a profit. This definition applies from the moment of state registration.
Elon Musk is a prominent example of an individual entrepreneur who has made significant contributions
to various industries. One of the most notable examples of his entrepreneurial endeavors is the founding
of SpaceX, a private aerospace manufacturer and space transportation company. Musk founded SpaceX in
2002 with the goal of reducing space transportation costs and enabling the colonization of Mars.
2, the Intrapreneur
An intrapreneur is an employee who is tasked with developing an innovative idea or project within a
company. The intrapreneur may not face the outsized risks or reap the outsized rewards of an
entrepreneur; however, the intrapreneur has access to the resources and capabilities of an established
company.
One example of an intrapreneur is Richard Montañez, who started as a janitor at Frito-Lay and went on to
create the hugely successful product, Flamin’ Hot Cheetos.
3, The Intrapreneurs
Individuals engaged in the entrepreneurial actions in large
organizations.Without the blessing of their organizations.

Intrapreneurs take on less risk compared to entrepreneurs as they work within the framework of
an existing company.

Key characteristics of intrapreneurs include:

Risk-taking: They invest time, effort, and creativity into their projects.
Innovation: They focus on creating novel solutions or products.
Independence: They work autonomously within the company structure.
Resourcefulness: They leverage internal resources to bring their ideas to fruition.
Shared rewards: The success and credit for their innovations are often attributed to the
company.
Example Google’s Gmail Development Team: Created Gmail as part of Google’s “20% time”
initiative, showing how intrapreneurs can innovate within established companies to launch
successful products.

1. Guyo has launched his own entrepreneurial venture after completing his college degree,
whereas his friend has joined a prestigious company and started to earn attractive salary.
In your opinion, does Guyo or his friend contribute more for their country’s economic
development? (Justify your answer with illustrative example)

In my opinion, both Guyo and his friend contribute differently but significantly to their country’s
economic development. Guyo, by launching his own entrepreneurial venture, contributes to
economic growth through innovation, job creation, and potentially disruptive solutions that can
drive industry progress. On the other hand, his friend working in a prestigious company
contributes through stable employment, tax contributions, and potentially influencing the
company’s growth and success which can have a ripple effect on the economy.

To illustrate this further, let’s consider an example:

Guyo’s Entrepreneurial Venture:

Guyo’s entrepreneurial venture introduces a new technology that revolutionizes a traditional

industry in the country.
His venture creates job opportunities for local talent and attracts skilled individuals from other
regions to work in his company.

Friend Working in a Prestigious Company:

Guyo’s friend working in a prestigious company is part of a team developing cutting-edge

products that are exported globally.
The success of the products developed by the company enhances the country’s reputation as a
hub for innovation and quality manufacturing.

Both scenarios demonstrate valuable contributions to the country’s economic

development. While Guyo’s entrepreneurial venture drives innovation and job creation at
a more localized level, his friend working in a prestigious company contributes to broader
economic growth through global market reach and stability.

Overall, both Guyo and his friend play essential roles in contributing to their country’s
economic development, albeit through different avenues.
3.What is the difference between goal and objective setting? Use hypothetical examples to
illustrate their relationship.

Goal setting and objective setting are two related but distinct concepts in the field of
project management, business strategy, and personal development.

Goals are broad, overarching statements of what you want to achieve. They provide
direction and purpose, but they are not specific or measurable on their own. Goals can be
long-term or short-term, personal or organizational.

For example, a personal goal might be “I want to get in better shape.” This goal is not
specific or measurable on its own, but it provides a general direction for your efforts.

Objectives, on the other hand, are specific and measurable steps that help you achieve your
goals. Objectives answer the questions “What do I want to accomplish?” and “How will I
know when I have accomplished it?”

Using the same example as above, an objective for the goal “I want to get in better shape”
might be “I will run 3 miles without stopping each day for the next month.” This objective
is specific (run 3 miles each day) and measurable (3 miles), and it helps you achieve your
goal of getting in better shape.

It’s important to note that objectives should be aligned with your goals. In other words,
they should support and contribute to the achievement of your goals.

Another example: A business goal might be “We want to increase sales by 10% this year.”
Objectives for this goal could include “We will launch a new marketing campaign in Q1,”
“We will hire 2 new salespeople in Q2,” and “We will offer a discount to existing customers
in Q3.” These objectives are specific and measurable ways to help achieve the overall
business goal.

In summary, goals provide direction and purpose, while objectives are specific and
measurable steps that help you achieve your goals.

4. Are the qualities of entrepreneurs gained from nature or nurture? Your examples
should be supported with examples.

both nature and nurture play significant roles in shaping an individual’s predisposition towards
entrepreneurship.
 Interaction Between Nature and Nurture: It is essential to recognize that nature and nurture interact
dynamically in shaping entrepreneurial qualities. While genetic predispositions may provide a foundation
for certain traits, environmental factors can either enhance or inhibit the expression of these traits.
Moreover, individuals have the capacity to adapt and develop their entrepreneurial skills through learning
and experience, regardless of their innate predispositions.

Nature Influence on Entrepreneurial Qualities:

1. Genetic Predisposition: Some researchers argue that certain traits associated with successful
entrepreneurship, such as risk-taking propensity, creativity, and resilience, may have a genetic
basis. For example, studies have shown that genetic factors can influence personality traits like
openness to experience and conscientiousness, which are often linked to entrepreneurial success.
2. Innate Talents: Individuals may possess innate talents or abilities that predispose them towards
entrepreneurship. For instance, someone with a natural aptitude for problem-solving or
innovation may be more inclined to pursue entrepreneurial endeavors.

Nurture Influence on Entrepreneurial Qualities:

1. Family Environment: The family environment plays a crucial role in shaping an individual’s
entrepreneurial qualities. Growing up in a family that values entrepreneurship and encourages
risk-taking can instill entrepreneurial traits in individuals from a young age.
2. Education and Experiences: Formal education, exposure to entrepreneurial role models, and
hands-on experiences can significantly impact an individual’s entrepreneurial skills and mindset.
For example, participating in entrepreneurship programs or working in startup environments can
help develop key entrepreneurial competencies.
Conclusion: In conclusion, the qualities of entrepreneurs are influenced by both nature and nurture.
While genetic factors may contribute to certain predispositions towards entrepreneurship, environmental
influences play a significant role in shaping an individual’s entrepreneurial characteristics. Ultimately, it
is the interplay between inherent traits and external experiences that determines an individual’s success as
an entrepreneur.