The entrepreneur is responsible for bringing together these four interacting contingencies to create new value:
1. The entrepreneur:
The entrepreneur is the manager who drives the whole process forward. They work singly or in management teams.
An opportunity is the gap left in a market by those who currently serve it. The entrepreneur is responsible for scanning the business landscape for unexploited opportunities or possibilities that something important might be done both differently from the way it is done at the moment and, critically, better than it is done at the moment.
3. (Business) Organization:
Organizations can take on a variety of forms, depending on a number of factors; their size, their rate of growth, the industry they operate in, the types of product or service they deliver, the age of the organization and the culture that it adopts.It has been found more effectively to think in terms of organization in a wider sense as being a network of relationships between individuals, with the entrepreneur sitting in the center. The network view gives a good insight in how entrepreneurial ventures establish themselves, how they locate themselves competitively, and how they sustain their position in their market by adding value to people’s lives.
Key function of the entrepreneur
- 4. Resources: Resources include:
- - The money that is invested in the venture
- - The people who contribute their efforts
- - Knowledge and skills to it
- - Physical assets such as productive equipment and machinery, building and vehicles
- - Intangible assets such as brand names, company reputation and costumer goodwill
is to attract investment to the venture to use it to build up a set of assets which allow the venture to supply its innovation competitively and profitably.At first, the entrepreneur plays a critical role in identifying opportunity, building and leading the organization, and attracting and managing resources when the company grows, it develops processes and systems, and the people within it adopt distinct roles.In this way, entrepreneurial ventures quickly take on a life of their own. They become quite distinct from the entrepreneur who established them.