Question

Question: Task 2 Scenario: You are currently working for a consultancy firm that provides advice and market...

Task 2

Scenario:

You are currently working for a consultancy firm that provides advice and market intelligence to small businesses and entrepreneurs. As part of updating the new website, you have been assigned to investigate different types of ventures and their impact on the economy to put on a webpage.

This is a mini research project that is based on a range of different business examples, one of which should be a local business entrepreneurial venture selected in the corporate sector in UAE. You should choose another example of entrepreneurship, which should be a local public sector company. You will have to describe and compare different environments for each of your examples and evaluate their impact on the success of these businesses.

Personal interviews could be conducted for your choice of local businesses chosen by you to acquire and collect data for answering some of the questions given below.

Make a report (with updates for the website contents and mindset of the entrepreneur), the same should include the following questions answered by you:

Examine different typologies of entrepreneurial ventures in the contemporary business environment. Thereafter, critically examine the scope, development and growth of the two chosen companies (corporate and public entrepreneur ventures) in terms of success achieved by them, as well as by investigating the similarities and the differences between them?

Analyze the characteristic traits, skills and motivational drivers of successful entrepreneurs by taking examples of the two entrepreneurship ventures (corporate and public) chosen by you. You must analyse by (a) exploring and examining different lines of arguments relating to entrepreneurship characteristics, (b) determining what characteristic traits and skills of these successful entrepreneurs differentiates them from other business managers, and (c) assessing how aspects of their entrepreneurial personality reflect entrepreneurial motivation and mind set.

With the help of the two chosen companies (corporate and public), critically evaluate by comparing and contrasting both examples, how their entrepreneurial characteristics, including background and experience influenced these entrepreneurs, fostered and hindered both positively and negatively in the success of their business.

Please provide references

Answer 1

For the purpose of research report, we are taking the new venture "XIAOMI" and Micromax the experienced corporate house in Mobile industry XIAOMI is one of the highest growing mobile company now a days, the parent company is located in China. Xiaomi has created a customer cost of convenience by providing the multiple benefits in just reasonable price by taking the benefit of scalability. Whereas Micromax one of the experienced developer and marketer of mobile is not that successful as Xiaomi is. One of the reason behind Xiaomi's success is that they recruit youngsters which provide efficient and effective output to company than Micromax team which has a mix portfolio of human capital in the team. Xiaomi is last and fast mover whereas Micromax comparatively is slow mover (a) Entrepreneurship characteristics comprises creativity, flexibility, risk tolerance and decisiveness etc. some of the experts suggest that such entrepreneur will get success who will work in the flow of the market. Whereas some experts has a view that entrepreneur fulfilling the customer needs will get success. So the entrepreneurship characteristics has a different perspective in the minds of different people (b) Successful entrepreneurs work for meeting the customer expectation. They treat their customers on priority. They also maintain the work culture because employees are their first customers who will take care the ultimate customers of the company (c) Xiaomi India head Manu Jain is one of the young CEO who has excelled in their career, He was a co-founder of esteemed e-commerce platform named "Jabong". He has a huge risk appetite. He has a focus on innovation in the company products which satisfies the emerging needs of their customers. Being self-involved actively in the company's operation, He motivates the other employees to work innovatively and cooperatively