Question 4|14 :16|
1.1)Entrepreneurship is creating and building something of value from practically nothing, that is entrepreneurship is a process of creating and sustaining an opportunity and pursuing it regardless of the risk factors being controlled. Whilst intrepreneurship is the same as entrepreneurship except it is practiced in an existing organisation. Therefore I would classify Tostee as an entrepreneur reason being he started to build a sandal factory (something of value) from his garage (from practically nothing), knowing the risk factors involved in entrepreneurship. He used his experience in the industry and the company grew. Tostee strongly represents the characteristics of an entrepreneur; he possessed distinctive traits of an entrepreneur by seizing the opportunity to supply a market by producing sandals, despite the resources that were controlled at the time and he was profit driven. In the case study he also states “I had built my own business and tasted success”, thus represents an entrepreneur.
1.2) There are various definitions of an entrepreneur, but one significant point is that entrepreneurs are people with an ability to identify an opportunity .This therefore indicates Tostees’s innovation and creativity in his early years to use his earnings of his first job to establish an informal business of which he bought sweets, snacks to which he sold in gain of a profit. He thereafter worked in a shop performing various minor duties to which he absorbed as much information about running a business this signifies the entrepreneurial effect Tostees’s early days had on him which lead to him (knowing the risk involved based on prior knowledge of a business) establishing a sandal factory in his garage, keeping in mind having the ability and insight to market, produce and finance his own establishment.
1.3) I don’t believe...