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Entrepreneurship and the Entrepreneur/ Intrapreneur Module: Introduction to Enterprise and Entrepreneurship Name: Jayesh Ramesh ID Number: P13224495
Tutorial: Wednesday, Time: 14:00-15:00 Tutor: Stringer D

P13224495 1.0 The purpose of this report is to allow characteristics of an entrepreneur. It difference between entrepreneur and analyse the Entre/Intra preneurs using

the reader to gain knowledge about the will also explain the similarities and Intrapreneur/ owner-manager. I will also an appropriate theoretical model.

2.0 Entrepreneurship is a manner opportunity, from which one could creating a new product, improving opportunity. It also involves taking social state of the individual.

in which an individual acts to create make a profit. This could be in the form of an existing product or just spotting a new decisions that could affect the financial and

An Entrepreneur is an individual that likes to be in control of what they are doing. Instead of working for an organization they would rather start/run a small business. One of their biggest traits of an entrepreneur is that they are risk takers. They put their social and financial safety on the line for the better of their business. The individuals are willing to take full accountability for the failure or the success of the business.

2.1 An Intrapreneur is an individual being entrepreneurial within a company. This has lesser risks than being an Entrepreneur as the success or the failure of their idea will not have a direct impact on their financial state. The individuals are often assigned to a special project within the organisation. They are often encouraged to think outside the box by having less restriction on them and allowing them to work freely. 2.1.1 The biggest difference between Intra and Entre preneurs is that the Entrepreneurs are more of a risk taker than an Intrapreneur. This is because the Intrapreneurs are being entrepreneurial with in the security of their job, whereas the Entrepreneurs have to take risk while considering their financial and social (family) state. The Entrepreneur has the freedom to act on their will, while the Intrapreneur has to have the permission of their manager to do certain tasks. The rules set by the organisation do not allow the Intrapreneur to act as freely as the Entrepreneur. Another difference is that if an Intrapreneur does come up with a good idea, he/she will still have to convince their managers to allow them to pitch the idea to the directors and convince them to take calculated risk. Whereas the Entrepreneur will not have that restriction. If the entrepreneur thinks that their idea is good they will be able to make progress. Another difference is that the creativity of the Intrapreneur is limited because they have to come up with an idea that will be beneficial for the business in

P13224495 the short/long term. The entrepreneur does not have any restriction to their creativity because it will be easy to adapt to that idea as they will be just starting up. 2.2 There are two types of factors that encourage individuals to start a business. They are push and pull influences.

Edwina, G. (2013) Search for Entrepreneurship, from ENTE1521 Department of Strategy and Management, De Montfort University, Hugh Aston, Leicester, 8 October

One of the biggest factor that makes a person start their own business is spotting the opportunity. When a person spots an opportunity they are encouraged to start their own business. This could be in the form of discovering a niche market. Being redundant almost forces people to figure out a ways to gain an income. And starting your own business is one of those options. The idea of being your own boss is another factor that encourages people to start up their own business. This allows them to do things their way without having to justify it to others. Independence is one of the main factor because it allows you to set their own deadlines. The satisfaction of running a successful business is much more than working as an employee in a successful organization. Satisfaction of the owners: success due to the skill and effort of owners, which gives them heightened sense of satisfaction when (if) success comes Stokes, D. Wilson, N. (2006) Small Business Management and Entrepreneurship, Sixth Edition, Cengage Learning, P. 255.

2.3 Owner-manager wants to make sure that they have a regular income whereas the entrepreneur is not always keen on running the business for a long

P13224495 period, they usually set it up and make it a profitable business and sell it on to get a high exit value of company. Both of them have different objectives. An owner-managers objective is to make sure that their business is running effectively. This is done by supervising their employees. They make little changes to the way their business runs. The entrepreneurs objective is to keep on innovating and come up with creative ideas to benefit their business. They are always looking to develop the business. Both of them have some sort of risk involved in the running of the business. They both would have a personal stake in the business. This can be in the form of the capita l invested into the business. The entrepreneur may not have the full control of their business, meaning that they will not have the final say on the decision. Entrepreneurs often employ managers to manage the day to day operations of the business, while the entrepreneur is focused on ways to improve/develop the business. But, the decision of the owner-manager will not be affected by anyone working in their business.

2.4 I will be using the FACETS model to analyse the entrepreneurial characteristics of Michelle Mone and Terry Leah. Michelle Mone MJM International Michelle Mone is the founder of MJM International. She founded the business in the year 1996. Michelle Mone was focused, she had clear target and was able to deliver. Her aim was to make a comfortable bra. She showed the ability to not be distracted from her goal; when she registered her company in 1996, she did not have the product to sell. So she had to carry out research and development, it took her 3 years to compete the product. This involved designing the product and reserving the right to use silicone gel. This showed that she was determined to meet her targets. She showed courage/dedication toward the project because during the first year of her business she was fighting off bankruptcy, she decided to use money left by her deceased mother and she had to re-mortgage her house. During her 3 years of research and development of the bra/product. One of the people she worked with during that process was scientist from Germany who had expertise in brassieres. This showed that she was willing to go to great lengths to find the best person to team up with. She is certainly innovative/ creative because she was able to use the silicone gel and integrate into the bra to make it more comfortable and cleavage enhancing. She also has other 13 patented invention and many other brands

P13224495 such as Ultimo Bridal , Adore Moi etc. She was dedicated to a cause and not only was she able to deliver on it but also further develop. Michelle Mone was able to select the right opportunity consistently. She not only spotted an opportunity to introduce a new innovate product in a competitive market, but she was also able to spot the marketing power of celebrities. She discovered this when her product gained high-profile media coverage because Julia Roberts wore her product in the movie Erin Brockovich in 2000. She then started to include famous celebrity such as, Kelly Brook, Mel B and Katie Price in her campaign to promote the product. This shows that she was able to spot an opportunity and was able to act upon it to benefit the business. Terry Leahy Tesco Terry Leahy wanted to bring changes to the strategy that Tesco was using. In the year 1995 he was appointed as the deputy managing director. He had a lot more influence on the way Tesco was being run. He put forward a revolutionising strategy for the retail industry by introducing clubcard in one of the board meetings. In the year 1992 he was appointed as board level marketing director. Terry Leahy and his team conducted market research to check if the loyalty card strategy had any potential. This shows his ability to be focused; he set himself and his team a target and was able to deliver on it. He was always looking for ways to develop Tesco and make it more profitable. He did this by launching different branches within Tesco. Before Terry Leahy was promoted as the chief executive officer in 1997, Tesco only offered limited variety of products Terry Leahy introduced the idea of opening a hypermarket; they offered variety of electronic goods and a large variety of non-food items. This shows that he was dedicated to a cause and was able to deliver on it. His target was to change the strategy of Tesco, which he successfully achieved. The above description proves that he was constantly able to think creatively and spot opportunities on a number of occasions to benefit Tesco. He showed courage because he was introducing a completely new idea. He also showed that he was able to shoulder the responsibility and could have been held accountable, because as a chief executive the success of Tesco could mean a bonus and the failure of Tesco could mean being job less. 3.0 According to my finding I have concluded that there is not a big difference between and Entre/Intra preneurs. I have found out that an individual does not have to have all the characteristics as described in the FACETS model to be a successful entrepreneur. For e.g. Michelle Mone did not spot an opportunity, it was much more of an inspiration due to an event. I have also found out that the need for change is one of the biggest motivations that encourage the individual to take an entrepreneurial route. Word count: 1,648.

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Reference list Edwina, G. (2013) The Search for Entrepreneurship, from ENTE1521 from Department of Strategy and Management, De Montfort University, Hugh Aston, Leicester, 8 October Stokes, D. Wilson, N. (2006) Small Business Management and Entrepreneurship, Sixth Edition, Cengage Learning, P. 255.

P13224495 Reflection This assignment has enriched my learning by introducing the Harvard system of referencing. As this was the first assignment I had to work on I had difficulties with getting used to the referencing system. As I was just introduced to this new referencing system, I have been able to self-learn it by using referencing guides that were available online and in hard copy. I found the format given by the tutor in the module handbook to be very helpful. It gave me a clear understanding of the input expected in the report. The criteria sheet was also very helpful (surprisingly) because I was able to understand the level of detail needed in each section. Writing a professional report has been helpful for me because I have other assignments that are due in that are in the report format. This gave me an understanding of the level of professionalism that is expected of me for the future assignments . I have found that having tutorial on a weekly basis has been very helpful because it always kept me engaged with this module. This assignment has made me reflect on my own characteristics and made me wonder if I had the potential to become and Entre/Intra preneur. I guess only time will tell. Word count: 204

P13224495 Executive summary The aim of this report is to allow the audience to gain a detailed understanding of the term entrepreneurship. This is done by comparing the similarities and differences of Entrepreneur and Intrapreneur. It will also describe the similarities and differences between an entrepreneur and an owner-manager. This report also states the factors that encourage an individual to start their own business. It also explains in detail how the push and pull influences affect the Individual and encourage them to start their own business. This report also analyses two different individuals that fall into different categories . It chooses an Entre/Intra preneur and analyse them using the FACETS model. This report also explains that an individual does not have to be an entrepreneur to carry out entrepreneurial activities . This report explains how similar the quality of entrepreneurs and Intrapreneur are. This is done by analysing them using the FACETS model. There are many successful Entrepreneurs and Intrapreneurs out there in the world who does not fit perfectly in the theoretical models the FACETS model and the BIG FIVE personality dimension model. This report will prove that an individual does not have to fit perfectly in either of those models to be an (successful) entrepreneur. Some of them lack certain characteristics from the FACETS model and some of them may lack certain features from the Big Five Personality Dimension. I have concluded that the importance of fitting perfectly in the FACETS model Big Five Personality Dimension model is not as important as having the Entrepreneurial qualities.

Word count: 253

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TABLE OF CONTENTS SECTION SECTION 1 EXECUTIVE SUMMARY

SECTION 2 REPORT INTRODUCTION 1.0 DEFINE ENTREPRENEURSHIP AND ENTREPRENEUR 2.0 DEFINE INTRAPRENEUR 2.1 DIFFERENCE BETWEEN INTRA AND ENTRE PRENEURS 2.1.1 FACTORS THAT MAKES A PERSON START THEIR OWN BUSINESS 2.2 SIMILAIRITIES AND DIFFERENCE BETWEEN AND ENTREPRENEUR AND AN OWNER- MANAGER 2.3 ANALYSE MICHELL MONE AND TERRY LEAHY USING THE FACETS MODEL 2.4 CONCLUSION 3.0

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SECTION 3 REFERECE LIST SECTION 4 REFLECTION

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ENTE 1521 ASSIGNMENT 1 Criteria

TITLE: Entrepreneurship and the Entrepreneur/Intrapreneur
Name Jayesh Ramesh Student Number:P13224495 Tutor MarkingD stringer Please note: You will LOSE 5% if you do not include this criteria sheet CRITERIA
Executive Summary. 5% 1. What do you understand by Entrepreneurship, The Entrepreneur .10% 2. What do you understand by an Intrapreneur (Corporate Entrepreneur ) and examples .15% 3. What makes a person start their own business 10% 4. Critically analyse the similarities and differences between an entrepreneur and an owner-manager.10% 5. Analyse your chosen entrepreneur(s) using an appropriate theoretical model (s) . 30%

ANY COMMENTS

MARK

6.Reflection. .10% 7. Correct format as outlined in module guide; eg correct referencing, free from errors etc10% 5.

Less Penalties

TOTAL MARKS