MGB227 Demystifying the Genius of Entrepreneurship Assignment Sample

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• Subject Name : Entrepreneurship

Entrepreneurship Assignment

Executive Summary of Demystifying the Genius of Entrepreneurship

In the report, the issue of business has been taken in which cost reduction procedure is enhanced due to small office space, less full-time contract and budget control in the telecommunication industry. Disciplined entrepreneurship taken into the study with the enhancement of 24 hours steps successful startup. The study advocates 13 steps of a business solution in which new innovation-based ventures are developed for the business. An entrepreneur can develop its Enterprise with the help of new innovative products. The entrepreneurial mindset has been discussed interpreting the life experience in which actions, attitude and belief of entrepreneurs are shown for future ambitions.

Table of Contents

SECTION 1 - Our Customer and What We Can Do for Them..

Market Segmentation (Step 1), BHM (Step 2), and TAM (Step 4)

End-User Profile and Persona (Step 3)

Full life cycle use case (Step 6)

Customer’s Decision-making unit (DMU) (Step 12)

Product specifications (Step 7)

Quantified value proposition (Step 8)

Competitive advantage (Step 10) and (Step 11)

Customer Acquisition (Step 13)

SECTION 2 - My Entrepreneurial Learning.

Entrepreneurial Mindset and Process.

Thinking and Information Sources.

Actions, Attitudes and Beliefs.

References.

Section 1 - Our Customer and What We Can Do for Them

Market Segmentation (Step 1), BHM (Step 2), and TAM (Step 4)

Disciplined entrepreneurship (DE) supports in offering integrated, proven and comprehensive step-by-step approach that can create successful and innovative products (Hampel et al. 2020). In order to operate the business in the target market, it is important to divide groups of customers into the different market segments according to the use of products or services. It is necessary to develop a sufficient condition for operating a business in which the telecom sector can operate with dominant space in the market. Customer segments are divided into premium and secondary customers according to the usage of services and price value. Primary customers will be segregated in the premium department while secondary customers will be imported into a different segment according to the customer pay. It will be important to pay a maximum of two months for market segmentation in order to overcome the issue of cost reduction.

Beachhead market (BHM) selection is important for chasing one product rather than going for two products at one time (Zajko, 2016). Customers will be segregated in the market segment in terms of economically attractive, accessible to the Salesforce, strong value proposition, strategic value, competition and personal alignment. The ranking will be made from 1 to 4 in which customers will be lying from most attractive to least attractive criteria in order to decide the systematic selection of the target market. Potential market segments of Telecom users will be determined To increase the sales value of telecom services. It is important to choose BHM because it delivers a General visualisation guarding industrial design to enhance my partnership with the Telecom sector to reach maximum customers.

Total addressable market (TAM) is used for calculating revenue from the delivered product or services that can prioritise business opportunities (Aulet, 2017). The calculation of TAM supports the potential opportunity of business with quick metrics. As per the entrepreneurial venture of telecom service, measurement of TAM will be done through determining annual contract value and possible accounts. The business would overcome the issue of lower Full-time contract in this step where annual contract value will be given as $500 and possible account value 10 in which 10 number of the partnership will be done with maximum 100 employees. 

End-User Profile and Persona (Step 3)

End-user profiles are developed using demographics, psychographics, watering holes and proxy products (Shepherd & Woods, 2017). According to the relevant segments, the industry-specific profile will be created for customers. It will be important to reach customers to determine decision-making units and end-user requirements. In the Telecom industry partnership, demographic segmentation will choose the customer according to the age of 18 to 60 years, male and female gender, all types of education qualities and occupations. It is important to reach customers with valuable demand for products in which income level will be assessed who can experience telecom services. In the context of psychographics, social media presence will be admired in the giant social media platforms such as Instagram, Facebook, LinkedIn, Twitter and Pinterest. It helps the business the customer demands that can help to create an end-user profile (Garbuio et al. 2018). Proxy products will be taken to identify attributes of services such as SMS, video call, chat, textbox or phone call facilities at a discounted price. The business will reach target contractors to increase its space through budget control. Interviews will be done to existing customers for increased telecom services along with finding more contractors to hire clerks for 3 hours. Educated assumptions need to be made in which solution to the forms can be given to reduce its loading cost through data entry and dictation in the application.

Full life cycle use case (Step 6)

For the business enhancement, the Telecom industry, full life cycle use Case is important to define the persona with respect to cost, time, products or services. With the evaluation of industry partner choice in the telecom sector, the development of good promotional marketing activity is important to attract customers. Customers and contractors can reach the business with the help of a digital platform or verbal communication strategy (Heinze et al. 2020). The services that have been planned to be provided to the customers are Data Services, networking, television, service and internet facilities. The business will be generating value from this to deal with the solution of the problem of the high cost for the excessive load. It is important to facilitate the services of customers in front of legal contractors that can generate budget control monitoring facilities in entrepreneurial ventures. The launch of applications or websites for the customer can help in tracking the data accordingly in which loading issues can be resolved. Additional clarity needs to be determined by the team members in which the application development can support the budget control system, Clark hiring, Data Entry Services and reduction of loading cost.

Customer’s Decision-making unit (DMU) (Step 12)

The ultimate decision will be given to customers for product purchase in terms of advocating legal advice on purchasing services. Decision-making group in the business is formed in order to restrict the conflict between partners (Kashyap & Kumar, 2016). Decision-making unit of customers is made with a team member of more than 10 in a group to map out the interest and role of every person in the service sector. Some of the evident Employees are allocated under DMU in the telecom services belong from Network operator, data entry operator, finance department, contractor, operational department and customer executive. In the group members, the ultimate decision is supported by an influencer in the group who is a customer executive. The primary role of DMU will be an assessment of customers’ interest in accordance with mobile phone usage, digital platform usage, network, text speed, messaging and a number of voice calls. The business will be tied up with leading contractors to control its budget that can reduce the ability of staff management and space management in the office. The purchasing decision is finally determined by the customers or End-user with the developed services along with its attributes to enhance the consumer market. 

Product specifications (Step 7)

The vital services provided by the telecom business under the industry partnership are instant messaging, voice calls, video calls, email, television broadcasting, DTH services, broadband services and mobile services. The high-level product specification is designed for the relevant services are given below:

• Instant messaging: Group chat, screen sharing, antivirus and unlimited file sharing
• Voice calls: Configuration of TCP: 2000 of Skinny Call Control, UDP: 69 and UDP:67 for TFTP config download
• Email: It will be 600 to 800-pixel maximum width along with simple design and sliced-up image
• Television broadcasting: A 720p (1280 vertical pixels × 720 horizontal lines) will be resulting in 921600 pixels and 1080i (1920×1080) interlaced scan will be resulting in 1,036,800 pixels.
• DTH Services: Insat-4A at 83.0 degree E with the frequency of 10970 to 11670 with Horizontal and 10990 to 11570 with Vertical Polarization.
• Broadband services: Wired connection with analogue services powerline home network of 100 Mbps under ISDN PSTN services
• Mobile services: Mobile internet, chat rooms, mobile content services, dating services, subscription services and text messages.

In the business, all the mentioned services are targeted with premium quality and advanced operating services to the customer at reasonable prices.

Quantified value proposition (Step 8)

Every product has a unique value proposition in the target market that enhances customer attraction and improves business problems (Kłeczek, 2017). Full-time contracts by the contractors will help to leverage all the prospects of delivered products or services to customers with the prospective value proposition. The value proposition in the market for voice calls is subjected to 4G, 3G or 5G networks and instant messaging denotes several chats transfer. Mobile services are delivered with unique subscription services at discounted offer. Broadband services and DTH services are interlinked to operate potential and rural areas of the target Market by the Telecom industry. Television broadcasting is delivered at a high-quality image display and graphics to attract premium customers. For email services, the industry is targeting contracts with network operators without any deletion of messages.

The fulfilment of application in order to meet cost reduction issues, the telecom service should be occupied with all the services for customers with an improved contract. A delightful customer can achieve services along with its justified specification to the hiring of a full-time employee to deal with loaded services. The business will be offering a choice of services to its closest customers in order to deliver a suitable channel at and reasonable price. A Step to create business value and customer lifetime through the development of customer relationships. 

Competitive advantage (Step 10) and (Step 11)

Core competitive advantage of the business is designed in terms of paying attention to stakeholders such as contractors, customers and employees. Depending on the recent trends of the industry, telecom services need to offer the vertical and horizontal force of different products and services targeting respective customer segments (Pham, 2020). Core competitive advantage for industry partnership business in telecom services will be the identification of customers' demand according to the changing trends in order to list first in the competitive market.

The chart will represent the quality versus cost in order to beat competitors into the target market. Presented figure illustrates that the business is positioned at a low-quality product with low cost at an emerging market. It is due to the issue identified in the business of high loading at high cost. Small office space has disturbed the operating environment in order to deliver appropriate solutions to telecom service users. Identified issues have led the business to be a line at low cost and low-quality product in the target market with unique telecom services. With the relative development of identification of the next 10 customers, competitive Positioning chart helps in developing the specified solution to the department in order to monitor its cash control activity.

Customer Acquisition (Step 13)

Customer acquisition supports in gaining new prospects for customers in which new customers are targeted for selling products or services (Meire et al. 2017). The customer acquisition process will be in through digital marketing strategies. The industry will be following social media, Search Engine Optimisation and digital advertising techniques in the first stage for the visitors who are unknown to the product or services. In the second process, the business will be targeting webinar, digital content and blog posts in order to form leads. At the next stage, the secured position will be targeted by the industry partnership sector in terms of delivering the products and services in the online store for Demos. It will reach customers for the purchase of services that can leverage its monitoring cost along with the expanded space for the office and participation of full-time contracts. It helps in identifying the active users or end-users of the Telecom service sector. Online communities, brand pages and training materials are given to customers in terms of increasing loyalty and engagement. For the customer acquisition process, 10 customers that will be targeted by the company are GPRS users, GSM users, postpaid customers, prepaid customers, broadband customers, DTH customers, mobile service customers, voice call customers, email messaging customers and television broadcasting customers.

Section 2 - My Entrepreneurial Learning

Entrepreneurial Mindset and Process

Adventure of entrepreneurship helps in developing a new learning in context of differentiating the present life experience to explore innovative ideas (Kuratko et al. 2020). I have noticed that learning from entrepreneurial ventures develops a confidence to promote the innovative idea into innovative products or services. According to my mind set, it can be determined that entrepreneurial mindset prevails in a set of knowledge, thought and belief process in order to derive entrepreneurial behaviour. In context of current life experience, I have made it to process the business of telecom services in order to achieve proficiency in business skills to deliver wireless service to customers. Process of entrepreneurship through the industry partnership journey has been determined with customer service experience. Apart from this, I have learnt that entrepreneurship is not supported by an individual rather than it is equally divided to every employee working in a team. Mindset of entrepreneurs works to overcome challenges in order to accept the responsibilities along with improving skills (Naumann, 2017). In my current experience of business dealing issues in telecom services, I have been highlighted with factors of small office space, budget control and full-time contracts to reduce business’ cost. Determining the actions to reach customers with the market segment approach has enhanced my process to full field entrepreneurial activities to overcome the challenges by remaining competitive in the target market. I have identified and evaluated the opportunity of telecom services in the business plan along with the determination of required resources to establish a successful Enterprise.

Thinking and Information Sources

With the connection of Thinking ability of an entrepreneur, it is important to acquire information sources that can interpret life experience in a comparative way of thinking (González-Cruz & Devece, 2018). I have just my thinking in comparison to others in which I can determine that I have possibly founded the solution to reach customers in order to overcome the identified issues. I have developed my motivation through the factors of extrinsic rewards such as financial rewards and autonomy along with intrinsic rewards such as personal growth and employee motivation. This has interpreted my real-life experience in terms of differentiating with others to have motivated experience through industry partners choosing business ideas through entrepreneurship. New information source is developed in entrepreneurship to lead a successful business (Jahanshahi et al. 2017). I am encouraged to with new sources of information such as customer service, interviews, personal experience, SEO marketing, and digital platform experience. The number of activities has helped to live the work and reduce the business cost through the developed application of clerk hiring and data entry. 

Actions, Attitudes and Beliefs

Approach to the learning of entrepreneurship has been derived through attitude, beliefs, and actions to motivate future ambitions. I have been benefited with the economic and social backgrounds in order to cultivate my unique skills and thinking ability. I have created an opportunity that has stimulated the economy of the business in terms of ensuring confidence and Social Justice. Attitude of entrepreneurship describes an effective control of business through commercial activity (Botsaris & Vamvaka, 2016). My action of entrepreneurial activity has followed the process of research, financing, development, management and risk-taking approach. With the help of resourcefulness, positive mental attitude, strong desire and excellent communication skills, I am able to achieve my success towards disciplined entrepreneurship. According to my empowered Belief in the journey of entrepreneurship, I have determined with experienced matter, hard work pays off and necessary risk-taking activities. All the attitude, beliefs and actions taken in the journey of current life experience you will be recovering my future scope to deal with the significant business problems that are discussed in the report.

References for Demystifying the Genius of Entrepreneurship

Aulet, B. (2017). Disciplined entrepreneurship workbook. New Jersey: John Wiley & Sons.

Botsaris, C., & Vamvaka, V. (2016). Attitude toward entrepreneurship: structure, prediction from behavioral beliefs, and relation to entrepreneurial intention. Journal of the Knowledge Economy, 7(2), 433-460. https://doi.org/10.1007/s13132-014-0227-2

Garbuio, M., Dong, A., Lin, N., Tschang, T., & Lovallo, D. (2018). Demystifying the genius of entrepreneurship: How design cognition can help create the next generation of entrepreneurs. Academy of Management Learning & Education, 17(1), 41-61. https://ink.library.smu.edu.sg/lkcsb_research/5267

González-Cruz, T., & Devece, C. (2018). Entrepreneurial innovation, judgment, and decision-making as a virtuous process. International Entrepreneurship and Management Journal, 14(2), 245-248. https://doi.org/10.1007/s11365-018-0510-y

Hampel, C., Perkmann, M. and Phillips, N., 2020. Beyond the lean start-up: experimentation in corporate entrepreneurship and innovation. Innovation, 22(1), pp.1-11. https://doi.org/10.1080/14479338.2019.1632713

Heinze, A., Fletcher, G., Rashid, T., & Cruz, A. (Eds.). (2020). Digital and social media marketing: a results-driven approach. Abingdon: Routledge.

Jahanshahi, A. A., Brem, A., & Bhattacharjee, A. (2017). Who takes more sustainability-oriented entrepreneurial actions? The role of entrepreneurs’ values, beliefs and orientations. https://opus4.kobv.de/opus4-fau/frontdoor/index/index/docId/9523

Kashyap, D., & Kumar, A. (2016). Customer Decision Making Side of E-Commerce. Customer Decision Making Side of E-Commerce (August 10, 2016). https://ssrn.com/abstract=2820940

Kłeczek, R. (2017). Where is value in b2b value proposition? The concept of value in research on selling, innovation management and NPD. Marketing i Rynek, 4, 4-11. https://www.researchgate.net/profile/Ryszard_Kleczek/publication/324562711_Where_is_value_in_b2b_value_proposition_The_concept_of_value_in_research_on_selling_innovation_management_and_NPD/links/5ad5daefa6fdcc2935812457/Where-is-value-in-b2b-value-proposition-The-concept-of-value-in-research-on-selling-innovation-management-and-NPD.pdf

Kuratko, D. F., Fisher, G., & Audretsch, D. B. (2020). Unraveling the entrepreneurial mindset. Small Business Economics, 1-11. https://doi.org/10.1007/s11187-020-00372-6

Meire, M., Ballings, M., & Van den Poel, D. (2017). The added value of social media data in B2B customer acquisition systems: A real-life experiment. Decision Support Systems, 104, 26-37. https://doi.org/10.1016/j.dss.2017.09.010

Naumann, C. (2017). Entrepreneurial mindset: A synthetic literature review. Entrepreneurial Business and Economics Review, 5(3), 149-172. DOI: 10.15678/EBER.2017.050308

Pham, H. (2020). Impact of human resource management practices on enterprises' competitive advantages and business performance: Evidence from telecommunication industry. Management Science Letters, 10(4), 721-732. doi: 10.5267/j.msl.2019.10.025

Shepherd, D., & Woods, C. (2017). Disciplined entrepreneurship: The foundation of sustainable growth. In ICSB World Conference Proceedings (pp. 1-11). International Council for Small Business (ICSB). http://search.proquest.com/openview/2bef04c823e1bc94ee4fc28ff4375e7e/1?pq-origsite=gscholar&cbl=39996

Zajko, M. (2016). Higher success rate in development and survival of innovation-driven strat-ups. In Fostering Global Knowledge Economy trough Innovative and Creative Engineering and Management Studies: elektronický zdroj conference proceeding, 9th ICEBE, 6th ICIE, 24.-26 February 2016, Ahmedabad, India (Vol. 1, pp. 41-50). https://www.researchgate.net/profile/Marian_Zajko/publication/311309558_Higher_success_rate_in_development_and_survival_of_innovation-driven_start-ups/links/584154a808ae61f75dd0e097

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