Entrepreneurship and the Business Cycle-Free-Samples for Students

Question: Discuss about the Sustainable Entrepreneurship. Answer: Introduction 365cups is a business that was started by entrepreneurs to help people avoid queues when buying food and drinks. The company has specialized in helping people have an easy way of accessing food and drinks without queuing. People can pay and order drinks and food using their phones. This business targets everyone who can be able to operate a smartphone. 365cups develops and maintains iPhone, Android and web Apps for the hospitality market which it offers to the interested companies that deals in this industry. A store places a menu on their system and allows customers to order, pickup or dine using their smartphones. It makes it easier as customers can order from anywhere anytime at their convenience (Parker, 2011). No real business lacks competitors or rivals. 365cups is facing stiff competition from Beat the Q and TXT4Coffee among other companies. These companies also offer an App that can help customers order meals and drinks. 365cups is ahead of them all because it offers its App not only to small rural cafes but also to multinationals. It has clients all across Australia, NZ, United States and Canada. The 365cups helps both small and large businesses access technology which differentiates them from their rivals. Therefore, 365cups is an international company founded on a technological innovation startup that currently serves millions of people (Henrekson and Sanadaji, 2014, pp. 1760-765). The impact of cultural context on the business idea When developing the business idea, 365cups took into consideration the impact of cultural context. In Australia, there are so many cultures because it encompasses people from different backgrounds. People have come from different continents and countries that stay there. People also have different religions. For this reason, the 365cups came up with an App that is not biased to a particular culture, but any person can use the up from anywhere. The App does not cover a specific religion or culture, therefore every culture and religion are taken into consideration. Therefore, the company operates beyond cultures in Australia and even the entire world because there is no group of people who do not use mobile phones (Grilo and Thurik, 2008, pp. 1113-1145). Market opportunities A market opportunity is any existing business gap that the available businesses or competitors are not addressing. It is important for any business venture to explore market opportunities (Faria, 2014). This helps the business to guard their profit, and even product or service can be developed that is better. When one has opportunities even in the event of a new product, it will be easier to manage. Thus, both individuals and companies should work towards discovering the various market opportunities that exist in the context of operation (Ollila and Williams, 2011, pp. 161-178). For the 365cups, it has an opportunity in other geographic regions. For example, it can go to other continents like Europe, South America, and Africa and launch the App. In 2016, the 365cups had one million orders, and in Australia, people are more than one million. Therefore, it has an opportunity of getting more customers by promoting itself. The business should advertise itself for more people to know about its existence (Mueller, 2012). The business can also modify the App in a way that a customer's picture can be seen and they can even be able to communicate back in case of a problem. Therefore, 365cups has many opportunities to venture in and increase its business. Entrepreneurial traits/ characteristics Any person can be an entrepreneur, but very few people remain to be successful entrepreneurs. To be a successful entrepreneur, there are certain traits that one should possess. The group that began 365 had those traits that helped them come up with this lucrative idea. The founding team members of 365cups had the passion to solve a problem of queues and make it easier to access food or drinks in Australia. They did not look for money but tried to solve the problem. Resilience and flexibility were other traits (Koellinger and Thurik, 2012, pp. 1143-1156). An entrepreneur should be to go from one failure to another and never give up. This team has also been able to adapt to change and challenges. The team has a vision which is to have the App reach the whole world, and this has kept them going. The App has come to some continents and therefore the success of the business. Key Considerations in launching entrepreneurial venture Finance is one of the most critical resources when starting a business. Even a very small business needs funding for it to start and run. Finance is required to start and run an entrepreneurial venture. Finance can be obtained from different sources for example loans, friends, investors and personal savings of the entrepreneur. For any business to run smoothly, it should have enough financial resources to launch a business (Constant and Zimmermann, 2014, pp. 51-87). Resources are needed to start a business. Human resources are an important aspect that every entrepreneur should consider. Talent and strengths of employees are relied heavily on for the success of an organization (Parker et al., 2012, pp. 736-753). Experienced employees carry out excellent work to ensure success. Marketing is also an important factor for any business to succeed as it is how an entrepreneur can get to customers and promote their businesses (Koellinger and Minniti, 2009, pp. 96-98). Sustainable Values Sustainability values refer to the ability to manage social, health, economic and environmental risks. When an entrepreneur begins a business, and it becomes successful, this contributes to the economy of the society and therefore expanding the market (Murnieks et al., 2012). Entrepreneurship helps local communities to expand economically and even adapt to technological changes. When an entrepreneur ventures a business, the society and the local community benefits the most because job opportunities are created (Anderson and Warren, 2011, pp. 589-609). This assists in the social life of people and even health. The environment even becomes better as people get a sense of living in a growing environment. Conclusion In conclusion, for any business venture to be successful an entrepreneur should be able to come up with a good business idea and look out for any market opportunities. Entrepreneurial characteristics are very important for any entrepreneur. Without the characteristics, one can start a business but fail at the end of the day because of lacking the traits an entrepreneur needs. When starting a business, an entrepreneur should look through every item and resources needed to ensure successful and profitable business. References Grilo, I. and Thurik, R. (2008). "Determinants of entrepreneurial engagement levels in Europe and the US"Industrial and Corporate Change,pp. 1113-1145. Parker, S. (2011).Entrepreneurship in Recession. Cheltenham, UK: Edward Elgar. Koellinger, P. and Thurik, A. (2012). "Entrepreneurship and the business cycle"Review of Economics and Statistics. pp. 1143-1156. Henrekson, M. and Sanadaji, T. (2014). "Small business activity does not measure entrepreneurship"Proceedings of the National Academy of Sciences of the United States of America, pp. 17601765. Constant, A. and Zimmermann, K. (2014). "Self-employment against employment or unemployment: Markov transitions across the business cycle"Eurasian Business Review, pp. 51-87. Parker, S., Congregado, E. and Golpe, A. (2012). "Is entrepreneurship a leading or lagging indicator of the business cycle? Evidence from UK self-employment data"International Small Business Journal. pp. 736-753. Ollila, S. and Williams K. (2011). "The venture creation approach: integrating entrepreneurial education and incubation at the university." International Journal of Entrepreneurship and Innovation Management, pp. 161-178. Anderson, R., and Warren, L. (2011). The entrepreneur as hero and jester: Enacting the entrepreneurial discourse. International Small Business Journal, pp. 589-609. Mueller, S. (2012). The mature learner: understanding entrepreneurial learning processes of university students from a social constructivist perspective. Unpublished PhD thesis available at OpenAir, RGU, Aberdeen. Murnieks Y., Mosakowski, E., and Cardon, S. (2012). Pathways of passion: Identity centrality, passion, and behavior among entrepreneurs. Journal of Management. Faria, J. (2014). "Entrepreneurship and business cycles: Technological innovations and unemployment"International Entrepreneurship and Management Journal. Koellinger, P. and Minniti, M. (2009). "Unemployment benefits crowd out nascent entrepreneurial activity"Economics Letters, pp. 96-98.