Programme Name: BCS

Course Code: MPU 3223

Course Name: Basic Entrepreneurship
Assignment 1st
Date of Submission: 12/6/2020

Submitted By: Submitted To:

Student Name:Sanjeev Gyawali Faculty Name: Sweta Adhikari
IUKL ID: 041802900038 Department: computer Science
Semester:5th
Intake:sept.2018
A. Is it a good idea for her to launch a venture at this point of time?
If yes, why? And if no, why?
As there is saying “It is never too late to start something.” yes,it’s a good
idea for her to lunch a venture at this point of time. Starting her own
business venture is a tempting thought. she can be her own boss instead
of being hectored around. we have seen friends, relatives, neighbors and
even colleagues do it. Yet, being her own boss is no easy task. For every
business venture that is successful, there are two that bite the dust, and
for good reasons too.since her products are being liked by the people
which means she has already one step ahead toward her
entrepreneurship.
As for the successful entrepreneurship she should build up some good
qualities and carry out some habits for good step ahead.Following are
the some characteristics and qualities she should build up for successful
entrepreneur:-

 Desire and willingness to take initiative

 Preference for moderate risk
 Confidence in their ability to succeed
 Self-reliance: Independent (thinking and doing)
 Perseverance: Determination
 Desire for immediate feedback
 High level of energy
 Competitiveness
 Future orientation
 Skilled at organizing
 Value of achievement over money

As there is always advantage as well as disadvantage of business or

start-up.following are the some of the advantage and drawback of
entrepreneurship.
The advantages of entrepreneurship include:
 The entrepreneur gets the chance to participate in a venture that
they enjoy. This increases the chances of success in the venture since
the individual is passionate and dedicated to work for the venture.
 Entrepreneurship offers flexibility to the entrepreneur allowing them
to participate in family and social activities.
 An entrepreneur has the capacity to set a salary that they believe is
commensurate to their input and this helps improve the level of
motivation to achieve more.
The disadvantages of entrepreneurship include:

 Uncertainty of income
 Risk of losing your entire invested capital
 Long hours and hard work
 Lower quality of life until the business gets established
 High levels of stress
 Complete responsibility
 Discouragement

B. Also, explain her about two major schools of entrepreneurship in

detail and how it can affect her entrepreneurial journey and
success/failure.
Following are the major schools of entrepreneurship:-
Macro View
Macro view contains the factors related to the success/failure of an
entrepreneurial journey in the external locus of control(Psychological
concept where one believes to have control over the situations and
experiences affecting his/her life.) These factors are out of the reach of
the potential entrepreneur and has to adjust as per these factors. This
view includes following sub-categories:
 Environmental School of Thought:
Entrepreneurs’ success is highly influenced by the environment they live
in. Example; school, friends, family, etc.
 The Financial/Capital School of Thought: This school of thought
estimates that entrepreneurs can only reach their goal if they have;
(a) capital,
(b) knows how to grow it
(c) knows how to manage it.
 The Displacement School of Thought:
This school of thought explains that, in case of a situation where a
person feels less valued, or displaced then such feeling will cause
him/her to pursue entrepreneurial venture to create a mark and change
the people’s attitude and perception towards him/her.
Micro view
The micro view of entrepreneurship focuses on what the entrepreneur
can actually control.
• The Entrepreneurial Trait School of Thought: Entrepreneur’s success
largely depends on the traits/characteristics that an entrepreneur
exhibits.
• Venture opportunity School of Thought: This school of thought
outlines that, an entrepreneur’s ability to sense an opportunity, and
capitalize it also influences his/her success as an entrepreneur.
• Strategic Formulation School of Thought: This school holds that an
entrepreneur’s ability to develop unique and relevant strategy to
position itself in the market largely determines their venture’s success.

C. Similarly, explain to her the different approaches to

entrepreneurship, so that she understands the concept more clearly
with widened perspective towards it.
• Economic Approach
Entrepreneurship is an economic phenomenon. It's observed in firms,
and it leads to profit, or other value, for the entrepreneur and the
society.
• Sociological Approach
Entrepreneurial firms are active in human societies. They interact with
other firms or groups of people; such as customers and local
communities. This approach considers, how humans function within
groups and societies. Concepts from sociology that should be considered
while studying entrepreneurship are; social norms, social capital, and
social networks.
• Psychological Approach
The entrepreneurial activities are mainly driven by an individual (the
entrepreneur), with their own psychological characteristics and needs.
There have been many attempts to link specific psychological
characteristics to successful as well as unsuccessful entrepreneurship.
Hence, these are the major schools of thoughts to consider before
starting a successful venture journey. Before you take that step ahead,
these schools of thoughts are essential to put in account because once
you process your idea through these schools, you will have a clear view
on the market conditions, where you will be when you start, your
competition, your slowing stones, the ways to outweigh those stones for
a successful venture.