Question 1

1.0 Entrepreneurial Thinking

Entrepreneurial thinking implies extraordinary thinking potential which encompasses
creativity, adaptability, flexibility and innovation instead of going along with the theoretical
notions and concepts. According to Hisrich (2018), entrepreneurial thinking refers to the
mental process that enables an individual to repress ignorance to anticipate whether or not a
sign of opportunity is actually an opportunity for them as well as deciding whether or not an
opportunity for others is also an opportunity specifically for them. Having an entrepreneurial
mindset makes an individual a visionary game changer who views the world with a different
perspective.

Four ways which differentiate the way entrepreneurs think are :

1.1 Bricolage
When entrepreneurs lack resources, they take part in bricolage. Bricolage is a "making do"
process in which entrepreneurs avail all the resources "at hand" to utilize the combination for
new challenges and opportunities. Bricolage helps entrepreneurs to experience, repackage
and reframe the available resources to establish new workable approaches which were not
originally designed to be performed by those resources (Bryan et al., 2013; Hisrich, 2018).

For example, if a farmer procures an old and used diesel generation from a local factory, he
can use it for burning methane which initially caused him environmental challenges in his
land. With the excess heat generated from the generator he can establish a greenhouse for
cultivation hydroponic tomatoes (Hisrich, 2018). Hence with bricolage he is able to generate
electricity as well as solve the problem of environmental damage.

1.2 Effectuation
Entrepreneurs often embrace the effectuation process as a rationale behind entrepreneurial
expertise. Effectuation begins with one's belongings including what they know, whom they
know and who they are and then after choosing the best among the alternative possibility
outcomes (Matalamaki, 2017).
For example, a hotel chef who embarks on effectuation, would begin with availing the
ingredients in storage and then after choosing which meal to cook from the various
alternative recipe options (Hisrich, 2018).

1.3 Structural Thinking

Creating opportunity beliefs calls for establishing mental leaps. Entrepreneurs form mental
leaps from their existing knowledge (Alhnaity et al., 2016). Entrepreneurs are required to
form mental leaps based on the structural similarities. Structural similarities are present when
the fundamental mechanism of technology harmonizes with the basic market mechanism.
Individuals who can establish structural resemblances between a technology and a market
even when superficial mismatch exist, are highly likely to establish entrepreneurial
opportunities (Hisrich, 2018).

1.4 Cognitive Adaptability

Cognitive adaptability illustrates the degree to which an entrepreneur is flexible, self-
regulating and flexible and the extent to which they are involved in establishing various
decision frameworks which are built on sensing as well as processing the changes in the
immediate surroundings (Hisrich, 2018). Cognitive adaptability of an entrepreneur is
indicated by their metacognitive awareness which refers to their potential for reflecting upon,
anticipating as well as controlling their thinking and learning. Cognitive adaptability makes
an entrepreneur more creative, enhances their flexibility to adapt to changing situations as
well as facilitates one to communicate reasoning (Drucker, 2015).

Question 2
2.0 Intellectual Property
According to WIPO (2016), intellectual property is the property or ownership of intangible
creations by individuals. As per Teixeira & Ferreira (2018), intellectual property offers
exclusive legal rights to the innovator of the tangible creations in order to protect and
preserve the authenticity and originality of one's creation. In order words, the right holders
are offered the legal right to prohibit others from the use of their creations. Intellectual
property which encompass patents, copyright, trade mark and trade secrets are crucial assets
to entrepreneurs which protects them against the infringement acts by third parties (Correa &
Vinuales, 2016).
2.1 Patent
Patent refers to a contract between the creator and the government. As per Stim (2020),
patent right is a contract in which the government grants legal rights to the innovator for
excluding the making, usage and selling similar innovative ideas by third-parties for a
specific time period-time. There are several kinds of patent rights such as utility patents, plant
patents and design patents.

Hisrich (2018) claims that patents offer a negative right to the inventor as they prohibit all
others from using, selling or creating the defined invention. In addition, an inventor with
patent rights might find themselves infringing the patent right of others while marketing and
producing the invention.

2.2 Trademarks
Trademarks include distinctive signs, symbols, designs, words, slogans or a mixture of all
these which sets apart the source of the particular goods and services. Indeed, trademarks act
as prime facie evidence that grants the proprietor statutory rights for his products (Saiz &
Castro, 2018).

Trademarks offers the inventor protection as well as grants him the legal right to use the
trademarks for defining his products for an indefinite time-period (Castaldi, 2020).
Trademarks are highly beneficial for the entrepreneurs since they establish indisputable rights
with regard to the commercial use of the products as well as enable the entrepreneurs to sue
in federal court to recover any harm or damage caused by infringement.

The golden arc of McDonald's and the letter F encased in the blue box for Facebook is a very
useful example of their trademarks.

2.3 Trade secret

Trade secrets are protections that enable entrepreneurs to keep their crucial ideas, concepts,
and information privileged and confidential from the public (Hisrich, 2018). Trade secrets
protect the entrepreneurs against their employees revealing potential business information
which could be detrimental for their business. They can be applied to the greatest variety of
intellectual assets as compared to patent rights.

Examples of trade secrets include Google's algorithm, the secret recipe of the famous KFC
chicken as well as the recipe for McDonald special sauce.

2.4 Copyright
Copyright is a legal right that protects the originality of authorship by protecting the third
parties from copying, printing or publishing the original work of the creator (Kjus, 2019).
However a significant disadvantage of copyright is that it does not offer exclusive protection
of the innovation thereby allowing others to create variations of the original concept. In order
words copyright protection permits illegitimate use of the innovator's creation.

For example, Tik Tok, an Indian social media app was sued for copyright infringement for
the illegal use of Zing's audio track (Nicolaou, 2020).

Question 3
3.0 Marketing Mix
According to Thabit & Raewf (2018), marketing mix is the strategic framework which
combines the four essential marketing variables namely the product, price, promotion and
place to fulfil a company’s marketing goals and influence the target customers to purchase
their products. The marketing mix is a crucial tool that enables a firm achieve competitive
advantage and survive in the competitive business environment by offering high quality
products and services at the right price, at the right place and using the right promotional
techniques (Al-Badi, 2018).

3.1 Product
The product is the first and the most essential element of marketing mix as it has the potential
of influencing all other elements in the framework. According to Kotler & Keller (2016),
product element describes the attributes and nature of the offering that distinguish them from
other similar products in the market. The product element is not only restricted to the physical
attributes of the offering but also includes the brand name, packaging, style, warranty etc. For
instance, Apple iPhone products differ from similar mobile phone products owing to its high-
quality and authentic pricing, superior battery performance, world-class design, efficient
processor etc.

3.2 Price
The second element price refers to the value or the amount which a customer must pay in
exchange of the product (Al-Badi, 2018). The price of a product is influenced by various
factors such as cost, margin and competition. An entrepreneur can use various pricing
methods such as competition-based pricing, cost-based pricing and demand-based pricing to
determine the price of its products. Price is highly significant element since it influences the
demand and profitability of the product.

For example, Zara sets its prices lower than its competitors to attract more customers while
BMW and Rolex used premium pricing to differentiate its product from the competition on
the basis of quality, authenticity and reputation.

3.3 Place
Place refers to the distribution mechanism by which the products are made available in the
market (Al-Badi, 2018). The distribution element offers the customers utility by making it
convenient for purchase as per the needs of the customers. While deciding the distribution
channel of a product, an entrepreneur must take into consideration various factors such as
product attributes, venture attributes, cost benefits and market conditions (Hisrich, 2018).
After considering the degree of directness of a channel, they can choose intensive distribution
channel, extensive distribution channel or selective distribution channel.

3.4 Promotion
The promotion elements refer to the techniques used to make the target customers aware of
the product or educate them about the potential benefits of the offering and thereby influence
them to purchase the product (Al-Badi, 2018). Success of any product is highly dependent on
the promotion element as it develops a favourable image of the product on customer’s mind.
Promotion method encompasses various tools like advertisement, public relations, sales
promotion and personal selling. With the availability of social media, promotion has become
much easier and cost-effective as it allows a company to reach larger markets with less time
and efforts.
Question 4
4.0 Business Trend