Discussion: Entrepreneurship

How to Gain Entrepreneurship Success via Experimentation and Swiftness
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How to Gain Entrepreneurship Success via Experimentation and Swiftness
How does Locke describe the entrepreneurship context? What are the various factors?
Entrepreneurship has higher barriers, risks, and uncertainties than established firms. In particular, even with little information available and limited resources, entrepreneurs introduce new processes, business models, and products that have never been tested before. Locke describes the entrepreneurship context as a situation that entails disruptive changes. In some cases, entrepreneurs might displace firms and their employees since their gains can be losses for others. Some of the factors that influence the entrepreneurship context include tenacity, creativity, regional munificence, goal setting, industry dynamism, organization resources, and entrepreneurial self-efficacy (Baum, 2009). These factors enable entrepreneurs to implement business ideas and operate the newly established companies smoothly. For example, creativity refers to the intellectual inventiveness and helps entrepreneurs to come up with high-quality ideas and implement them to introduce new products, services, or business models. Industry dynamism involves the environmental predictability, which helps entrepreneurs to create and maintain a competitive advantage.
Define swiftness and why is it critical?
Swiftness is one of the primary principles in an entrepreneurship context. Indeed, it refers to the speed in which an entrepreneur generates business ideas and implements them despite various market uncertainties. Swiftness is advantageous to high growth entrepreneurs since it provides opportunities for them to gain relevant information about their new market. These businesspeople believe that market rejection or acceptance offers crucial information that hasten the search for the right services, markets, and products ahead of their competitors. Swiftness is critical to faster information acquisition. High growth entrepreneurs believe that when starting something new, individuals should not wait for certainties since they do not exist (Baum, 2009). For this reason, swiftness provides critical information, knowledge, and dynamic learning ahead of business rivals. Consequently, it increases trials in a new market, which offers narrowed confidence an...