Select an entrepreneur who has had measurable success with at least one venture. The situation involved could be a new business venture, a new product or a new process but it should represent a significantly new direction for the entrepreneur.
Write a short report about what happened and how it confirms or disconfirms the principles in your textbook, emphasising:
* The historical background and environmental conditions that led to its emergence * A description of the approach, attitudes and behaviour towards the innovation. * The strategies that were employed and which ones contributed most to the innovation’s success.
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3.2 Micro view
Entrepreneurship in a micro view point examines the specific factors to entrepreneurship and that are part of the internal locus of control. The entrepreneur has the potential capability of directly controlling the outcome of the influential factors. (Kuratko 2009, p.10). In the textbook, Kuratko explores the entrepreneurial trait theory, venture opportunity and strategic formulation schools of thought (Kuratko 2009, p.9) which I believe were the main approaches Charles took towards growing his business. These approaches are specific and focus on the events within and not out of the business environment.
3.2.1 Entrepreneurial trait school of thought
The attitudes that Kuratko speaks of such as the ‘determination, creativity, technical knowledge and a sense of achievement’ under the entrepreneurial trait school of thought is what the Wong brothers had.
When the brothers started their business, there were lots of