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Learning objectives: To make students familiarize with different types of start-up.
Learning Outcome: Students will be able to enlist the attributes and characteristics of different types of startup. Students will be able to enlist specific requirements for different types of start-up.
Background: At the time of the beginning of a venture an entrepreneur gets enthusiastic and motivated to accomplish the business goals. The individual entrepreneur therefore, must carefully select the type and timing of the business. Like any other segment of life these different types of startup do have their own discretionary features in terms of properties, requirements and limitations. Usually an entrepreneur can either have a Foundation Company, Lifestyle Firm or a Gazelle/High Potential Venture. The selection of a startup is critically linked to the attribution of resources and their potential implications.
Case: Kashif Qadeer is a student of computer sciences. He is about to complete his Bachelors in Computer Sciences degree from a top computer science school in the city. He is young, brilliant, vibrant and capable enough that recently he has won programming marathon competition at national level. He is passionate to take the role of job creator by choosing the self-employment as a career option rather than starting a job after completing the graduation. He is likely to become a tech entrepreneur in the future having a brighter sense of business and showing risk management abilities. He has vast set of skills and attributes which can offer him the opportunity to flourish his business very fast. He is hopeful to grab good capital investment from the open market investors and intends to demonstrate a rapid growth in early years of business. He is looking for an expert opinion to develop his business and boost his entrepreneurial journey.
Requirement: As a student of entrepreneurship you need to answer the following questions to help Kashif Qadeer in this context.
1. What type of startup will suit him the most with given attributes and skills? Name the startup title and type separately. (2 Marks)
2. Write four logical points to clarify your suggestion. (4*2=8 Marks)
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TYPES OF START-UPS
Life-Style Firms. A life-style firm exists primarily to support the owners and usually has little growth opportunity. This type of firm may grow after several years to 30 or 40 employees.
Foundation Companies. A type of company formed from research and development that usually does not go public. This firm can grow in five to ten years from 40 to 400 employees.
High-Potential Venture. A venture has high growth potential and therefore receives great investor interest. The company may start out like a foundation company, but its growth is far more rapid. After five to ten years the company could employ around 500 employees. These firms are also called gazelles and are most important for the economic development of an area
High-Potential Venture seems to be most appropriate
I THINK FOUNDATION COMMPANIES /p>
BECAUASE HE IS NEW IN FIELD AND HAVING LOW RESOURCES
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the best technological innovation and advancements. He also has good approach for the business planning.
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MGt602 assignment Solution
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An Entrepreneur needs to understand all aspects of the environment. Part of this ability is reflected in individual’s level of creativity. Creativity tends to decrease with age and education. The individual must be creative and have a broad understanding of the internal and external environments of the corporation. The entrepreneurial person must be a visionary leader-a person who dreams great dreams. Leadership is the ability to dream great things and communicate them in a way that people say yes to being a part of the dream. To establish a successful new venture, the entrepreneurial leader must have a dream and overcome all obstacles to achieve it. The third necessary characteristic is that the entrepreneur must be flexible and create management options. An entrepreneur is open to and encourages change. By challenging the beliefs and assumptions of the corporation, an entrepreneur can create something new in the organization structure. He or she must possess the ability to encourage teamwork and use a multi-disciplined approach. Every new company formation requires a broad range of business skills. The entrepreneur must be a good diplomat to minimize disruption. Open discussion must be encouraged to develop a good team for creating something new. Many corporate managers have forgotten that frank, open discussion is part of the learning process. A successful venture can be formed only when the team feels the freedom to disagree and to critique an idea. The degree of openness among the team depends on the degree of openness of the entrepreneur. Openness leads to a strong coalition of supporters and encouragers. The entrepreneur must encourage each team member, particularly during hard times. A good entrepreneur makes everyone a hero. Only through persistence will a new venture be created and successful commercialization result.
Question. 1 Answer
business type. high potential ventures
startup title. Computer Software business
Question. 2/Solution 2.