Venture Planning 7

Part 1

Entrepreneurship mostly depends on the character of an entrepreneur. Such individuals differ in different traits such as being innovative, risk takers, good negotiators, and managers among others. If entrepreneurs are different in education, social-cultural background, and gender, there is a major difference in their behavior, skills, and motivation. Diversity in entrepreneurship can be divided along dimensions of physical abilities, socio-economic status, political beliefs, age, ethnicity, nationality, creativity, and religious beliefs (Alexandre-Leclair, 2014). Different forms of ethnic, cultural, spatial, and social diversity attract various human resource forms, and encourage cultural and artistic creativity, as well as scientific and technological innovation.

Most authors consider diversity as a key element of competitiveness. Diversity has led to increased processes of economic restructuring, globalization, and neoliberalization in most companies and urban areas (Alexandre-Leclair, 2014). Diversity in entrepreneurship brings people with different views and experiences together. Their experiences and views determine how a business is run.  In most cases, the negative encounters previously faced will be highlighted before the business is started.

Part 2

Some of the most important factors that should be considered when evaluating where to locate a business include competitors, the target market, infrastructure, security, and government policies. Considering other types of related businesses in an area is important since the entrepreneur is able to determine the level of competition. If there is cutthroat competition, there are high chances that a new business may not be successful. If there is an adequate number of customers, a business will thrive well. Additionally, security is an important factor to consider in a region to ensure that losses are not made through theft. There are government policies that restrict certain businesses from some regions. Before spending a lot of money on starting a business which may be restricted in a region, it is important to consider government policies (Chesbrough, 2013).  Such type of entrepreneurial information can be gotten from local authorities, the internet, and from experienced entrepreneurs.

 

References

Alexandre-Leclair, L. (2014). Diversity as a motive for entrepreneurship? The case of gender, culture and ethnicity. Journal of Innovation Economics & Management, (2), 157-175.

Chesbrough, H. (2013). Open business models: How to thrive in the new innovation landscape. Harvard Business Press.

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