The entrepreneurial Business is basically a risk taking business which is more dynamic and agile than the traditional business structures. While the traditional business structures are bases around the developing markets and the established industries in the markets. The entrepreneurial firms tend to identify opportunities of future growth n the markets and apply the business model to operations in such markets. This makes them much more sustainable and successful in their industry. Aside from this their risk taking characteristic also allows them to reap larger profits as larger risks and ambiguity in the business environment.
The different business concepts that can be employed by the entrepreneurial firms pertain to the dynamic nature of the business and the uncertainty in the market in which they operate. The first business concept is of testing for business opportunities in the market and following the dough where it may take you. This means that the entrepreneur tends to first identify the opportunities of development and niche creation in the market, the specific demands of the customers which are not being met or the areas of investment which have a high rate of payoff. The entrepreneur then builds the business around the uncertainties in this market.
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