Entrepreneurship

Assessment Number: One

Assessment Number: One

Introduction

This report aims to an explanation of the process stages that are involved in new entrepreneurial venture. It will take into account all the aspect that an organization may go through while launching a new entrepreneurial venture. It will take into account the stages that a new business goes through from the development of idea to implementation. It will also include the challenges that an organization may face in launching a new venture. This report will include the entrepreneurial venture of facebook.com, a social network website, which has been increased remarkably in its popularity among the general public around the world.

Discussion

Facebook is a social networking website which was launched in 2004. Today, there are around 850 million users worldwide. It enables anyone from around the world with a Facebook account to create his or her profile in order to publish information for which Facebook control visibility is controlled to others. All the information published on these two media, unlike the profile, can be accessed by any user without the need to open an account (with the notable exception of the names of members who are partially obscured in this case). Facebook provide a number of features which grasps customer's attention (Dan, 2008). Privacy settings is one such feature which ensures that any personal information, contacts, pictures, video and even search results remain intact. Providing personal information over the internet is one of the most critical concerns of social networkers, and Facebook with its remarkable feature and settings makes non customers to potential customers. In this paper we will discuss this topic along with other facilities which multiplies Facebook members in number.

Facebook has unquestionably become an integral part of one's life but also his/her identity. A person is now often known more because of his pictures, his uploads, status, profile, sharing etc, than his actual physical presences. The reason why Facebook has had such an impact on people is because people perceive it to be really advantageous and captivating. It possesses immense viral power; Earlier people could not share their feelings, happiness and sorrows with the rest of the world on one single platform without individually contacting everyone, but Facebook made it possible (Duncan 2008, 78).

The New Entrepreneurial Venture

Entrepreneurship involves the creation of new organizations outright or within existing organizations. This innovative activity is undertaken by entrepreneurs who see and understand customer needs, find and combine resources, develop innovative solutions, take risks, and strive to make a profit. The rates of entrepreneurial activity vary by local and national environment, industry, and other factors. Compared to the rest of the population, entrepreneurs tend to have a stronger need for achievement, higher risk-taking propensity, and greater perseverance, more commitment to a task, bigger vision, higher creativity, and more tolerance for ambiguity. Individuals who want to become entrepreneurs also tend to have more positive attitudes toward risk and independence.

Facebook is one of the world's most successful launched entrepreneurial ventures that exist today. The venture had to go through ...