ENTREPRENEURSHIP

The Role and Nature of Entrepreneurship

Table of Contents

Introduction2

Discussion2

Good2

Service2

Entrepreneur3

Intrapreneur3

Market3

Risk3

Organizational Assets4

Funding4

Intrapreneural Product Launched through Entrepreneurship4

Key Success Factors for iTunes Success5

Organizational Assets and Skill Sets for iTunes Success5

Risks6

Conclusion7

References8

The Role and Nature of Entrepreneurship

Introduction

Apple Inc. was founded in 1977. It is a California based corporation that designs, manufactures, and markets personal computers, communication devices, portable music and video players, and a variety of software. Apple iTunes program is a popular software product. According to the company, hundreds of millions of copies of iTunes have been downloaded by people. The most important reason behind the popularity of iTunes is that many people use them to organize and play videos and music on their computers (Mossberg, 2009).

Discussion

Good

The goods can be defined as the commodities that are tangible in nature; they are purchased by the consumers in order to meet their needs through the functions offered by the goods.

Service

The service is intangible in nature and can be defined as the value provided to the customer from the organization in order to meet his needs and preferences for the exchange of service charges e.g. iTunes.

Product

The product can be defined as anything offered by an organization to its target market in order to meet their needs and demands, e.g. Apple iPod.

Entrepreneur

An entrepreneur can be defined as the owner of a creative organization who takes the risk by launching the innovative products or services in the market. An entrepreneur is always visionary as he designs his products or services in a creative manner in order to become a pioneer in the market.

Intrapreneur

An intrapreneur can be defined as a person who utilizes his entrepreneurial skills within an organization in which he operates in order to design creative products and services in order to provide a competitive edge to organization in global rivalry.

Market

Market can be defined as the group of consumers or organizations having resource ability and permission by the legislative authority to purchase the products/services offered.

Risk

Risk can be defined as the potential threat to an individual or organization that can lead to short-term or long-term financial loss.

Organizational Assets

The assets can be defined as the resources of an organization that are used in order to formulate the goods and services to be offered in the market.

Funding

The funding can be defined as the financial support or resources provided to an organization in order to meet its goal.

Intrapreneural Product Launched through Entrepreneurship

Entrepreneurship is a key factor in the survival of a company. This approach has benefited Apple by fostering a culture of motivation and empowerment among employees. Apple used the intrapreneurship approach to introduce iTunes. The intrapreneurial culture of Apple Inc. allowed its employees to generate creative ideas in a less formal manner. According to diverse sources, the intrapreneural approach is no different than an entrepreneurial approach (Mossberg, 2009). The only different is that in intrapreneural approach a person dedicates his vision and creativity being a part of an organization. Apple iTunes were introduced due to Apple's commitment to include entrepreneurship as its approach. Under this approach, Apple provided its employees with an opportunity to ...