Assessment Type: Evaluating an entrepreneur - Individual Assessment XXXXXXXXXXwords +/- 10% report. Purpose: This assessment is designed to allow students to critically evaluate an entrepreneur...

BUS302 ENTREPRENEURSHIP
ASSESSMENT 1: EVALUATING AN ENTREPRENEUR
FULL NAME: __________________
STUDENT ID: _________________________
CLASS DAY & TIME: ___________________________
TUTOR’S NAME: ___________________________
Table of Contents
Introduction    3
Background of the Entrepreneur    3
Entrepreneurial Traits / Characteristics    4
Visionary:    4
Humanity:    4
Decision Maker:    4
Inspiration:    5
Risk Taker:    5
Opportunity Recognition and Idea Development Process    5
Competitive Advantage    6
Cost Leadership Strategy:    6
Differentiation Strategy:    6
Focus Strategy:    7
Recommendations    7
References    9
Introduction
Entrepreneurship is understood as the practice of establishing a new firm while accepting all of the risks associated with the products. Entrepreneurs are responsible for establishing small businesses and entrepreneurial initiatives that are in accordance with their own talents and capabilities. The history and previous experiences of an entrepreneur in fact do have a significant influence on the operations of the company. As a result, there are several small companies, which have contributed to economic development while also raising the living standards of rural residents.
The current study will aim at including the background of a selected entrepreneur, in this case Mr Ratan Tata from India, in the application of entrepreneurial theory. In addition to that, it will explain the traits and characteristics of entrepreneur as well as the opportunity recognition and process of idea development will also be taken into account. Furthermore, it will discuss the competitive advantage and the type of business developed in the marketplace.
Background of the Entrepreneur
As examined by Demircioglu and Chowdhury (2021), entrepreneurship is rapid decision makers who are capable of dealing with challenging circumstances and obstacles by innovating and implementing novel ideas and solutions. The company's growth might be aided by effective decision-making abilities. Some business talents and competencies, on the other hand, help to propel the expansion of the firm by boosting its client base and profit margins.
Comprehensive solution, enthusiasm, drive and self-confidence are all crucial characteristics that an entrepreneur must possess in order to fulfil the objectives set forth in his or her business plan. In addition, founders assist us in better understanding consumer demands and market volatility in order to boost earnings and growth. Businesses must stay dedicated to ongoing improvement in order to maintain a better position in the market. Entrepreneurship' personality are determined by their ability to stand out from the crowd.
Mr Ratan Naval Tata (born 28 December 1937) is an Indian businessperson and entrepreneur who served as the president of Tata Sons for a span of time. He also served as chairperson of the Tata Group from 1990 to 2012 and as temporary chairperson from October 2016 to February 2017 and he continues to serve on the board of directors of the company's charity organisations. He exemplifies what it means to be a well-respected entrepreneur (Boukamcha, 2019). His calm demeanour and quiet demeanour distinguish him as a natural leader. His modest perseverance has helped the firm become a household brand throughout the world. He exhibits his entrepreneurial skill by making the proper judgments that would contributed to the implementation of the Tata Group, according to Forbes, a sign of entrepreneurship.
He is dubbed "India's Greatest Recognised Successful Businessman" by Forbes, a signal of entrepreneurship. Business Process outsourcing BPO Services was privatised and Tata Motors was placed on the New York Stock Exchange during his supervision. The Constitution of India asked Tata to salvage Air India by salvaging them, a task that he undertook without hesitation. Ratan Tata is very patriotic and appreciative of his nation. He has made significant contributions to the improvement of the quality of life of the Indian populace as a whole.
Tata Motors manufactured Tata's creation, the 'Tata Indica,' but Ratan Tata became internationally known when he created the biggest producer automobile, the 'Tata Nano,' in 1998, which could be purchased for 1 lakh rupees (Muralidharan & Pathak, 2018). Tata Motors is now owned by Tata Group. Despite the fact that he is widely regarded as an exceptional operator by his peers, this renowned business titan has widespread esteem among his peers.
Entrepreneurial Traits / Characteristics
Visionary:
He is a visionary in every sense of the word. When he first joined the company, it was scarcely conducting any operations from outside its home country of India. Despite much opposition, he insisted that the corporation...