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ENTREPRENEURSHIP AND ITS IMPACT IN ORGANISATION: LIVEN
Table of Contents
Introduction    3
Definition of Entrepreneurship    3
Overview of the Organisation “Liven”    3
Structure of the Essay    3
A. Entrepreneurs behind Liven    4
Personality Traits of Entrepreneurs    4
Ways the Entrepreneur Recognised and Created the Opportunity    5
Innovative Products by Liven and Significance of Innovation for an Organisation    6
B. About the Entrepreneurial Organisation: Liven    7
The Way Liven Built the Entrepreneurial Team    7
Entrepreneur’s Role as a Leader and Standard Parameters for Being a Successful Leader    8
Way of Growing the Business by Liven    9
C. Contribution of Liven to Society and Economy    10
Contribution of Liven of the Economy    10
Survival Issues due to Global Pandemic    11
Conclusion and Recommendations    12
References    14
Introduction
Definition of Entrepreneurship
An entrepreneur is described as somebody who, with the challenges attributed to them, does have the capacity and motivation to create, manage and prosper in a business or even a start-up to earn a profit. Entrepreneurship involves capacity and desire, combined with all of the complexities to create, organise and operate a commercial venture in an attempt to achieve a return on investment.
Creating new ventures is one of the prominent features of entrepreneurship. For the economy, a benefit may be created by entrepreneurship associated with property, resources and investments. An entrepreneurial mission is characterised by exploration or vulnerability, which is an integral component of a state's potential to compete in an international marketplace that is always evolving and highly competitive.
Overview of the Organisation “Liven”
The company Liven is an Information Technology Service Software Company whose headquarters are situated in Melbourne, Australia, founded in 2014. Liven provides the incentive-based network through mobile payments, including an environment also designed for lifestyle as well as dining sectors. Millions of people utilise Liven to locate thousands of cafes, restaurants, handle millions of online mobile payment transactions and receive LVN, which means digital food currency.
The system LVN can also be deposited in the digital wallet of the software app, also investing at any online retailer, or straight into the device, which contributed to a non-profit group or organisation. LVN represents a business-oriented vibrant platform service, cryptocurrency generated by blockchain technologies, algorithmically controlled by the Liven compensation protocol and rendered available uniformly through a service called LivenPay API.
Structure of the Essay
Here in the essay, the impact of entrepreneurship will be discussed with respect to the company Liven with critical analysis and understanding. The main body will be divided into three sections— the first one dealing in the entrepreneurs behind Liven, the second one being involved in the discussion about the organisation and the third one being about Liven’s contribution to the society and economy. Lastly, there would be the conclusion and recommendations.
A. Entrepreneurs behind Liven
Personality Traits of Entrepreneurs
The personality trait entrepreneurs need to have certain features in their entrepreneurship style to lead their skill and efficiency in work successfully. As the present piece of work is associated with a start-up company, Liven, the business experts need to be complied with creativity in selecting a strategy for the company and making specific innovations for the integration of the company (Haniyi et al. 2020). Passion initiation in terms of accompanying business dealings and selecting a market strategy, aim and goal of the organisation, selecting an objective is one of the most important personality traits. Inserting motivation in the way of dealing, making product development by selecting the market and making specific renunciation by considering the comparative market is counted as dealing with excellence by the entrepreneurs.
Liven, to this context, has introduced its product in the market by introducing an exciting offer price, making free campaigning to introduce the product efficiency and the innovation of the technological upgradation have impacted the customers and the market with greater influence (LivenPay, 2020). Optimism on the other hand is considered an important personality trait that inserts a positive vibe within the customers. The associating personnel of Liven has analysed the global context and current economic prospect of the market thus inserted the hope of enabling a potential strategy and development process to integrate the market technology and user-friendly process to incorporate business dealings (Banerjee, 2019).
This positive enthusiasm has been evident in attaining market and enunciating customers towards the intensity of purchasing from the new venture of Liven. The entrepreneurs need to be imposed with the ability of risk-taking to create market promotion and introducing their integrity in the market. Hence, Liven has taken a completely new and integrated structure to incorporate their business in the market, although the current economy is unstable and competitive products are emerging. The anticipation of benefiting the customers’ essence with even innovative and integrated prospects have made the business will of the company Liven, to take the risk and emerge with revised products in the market.
The entrepreneurs are expected to be enabled with persistence, risk tolerance and the ability to be creative with learning from failure. One of the finest features of personality traits in entrepreneurship lies in creativity, hence, management of Liven has taken the strategy to be creative to the way of building a team, incorporating market research and taking decisions, selecting operational mediums and being selective about promotional platforms (Roundy & Bonnal, 2017). Through the way of making quality services, the organisation enables strong potential in attaining benefit in the existing industry.
Ways the Entrepreneur Recognised and Created the Opportunity
The entrepreneurs are supposed to be imposed with the ability to handle structured experimentation by generating curiosity in the way they are incorporating to establish the business. For the sack of integrating and developing business essentials by Liven, making thorough business research on the emerging companies, the subsequent dealers, the stakeholders to analyse the business procedure they are enabling and identifying the key potential of the ways is an important factor here (Schaeffer & Matt, 2016). This further helps in addressing the challenges and limitations that are associated with the way of operating a business.
The identification of the limits, constraints and efficiencies will help the entrepreneurs in specifying their operational exceptions and making recognition of their efficiency. The key features of the adaptability skill and being keenly associated with the social and economic factors in expanding the business will be helpful for the business initiators in attaining more response from the customer, stakeholders and investors. The skill of being decisive in incorporating the employee demand and the management of their demand for leading successful business dealing is appreciable for a new venture. Hence, Liven management has focused on developing the team and managing skills for the advancement and skill management in the team (Tixier et al. 2018).
The special care about inserting employee satisfaction has helped the company in attaining more prominent response and sincerity from the employees in handling organisational tasks and managing efficiencies. The specific ways of dealing with employees, prioritising the essence and demand of the employees have created differences in the management skill of the entrepreneur and has been able to raise employee satisfaction, which could make utilisation of the employee effort in more production and dedication. The skill of executing a higher benefit from the market has made enormous fame in the market for the emerging company.
The appreciating factors of prioritising employee satisfaction and their requirement, managing skill of the employee efficiencies, way of making segmentation, making a specific evaluation of the market, developing a potential marketing strategy, making comparative analysis, advertisement means and promotional strategy are successful parameters of making integrated efforts in the market in creating recognitions being a successful entrepreneur. The progressive means of the company is composed of the persistence of accepting market threat and constraints (Ghatak, Chatterjee & Bhowmick, 2020).
Successful entrepreneurship depends on the ability to accept any misfortune or failure and taking the learning positively to change business applications for attaining future prosperity. Liven has focused on the integrity of their services which might add value to the existing services or make easy access to the utility of people, hence, the prospect of the company can be expected at a higher prospect.
Innovative Products by Liven and Significance of Innovation for an Organisation
Being an innovative food service, Liven has focused on the integration and innovative way of presenting their offerings and promotion of snacks to the customers. This venture has made a different identity for the entrepreneur as the emerging and familiar snack concepts have been given a different variation through their efficient way of integrating business. The snack items such as chips, tortillas and nachos have been given a different thought by inserting preferable flavours as well as mingling the packs with a...