The Elements of Entrepreneurship

1171 Words Feb 25th, 2014 5 Pages
TOM'S Shoes

Kaplan University
AB207: Starting a Business -01
Professor David Butler
01/12/14
It is hard to define the elements of entrepreneurship as they can be different to each person. What each person holds in their mind about entrepreneurship is not the same as the last. When one thinks about the elements of entrepreneurship, one can think about the what the business should bring to the economy and the community. The first is that the company is able to stand out from the rest by creating a “new idea or innovation” that will make the industry better (Abrams, 2012). If a business is to stand out from the rest, it is important that the business provides something new. The second is the increase in job availability.
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There are five steps that make up this dream scale. The first is fantasy. The business that will be used as an example will be a memory care facility names Memory Lane. The first time that this business was thought of, it was going to house 300 patients with individual care givers attending to each one on a very personal level. Though this would have been nice, it was a fantasy. It would be impossible to have that many patients with completely individualized care. The second step is dream. For this business, there would be housing for all clients and doctors will be on hand 24 hours a day. In addition to this, there will be housing for the animals that are used during animal therapy. This is achievable but will be very expensive, more expensive than realized at first. The next step is concept. Okay so the hopes for the business remain the same as on the second step but now the realization of what would need to be done sets in. A previous business plan for this business estimated that the building cost for this business would be roughly $6.976 million. That does not include wages, licenses, utilities, etc. That is a hard realization. The fourth step is goals. This step would be where decisions would have to made about what was impossible to live without, such as blended doors (doors that blend in with the walls to reduce the probability of patients being able to get out and cause harm to themselves) and what would

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