Exam Assignment Example | Topics and Well Written Essays - 500 words - 1

Exam - Assignment Example Entrepreneurship involves implementation of alternative ideas to develop a business venture which is profitable (Chapman, 2012). An entrepreneur should be able to conceive alternative ideas from time to time. Since opportunities are available for a specific period, entrepreneurs should be able to implement the most profitable alternatives and will vary as situations vary. Therefore, before any investment is undertaken, an entrepreneur should be able to regulate all available alternatives and then select the most viable from the available alternatives. Innovation results to efficiency in production both in terms of time saving and resource utilization (EMAP Ltd. 2010.) Skilled and creative individuals have different alternatives of producing commodities. They will apply the most effective approach in each situation thereby resulting to effective utilization of resources. For example, utilization of automated teller machine (ATM) in the banking system has resulted to increase in the number of transactions completed in a day. This has resulted to a tremendous growth of the banking industry across the globe. Quality improvement results from efficient in utilization of resources. To obtain excellent quality, the producers have to utilize current technology (EMAP Ltd, 2010). Excellent quality products have minimal rejects and utilize all available resources effectively. Due to decline in waste as a result of excellent quality product, the producers are able to gain more from their production activities. For example, hospital offering excellent medical services will have minimal legal cases and will also increase their clients hence increase in productivity. An excellent leader should establish a team through whom they will be working together. A team leader should be someone who can be able to coordinate all the members to achieve desired results (Team Building Leadership,