Entrepruinership

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Programme Name: MBA

Course Code: MBM 515

Course Name: ENTREPRENEURSHIP

Assignment / Lab Sheet / Project / Case Study No.ASSIGNMENT

Date of Submission: 22 December 2017

Submitted By:                                                        Submitted To:

Student Name:        Sailendra Thapa                                     Faculty Name:         Mr Rojesh Basnet        

IUKL ID:                                                                 Department:

Semester: First

Intake: November

Section A

Question No1 Ans.

A man can have numerous thoughts playing in his/her mind but undertaking and executing that thought into reality can be very difficult. The art of converting, executing smart plans into actions is known as execution intelligence. At first, the founder of the company i.e. Jamie Haywood had a simple idea and he had that idea for helping his brother as his brother was suffering from ALS. He further thought of helping other people as well and that is why he launched the LS Therapy Development Foundation. One of the qualities of PatientsLikeMe includes making the patient feel like he or she is connected i.e. part of the family. This helps in increasing the result of friendships as well as involved members in the website. The company completes an incredible arrangement to instruct about health conditions so as to address individuals issues and in this way tie them to the community. Jamie had an idea and he then turned his idea into a reality and thus established a business model. With the help of the foundation, a lot of patients are helped as they can learn from the experience and medication as well as the affection of the disease shared by other patients. The foundation has proved the execution intelligence as the initial idea has been turned into a successful venture. The venture is very popular and is being used by a lot of patients by which huge amount of revenue is collected. On one side, the patients are being benefited and another side the company is generating a lot of income by the collection of data from the patients and sell them to the medical companies as well as pharmaceutical companies in the form of graphs and charts. Thus this is how the company is very successful and to make a successful company, execution intelligence plays an important role.

Question No.  2 Ans.

There are a lot of myths of entrepreneurship and PatientsLikeMe has definitely discredit some of the myths. They are as follows:

Entrepreneurs are born not made  

The research shows that entrepreneurs don’t come from parents who are entrepreneurs and there’s no statistical correlation between that nor there a gene that makes people an entrepreneur. It’s basically a skill or idea and art of converting it into a reality. Jamie Haywood was not from a family of entrepreneurs. He became successful just because of the vision he had and he converted his smart plan into action.

Successful entrepreneurs are charismatic

Successful entrepreneurs are charismatic that’s what makes them successful in fact entrepreneur is about effecting change and infecting change is about leadership and the PatientsLikeMe foundation led by Jamie Haywood has shown that charisma is not correlated with the success changing the world, what it is its made up of basically four other things vision, sense of capability to know what going on in the world, relationships to make that happen and Innovation. PatientsLikeMe proved that it does not have to do with the charisma.

Need of a great idea and product

Do you really think idea is what makes people successful? An idea means nothing or let’s say idea that we have means nothing of there is no execution. There are a lot of ideas out there but its execution is the issue. PatientLikeMe was an idea at the very first beginning. It became successful only because of the execution of that idea.

Entrepreneurs are their own Boss

As an entrepreneur, the customer i.e. the users, the partners, the employees, of PatientLikeMe are the boss. These are the people that we have to learn how to support and the more, the better we improve and the more we can grow the business.

Question No. 3 Ans.

The comparison and contrast between patient like me is given below

Contrast  

PatientsLikeMe is an extended version of ALS therapy foundation which is founded by Jamie Heywood with the specific goal to help patient share their experiences regarding the disease they have been experiencing whereas,

Inspire.com was established with a specific end goal to accomplish an objective of quickening clinical trial using sage social networks, sorted out by therapeutic conditions for the patients and caregivers.

PatientsLikeMe collects the date from the patients through their sharing and sells them to the medical companies as well as pharmaceutical companies whereas Inspire.com creates a common platform between the caregivers and the patients.

The motto of PatientLikeMe is Live Better, together whereas the motto of Inspire.com is together, we are better.

Comparison

The main mission of PatientLikeMe is to be a platform where people can share the data of their health, progress tracing, and share the experience. And the mission of Inspire.com is to be a safe place to discuss about health to help people. Both the PatientLikeMe and Insecure.com has a common mission about helping other people in health related issues.

Section B

Question No. 1 Ans.

Entrepreneurs is a procedure of starting a business normally a new business offering a creative item.    

To become a successful entrepreneur, one must possess the right attitude and right characteristics. A good characteristic is very important to a potential entrepreneur because if it is not possessed then the business is most likely to get the failure. The five characteristics of an entrepreneur are as follows

Visionaries

An Entrepreneurs always has a clear picture what they want to accomplish in their business. They can see the details as well as the big picture of their vision. They visualize the whole thing both now and in the future. For example