MGT731 business models for a major part in the roles of entrepreneurship. Business models refer to a company’s plan in making profits. It, therefore, defines the products or services and also the plan on selling them. This plan entails the target market and any expenses that could occur when trying to sell the product or service. Therefore, business models are important for both new and established businesses. Entrepreneurship is key in the formation of new enterprises. These enterprises boost the economy and rejuvenate established enterprises hence help in both growth and development.
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THE ROLES OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
The role of entrepreneurship in economic development is evident in the following ways. It helps in capital formation whereby they mobilize idle savings of the public this, therefore, helps in rapid economic growth. They also improve per capita income since they locate an exploit opportunities on resources like land, therefore, increasing net national production. Besides, they help in the improvement of living standards. With the help of MGT731 business models, entrepreneurs remove the scarcity of essential commodities and introduce new products hence improve the living standards of the common man. Lastly, it leads to the generation of employment both directly and indirectly by setting up small scale business units.
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THE TYPES OF MGT731 BUSINESS MODELS
There are four main types of business models. Direct sale is a model that involves the sale of goods and services through a network of salespersons who directly contact the customers. This model displays one of the major roles of entrepreneurs which is the creation of employment. The franchise model involves the purchase of another organization’s strategy instead of creating a new product or line of distribution. For instance, KFC fast food is seen in most parts of the world but it was originally established in Kentucky. The freemium model involves companies that offer their business service through the internet. This, therefore, helps the business to establish a foundation for future transactions. Lastly, the subscription model which aims to retain customers under long term contracts. Consequently, the business secures recurring revenue for the repeated purchase of goods.
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