All about Entrepreneurship | Study

[Entreprenuership,
enterprise and innovation]
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Todays entreprenuer has to work in the very uncertain enviornment with an unforseen future, it is therefore these characteristics that makes the
entreprenuership a risky business proposition where the data shows that around 90% of the startups has to see the face of failure and most of
them from the fresh entrants who wants to excel in the feild of entreprenuerships. On the other hand those who have proven to deliver in the feild
of entreprenuership has shown certain skills like leadership skills, network development skills, interpersonal skills etc. apart from the excellent
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Table of content:
Introduction.............................................................................................................

ideas, followed the methodologies like correct assessment of business feasibility, preparation of perfect business plan, risk assessment and
execution of the plan as per the business objective and other activities to build a milestone for other entreprenuer (Entreprenuer India, 2019).
There has been different theories advocated by the well known authors in regard to the entreprenuership. The first amongst them was Joseph A.
Schumpeter who propounded innovation theory. He was of the view that entreprenuers are the one who convert new ideas into successful
innovation and is born with the desire of having his own industry. According to Schumpeter, innovation occurs when innovators comes up with a
new product, innovates in the methodologies of production for example using technologies or automation for efficiency, explores new market for
the product, explores new source for supply chain or the one who comes up with the new organization in an industry (Chand, 2019). So the
innovator can carry out any one or the combination of given activities (Pie-Lee et.al, 2017, pp- 47-62). This theory has been elaborative on the
account of discussion on innovation and innovators but has not touched the risk part associated with the entreprenuership. The other aspect of
this theory is that it is more viable for the large scale industries as capital risk or other risk is less with the ample availability of the resources. On
the other hand theory of need of achievements was propunded by McClelland who has identified desire to achieve as the major factor in
entrepreneurship development (Akrani, 2010). He also discussed about the factors of affiliation and power that an entreprenuers wants to achieve
through his efforts. David McClelland argues that the role of “n ach” is an important element for entrepreneurial development that inturn helps in
accelerating the pace of economic development. He is of the opinion that the achievement motivation is nourished by ambition. Such theory
corresponds to the similar needs that drives me to take entreprenuership as an effort and as a career. As an entreprenuer we are looking to expand
our Romanian restaurant business in the region of Maidstone, Kent, United Kingdom. It is located in the south- eastern part of England with the
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population of 1,84,7000 approximately where the Romanian population is next only to British population after the easement of restriction from
right to work in UK for Romanian citizen. As an entreprenuer we have carefully selected the location given the large number of Romanian
population in the Kent region and gap in the market for Romanian delicacies in the region that forms the basis for the introduction of Romanian
restaurant. The name of the restaurant is LA MAMA ACASA that provides the glimpse of the Romanian culture by serving famous Romanian
delicacy through the traditional style of cooking,romanian music, languages, and Romanian arts on the restaurant walls. The restaurant would
not only reflect the proud culture and mouth watering delicacy for the Romanian locals in the Kent region but would also serve an altogether
memorable experience for the native Britishers and people from other parts of the world living and staying in the Kent area. The ingredients that
are used in the preparation of different meals would be prepared by the well known renowned chefs from Romania itself and would include
tender meat, fresh vegetables to finest quality of herbs and spices to be used in the preparation of meals.
Mission, vision and objective:
As an entreprenuer our vision is to make every” Romanian feel at home away from home” i.e. to say providing wide array of high quality
Romanian dishes and culture for all Romanians living outside thier homeland.
Our mission is to identify the area with considerable Romanian population and provide them high quality local foods of Romania.
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Our objective is to become top sought restaurant for the Romanian people in three years time throughout Europe.
Our research on this front about the availability of Romanian restaurant in the European region has open the sea of opportunity for us given the
few players in the market that serves to the taste of Romanian people in the foreign land. The outcome of the online enquiry and the survey has
strongly advocated for the need of such restaurant that can deliver to the feeling of nostalgia for the Romanian people which has led our
entreprenuerial sense a strong backing given the support from the enquiry/survey required for the feasibility of the business.
Team: Key people, function and background
The success and failure of the entreprenuership largely depends upon the skills, abilities, knowledge i.e. to say the overall competency of the
leaders driving the entrepreneurial activity. Todays it is very tough to predict or forecast what would be the outcome of the entrepreneurial
activity and the data is an evident of how most of the startups and new businesses struggles to find thier firm feet after thier initial hype of the
business ideas. The reason being that are lots of other efforts in the form of planning and execution, ability of the leaders and the quality of the
team all has to do with how the business turns into fortune for the smart player of the game. To explain this McClelland as has been discussed
above gave the theory of achievements that is crux in driving the entrepreneurial spirit of the leaders, who decides the momentum of the
business. Whereas on the other hand Hagen has proposed that withdrawal of status or reputation of any group allows them to become active and
regain the lost reputation or status through their relentless effort (Entreprenuership Theories, 2019). On the similar note Eric rise the propounder
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of “lean thinking for the startups “ is of the similar view that failure are part of the entreprenuership game but the ability to lift for the occassion,
ready to take the challenge and learning from the mistake helps the entreprenuer regain thier lost reputation.
LA MAMA ACASA has three key people with thier distinct quality and experience as a professional and has something unique to offer for the
entrepreneurial effort. My personal background as an entreprenuer is that I have served as a restaurant manager for 10 years in my family
restaurant business that gave me an ample idea of different cusine, its taste and flavor for Romanian visitors. My current academic experience
provide me the knowledge and skills in terms of team building, financial acumen, planning and to become resilient during challenging situations
corresponding to the theoratical aspects of entreprenuership quality requirement. The other partner or the co-founder has an excellant track
record in serving one of the top restaurant in Romania. He has 8 years of experience serving as an Executive-Chef for the hotels and has a
Business Diploma in Hotel Management. He is also a qualified food expert and has indepth knowledge of balancing the taste with health for the
Romanian population. His association for this endeavour would be a value addition for the entrepreneurial effort. Our third key personnel is a
native Britishers who would be the manager of the restaurant, who will bring 15 years of experience in restaurant operation and has the ability to
oversee chain of restaurant business with his range of skills, deep knowledge of the restaurant industry and his ability to scale the operation
within and outside the United Kingdom.
Support network:
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