Business Entrepreneurship | Report

Running Head: BUSINESS ENTREPRENEUR
BUSINESS ENTREPRENEUR
Name of the Student
Name of the University
Author Note:

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EXECUTIVE SUMMARY
The study aims to discuss the concept of entrepreneurship. The study describes the concept
with a different theoretical approach. The methodology describes the complete details of the
quantitative method. It also highlights the different steps of conducting the interview session
with the participant. A reflection section is mentioned to provide insight into the knowledge
gained from the study. Along with this, the study also features the exclusive strengths and
weaknesses of the concept of entrepreneurship and the success factors related to it.

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TABLE OF CONTENTS
INTRODUCTION......................................................................................................................3
RESEARCH AIM AND OBJECTIVES................................................................................3
RESEARCH QUESTIONS....................................................................................................4
LITERATURE REVIEW...........................................................................................................4
Factors influencing entrepreneurship....................................................................................4
Theories related to entrepreneurship.....................................................................................5
Features of becoming an entrepreneurship...........................................................................6
LITERATURE GAP..............................................................................................................7
METHODOLOGY.................................................................................................................8
ANALYSIS AND DISCUSSION..............................................................................................9
REFLECTION.........................................................................................................................10
CONCLUSION........................................................................................................................11
Reference..................................................................................................................................13
Appendix..................................................................................................................................14

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INTRODUCTION
The term entrepreneur refers to the person who creates a new business with associated
risks and pleasures. An entrepreneur is commonly visible as a creator or an innovator to get
resources from good and intricate ideas related to the subject of preference. On the other
hand, the entrepreneurs play an important role in the economy of any nation with the utility
of innovative skills and the initiative to bring new ideas in the marketplace. There are various
studies associated with the concept of business entrepreneurs. Kirzner (2015) mentioned that
the concept of entrepreneurship includes the use of resources from the domain of economist
categories that is an integral part of their production. However, researchers also mentioned
that entrepreneurship faces many obstacles for constructing a new genre of business. As per
the researchers, the most challenging situation an entrepreneur can face include – overcoming
bureaucracy, hiring the skilled and talented one, and obtaining the finance structure. The
study aims to introduce the concept of entrepreneur and the related theories. The study will
provide thorough evidence from an entrepreneur and the related sentiments of the
professional. Additionally, the study will provide a short reflection on the related research
process at the end of the discussion.
RESEARCH AIM AND OBJECTIVES
The paper aims to discuss the concept of entrepreneur and entrepreneurship with
proper and deep defining knowledge. Along with this, the study aims to fulfil the following
objectives with appropriate evidence. The objectives of the study are –
 To investigate the factors affecting and influencing entrepreneurship
 To investigate related theories of entrepreneurship
 The features of an ideal entrepreneur

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RESEARCH QUESTIONS
 What are the factors affecting and influencing the concept of entrepreneurship?
 What are the related theories of entrepreneurship?
 What are the features of an ideal entrepreneur?
LITERATURE REVIEW
Factors influencing entrepreneurship
Entrepreneurship is exciting and appealing but an individual can have different
motivation to get their own business started. One of the main motivations of becoming an
entrepreneur is there is an unlimited income potential here which one cannot have with their
traditional career (Monitor 2016). Another motivational factor is the flexibility of working
hour and environment which is an important factor to increase one’s potentiality and thinking
procedure. An individual can be his or her new boss which is not possible in a traditional
career. Leadership is also an important factor in becoming an entrepreneur (Drucker 2014).
One can make their own decisions, build their own teams and call emergency meetings in the
time of extreme pressurized conditions. Whereas at the beginning of one’s traditional career
one cannot make their own decisions as he or she is completely dependent on others decision
who may be the leader of the team to which one belongs to or the manager of the company
(Parker 2018). An individual’s vision is also important in becoming an entrepreneur. In the
case of a traditional career, one cannot apply their own ideas in their work as it requires many
stages of approval from their leaders and managers (Kuratko 2016). In most of the cases an
individual has to work on the ideas of others but in case of entrepreneur one is free to think
and apply their ideas in their business. Establishment of one’s own is also a highly motivating
factor of becoming an entrepreneur. In this case, an individual doesn’t care about making

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money or having a flexible work schedule, he or she only wants to create a brand image of
the self or may want to leave a legacy behind for their upcoming generations.
Theories related to entrepreneurship
Read et al. (2016) provided importance to various on the entrepreneur and related
theories as to the determinant of success. The theories can be categorized in multiple ways,
among them the main theories are innovation theory, achievement theory, cultural theory and
economic theory. According to Kerr et al. (2014), the innovative theory has a close
connection with psychology. The psychological traits of creativity and intelligence are the
key features of an individual that makes him an innovative person. As mentioned in the
innovative theory a person needs to create enough to become a successful entrepreneur. On
the other hand, the person needs to be educated enough to recognize the market potentiality,
customer niche, and modern technology related to the genre of business. Barringer (2015)
mentioned about the importance of achievement theory and its relationship with
entrepreneurship. McClelland is the responsible person to attach this theory with business
studies. The theory provides greater importance to human values, motivation, opportunities
and advantage of a favourable condition. This aforementioned feature allows a person to
achieve success at the end of the venture. Contrarily the cultural theory exhibits another
dimension of entrepreneurship. In this regards, Acs, Autio and Szerb (2014) mentioned about
the cultural theory. This theory helps to incorporate an individual’s cultural values with the
business. Finally, the economic theory of entrepreneurship helps to understand the
individuals, the importance of investment in the business. Thai and Turkina (2014) mentioned
about the economic support for business owners and entrepreneurs. The managerial skills of
entrepreneurship need to include the concept of profit and loss. Smith and Chimucheka
(2014) mentioned about various risks associated with the concept of entrepreneurship. One of
the main risks of entrepreneurship is financial risk. An individual has to invest his own

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money or taking loans from banks to the business. So, there is always a high chance of
bankruptcy in case of business failure. Strategic risks are also there in case of
entrepreneurship (McDougall–Covin et al. 2014). We live in a dynamic and fast-paced world
where any strategy can become outdated at any time. In that situation, a company might
struggle to reach its benchmark which may lead to business failure. Technological risks are
also an important risks factor in entrepreneurship. New technologies are constantly emerging
day by day and any technology can become obsolete at any time (Alvarez, Audretsch and
Link 2016). So, an entrepreneur has to make sure that his or her business is always running
on technologies which require heavy investments and the business may fail to invest that bulk
amount of money. Market risks are also there in entrepreneurship. An entrepreneur should
perform a market analysis that assesses market factors, the demand for a product or service. If
an individual fails to do so the business may be on high risk. One of the risk factors that
mostly affects entrepreneurship is a competitive risk. There is always a tough competition in
the market. If there are no competitors for a particular product or business this could indicate
there is no demand for that product or business in the market (Frederiksen, Wennberg and
Balachandran 2016). So, an individual should always be aware of the competitors and their
products and business. Along with this, the entrepreneur needs to have aspired enough to gain
a competitive advantage for surviving in the marketplace. Reputation is the main thing in
business. If an entrepreneur’s product or business fails to meet customers trust and
expectations in the initial stage, the business may suffer from huge losses in revenue which
may cause a complete shutdown of the business (Dorin and Alexandru 2014). Environment
risks like earthquakes, tornados, wars, recessions, hurricanes that entrepreneurs can face and
one individual should have a plan to overcome the situations caused by natural hazards. If the
entrepreneur fails to do so the company or business may face serious adverse conditions.

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Features of becoming an entrepreneurship
According to Lee, Hallak and Sardeshmukh (2016), certain features are there to make
an entrepreneur proficient in the related field. The entrepreneur should be focused on making
their business and eliminate any kind of hindrance which may affect their business. A
successful entrepreneur should be disciplined enough to take steps every day towards the
achievement of their goals and objectives. A successful entrepreneur should have confidence
in oneself to make their business a successful one. Along with this entrepreneur must possess
the risk management skills to handle any conflicting situation. An entrepreneur should take
every event and situation as an opportunity to make their business a successful one (Ferreira,
Fernandes and Kraus 2019). Entrepreneurs must know if something needs to be done, they
should start it themselves. They set the parameters and goals and make sure that the business
follows the path to achieving those goals. They should be proactive and should not wait for
others to make any decision and give permission. Many new companies have formed because
of the entrepreneur who knows that he or she can do the job better than others. There one and
only aim is to play efficiently in their own domain and become the master for the entire
industry (Packard 2017). An entrepreneur should be creative enough to invent new ideas and
make sure the ideas are implemented for the betterment of the business. Entrepreneurs are not
broken down by their defeats, they take the defeats as an opportunity to improve and become
successful. A successful entrepreneur doesn’t believe that something cannot be done. The
entrepreneur should have a strong communications skill to sell the product and motivate the
employees to achieve their own goals which will lead to the overall growth of the company.
They are also very good at highlighting the benefits and drawbacks of any situation and
helping others to their success. A successful entrepreneur should take most of the pressure to
make the business to reach its benchmark (Keyes and Benavides 2017). He or she may the
first person to reach the office and the last to leave to make sure that an outcome meets the

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expectations. Passion is the most key factor in becoming a successful entrepreneur. A
passionate entrepreneur genuinely loves their work. They are always ready to put an extra
effort so the business becomes successful because their joy relies on that. A passionate
entrepreneur will always be reading and researching the ways to make the business better and
always thinks about the success of the company.
LITERATURE GAP
The study helps to develop knowledge about entrepreneurs and entrepreneurship. It
helps to understand the factors that influence an entrepreneur to become a successful one in
this field. The study also mentioned some of the theories related to the study of
entrepreneurship. However, it does not specify the perfect features of an entrepreneur. On the
other hand, the study lacks to describe the role of community and proper education related to
business management to become a proficient entrepreneur in the related or preferred field.
The selected research work will, however, try to fulfil the gap with further studies with
proper and appropriate evidence.
METHODOLOGY
A quantitative research methodology followed for the study. The methodology can be
demonstrated by the following steps.
 Preparation – To interview an entrepreneur, it is worth to be acquainted with the job
and responsibilities of an entrepreneur. It includes the strategy to know about the
previous experience of an entrepreneur. The interviewee must be interested to know
about the person’s previous struggle and understand the competitive strategy. Finally,
the interviewee must incorporate some open ended question and strictly avoid any
close ended question.

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 Conducting – this the stage where the experts presented the interview questionnaire to
the entrepreneur. At the initial stage it was difficult for the researchers to find a
participant willing for participating for the interview. However, the experts need to
provide the participant the entire reason behind the interview conduction. That is the
introduction phase of the conduction. The interview must follow a healthy
communication mode rather than merely an interrogation session.
 Method analysis – It is the study of how the interview was conducted. After the
conduction of the interview requires the details procedure of the presentation of the
interview in front of the participants. It also records the participants reaction during
the communication. The gathered data was critically examined by the researchers for
coming into a decision at the end of the research work.
 Limitation – As mentioned, interview is a communication procedure that was adopted
for the study. Hence, there was no recorded data for analyzing the data collected. On
the other hand, interview was a kind of mental disturbing for the participant as it
involves talking about the struggles and difficulties to become a successful
entrepreneur. As a general aspect, if the participant does not want to answer a
particular question, the interviewer cannot force the participant for providing the
answer. Hence, it also sometime appears as an incomplete research activity as
mentioned by various experts.
ANALYSIS AND DISCUSSION
In the analysis, it should be acknowledged that finding a successful entrepreneur is a
difficult job for the researchers. Many of the researchers were unwilling to participate in the
interview. The sample of the research is very small and it is a crucial job for the researcher to
rely on one professional to measure the effectiveness of the selected objectives. However,
from the conducted study it can be demonstrated that the main factor that restricts a person

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from being an entrepreneur is the feeling of hesitation. As mentioned by the participant, the
inferiority about related knowledge and efficiency restricts for becoming an ideal
entrepreneur. There are certain skills required to become an entrepreneur and this domain of
business also required proper investment. An entrepreneur always ponders about the starting
point. They need to gather the proper information to build the business. The entrepreneur also
needs to acknowledge the competency in the marketplace before initiating the required steps
to become an entrepreneur. On the other hand, the analysis of the interview also mentioned
that the concept of legitimacy is also a determinant for creating a success or failure story of
an individual. Finally, a person needs to have enough confidence in the self to fight against
any adversity and continue with the business with proper potentiality and willpower. The
interview consists of five questions need to be asked to the professional. All the answers of
the participant concluded in the decision that, a person needs to become strong from heart and
brain to become a successful entrepreneur. Hence, by this conducted research activity, the
third objective of the study can be addressed and also justified.
REFLECTION
I had a thought about the business world that it is completely buttoned-out. However,
there are various interesting factors associated with the business world and the concept of the
entrepreneur. Today, we can see, the colourful character of all the entrepreneurs. I have
developed the concept that every successful business owner starts their career as an
entrepreneur. Taking the example of the famous business personality, Mark Zuckerberg – he
started the business with an application with the idea to connect the distant people. From the
image of an entrepreneur, the person is now dwelling with the topmost business tycoons
covering the entire world. On the other hand, the example of David Daneshgar initiated the
entrepreneurship with the aim to connect the online marketplace by connecting the florists
with their desired customers. Today, the business owners are playing with millions namely

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the BloomNation later wards. I think along with the money or investment and proper skill,
the person needs the hunger to become recognized by the people covering the entire world.
The hunger for recognition, personal branding and marketing are the main driving forces
associated with the concept of entrepreneurship.
On the other hand, to consider the innovative theory, the world is also possessing a
warm and welcoming heart for new and fruitful ideas. We need to understand the actual niche
of the consumer market, the place, price, and criteria need to identify at the time of becoming
aspired for launching the personal business. If we survey throughout the locality, there are
several shops and boutique designers available in our locality only. Hence, the uniqueness
also matters for becoming a successful entrepreneur. For instance, bakery and fashion are the
most common and frequent business in any geographical area. However, innovation can
change the way of your business and determine the success of the owner. Analyzing the
study, I have understood that there is no prescribed definition for the term of an ideal
entrepreneur. You need to utilize your own skill uniquely. You need to identify your own
strength and weakness and try on excreting out the weaknesses first to gain confidence in the
self. Finally, the person needs to define the term according to the desire of the self and the
desire of the consumers. Hence, I have gained a positive lookout for the concept of
entrepreneurship and professionalism. I personally think entrepreneurship is a concept that
can attract people, distract the service person, and utilize the talents of the strong personalities
to create their own success stories. The concept of entrepreneurship is quite attracting and
interesting for me from now onwards.
CONCLUSION
As a conclusion, it can be said that the study has an appealing and useful subject that
deals with entrepreneurship. A bossy mind with effective knowledge always tends to reject

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the dominant nature of others. The concept of entrepreneurship is grounded on the theory of
innovation and culture. A person needs to be innovative along with the related cultural
interpretation of business along with the knowledge of ownership. The person needs to
contain hunger for creating self-recognition. The person needs to possess the desire to behold
the self in one of the topmost personalities of the business owner. The conducted literature
review mentioned the various strengths and weaknesses of the person desired to become a
successful entrepreneur. On the other hand, the interview with the participant helped to gather
the first-hand experience as supportive material for the study. It is worth to be mentioned in
this regard that, in spite of being an inspirational strategy, the concept can bring misfortune
for those with inappropriate fund and knowledge. Education is the only process that leads to
enlightenment. Entrepreneurship is also a positive concept that can lead the talented mind
towards a bright future. In reflecting on the concept of entrepreneurship, the mentioned
success stories of the potential entrepreneurs help to provide encouragement to the individual
with these kinds of aspiration. Moreover, it is worth to be mentioned in this regard that every
business strategy and techniques have their own pros and cons. It is depended on the
individual and their ability to play with the techniques with their own innovative way to make
it a successful one.

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Reference
Acs, Z.J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy, 43(3), pp.476-494.
Alvarez, S.A., Audretsch, D. and Link, A.N., 2016. Advancing our understanding of theory in
entrepreneurship. Strategic Entrepreneurship Journal, 10(1), pp.3-4.
Barringer, B.R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Chatterji, A., Glaeser, E. and Kerr, W., 2014. Clusters of entrepreneurship and
innovation. Innovation policy and the economy, 14(1), pp.129-166.
Dorin, C. and Alexandru, G.S., 2014. Dinamics of the entrepreneurship concept. Literature
review. The annals of the University of Oradea, 23(1), pp.443-451.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Ferreira, J.J., Fernandes, C.I. and Kraus, S., 2019. Entrepreneurship research: mapping
intellectual structures and research trends. Review of Managerial Science, 13(1), pp.181-205.
Frederiksen, L., Wennberg, K. and Balachandran, C., 2016. Mobility and entrepreneurship:
evaluating the scope of knowledge–based theories of entrepreneurship. Entrepreneurship
Theory and Practice, 40(2), pp.359-380.
Kerr, W.R., Nanda, R. and Rhodes-Kropf, M., 2014. Entrepreneurship as
experimentation. Journal of Economic Perspectives, 28(3), pp.25-48.
Keyes, L. and Benavides, A., 2017. Local government adoption of age friendly policies: An
integrated model of responsiveness, multi-level governance and public entrepreneurship
theories. Public Administration Quarterly, pp.149-185.

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Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Lee, C., Hallak, R. and Sardeshmukh, S.R., 2016. Innovation, entrepreneurship, and
restaurant performance: A higher-order structural model. Tourism Management, 53, pp.215-
228.
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Packard, M.D., 2017. Where did interpretivism go in the theory of
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Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016. Effectual entrepreneurship. Taylor
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Appendix
Interview questionnaire
1. What are the factors that influence to become an entrepreneur?
2. What are the factors that restricting you to become an entrepreneur?
3. What is the challenging situation you have faced during the initial stage?
4. What is the contribution of your community and culture behind your success?
5. What are your strategies to promote your name to increase customer reach?