BMSP5006 Enterprise and Entrepreneurship

Business Management 1

Business Management 2
Introduction
This essay demonstrates the motivations of entrepreneurs to contribute to sustainable regional
development. It also evaluates the nature of the enterprise, entrepreneurship, and entrepreneurial
motivation that could be imperative for the business and get higher competitive benefits. In
addition, it evaluates the role of enterprise within economics and society, including social
entrepreneurship and eco-premiership.
Critically evaluate the motivations of entrepreneurs to contribute to sustainable regional
development
Enterprise could consider many characteristics like enterprise origin, problem-solving, exploit
the idea, fill the gap, and explore knowledge (Sweetman & Pearson, 2018). These are discussed
as below:
An entrepreneur is a person who categorizes risks to evaluate the earning expectation of the
profit leanings. It would lead the firm to make a higher profit in limited time and cost. Enterprise
could evaluate the issues of the society members and make a reliable decision. Moreover, it is
also examined that enterprises could consider the internet to examine the behaviour of consumers
towards products and services (Hjorth & Holt, 2016). It could lead an enterprise to retain their
consumers for the long term. A larger number of the organization could exploit their idea and
make an invention in the regional as well as the specified area. Once the invention could be
turned into the products and services then it could lead the firm to make a higher profit.
Enterprises could start their business to determine the gap among the existing and emerging
market. Spec savers use many online methods and reach their valid caisson. Enterprises could
enter in the market because of producing products and services at a cheaper rate as compared to
the existing market firm. It could support to make a huge amount of the existing cost.

Business Management 3
Entrepreneurship could lead the firm to make their unique image in the marketplace. It considers
many characteristics named economic activity; entrepreneurship involves innovation, goal-
oriented activity, risk bearing, and value creation. These are discussed as below:
Entrepreneurship could be an economic activity because it entails the enterprise operation. It is
generally concerned with the distribution and production of products and services (Aliaga Isla,
2015). It is effective to make a favourable decision in the context of the organization.
Entrepreneurship considers many factors like revolutionizing, changing, transforming, and
introduce new structures. Moreover, it is also examined that entrepreneurship is an innovative
activity as it considers new and systematic better. In addition, it is evaluated that innovation
might take several procedures like a new good, a new source of raw material, a new method of
production, and manufacturing (Acheampong & Esposito, 2014). Moreover, it is evaluated that
innovation is the procedure of doing something in a systematic manner. Innovation is an
imperative tool of the entrepreneurship. Thus, it is examined that entrepreneurship is the process
of getting higher competitive benefits.
The entrepreneurship could rely on goal-oriented activity that leads enterprises to make a huge
amount of profits and satisfy consumer's needs. Thus, it is evaluated that goal-oriented activity
could be imperative for accomplishing the desired goal in the least time. Thus, it is examined that
entrepreneurship activities do not rely on the paper decisions entrepreneurship because it relies
on the goal-oriented acts.
Value creation is also an imperative part of the entrepreneurship as it will permit to get higher
competitive benefits in the least time and cost. Moreover, entrepreneurship could facilitate to
conduct many activities named launching of new goods and services, approaches, transactions,
technologies, and resources to contribute in the community (Gereffi, Frederick and Gereffi,

Business Management 4
2010). Furthermore, it can also be examined that entrepreneurship is the resources that are
changed into outputs like products and services. In addition, it is evaluated that transformation
procedure could be created to get higher benefits.
Enterprise creation is considered as one of the major characteristics of the entrepreneurship
which leads to the creation of the enterprise. The entrepreneur keeps the motive which helps
them to pursue the opportunities for the create value and innovation which reflects in the actions
and efforts. Entrepreneurship offers a creative response to change that takes place in the
environment which majorly include the innovation an something innovative for the improved
and new product.
The element of entrepreneurship is the risk which is considered as inseparable and inherent.
Entrepreneurs who perform their operations in the uncertain market already determine the
uncertainty of future. In addition, entrepreneurs who look for the profit can also face the
possibility related to the loss in the market due to competitors (Kirzner, 2015).
There are two factors that mainly influence entrepreneurs like external as well as internal factors.
These are discussed as below:
Internal factors could be a factor that could consider many factors like the need for self-
actualization, Positive attitude, Self-motivation, Enthusiasm, Education, Background, and
Financial background. It could influence entrepreneurs to start their business. These are
discussed as below:
Entrepreneurs could be motivated by many characteristics of an individual named self-esteem,
social, safety, and physiological need. It could lead to get higher benefits in the least time and
cost. The positive attitude of an entrepreneur could also motivate them to start their business in
the least time (Burns, 2016). Moreover, it is also examined that the positive attitude of an