Introduction to Enterprise and Entrepreneurship

This report discusses the key concepts of enterprise, entrepreneurship and innovation, the methods used by entrepreneurs to start their business, local, regional and national sources of support for start-up businesses, advantages and disadvantages of entrepreneurship, and problems in enterprise practice and development of intrapreneurship skills.

INTRODUCTION TO
ENTERPRISE AND
ENTREPRENEURSHIP

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Key concepts of enterprise, entrepreneurship and innovation.....................................................3
The methods that entrepreneur used to start their business.........................................................4
Local, regional and national sources support for start up business..............................................5
Life world advantages and disadvantages of entrepreneur..........................................................7
Problems in enterprise practice and development of intrapreneurship skills..............................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Enterprise is another name of business organization which is made for providing goods
and services for the sustainable economic development. It also termed as entrepreneurial
ventures. Start-up is the main example of enterprise. Entrepreneurship is the process of
developing a business for generating new profits for the business (Andriyanto, Arifin and
Ayuningtyas, 2019). Meaning of entrepreneurship is that it involves people named as
entrepreneur, who make changes in the world by taking certain actions. This report consist of
key concepts of enterprise, entrepreneurship and innovation which include its behavioural
characteristics, influences and barriers that becomes hurdle for the entrepreneur, methods and
models that entrepreneur uses in their research and for business ideas' evaluation. It includes
local business support for entrepreneurship that consist of some agencies, report further explains
pros and cons of life world of entrepreneur, and it describes the problems of enterprise practice
and implementation of enterprising solutions, and to develop intrapreneur ship skills.
MAIN BODY
Key concepts of enterprise, entrepreneurship and innovation
Entrepreneurship allows to start a new business and becomes a self-employed in today's
competitive environment innovative ideas are very important to grow any enterprise. Innovation
in the organization can be seen as introduction of something which increase the market value of
the organization. The main key concepts of entrepreneurship is innovation, organization, risk and
vision. Risk taking ability, leadership quality, open mindedness, perseverance are the
characteristics of the entrepreneurship. For an example JK Rowling an entrepreneur from UK,
she earned lots of respect and fame from her book or TV series harry potter (Audretsch, 2018).
The motivation she gets in her childhood from the book inspire which motivates her to become
an entrepreneur author. From that, she used to spent most of her time in writing that totally
changed her behavioural set, and she became a successful entrepreneur of UK.
Entrepreneurial behaviour set is influenced by entrepreneur's expectations which can be a
realistic and more ambitious than other managers. Entrepreneurship comes with a lot of

challenges that is overcome by the entrepreneur. For an example Philip green an entrepreneur
from UK he is currently the CEO of Arcadia group at the young age he started his business with
a loan after that he became a successful businessman. He is now a leading entrepreneur in
Britain. Motivation is the reason for the better performance, motivation helps the entrepreneurs
to work effectively.
In today's world everyone wants to become an entrepreneur and wants to start up with
something in which they are passionate. Though entrepreneurship required more patience and
skills. Entrepreneur has to face many challenges and barriers before starting new business they
have to face financial crises, human resources issues, lack of capacity, less knowledge in
marketing, fear of not to be successful these all are the issues faced by any entrepreneur in their
primary stage of entrepreneurship (Bridge, and O'Neill, 2017). For example JK Rowling famous
author she faced many hardships, she grew up in poverty, at first her stories were rejected, she
worked very hard to become a successful writer. She lost her mother when she was writing her
famous Book series harry potter. Entrepreneur faces so many hardships before starting a new
start up, before starting any business one needs to have enough money to make investment
entrepreneur has to deal with the fund related issues.
Entrepreneur faced business idea related issues before starting with the new business. To
get the fund they need proper business model through which they will be able to take loan for
investment also if entrepreneur possess less knowledge in business than it will become the
biggest failure for them. For an example Lawrence Graff a successful diamond jewellery
entrepreneur of UK before becoming an entrepreneur he faced many issues as he dropped out
from the school at very young age, his father was tailor and failed in his business through which
he gets motivation and started with repairing of jewellery after that he succeed in his business.
The methods that entrepreneur used to start their business
Before starting any business entrepreneur used dedicated models to start the new
business. Some entrepreneur feels easy to getting an idea but the market research is beyond their
expectations. Market research is very important before starting any business. Primary research
can be carried out individually, with the aim of collecting data used for innovation and in
improving the functionality of the business (Cohen and et.al ,2019). First they need to decide
target market and make a proper report on it to start new business. Before getting into any

business first proper analysation of market is very important based on the information
entrepreneurs selects their target audience it gives the proper vision to entrepreneurs to create
their business far better than their competitors. First step for the entrepreneur is to identify their
competition they have to start with their monopoly item which have no substitute present in the
market like local utility companies. For an example James Dyson UK's entrepreneur whose main
product is vacuum cleaner for that he researched the market and target audience to sell his
product. He made a proper report on its product's market area and his business competitor
through which he succeeds in his business by following all business models and strategies.
Local, regional and national sources support for start up business
One of the primary task for the entrepreneur is to get fund to make investment in their
business. Developing and promoting any business is tough challenge for the entrepreneurs. UK
supports their entrepreneur to grow their business. They offer many tax related programmes to
their entrepreneur's toward the tax reduction policies (Geissdoerfer, Vladimirova and Evans,
2018). The business strategy of solent future is multiple it varied from large multinational
business to small and medium business (SMEs). Solent group provide support to entrepreneurs
by their business advisor from solent growth hub. They offer funding option or free one stop
services for the business with loans, grants, and support. Solent future supports the entrepreneur
by giving funds to them, they give a business plan to in which they offered €3,000 fund to
entrepreneur who has genuine and credible business idea to start with. Before getting support
from this solent future agency entrepreneur has to give their business strategic plans and their
risk taking ability through which they select them to offer services, after that if they like their
idea they allow funding in their business.
Promoting entrepreneurship provides the economy benefit, they open the door for many
opportunities. Federation of small business agency is a UK business organization that offers wide
range of services which includes financial advice, fund support to the small and medium-sized
businesses. They help their clients with legal advices and business related services. They provide
support to entrepreneur through locally or from online resource hub. Government support gives
extra strength to entrepreneurs to start new business. Entrepreneurship creates so much impact on
economy of the country. The national authority of UK has shown their support to promote the
growth of small businesses and start-ups projects (Hasan and et.al 2018). They offered many

grants which includes tax reduction, discounts on resources as well as they have given a financial
support to the entrepreneurs to develop their business. They have applied tax relief schemes to
help the small businesses and start-ups. Some agencies of UK support the entrepreneurship they
have come up with programme to offer many services top entrepreneur through which they can
be able to proceed with their business plan.
Entrepreneurship becomes the new trend of market every country wants to promote their
economy in this entrepreneur plays a crucial role. They come up with the idea of innovation in
world. UK country has more entrepreneurs that supports its economy rate. Great entrepreneurs
has the ability to change the way of living and work on local and on national basis.
Entrepreneurship allows person to become a self-employed, no need to worry about higher
authority as they are their own authority there is no one who controlled them. Start your own
business (SYOB) gives step by step guidance to their clients to start their new business they offer
financial advice, legal advice to their clients (Mitra, 2019). They judge their clients on the basis
of their ideas, risk taking ability. They offered a programme which consists of business related
information it guides them to business planning. SYOB programme helps entrepreneur's to start
a sustainable business. Entrepreneur finds this program very useful to write their business plans.
To strengthen the small businesses and start-ups many programmes are introduced on
national level. Which include financial support which helps the entrepreneur to invest in their
business. National authorities increase the scope of finance for the entrepreneur through which
they are able to expand or start their business. Some programmes are offered by small agencies
such as enterprise first virgin who is offering their services and scaling the businesses from past
50 years around the world. It is not-for-profit agency who work to empower the entrepreneurs to
start their business. They give business advice, funding, to the entrepreneurs to change their
business for betterment. Virgin start-up agency is most popular in UK, they passionately support
the entrepreneurs who want to start and expand their business. Thus, presence of strong
entrepreneurship benefits the local regions by resolving the social and economic issue. Local
authority and regional authority not only provide their support in small medium businesses and
in entrepreneurship, but they also clear their responsibility towards them (Muñoz and Cohen,
2018). Therefore, to promote the economy rate national, local and regional authorities provides
their support to entrepreneurship.

Life world advantages and disadvantages of entrepreneur
Begin with entrepreneurship means to run your own business no pressure from higher
authority as entrepreneur is self authority to their business. Entrepreneurship allows in making
own decisions, it gives entrepreneur to show their skills and knowledge to fill the gap in their life
or to promote their community. Some people are job dependent and some work for the weekend
but entrepreneurship does not come up with these problems it gives satisfaction to the
entrepreneur as they don't need to feel pressurized from their boss. Entrepreneurship gives
opportunity to the entrepreneur to explore themselves who they really are, it allows them to
expand their knowledge and skills in developing better ideas for their business. Entrepreneur can
choose the team by their own they select them on the basis of their ideology if their thoughts and
philosophy differs then they can make other choice (Rashid, 2019). Entrepreneurship gives the
better real life experience. As the main authority of the business entrepreneurs can manage their
work time without feel of any pressure if they want to work in early morning or in noon time
they are allowed to because ultimately they are the boss of their business.
Accepting entrepreneurship gives a different experience as entrepreneurs does not need to
follow the schedules as there is no consistent path for them. Entrepreneurs are allowed to pursue
any idea if they want to there is no restrictions for them to go with any idea. If they want to
develop a project they don't need any consideration as they are their own boss. Entrepreneurs are
responsible for their every step in their business, they are the only one who allocates the
resources and only one to deal with supply chain agency it allows them to minimize the cost
spent on resources, they can minimize the use of resources which allows them to save money for
further projects. Entrepreneurship offers more evolvement with the community, it offers the
flexibility in entrepreneurs to become more involved in their community. It allows entrepreneur
to serve their locals, promotes youth sports or to found another ways to tie their volunteer work
to give effort to their business. Entrepreneur promotes innovation in their business they succeed
when they put their ideas into their projects which helps them to expand their business.
With many advantages in entrepreneurship there are some disadvantages too which gives
pressure, loneliness to the entrepreneur. Entrepreneur has to face cash flow issue sometimes they
struggled to pay their bills while they are waiting for the arrival of the payment, through which
they feel pressure as they are not capable of paying their own bill. This problem of cash flow is
common in entrepreneurial world (Sahadeo, 2018). Hiring process of new team can take more

time of entrepreneur as they hire those who posses same skills and knowledge like them because
of this they have to gone through reviewing the resumes of candidates which consumes their
most of the time. Time management is the biggest problem faced by the entrepreneurs as they
run their own business if they want to start early or late they are allowed to which disturbs their
time management. If clients wants their work immediately they must have to complete it within
the deadline which gives more pressure to them (Shivakumar, 2017). Most of the entrepreneur
does not succeed in their business because of lack of their knowledge in market research. At that
time entrepreneur feels loneliness and depression as they took fund loan and now they need to
pay back which gives them more pressure and life threat feeling.
Sometimes wrong decisions taken by entrepreneurs gives them adverse effect. If they do
not posses skills related to their market field which will definitely cause their business.
Entrepreneur works more than a person who is employee in other firm as entrepreneurship comes
up with great responsibilities they have to manage all work which also includes duty assigning to
their employees, market deal with supply chain agencies which creates more pressure on
entrepreneur. Entrepreneur has to deal with uncertainty they might get success in their initial
period, but they might have to face many market problems, they have to deal with recessions,
booms alone. Many entrepreneur faces problem before starting a new start-up as they have to
face financial crises issue because they have made a commitment to the agencies to pay back
after succeeding in their business but if they failed in their business then the situation will give
more pressure to them (Stuetzer and et.al 2018).
Problems in enterprise practice and development of intrapreneurship skills
Problems encounter in enterprise is that it required quick adaptation. Today enterprise
field is very popular across the world it requires flexible and quick response towards change. The
work of entrepreneur is still same for the enterprise filed, but they have to adapt the changes
because what seems yesterday's relevant decision might irrelevant today. Solution for this
problem is that entrepreneur needs to accept the changing business environment as fast as
possible. Important role in taking action is played by enterprise as approach to the growth of
company. Arrangement of enterprise is complex it consists of various services require for the
functioning of company (Serov, Moiseenk and Astafyeva, 2021). This arrangement can't remain
static whenever there is need it changes accordingly, as its constant changing ability cause the

security system. Cyberattack can cause major loss to the enterprise and lead the small and
medium size business to bankruptcy. By allotting task to the technical team can resolve the cyber
attack problem which can save enterprises from disaster.
The major problem enterprise face is to handling large amount of data, as companies
gathers enormous amount of data. Mostly this data is in unstructured form it makes it difficult for
the enterprises to process the data (Matyoqubov and et.al 2020 November). With the
development of system architect according to the requirement of enterprise can solve the
processing problem but now toady cloud solution are very helpful to the companies in handling
and processing of large amount of data. It is necessary to integrate business application with the
information environment to optimize the performance. Enterprises still uses uniform system as it
consist of unchangeable components which are input and output of data, error handling etc. if a
business system is heavily depended on this uniform enterprise environment then integration
becomes complex due to its size and compound environment. Solution to this problem is to start
with integration development system and develop an ERP system which gives expansion to
enterprise.
Intrapreneurship is rewarding field that compliments the business with huge profits. It has
potential to grow business revenue of any size. But to be a good skilful intrapreneur one needs to
have solid knowledge in this field, which are marketing knowledge, leadership to business and
must have knowledge in innovation process of the project management. Intrapreneur skills is
considered as a proficient in their field as it comes up with lots of responsibilities.
Entrepreneurship is the act of scaling the business to generate the profits and revenues for the
company (Mohedano-Suanes and Benítez, 2018). Entrepreneurial culture is differed in values,
skills, teamwork, attitude to achieve the goals of business. It has become an area of research in
management for many years due to rise in technology based business.
Entrepreneurial culture in organization must consist of innovation process to give
revenues to the business. To make a good entrepreneurial environment entrepreneur must have to
accept the change to deal with the competitive world. Entrepreneurial culture posses creativity,
strong awareness of the environment in entrepreneur, to know and found the opportunities to
build their business. In today's competitive world entrepreneurship comes up with lots of
opportunities for the young generation people want to become an entrepreneur as they don't want

to work under organization, as entrepreneurship offers self employment and many government
projects are introduced to support entrepreneurship.
CONCLUSION
From the above discussion it is concluded that entrepreneurship can be viewed as adapt
change, proceed with plans, abilities to take risk, innovation in business ventures. To be a
successful entrepreneur it requires entrepreneurship and innovation. Above discussion gives
more relevant ideas for future entrepreneurship activities. Report concluded that key attributes of
enterprise, entrepreneurship and innovation benefited the business environment to achieve the
revenues. It consists of method which are required to entrepreneur to start their business. Report
described the local, regional and national support to entrepreneurship to developed their
business, some agencies has shown their support to the entrepreneur to met their future goals. It
discussed advantages and disadvantages of entrepreneurship world which describes the difficulty
phase of entrepreneur's life, how entrepreneur deals with pressured and loneliness situation. It
involves the implementation to the enterprise problems, marketing business venture research is
needed to become a successful entrepreneur.

REFERENCES
Books and Journals
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Advantage and its Impact on Performance. 2019.
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Economic Policy.34(4).pp.637-651.
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Macmillan International Higher Education.
Cohen, S. and et.al 2019. The design of startup accelerators. Research Policy.48(7).pp.1781-
1797.
Geissdoerfer, M., Vladimirova, D. and Evans, S., 2018. Sustainable business model innovation:
A review. Journal of cleaner production.198.pp.401-416.
Hasan, M.S. and et.al 2018. Factors influencing enterprise resource planning system: A
review. Journal of Advanced Manufacturing Technology (JAMT).2(1 (1)).pp.247-258.
Matyoqubov, M., and et.al 2020 November. Enterprise Systems Data Integration. In 2020
International Conference on Information Science and Communications Technologies
(ICISCT) (pp. 1-3). IEEE.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Mohedano-Suanes, A. and Benítez, D.G., 2018. Intrapreneurs: Characteristics and behavior.
In Inside the Mind of the Entrepreneur (pp. 109-119). Springer, Cham.
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people, profit, and planet. Journal of Small Business Management.56.pp.154-176.
Rashid, L., 2019. Entrepreneurship education and sustainable development goals: A literature
review and a closer look at fragile states and technology-enabled
approaches. Sustainability. 11(19).p.5343.
Sahadeo, C., 2018. Introduction to Entrepreneurship. In Financial Literacy and Money
Script (pp. 175-205). Palgrave Macmillan, Cham.
Serov, V.M., Moiseenko, N.A. and Astafyeva, O.E., 2021. Enterprise management problems in
the current crisis situation. Nexo Revista Científica. 34(01). pp.211-218.
Shivakumar, S.K., 2017. Introduction to Enterprise Search.
Stuetzer, M. and et.al 2018. Entrepreneurship culture, knowledge spillovers and the growth of
regions. Regional Studies.52(5).pp.608-618.