Enterprise and Entrepreneurship: Problems and Solutions Report

This report provides a comprehensive overview of enterprise and entrepreneurship, beginning with definitions and key concepts. It delves into the characteristics of successful entrepreneurs, including facing uncertainties, positive self-thinking, and freedom, while also addressing common challenges such as financial planning, decision-making, and time management. The report then examines local business support agencies, such as enterprise programs, start-up initiatives, and the Federation of Small Businesses, highlighting their roles in assisting entrepreneurs. It also discusses the advantages and disadvantages of the 'life-world' of an entrepreneur, including freedom, flexibility, and the potential for loneliness and risk. Finally, the report identifies problems in enterprise practice, such as a lack of confidence, and proposes enterprising solutions. This report is designed to provide students with a thorough understanding of the entrepreneurial landscape and available resources, including past papers and solved assignments available on Desklib.

Enterprise and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
Discuss the key concepts of enterprise and entrepreneurship ....................................................1
Discuss and review local business support agencies for entrepreneurs, which could include;...3
The advantages and disadvantages of the ‘life-world’ of the entrepreneur ...............................4
Identify problems of enterprise practice and implement enterprising solutions and develop
entrepreneurship skills................................................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Enterprises defined as the finding of the new business opportunities and taking the
advantage in order to make profit. Where the enter pin your is an individual takes this to start
with a business organisation. It is very important for the independent or to have the various
characteristics in order to be successful. The intrapreneur is hard-working in order to start a
business with the individual work for the lockers. There is various right of task which need to be
carried out by the intrapreneur. It is very important for an intrapreneur to keep on the top of all
the day today task as well as planning for the future. The intrapreneur is innovative in order to
keep coming with new ideas to keep customers happy. Another way of starting a business is
taking a lot of risk. (Porfírio, J.A., Felício, J.A. and Carrilho, T., 2020). This report will include
various topic such as the various key concepts of the enterprise and entrepreneurship, different
agencies supporting entrepreneurs, advantages and disadvantages of life world of an entrepreneur
and at last it will include the various problems and solutions for the entrepreneurship.
TASK
Discuss the key concepts of enterprise and entrepreneurship
ENTERPRISE - The word enterprises defined as the profit business or a company which is
most of the ventures. The people have in the pronounce of this and open referred to as
enterprising. There are various kind of businesses which are conducted in order to earn profit for
their livelihood.
Entrepreneurship- The entrepreneurship is defined as the someone who has the ability to to
establish and succeed in a start-up the start of venture along with taking that is not to get profit
and take the business to the new level.
It is very important to have the basic characteristics of the end in your favour in order to conduct
the business effective way. Some of the entrepreneur behavioural sets is discussed below:
 Facing uncertainties- This is the main characteristic behavioural of the entrepreneur in
order to develop the organisation in a successful manner. It is very important for the
entrepreneur to face the different uncertainties which can arise at any point of time. It is
that the individual should be prepare for uncertainties and find out the way in order to
deal with such situations.
1

 Positive self-thinking- This is the another trait which the entrepreneur should have in
order to conduct the entrepreneurship in an effective and efficient manner. It is very
important that the individual should have a positive thinking in order to conduct the
business organisation. The positive self thinking means that the entrepreneur should have
e way in which the task should be completed and the individual should trust the way the
task has been conducted in order to achieve the goals and objectives for the
entrepreneurship. (Greene, F.J., 2020)
 Freedom- It is very important for an entrepreneur to have freedom in order to conduct
the different task. As this is the most important aspect in the behavioural set of an
entrepreneur that the individual should have all the freedom t conduct the different task in
which ever manner the entrepreneur wish to. This is considered as the most important
characteristic of the entrepreneur.
There are various problems which is faced by the end the entrepreneurs in start in the
business which is discussed below:
Financial planning- It is identified that getting funds for the business is one of the major issue
which is based by the entrepreneurship. It is very important for the entrepreneur to Vidhi prepare
in order to find out the funds in order to conduct the business organisation
Making decisions- Another issue is making the right decision in a tough situation the challenge
which is faced by the end of the news in Hindi business organisation. Making a decision
specially when they have limited information. Also be cut them just getting over the involved in
the decision making in causing a delay in the business processes.
Time management- The and another issue which is his pet intrapreneurs is the managing the
time properly. As it takes a role out of their expertise and take it find it challenging in order to
get the things done with limited time period. The challenge of an open the intrapreneurs have to
deal with contracting priorities and must let go of their perfection history to move the business
process along.(Greene, F.J., 2020)
It has been identified that in order to conduct the business in an effective way it is very
important for an entrepreneur that the individual focus on the various research ideas which can
help an entrepreneur to conduct the business activities. It has been identifies that an entrepreneur
can focus on the qualitative and quantitative research for the business asides. The research plays
2

a major role for an entrepreneurship which include the market analysis for conducting the
business in an ethical manner. It is very important for the entrepreneur to look for the various
methods which help in identifying the best market and business idea which will help in achieving
and maximising profits. The research will help an entrepreneur to identify the market which is
beneficial and this will help in conducting the various aspect for the entrepreneur. In order to
identify the best and suitable business. It is very important for the entrepreneur to find out the
various new ways of marketing of the product in the digital way which will help in attracting
customers in an effective and efficient way. (Nowiński, W., Haddoud, M.Y., Wach, K. and
Schaefer, R., 2020)
Discuss and review local business support agencies for entrepreneurs, which could include;
There are various local business agencies which can support the entrepreneurs in order to
conduct the enterprise and the operations in an effective and efficient manner. The various
agencies and the support of the enterprise are discussed below;
 Enterprise programme- this is the programme which is help in United Kingdom in
order to support the entrepreneurship effectively . This is the programme which includes
various key aspect of conducting the entrepreneurship effectively. The programme
includes the key considerations which need to be kept in mind for an entrepreneur before
starting the enterprise.
 Start your own business- this is the another way which is supporting the small business
by the local business in United Kingdom. In order to start the own business sit is very
important to have an innovative idea which will help in developing the business
organisation in the most effective way.(Manley, S.C., Hair, J.F., Williams, R.I. and
McDowell, W.C., 2021)
 Federation of small business- This is the organisation or a company where the
individual can learn the different aspect in order to conduct the business sin the most
effective way. The federation of small business the local business support in order to
provide the facilities to the entrepreneurship. It is considered as the fund provide
organisation where the small businesses are supported by the team.
3

It is identified that there are various local, regionals and national agencies which support the
entrepreneurs in order to conduct the business Enterprise in an effective and efficient way. It is
identified that the venture capital is the firm or the agency where the venture capital provide with
the fund to the small businesses in conducting the business enterprise in an effective and efficient
way. It is very important for the business ideas to find out the different sources which can help
the enterprise in conducting effectively. As there are different government agencies which also
support the entrepreneurs in the various other aspects. The business incubators is the agencies
which focus on the high sector of the enterprises. These are the organizations which help in
supporting the new businesses in the various agates of the development in order to conduct the
business enterprise effectively and efficiently. This also helps in providing fund and capital to
such organisations in conducting the business operations. These provide with the future
businesses and help in sharing the premises in order to provide the platform of conducting the
business operations for the new startups. This is the base where the new business can develop a
startup and conduct the activities. (Kiani, A., Ali, A., Biraglia, A. and Wang, D., 2021)
The advantages and disadvantages of the ‘life-world’ of the entrepreneur
An entrepreneur is defined as the person or an individual who set up a business through taking
financial risks in the hope of profit and success. The entrepreneur promotes business industry.
The life-world is describes as the sum of surroundings and day to day experiences that makes
changes in an individual world. There are advantages and disadvantages in life of the
entrepreneur, which is discussed below:
Advantages
 Freedom- There is no denying that one of the best benefits of being an entrepreneur is
having complete freedom of doing your own thing. In an entrepreneur there is no boss
and a person has no one to report which allows an individual to work freely.
 No sharing of profits- Individual in an entrepreneur have whole right on the organisation
which indicates that success of the business becomes individual success and if business
grows , so does income of the individual. This can be very motivating for entrepreneurs.
 Flexibility- All the working and and the working structure of the organisation can be
mould in accordance to the individual wish. Entrepreneur life world provides them
responsibilities but this comes with flexibility, an individual can work as per their
requirements and needs and they are not bounded with any foundations.
4

Disadvantages
 loneliness- Having responsibilities and flexibilities is good for the person but not having
any body to share information and there is no another person who advice for the benefit
of the organisation. All the hustle of running a new business have to deal by an
individual. Managing heavy workload can be very challenging for an individual as one
person handling all the aspects of the company is being quite difficult.
 Responsibilities- managing whole organisation comes with bundle of responsibilities and
duties. And this responsibilities is not only for present but for the future also. There are
multiple responsibilities an individual have to deal with that too with unstable income.
An entrepreneur have to sacrifice more and carrying a weight of huge responsibilities that
can be proven very difficult at times. (Randerson, K., Frank, H., Dibrell, C. and Memili,
E., 2021)
 Risk- There is much risk associated with starting anew ventures, this indicates that in
order to manage the activities and functions of the business an entrepreneur often need to
risk their savings, time and efforts. From starting of the business to the end of the of the
business there is risk in each and every activity and an entrepreneur have to deal with all
of that.
 Workload and limitations- The idea of being an entrepreneur and performing the role of
an entrepreneur can be very different as being an entrepreneur is very challenging due to
heavy workloads and new challenges that occurs time to time. All the workload can be
hard on single person. And a person is bounded to perform certain activities because as
an owner have all the responsibilities of handling organisation.
Identify problems of enterprise practice and implement enterprising solutions and develop
entrepreneurship skills
There are various problems which can be faced in the entrepreneur which are discussed
below;
 Projecting confidence- This is identified as the major problem of fractioning
entrepreneurship where the people can have the lack of confidence. As entrepreneurship
5

is the way in which the individual can get their dreams come true and conduct the various
activities. It is very important aspect and this is the major problem which can be faced by
conducting the organisation and developing the new ideas. As projecting confidence can
be lead down where the things are not working in favour of an entrepreneur. It is the
problem where satisfying the customers needs is the most difficult task for an
entrepreneur. With the different aspect of the clients it is hard to understand the
preferences for an entrepreneur.
 Building authority- in order to establish the authority for the business enterprise which
makes it more antithetic. This is the another problem which is practices in order to
develop the business enterprise in an effective and efficient way. As it is identified that in
order to build the business as a first choice for the customers it is very important to
understand the needs of the customers and build the authenticity within the minds of
customers. This is considered as the issue in developing such ideas which can fulfil the
demand of the clients. And developing the authentic idea may create problems in
different ways.(Sardon Steinhauser, V.P., da Rocha, A. and de Oliveira Paula, F., 2022)
 Marketing- This is the another problem which can be faced by the entrepreneurship in
order to conduct the business enterprise in an effective or efficient way. This is the most
important factor for every business enterprise where the marketing of the product or
service is important for the business organisation. As finding out the most suitable
strategy to market the product is the major bug issue now a days in order to attract
customer in an effective way. The marketing is the wider conceit for the business
enterprise which need to be adopted by the entrepreneur in order to make its business
idea successful and so that people can know about the product or service.
There are various skills which are required in order to find out the solutions of the
problems which is faced by an entrepreneur and conducting the best business ideas. It is very
important to have these skills which are discussed below;
 Communication skill- It is very important for the entrepreneurship that the individual
has the communication skill in an effective way. This is the major skill which need to be
developed in order to communicate with customers in an effective and efficient way. this
is the skill where the individual has a ability to communicate or transfer the message in
6

the most appropriate manner. As an entrepreneur is the only person t handle the different
task where communicating and guiding with the right information plays a major role in
conducting the business in an effective way. It is very important for an entrepreneur to
develop this skill for the effective working of the business. As this also helps in
networking with the other people in order to market the product within the industry
 Problem solving skill- This is considered as the most important skill which need to eb
developed by an entrepreneur to conduct the different business activities within the
enterprise. The problem solving skill is related to the ability to think in a critical way to
find out with the solutions of the problem which can arise at any point of time. It is very
important for entrepreneur to have an ability so that the enterprise can be worked in the
effective manner to achieve the goals and objectives. It is the main responsibility of
entrepreneur to have the problem solving skill so that the the business can be conducted
further and the objectives can be achieved. As every business has the different problems
and there are solutions of it. (Silva, N., Fernández‐Robin, C., Yáñez, D. and Romaní, G.,
2021)
 Analysing data- this is the another most important skill which can be practices by the
entrepreneur in order to conduct the business organisation in an effective way.. as there is
various research which need to eb done by the entrepreneur and the individual should
able to identify the analysing of the data in the most effective way.
RECOMMENDATIONS
There are various suggestions which can be provided in order to conduct the enterprise in
a sustainable manner where the individual can focus on developing the corporate social
responsibility which is considered most important aspect in today's scenario. The enterprise need
to responsible for developing and contributing in charity in order to contribute towards the
nations and provide with the best services to the people. It is very important for the enterprise to
contribute in the carbon footprint and also practice for the sustainable development. It is very
important to reduce the carbon footprint which may rise because of the pollution and business
activities.
CONCLUSION
From the above report it has been concluded that the enterprise and entrepreneurship is
the way in which the enterpriser is an individual who has a ability to develop and innovate new
7

business idea in order to attract customers and serve them with the new facilities there are
various characteristics which is required by an entrepreneur in order to develop entrepreneurship
in an effective and efficient way. The most important for an entrepreneurs is to develop the
certain aspect and should know about the uncertainties which can arise at any point of time. An
entrepreneurs has to face several problems while developing the business ideas and this need to
be solved in order to achieve the growth and success. The different Laval, regional and national
agencies are there which help the entrepreneurs in funding and different aspect.
8

REFERENCES
Books and Journals
Porfírio, J.A., Felício, J.A. and Carrilho, T., 2020. Family business succession: Analysis of
the drivers of success based on entrepreneurship theory. Journal of Business Research,
115, pp.250-257.
Greene, F.J., 2020. Entrepreneurship theory and practice. Bloomsbury Publishing.
Nowiński, W., Haddoud, M.Y., Wach, K. and Schaefer, R., 2020. Perceived public support
and entrepreneurship attitudes: A little reciprocity can go a long way!. Journal of
Vocational Behavior, 121, p.103474.
Aggarwal, A. and Shrivastava, U., 2021. Entrepreneurship as a career choice: impact of
environments on high school students' intentions. Education+ Training.
Manley, S.C., Hair, J.F., Williams, R.I. and McDowell, W.C., 2021. Essential new PLS-
SEM analysis methods for your entrepreneurship analytical toolbox. International
Entrepreneurship and Management Journal, 17(4), pp.1805-1825.
Kiani, A., Ali, A., Biraglia, A. and Wang, D., 2021. Why I persist while others leave?
Investigating the path from passion to persistence in entrepreneurship. Journal of Small
Business Management, pp.1-31.
Randerson, K., Frank, H., Dibrell, C. and Memili, E., 2021. From family to families: pushing
family entrepreneurship forward. Entrepreneurship & Regional Development, 33(5-6),
pp.369-382.
Sardon Steinhauser, V.P., da Rocha, A. and de Oliveira Paula, F., 2022. INSTITUTIONAL
THEORY AND INTERNATIONAL ENTREPRENEURSHIP: A REVIEW. Internext:
Revista Electrônica de Negócios Internacionais da ESPM, 17(2).
Nave, A. and Franco, M., 2019. University-Firm cooperation as a way to promote
sustainability practices: A sustainable entrepreneurship perspective. Journal of Cleaner
Production, 230, pp.1188-1196.
Silva, N., Fernández‐Robin, C., Yáñez, D. and Romaní, G., 2021. Influence of educational
programs oriented toward entrepreneurship on the entrepreneurial intention of
university students: the case of Chile. Academia Revista Latinoamericana de
Administración, 34(3), pp.445-463.
9