Entrepreneurship: Opportunities and Challenges

The assignment delves into the significance of entrepreneurship, outlining its impact on economic development and business opportunities. It emphasizes the crucial role of experience, personal qualities, and characteristics in fostering entrepreneurial success. The document analyzes how a lack of experience can hinder growth and create negative perceptions among customers. Conversely, it posits that positive traits and experiences contribute to new opportunities and a thriving business environment.

Entrepreneur

Table of Contents
INTRODUCTION ..........................................................................................................................1
1. Scope of entrepreneurship covering one local entrepreneur, one global entrepreneur and one
social enterprise......................................................................................................................1
2. Situational factors, similarities and differences..................................................................2
3. Entrepreneurial traits and characteristics............................................................................2
4. Examination of how background and experiences either hinder or foster entrepreneurship. 3
CONCLUSION ...............................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Entrepreneurship is the effective process which creates new business. These businesses
operate new product and services in order to enhance the customer satisfaction level and growth.
There are different types of entrepreneurial ventures: small, medium and large organisation.
Present PPT is based on entrepreneurship. For project presentation, Boston consulting firm will
take into action. They have been asked to present as a keynote speaker at the annual start up in
London.
1. Scope of entrepreneurship covering one local entrepreneur, one global entrepreneur and one
social enterprise.
Entrepreneur also need to understand the company strength and weaknesses and problem
solving skills in order to stable the business effective and effect full. This quality of entrepreneur
makes his more strong and powerful to run the business and expand their business activities into
new level. There are two successful entrepreneurs which create its business image in different
manner and earn good amount of goodwill and power. This will give new strength and
opportunity to the business. Victoria Beckham was the famous entrepreneur in the London. She
started their career from modelling and fashioning. She is the number one entrepreneur which
runs the business based on sales. This makes new opportunities and company growth with the
help of its skills and knowledge. Victoria is the self-confident lady who believes in itself. The
main aim of the company is to protect the company against risk and challenges by taking best
action plan. Another successful entrepreneur of UK. Sir Philip Green (Baum, Frese and Baron,
eds., 2014). He is the top entrepreneur among top entrepreneurs. He is the multitalented
entrepreneur and finest retailer. Both the top entrepreneur has same skills and quality through
which they get the best opportunities. There are some scope of local, global and social
entrepreneur.
 Knowledge of market
 Confident in work
 Dedicated
 Risk taking
Entrepreneurship gives various opportunities and helps to enhance the economy growth.
Every individual have different qualities and skills through which they create new effective
ideas. Such as leadership quality of the individual helps to lead the team and guide them in
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effective manner. Besides this, self-confidence and motivation level of the entrepreneur also
provides the best characteristics to their personality (Bruton, Khavul and Wright, 2015).
For example Victoria Beckham she is the lady who manages their work and get good
amount of good image in the market. With the help of different characteristics and leadership
qualities they achieve the best level of output. Every individual needs to enhance their
knowledge on the basis of current situations. These all characteristics traits helps entrepreneur to
take new effective plans.
Local entrepreneur: Peter Jones is a well know local entrepreneur in UK market in
television series Dragon;s Den. He also involves in mobile phones, travel/leisure and real estate.
Another local entrepreneur in UK is Simon Cowell his net worth is $400 million. He is the music
executive and television producer.
Global entrepreneur: Bill gates is the global entrepreneur who mention the best services
and guidelines for other entrepreneur. He is the inspires the growth and opportunities for the
individuals. He is the American business magnet, investor, author and philanthropist,
humanitarian. He is known for its big achievements of Microsoft corporation.
Social enterprise: The famous social enterprise is Oxfom. Oxfom is the independent
charitable organisation around the world. The name of the enterprise is related to Oxfam
international. Winnie Byanyima has been the executive director of the enterprises. They provide
the services to the needed person. The focus of the enterprise is on alleviation of global poverty.
2. Situational factors, similarities and differences.
Every organisation and enterprise are different from each other. There are three kinds of
ventures small medium and large enterprises they need money, resources, capital, objectives. For
example small enterprises required small capital and limited resources for their organisation.
Moreover, the organisation works accordingly. Besides, every organisation has different
objectives and goals according to the scale of the organisation. One similarity of the organisation
is to earn maximum profit by providing best services to the customers. Another similarities of the
organisation is to facing the market challenges.
Differences between the global, Social or local entrepreneur
Basis Local Enterprise Global Enterprise Social Enterprise
Objectives The main objective of
local entrepreneur is to
The main objective of
the global enterprise is
The main goal of
social enterprise is to
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focus on the customers
who belongs to the
local market.
to focus on the global
market and grab the
attraction of
customers.
make social awareness
and reduce poverty in
the country.
Capital Local enterprise
require fewer funds as
compare to global
enterprise.
Global enterprise
require huge capital to
run the business
functions.
They rise funds from
donation, charity to
meet the needs of
needed people.
Risk Local entrepreneur
involve comparatively
low risk as compare to
global entrepreneur
It involves global risk. It involves less risk as
compare to local and
global entrepreneur.
Similarities:
similarities of the different entrepreneur is that they wants to enhance the business
activities and satisfied their customers demand.
3. Entrepreneurial traits and characteristics.
Entrepreneur is the person who establishes the business on its own level. Individual is the
single holder who holds the business function in effective manner. Besides, to become successful
business person they need to have some special quality and skills which helps entrepreneur to
take new opportunities and growth (Burns, 2016). Qualities of a good leader are communication
skills, good team leaders and good behaviour with the stakeholders. These are the qualities of a
good leader which is required to have in the business person. This helps to take new opportunity
and growth in order to adopt more opportunity and growth. Along with that, entrepreneur also
has a good confidence level in order to take new risk and uncertain challenges in order to
enhance the business activities. This makes new business and health environment. Entrepreneur
is the person who has good mind setup and full off new creative ideas. Through which they make
new image in the market (Ács, Autio and Szerb, 2014).
There are various entrepreneurial Traits and characteristics.
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 Need of achievements: achievement gives higher level of motivation to the person to
adopt new more opportunities and growth. It makes new opportunities and growth in
order to enhance the business activities (Decker, Haltiwanger and Miranda, 2014).
 Focus and self-control: Entrepreneurial personality influences the person who focuses
on the target and gets the best output level from the business. This helps to enhance the
motivation level in work (Drucker, 2014). with the help of this characteristics of Simon
Cowell they help to create new growth and opportunities for business.
 Innovativeness: It is another quality and innovative skills which enhance the personality
of the entrepreneur. This helps to make new profit margin. Moreover, the main objective
of the company is to protect the business environment.
 Risk taking: efficiently taking risk is another skill of entrepreneur personality which
enhances the new learning and gaining new experience. Bill gates is the risk taker
through which they require new techniques and growth strategies.
 Self-confidence: it is the another main quality of the Simon Cowell with the help of that
they make new changes and guides their employees for better work.
4. Examination of how background and experiences either hinder or foster entrepreneurship.
Background and experience is the most important term in the life of entrepreneur which
helps to hinder the entrepreneurship. To enhance the business opportunities it is must for the
business man to adopt the latest technologies and innovation in order to enhance the business
activities. For that, entrepreneur must have good experience and background in order to adopt the
best business plans and ideas. Entrepreneur should needs some kinds of resources and
experiences which is needs for the good environment. Along with that, when individual person
starts the business organisation they learn so many things in order to gain the profit
maximization (Fayolle and Gailly, 2015). Entrepreneur is the individual who bear all risk and
profit alone. So they know the market condition and market growth. According to which they
make their decision. Along with that, this experience and background helps to enhance the
business growth. With the help of effective experience entrepreneur takes new opportunity to
enhance the business level. Person also can get the good background from its family friends and
society, friends etc. if entrepreneur does not have the good experience they definitely affect the
entrepreneurship programmes. If person doesn't know how to start the business in that case they
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may affect the business activities. Individual also have one mentor who guides them in effective
manner.
Entrepreneur characteristics help to enhance the person experience and new learnings.
This influence the person background and experience level (Glaeser, Kerr and Kerr, 2015).
Characteristics and person skills and qualities help to enhance the new methods and create new
working ideas. These skills are the influence the entrepreneur business opportunities and growth.
Background experience plays a very important role to understand the market trends and
customer needs and wants. Effective and great experience comes after gaining good position in
the market or from good education which is very important for the every individual who wants to
start the business venture (Naudé, 2014). It makes new opportunity and growth. The most
important things is great learning and getting good experience. Besides due to lack of experience
person cannot achieve good excision and new creative step in the business activities in order to
get the better opportunities and growth. Besides, individual needs to adopt good experience from
his work otherwise they give negative impacts on the business activities. This makes negative
image in front of the customers (Burns, 2016). Negative background enhances the negativity in
the business activities. Negative and no background experience may not give effective working
environment. On the other side, good qualities and characteristics of entrepreneur gives new
opportunity and growth.
CONCLUSION
From the above assignment, the importance of entrepreneurship can be summarised.
Moreover, the different aspects and characteristics traits which help to enhance the business
opportunities are also taken into consideration. This presentation is very much effect full to give
motivation to the new entrepreneur who starts their business into the market.
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REFERENCES
Books and Journals
Baum, J. R., Frese, M. and Baron, R. A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Ács, Z. J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy. 43(3). pp.476-494.
Bruton, G., Khavul, S. and Wright, M., 2015. New financial alternatives in seeding
entrepreneurship: Microfinance, crowdfunding, and peer‐to‐peer innovations.
Entrepreneurship Theory and Practice. 39(1). pp.9-26.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Decker, R., Haltiwanger, J. and Miranda, J., 2014. The role of entrepreneurship in US job
creation and economic dynamism. Journal of Economic Perspectives 28(3). pp.3-24.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management. 53(1). pp.75-93.
Glaeser, E. L., Kerr, S. P. and Kerr, W. R., 2015. Entrepreneurship and urban growth: An
empirical assessment with historical mines. Review of Economics and Statistics. 97(2).
pp.498-520.
Naudé, W., 2014. Entrepreneurship and economic development. International Development.
Ideas, Experiences and Prospects.
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