Entrepreneurial Development Assignment 2022

Running head: ENTREPRENEURIAL DEVELOPMENT
ENTREPRENEURIAL DEVELOPMENT
Name of the Student
Name of the University
Author Note

ENTREPRENEURIAL DEVELOPMENT1
Table of Contents
Assignment 1:.............................................................................................................................2
Introduction:...........................................................................................................................2
Literature Review:..................................................................................................................3
Recommendation and conclusion:.........................................................................................8
Assignment 2:...........................................................................................................................10
Introduction:.........................................................................................................................10
Idea and the strategies by Jane ní Dhulchaointigh:..............................................................10
Opportunities that Jane ní Dhulchaointigh capitalised on:..................................................12
Risks that the business is exposed to:..................................................................................13
Evidence that suggests that the business will last or whether it will ‘fizzle out’:................15
The entrepreneurial critical success factors in the case:......................................................16
Conclusion:..........................................................................................................................17
Reference:................................................................................................................................18
Assignment 1:.......................................................................................................................18
Assignment 2:.......................................................................................................................20

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Assignment 1:
Introduction:
Entrepreneurship plays a very important role in the changing economy around the
globe. Entrepreneurs are often called as the national assets that need to be motivated,
remunerated and cultivated to find some outstanding results. Entrepreneurs have a huge
ability to change the ways of life and work. Their innovations can be of great success and
may help in improving the standards of living. The various entrepreneurial ventures are
creating wealth and jobs that is immensely contributing to the growing economy. Thus,
entrepreneurship is promoting social change through driving innovations. The new ideas and
the unique products created by the entrepreneurs for the changing market trends and to fulfil
the needs of the customers produces a cascading effect and improves the related businesses
for economic development. Existing businesses usually remain restricted to the existing
market. The various social trends in the market enable the entrepreneurs to enter new market
with various new resources. By entrepreneurial resources, it means knowledge in a particular
sector, technological advancement, network of contact and financial support. Although the
entrepreneurs are affecting society positively in many ways, they are facing many challenges
as they are not able to gather all the resources required for their business. They go through
various risks to gain a position in the market and establish a stable business for themselves
and the society. The entrepreneurs at the time of starting their business lack a major part of
the resource- monetary or non-monetary, which affects the growth of the business. The
entrepreneurs usually know the product or the new idea with which they are starting the
business but lack the financial support and other necessities to gain a competitive advantage.

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Literature Review:
According to Eisenmann (2013), entrepreneurship is the process of building up a
business or setting up the strategies and goals for the development of a business. In
accordance with this, Chang and Wyszomirski, (2015) says that entrepreneurship means
being the one who is willing to take any leap or work hard to solve the problems of the
business. An entrepreneur has a perfect goal or vision for his company, and his focus is on
creating the solution of the problems that are faced in the path of entrepreneurship. During
the process the Entrepreneurs face a lot of challenges in the establishment, the running as
well as in the management of the enterprises. According to Read, Sarasvathy and Dev (2016),
along with the challenges the entrepreneurs do have a lot of opportunities for the
development of the entrepreneurship. Being an entrepreneurs is itself a challenge since he
should be capable enough to look at the environment, identify the opportunities that are on
the way and find out the best solutions for the same, implement actions that would maximise
the opportunities as well as the profit as a whole.
As stated by Sledzik (2013), the entrepreneurship is defined as a force that mobilizes
different resources to meet the unmet demand of the productivity. It is thus considered to be
the most important factor of development in the different nations. And eventually it
demonstrates the higher rates in the growth of the economy. The economic structure of the
nation depends on the entrepreneurial economy. The entrepreneurial economy differs a lot
from the non-entrepreneurial economy on the national, or regional level since it is not only
based on the economic vigorousness but also on the social vitality. Thus for the economic
structure, there are a lot of challenges and opportunities that the entrepreneur has to face as he
is on the path of taking risks. According to Eisenmann (2013), the entrepreneurs have the
ability to change and improve the standard of the economy and also the standards of living of
the people. Their innovations in accordance with the improvement of the entrepreneurial

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ventures result in the creation of greater jobs and contributes to a better and a growing
economy.
As observed by Vanevenhoven (2013), the challenges that are faced by the
entrepreneur involves marketing, the availability of raw materials, financial challenges, the
man power, the machinery as well as the formalities during and post procedure. Duval-
Couetil (2013) discusses the issues that are connected with the small scale industries and the
start-ups as it has it effects over the rise in the industry’s contribution to the national income.
In accordance with this, there are also other challenges that involve social problems, the
business policies, as well as the transportation cost. According to Wang and Chugh (2015),
finance is considered to be of prime importance for the smooth running of an enterprise. It
has been found that the entrepreneurs find mobilizing the finance to be the major challenge,
as it involves the challenges of difficulties of obtaining the credit as well as suffering the
sanction o the credits that are accessed. There is difficulty in obtaining the bank credit, as
well as in the sanctions of loans from the banks. Along with this the non-availability of
proper manpower for the enterprise is considered to be a great challenge for the
entrepreneurs. Adequate skilled and talented labour force is of the prime need for an
organisation to reach its targeted productivity. The challenges of marketing of the products is
faced by the entrepreneurs to a great extent, since the marketing efficiency determines the
success of the enterprise. According to McCann and Ortega-Argiles (2016), among the
challenges of the market, the competition that is faced from the other enterprises are of the
primary challenges. Raten (2014), discusses that successful entrepreneurial decisions and the
productivity of the enterprises depend on the governmental support and the support from
other organisations. However the government and the support organisations posit threats and
challenges to the enterprises regarding the corruption, tae change in the different
governmental policies and the delay in the power connection. According to Dentchev et.al.,

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(2016), the corruption in the different government departments, banks and the other financial
institutions adversely affects almost 35 percent of the entrepreneurs. Blackburn (2016),
discusses that the power is another major challenge that the enterprises face along the
journey. For the smooth running of the business it is essential to have an uninterrupted power
supply and thus the demand for donations from different organisations is considered to be a
great challenge for the entrepreneurs.
According to Smallbone, Welter and Ateljevic (2014), the role of an entrepreneur as
well as the small scale enterprises involve and face a number of problems during the start of a
business as well as in the journey. However apart from facing the challenges the
entrepreneurial development faces a great number of opportunities as well. Opportunities are
emerging in terms of manufacturing enterprises as well as the different sectors such as the
trade and commerce and the allied sectors. As stated by Davidsson (2015), purchasing a
franchise in an existing business with a clear and strategic business plan is recognised as one
of the greatest opportunity for a start-up entrepreneur. The support can be received from the
franchise headquarters regarding the challenges that are faced such as the marketing, the
promotional materials as well as regarding the new types of products and services of the
enterprises. Another important opportunity for the small scale entrepreneurs as discussed by
Ramoglou and Tsang (2016), are building relationships with the distributors or the dealers.
This kind of network marketing and creating a bond with the distributors in the market
scenario would help in the earning of considerable income through the multilevel marketing
policies. Zahra, Newey and Li, (2014) also says that licensing of the products can be another
great opportunity for a profitable business. Opportunities for the entrepreneurs also involve
the involvement and the invitation to the investors and the venture capitalists. This could be
beneficial for the enterprises because this would shift the focus of the entrepreneurs from the
funding so that they can concentrate on the customer loyalty and service as well as the