Entrepreneurship and Contemporary Business Strategies

This report discusses the importance of entrepreneurship and innovation in business, and covers the behavioural characteristics and motivation of entrepreneurs, current business models, and strategies for sustainability and entrepreneurship. It includes a SWOT analysis and explores Drucker's approach for entrepreneurial strategies. The report focuses on the Modern Milkman organization in the UK.

Introduction to
Enterprise and
Entrepreneurship

Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Account and Findings of Entrepreneur/s behavioural characteristics, and motivation in relation
to contemporary enterprise and entrepreneurial theory...............................................................3
Account and findings of current business model and its suitability with respect to
contemporary business pressures.................................................................................................7
Recommendations to ensure sustainability of the organisation...................................................9
Recommendations to ensure that the organisation remains entrepreneurial...............................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The entrepreneurship is the technique of making new as well as developing division of
products in the commercial business for the enhancement in the goodwill of the organization in
the market. Managers or leaders of the department of research and development are the people
that encounter several conflicts as well as difficulties in the operations in order to invent
something new or modify the existing product of the organization in order to provide their
consumer base (Al-Gindy, and et.al., 2022). The following report based on the organization the
modern milkman which is situated in the United Kingdom and the organization was founded in
the year 2018. In addition to this the following report will cover about the entrepreneurship as
well as innovation idea and the importance of entrepreneurship in the business as well. Moreover
to this it will also involve about the task that were included the several decoyed set of skills and
competencies which entrepreneur need to possess as well as their common errors in the
operations and it will also cover about the reason for setting up the business and different
strategies.
TASK
Account and Findings of Entrepreneur/s behavioural characteristics, and motivation in relation to
contemporary enterprise and entrepreneurial theory
Entrepreneur/s behavioural characteristics
 Entrepreneurship Accelerates people Growth – Entrepreneur are known to be the
essential elements in the economics of the industry due to of that entrepreneur can
function as a group off their specific growth personally. By managing as well as
maintaining the innovation and creativity in the organization every of the component of
the commercial business can enhance the level of its production as well as utilization of
existing resources which are there in an effective and efficient manner. Several
entrepreneurs has basically made as well as increase the opportunity of the jobs in the
very large quantity. Also those entrepreneurs have provided the several opportunities of
jobs that are providing assistance in effectively converting the employees which are not
talented as well as experienced into more skilled and capable people (Lin, and Zhou,
2022).

 Entrepreneurship Promotes Innovation with the help of people – This involves the
accurate as well as effective practices in the department of research and development
which the businessman performed where creative as well as innovation that follows the
possibility of upcoming opportunity in the future for the respective organization, goods,
technology, and market area also. Hence through producing the new services and
products will you maintain by the leader of the managers with their members of the team
in accordance to provide the suitable life of the people (Larios-Hernandez, Walmsley,
and Lopez-Castro, 2022). Moreover to this an entrepreneur possess the crucial element
for managing as well as maintaining their mutual issues that can be there in the
manufacturing and the issues that are not yet been solved by the management.
 Entrepreneurship Develops and Improves Existing Enterprises – By motivating and
providing support to the members of the organization as this can have the major positive
influence on the existing situation of the organization as well as economy of the nation
that have the social entrepreneurship as well. As it can be enhanced with several different
solution in accordance to maintain the social difficulties that are faced by the people
around the nations.
 Ability to delegate and motivate – An efficient as well as effectual leader or manager
motivates there member of the group in accordance to enhance the level of trust among
the team and this will make them more capable to render the competencies as well as
with their talent and skills. In addition to this by suitable motivation and delegating the
work to the employees through their manager then it can provide support to the workers
in order to make them feel more motivated and appreciated for their understanding and
competencies.
 Develop team strength and improve weakness – It is one of the most basic element of the
people in order to evaluate their strength as well as threats and weaknesses. Also through
evaluating that the worker is not performing well then their managers can offer the task to
someone else in the group off that organization. In addition to this leaders or managers
also support them in examining their future opportunities and it will assist them too adapt
growth effectively and efficiently in their future. Also people of the team ensure that they
are group members are growing personally as well as professionally in the efficient and
effective ways (Ayo-Sobowale, 2022).

 Coach team members – An efficient manager at focus on guiding and providing training
to their subordinates and associates in order to accomplish in the long term goals as well
as objectives of the organization in suitable manner and also enhance the set of skills and
capabilities of the employees that are needed for the optimum result of the organization.
Managers or leaders that are focused in avoiding the coaching style operation with the
members of their team in accordance to create and grow the several difference skills and
capabilities in an effective and appropriate way. Moreover to this it also involves
maintaining the people of the group as well as their performance and productivity level
through providing them with appropriate feedback and making them Adapt the required
skills and teach them about the values and ethics of the operations as well (Yuldasheva,
2022).
 Motivation and inspire- In accordance to be more suitable leader this is crucial that the
people focus in driving the team towards more motivation, enthusiasm and passion in
recordings to accomplish the goals and objectives of the organization. In addition to this
it is also crucial for the managers or leaders in order to make them invest their crucial
time in the betterment of the people and examine there requirements and strength as well.
Also the managers requires to make them more valuable and appreciated which will
assist them in increasing the level of their encouragement and motivation in the more
suitable way possible. This is also crucial for the leaders of the organization in order to
motivate and grow the suitable potential objective for their associates because motivation
is the very crucial part for the team to be more successful and prosperous.
In relation to the respective organization the modern milkman it has been rejected that the
leaders or managers of the respective organization need to concentrate on several qualities that
are described above then they can be more capable to accomplish the objectives and the goals of
the company in an effective and efficient manner which will assist them in their long term
success and sustainability in the market area as well. This is also crucial for the managers in
order to maintain specific practices and encourage their workers in accordance to be more
developed and successful in their working (El Kadiri Boutchich, 2022).
Ocean theory of motivation
The ocean theory of encouragement and motivation associated to the several character as
well as attributes that are possessed by the individual in accordance to be more successful as well

as developed entrepreneur. Moreover to this Jeff Bezos can be one of the example of the
entrepreneur that is self-made and this theory is basically explain below in brief.
 Openness – Have it is very essential attribute that requires innovation as well as
creativity and also broadminded in an enhanced level particularly in accordance to be
more effective as well as efficient and entrepreneur that is developed. In case of the jazz
bazaars beige poses several different capabilities and several set of competencies in order
to possess more extreme values and ethics as well. They also focus in a Broadway
without limiting any type of its thinking in any manner also (Weaver, and Blakey, 2022).
 Conscientiousness – These attributes need some set of different skills that requires to be
possessed by the people in accordance to be more suitable on tripping or like having
appropriate self-control, being more motivated and creative as well as a person need to be
having a attitude and behaviour that is basically goal oriented as it will assist them in
their professional life in any suitable way.
 Extraversion – It is basically linked to the characteristics of responsiveness,
talkativeness, sociability and various more often individual as these characteristics allow
individual in order to be make them more concentrated and also maintain several
opportunities that are there for them in the market area as well. Moreover to this it will
allow and entrepreneurs in order to manage their appropriate to guide in accordance to
accomplish the requirements and preference of their consumer base.
 Agreeableness – This is known and considered to be the individual which are agreeable
with the directions and advice of other people as well as their ideas that have the
opportunities for the long term in accordance to become more and more successful and
prosperous entrepreneur in the market area and this will also allow an entrepreneur in
order to manage as well as maintain their appropriate to direction in relation to
accomplish their desires and requirements of the customers (Lavišius, 2022).
 Neuroticism – It is basically linked to the behaviour and attitude of the individual that
creates them more emotional, moody as well as other pee and the minimum stage of this
attribute is known and considered to be enhanced required by the on terminal itself.
These components describe that an individual that is entrepreneur can be accomplished
through creating several different capabilities as well as attributes of the entrepreneur in
itself.

SWOT Analysis
Strengths
 Professional expertise
 Marketing
WEAKNESSESS
 Low diversification
 Poor labour conditions
OPPORTUNITIES
 Direct Strategy
 Emerging market
THREATS
 Fake products
 Competition
Trait theory
The trait theory of the leadership considered as one of the oldest model of leadership and
it is associated to the leaders or the managers that are born with specific characteristics or the
capability that is usually suitable for the leaders that are effectual. This model was introduce with
the assistance of the great men model aid in order to implement this model the leaders or
managers become the main element of this theory in order to have more courage, intelligence,
superiority and also creates more influence on other individuals as well and there are some of the
characteristics and attributes that are explained below in a brief manner (Bennett, and Gibb,
2022).
 Desire to lead – An effective leader or managers focus on following the lead and the way
other individual towards the growth as well as success and also the enhancement in the
self-confidence.
 Adaptability and flexibility – A leader of the organization need to have several different
set of capabilities in order to adapt the elements and also to modify as well as work
beyond the normal thinking.
 Capacity to motivate – A suitable manager or leader need to possess the characteristics
and feature of motivating the other people in the organization as well as its members of
the team which can lead to the optimistic impact on the people that are functioning in the
organization as well.
 Action oriented thinking – Managers basically focuses for the new upcoming
possibilities and they also concentrate on the people and motivates them that are
functioning as well. Leaders or managers of the organization makes various activities as

well as take several crucial decisions which are in the betterment of the members that are
functioning in the organization (Vorley, Smith, and Owalla, 2022).
Account and findings of current business model and its suitability with respect to contemporary
business pressures
The elements which are highlighted in the book title might feel as same but it is different
in relation to its accurate meaning. In addition to this the entrepreneurs are basically accountable
for making a new commercial business whereas the entrepreneurs functions from within the
business. Also the objective of the entrepreneur is to enhance its specific wealth as well as
goodwill whereas an intrapreneur which functions inside the association and also perform the
specific process of communication expertise rewards as well as revolutionary strategies in the
professional and effective way as possible. There are several techniques in relation to both the
element which can be known to evaluate the survival and existence of the organization in the
industry for the long period of time and these strategy described below in brief
Drucker’s approach for the entrepreneurial strategies –
 Attaining supremacy in the market – The way to develop and success is to manage the
dominance in the industry through making sure the superiority in the market area which
the organization is functioning. The division which are accountable for the operations of
the specific places in the company need to be formed in such a way which the function
they focus on completing Need to be definitive and hence the worth it has need to be rare
as well as complex to substitute for another organization for the specific period of time in
the industry (Vesci, and et.al., 2022).
 Supply the ‘absent ingredient’ – The services as well as goods of the organizations
which are offered by them need to be exclusive not similar in relation to its existence that
it needs to be launched in accordance to the specific requirements and preferences of their
consumer base.
 Discovering and inhabiting a specific “ecological niche” – The initial goal of any type
of commercial businesses to pay more concentration on the establishment occupation of
the organization with relation to its environmental photo in order to provide the unity to
the organization from the rivals in the accordance to be add top in the market area.

 Varying economic features – The organization needs to be in such a position in order to
adapt to the fluctuating dynamics of the industry in relation to the financial and social
aspects of the consumer base of the organization.
Great man theory
Great man theory of leadership represents that the managers or leaders that are born with
specific Attributes and trades but they are not adopted by them later. In addition to this managers
are leaders that are born with specific kind of the qualities which are. Courage, intelligence,
charm, commanding personality and various mode that cannot be adapted or learn and also
taught by someone else. Moreover to this the respective theory was introduced by Thomas in the
century 19th. It was stated by the Thomas that the prosperous manager or the leader of the
organization is the set of suitable trades as well as enhanced motivation and hence the theory
represents 2 expectations that are described below in brief.
Leaders and managers that are basically born with the characteristics of leadership which will
provide assistance to them in order to lead effectively and efficiently. A person need to possess
qualities of leadership which is educated for an individual in order to create an influence on other
people in an effective manner other individual does not have the same capability in order to
become the manager or leader as well as accomplish their goals and objectives in an efficient and
effective manner. In addition to this these leaders are known to be the God gifted and they have
specific attributes which can see by anyone in their actions. An individual does not require
training in this in order to become a manager leader as they already passed few attributes as well
as capabilities that makes them the bond leader. Together with this the qualities of a leader which
is leadership qualities that cannot be enhanced or furnished through any type of education or
training as well.
An individual becomes a leader only at the time when there is a requirement and this
assumption represents that individual only have the qualities of leadership at the time when they
are a specific circumstance arises (Shi, 2022)
The theory and model concentrates on the leaders that are born with specific leadership
qualities and Thomas represents that the capabilities and competencies of manager or leader are
basically inherent. In addition to this effectual leaders cannot be created and also the attributes
are implemented through men only so this theory is known to be the great man theory.

Recommendations to ensure sustainability of the organisation
In relation to the respective organization is known to be the very strong and it is a desire
of the organization in order to alter the practices of the core business of the organization which
are based on providing top quality services and products to their consumer base. Although
management can also expand it by their organic growth or specific strategic alliance as well. In
order to reinforce its global impact and the capacity for the creation as well as external resources
and ideas can be utilised by them as well. Management of the respective organization can also
utilise several digital platforms in order to enhance their goodwill as well as consumer base in
the market area.
Recommendations to ensure that the organisation remains entrepreneurial
Have management of respective organization need to move ahead but they also need to
remember that what attributes them arriving from the initial time and they are majorly focused to
providing top quality goods and products to their consumer base. Finally at the time when
scaling the model of the business around the globe the organization needs to be very much
conscious and need to learn in order to regulate their practices in more and more ration that can
assist them in increasing their long term sustainability and success in the market area in an
effective and efficient way for the long period of time.
CONCLUSION
From the above report it has been concluded that entrepreneurship can provide assistance
in increasing the level of profitability as well as productivity of a commercial business in the
industry in an effective as well as efficient manner. In addition to this it will also provide
assistance to the leader or managers of the organization and the central departments of the
commercial business in a suitable way and this also provides support in functioning the vital
parts and obligation of the business in the efficient and effective way in order to manage and take
the specific and crucial decisions and also evaluating various resources in the organization in
relation of the accomplishment of the goals as well as objectives of the business in the efficient
and their full effectiveness. Moreover to this entrepreneurship as the crucial part in growth of the
international economy and there are several entrepreneur that evaluates the requirements of the
digital management and also maintains the potential opportunity from specific places of the
marketplace in which the organization is functioning.

REFERENCES
Books and Journals
Al-Gindy, A., and et.al., 2022. Integrating Digital Technology in Enterprise and
Entrepreneurship Education. In Technology and Entrepreneurship Education (pp. 53-
75). Palgrave Macmillan, Cham.
Lin, X. and Zhou, W., 2022. Research on the Construction of Deep Learning Based Innovation
and Entrepreneurship Education System in the Internet Plus Era. Mobile Information
Systems, 2022.
Larios-Hernandez, G.J., Walmsley, A. and Lopez-Castro, I., 2022. Introduction: The ‘Why’, the
‘What’and the ‘How’of Entrepreneurship Education. In Theorising Undergraduate
Entrepreneurship Education (pp. 1-12). Palgrave Macmillan, Cham.
Ayo-Sobowale, M.O., 2022 Exploring the Impact of Entrepreneurship Education on Enterprise
Creation of Undergraduate Students in South-West of Nigeria. AFRICAN JOURNAL
OF EDUCATIONAL RESEARCH, p.98.
Yuldasheva, D., 2022. FUNDAMENTALS OF SOCIAL ENTREPRENEURSHIP AND ISSUES
OF IMPROVEMENT. Uzbek Scholar Journal, 3, pp.35-37.
El Kadiri Boutchich, D., 2022. Impact of entrepreneurial typologies on enterprise performance
with regard to hidden cost approach. World Journal of Entrepreneurship, Management
and Sustainable Development, 18(3), pp.331-34.
Weaver, R. and Blakey, C.L., 2022. Winter always comes: social enterprise in times of
crisis. Social Enterprise Journal.
Lavišius, T., 2022. Legal Preconditions of Social Entrepreneurship: Perspectives in Selected
European Countries and in the European Union Legislation (Doctoral dissertation,
Mykolas Romeris University).
Bennett, D. and Gibb, Y.K., 2022. Enterprise Learning and Skillsets. In Entrepreneurship,
Neurodiversity & Gender (pp. 73-93). Emerald Publishing Limited.
Vorley, T., Smith, H.L. and Owalla, B., 2022. Introduction: promoting inclusive innovation.
In Gender, Diversity and Innovation (pp. 1-13). Edward Elgar Publishing.
Vesci, M., and et.al., 2022. Bridging theory and practice in the humane entrepreneurship domain:
insights from small and medium Italian enterprises. Journal of Small Business and
Enterprise Development, (ahead-of-print).
Shi, H., 2022, January. Teaching Strategies of Innovation and Entrepreneurship for Animation
Major in Colleges and Universities. In 4th International Seminar on Education Research
and Social Science (ISERSS 2021) (pp. 247-252). Atlantis Press.