Challenges and Opportunities in Entrepreneurship: A Comprehensive Guide

This article discusses the challenges faced by entrepreneurs, identification and justification of entrepreneurial opportunities, key processes towards successful new-venture creation, and the evolution of entrepreneurship. It emphasizes the importance of analyzing one's strengths and weaknesses, understanding the difference between markets and industries, and using Porter's five forces to evaluate the industry. The article also explains the concept of entrepreneurship and how it has evolved over time. Course Code: Not mentioned. Course Name: Fundamentals of Entrepreneurship. College/University: Not mentioned.

Fundamentals of
Entrepreneurship

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Challenges typically faced by entrepreneurs
The desired interest in the entrepreneurship has effectively refaced throughout the past
decades. The entrepreneurship is defined as the group of the individuals, or any particular
individual comes up with a business idea which is technology-driven, business-model-driven,
values drive etc. It has been evaluated that there are various challenge’s that are effectively
faced by the entrepreneurs. To enhance the execution of the business processes, it becomes
important for the entrepreneurs to reduce the challenges so the efficiency and effectiveness
throughout the concerned work processes can be effective enhanced. Few of the challenges
related with the social entrepreneurship are measuring that value of the firm, execution in the
role as well as a donation of the concerned government and challenges in the execution of the
role of the volunteers. The measuring of the values within the Social ventures is considered to be
one of the difficult tasks (Lukovics, Lengyel and Imreh, 2016). The learnings have critically
provided me knowledge regarding the challenges that are within the social entrepreneurship. The
learnings have provided me with immense knowledge regarding the development of new
strategic overs to execute the concerned business processes.
Moreover, it of great importance to analyses own strengths and weaknesses as it helps in
enhancing the entire work processes but utilizing own skills and finding out the areas in recent
innovations. There are few of the other challenges faced by the entrepreneurs, they are time
management, bringing out the desired innovative idea, delegating tasks, finding out the best
marketing strategy, hiring the employees (Sarasvathy et al., 2014). Therefore, to become a
successful entrepreneur, it is essential to analyze won strengths and capabilities to make the
desired business venture a successful one.

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Identification and justification of entrepreneurial opportunities
The learnings critically reflect that there are a number of the opportunities available for a
particular business venture. The identification of crucial ideas is considered as t be the first step
of the entire entrepreneurial process. I have gained a vast amount of knowledge from the
learnings that the opportunity needs to be perceived having a vast amount of potential in it. After
the determination of the business opportunity, it is vital to evaluate that opportunities with the
help of an effective decision-making process. There is a requirement of the depth-analysis of the
landscape of the concerned opportunity.
Moreover, it is of great importance for the concerned entrepreneur to understand the
crucial difference between the markets (buyers) and the industry (sellers), as it will help in
bringing out the desired elevation in the growth and development of the concerned business
procedures for the firm (Kulo, Agbogo and Okudarie, 2018). Moreover, the definition of the
various industry boundaries is important to identify the execution area for the concerned business
processes by the respective entrepreneurs. Moreover, the evaluation of the industry is important
based on four key types of the industries; these are emerging, fragmented, mature and the
declining (McCann and Ortega-Argilés, 2016). I have understood the fact that the effective use
of Porter's five forces is of great importance for determining the present forces across the entire
industry.
Articulation of the key processes towards the successful new-venture creation
To start a new venture there possess some key processes that are needed to be followed
an entrepreneur to have a successful new venture. The first step is an entrepreneurial pitch which
states that while staring with a new business plan it is necessary to translate the idea to the
outside world that arises in the mind of an entrepreneur (Sahut and Peris-Ortiz, 2014). I come to

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know that the significance of this process cannot be underestimated as the first impression
collected from the outside people cannot be replaced and erased. It is observed that while taking
this step most of the entrepreneurs fail to establish the idea that presents their concept to execute
the business as they are not adequately prepared. This could be difficult and lead to costly
miscalculation. Thus, I gathered information that entrepreneurial pitch is an effective method to
deliver the critical elements of the business to start a new venture. Another critical process is a
first hook that is required to grab the attention of the listener (Adamu, 2018). I got to know that
this process is essential for impromptu encounters in which a presentation of sales might be
dismissed immediately. Next is the core value proposition process that presents the value
proposition of the venture or product (Okoye, 2017). I gain knowledge that the value proposition
could be unique, immediately understandable and imply a substantial and clear target market. I
also understood that it is essential to have a clear connection with the entrepreneur. Also, the
process call to action facilitates the listener with a clear step through which it could gain interest
in the business.
Explanation of the concept of entrepreneurship and how it has evolved
Entrepreneurship is the process that provides opportunities to individuals without any
resources that are presently controlled by an individual. Also, it is defined as the art of
converting an idea into a business. It is considered to be both complexes as well as the dynamic
process. I understood that the method of entrepreneurship includes building or creating
something that possesses value. It helps in recognising an opportunity, accepting both risk and
uncertainty in the business and planning together for the required resources to establish an
opportunity. It is a matter of the fact that the importance of entrepreneurship where both
individuals and political and economic leaders are focused on entrepreneurship (Aspelin, 2015).

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They believe that the future is entirely depended on the foundation of entrepreneurship. I come to
know that we live in a tumultuous political and economic environment where entrepreneurship is
observed as a viable option a professional and personal fulfilment and independent vocation. I
come across that there are various types of entrepreneurship in the world of business. They are
technology driven, lifestyle driven, values-driven, income replacement drive, business-model-
driven and underserved markets. I also got to know that corporate entrepreneurship, as well as
intrapreneurship, plays a vital role in the execution of the business within an organisation. There
is a difference in the culture of corporate and intrapreneurial entrepreneurship. It is observed that
the concept of entrepreneurship has evolved since past decades and the interests in
entrepreneurship have increased in recent decades. It has evolved due to new business ventures
that are value-driven.

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Appendices
Module 1
Module 2

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Module 3

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Module 4
Module 5

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Module 6
Module 7

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Module 8
Module 9

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Module 10

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References
Adamu, B.M., 2018. Entrepreneurship Concept, Practice and Potentials: an Analysis of Bakery
Enterprise in Mubi-North Local government Area of Adamawa State, Nigeria. Amity Global
Business Review, 13(1).
Aspelin, J., 2015. Creative relationships: a Basic concept within Entrepreneurship
Education?. International review of entrepreneurship, 13(4).
Kulo, V.A., Agbogo, R.A. and Okudarie, J.U., 2018. CHALLENGES OF
ENTREPRENEURSHIP EDUCATION IN NIGERIA. Nigerian Journal of Business Education
(NIGJBED), 4(1), pp.50-56.
Lukovics, M., Lengyel, I. and Imreh, S., 2016. Challenges of Entrepreneurship in a Less
Developed Region of Hungary: the ELI-ALPS Laser Research Centre in Szeged. Journal
Transition Studies Review, 23(1), pp.79-96.
McCann, P. and Ortega-Argilés, R., 2016. Smart specialisation, entrepreneurship and SMEs:
issues and challenges for a results-oriented EU regional policy. Small Business
Economics, 46(4), pp.537-552.
Okoye, A.C., 2017. Entrepreneurship Education: A Panacea for Graduate Unemployment in
Nigeria. Online Journal of Arts, Management & Social Sciences, 2(1).
Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics, 42(4), pp.663-668.

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Sarasvathy, S., Kumar, K., York, J.G. and Bhagavatula, S., 2014. An effectual approach to
international entrepreneurship: Overlaps, challenges, and provocative
possibilities. Entrepreneurship Theory and Practice, 38(1), pp.71-93.