Entrepreneurship, Enterprise and Innovation

This document explores the theories and patterns of entrepreneurship, enterprise, and innovation. It discusses the opportunities for business activity in local, national, and global economies. It also explores the characteristics of entrepreneurs and the factors affecting the creation of an entrepreneurial culture. Additionally, it provides insights into the process of starting up an enterprise from conception to execution.

Entrepreneurship, Enterprise
and Innovation
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Table of Contents
Introduction .....................................................................................................................................3
Main body........................................................................................................................................3
Theories and pattern of entrepreneurship, enterprise and innovation ........................................3
Opportunities for the businessperson activity in the local, national and global economies........4
Explore the demeanour of entrepreneurs....................................................................................6
Internal and external factors affecting the improvement and creation of an entrepreneurial
culture..........................................................................................................................................7
Process of a enterprise start-up from conception to execution...................................................7
Factors that make consequence on the growth and sustainability on an idea, innovation or
creative solution..........................................................................................................................7
Conclusion ......................................................................................................................................7
References........................................................................................................................................8
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Introduction
Entrepreneur play an important role while working in the economy to make new
development and work with different changes as per the need of company. Entrepreneurship is
the actual result of disciplined, systematic process which are used and apply as per the need and
innovation of marketplace. As the same time innovation is all related to definite process and
manage to develop the creative solution for problem and make opportunities to enhance the
people's live. And an entrepreneur is the person who are the person make changes and work in
the environment for different positive changes (Ateljevic and Page, 2017). The aim of
completing this report is to explore for working in theory for the entrepreneur which are related
to different behaviours and characteristics. The main idea for completing this report is to make a
luxury Romanian restaurant: Din Lnima Romainiei, in the centre of London. This is the sector
which allow the company to provide luxury Romanian restaurant which effect the taste and
demand of the customer of London. This report finally analysis the situation and make applicable
which are related to growth and awareness of business opportunities for arising more funds. This
is relevant for the growth of economies which are used for making willingness to eat out after
the pandemic ends.
Main body
Theories and pattern of entrepreneurship, enterprise and innovation
There are various theories which are related to the growth and innovation of the company
and for entrepreneur who are trying to make ability and manage the innovation within
environment to established the need and management of society. Entrepreneurship is all related
to new creation and extraction of the values which are related to different definition of change
and enrol the risk which are try to analysis the behaviours (Bailey, Kleinhans and Lindbergh,
2018). While an entrepreneur is the one who set up the business and make financial risk for the
hope of profit. In last the innovation is the process which are used and manage by the
entrepreneur in order to make some major innovation and new ideas to help and complete the
need of society (12 Main Theories of Entrepreneurship, 2021). Some of the theory are related to:
Innovation theory: This theory is propounded by Joseph A. Schumpeter and he assumed
that the entrepreneur is just born with different desire to established him own area of service.
They are the one who complete their desire with having something new ideas. This will further
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take new creativity and management that gain different experiences for doing different skills and
tasks. This theory is based and manage as per the very new products and new workers which
help the company to grow in market. This is the theory which are used by the owner of company
in order to analysis and make new approach within an organisation to avail some extra benefits
to customer and provide new food item which are not discovered in that area.
Behavioural theory: This the theory which is propounded by John kunkel. He said that
the entrepreneurial development is all related to any of the social media which is related to
different depends in the past and make existing economic social aspiration. There are different
major factor which are related to behavioural approaches which are used and manage as per the
basic requirement of different opportunities of training (Berger and Kuckertz, 2016). So it can be
said that there are different opportunities which are relevant for need of achievement, and make
controlling for behaviour of the entrepreneur which are related to different managerial behaviour
of company. This is the theory which are used by the Romanian restaurant's owner and try to
provide the basic idea and flexibilities approaches due to different sectors and approachable
behaviour of the company.
Social change theory: This is the theory which has been propounded by Max Weber.
This is the theory which are useful in emergence and development of an entrepreneur and make
depends upon the values which are related to system of society. This theory is very helpful in
gaining the knowledge which is related to entrepreneur development with sustainable changes
and work with the wealth and knowledge based theories. While working in the business report
there are various theory which are used by the owner of the company in order to analysis and
make suitable changes within their company and work as in effective growth and changes.
All of the above theories and gesture are related to three of the terms and make a useful
approach to analysis and make approachable techniques in order to evaluate different
approaches. With all of theories they are related to make sustainability for using different
approaches in order to get effective approaches (Caloff and Mariani, 2018). The enterprise and
entrepreneurship theory is basically help the company to manage their basic skills and benefits.
Opportunities for the businessperson activity in the local, national and global economies
While working in the new enterprises it is effective and needed for the growth of
economy and their local areas about the concepts. Which are related to make business areas
which help and increase the opportunities to make local, national and global economies for
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working in an economy and update economy level after facing major pandemic crises (How
Small Businesses Impact Their Communities, 2015).
 Opportunities for local economies: There are different opportunities which are provided
by the new enterprise in the economy which are related to different scale and growth.
They are provided local jobs; which are very helpful for the economy, and help in
removing small business enterprises (Cañeque and Hart, 2017). This will help in
producing increased job opportunities and make effective approach to live more healthy
and upgraded lifestyle. Another opportunities is to increase the tax base and low
maintenance is required in order to analysis the behaviour and make strong product
diversities within their area. As in the new Romanian restaurants, they are using different
specialised labour, techniques and opportunities for using major raw material in the
chosen area of London.
 Opportunities for national economies: This is generally related to the different sectors
and help in organisation for their own growth and make conductive activities to
restrained the competition. This will increase the competitive growth and opportunities in
the national economy for considering different sectors and growth. It will further create
opportunities in research and development of the national economy for considering basic
requirements. This will make an impact on the growth and sector of SME of UK and
analysis the behaviour of employment and make EU economies and make high job
creations. In the Romanian restaurant this is considered as per the basic requirement of
the national level like improving GDP, tax rates, fluctuation in different variables.
 Opportunities for global economies: In the context of global level it is considered as
per the basic opportunities are increasing competition, improving tax burden, sharing
large growth of export and import sector ratio. Further it will help in analysis the situation
of company at the global market (Czarniewski, 2016). Further it will help the company to
make different community identity and manage basic roles and responsibilities for
assigning different sector and make sustainability approaches within an organisation.
After facing the global pandemic impact it is essential for the companies to set their
venture at the global level which will help the company's performance and their growth
in market will increase. In the new restaurant it is considered that they should make
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sustainable and healthy food services so that they are liable to provide an answer for their
government and make high approaches within global level.
Explore the demeanour of entrepreneurs
When it comes to different characteristics of an entrepreneur it is suggested that there are
basic requirement which are needed to fulfil and measure basic requirement. All of the traits,
characteristics or personality dimensions which are used and manage to incline them and make
settings for their own business and help them to run the business and navigate them through the
major uncertainties and their basic reliability of the entrepreneurship (Henry and Lewis, 2018).
There are basic traits which are used by the entrepreneur to make ease in the new business and
make high growth within an organisation. Some of the traits are described as need for
achievement; this is the skill or trait which are used by the major entrepreneur as they have to
make focus on the achievements and make need for accomplishing the straight nature and growth
(Entrepreneurial qualities, 2020). This characteristics of the entrepreneur will be helpful in
achieving basic growth and success within organisation. Another approaches is internal locus to
control; which means to control on the own actions and decision and make them applicable to
work and manage with the others. Third one is need for making higher independence; it means to
become more independent and try to make a relation with the team of manager and their team
members. In last greater leadership skills and high creativity are used for assuring them to
analysis and make sure about the achievement of different sector and growth which are related to
the major growth and success.
The above theories and traits are majorly related to major growth and success of the
company and make sure about the achievement process due to different approaches. As all of the
above characteristics, personality and different competencies are basically related to the growth
and sector of management. This is stated that the need and management of a team different skills,
characteristics and authorities are related to major success and achievement of new Rumanian
restaurant are related to multi layered custodian, and provide some basic luxury dishes and try to
organised special guest to entertain customer during dinner, lunch and their stay (Ferreira,
Coelho and Moutinho, 2020). All of the above facilities are must be handled by the restaurant
when they have the smart and skilled entrepreneur which are related to different innovation
techniques, skills and abilities.
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Internal and external factors affecting the improvement and creation of an entrepreneurial culture
The concept of business might look perfect in paper world but could prove to be
imperfect in the reality (Hsieh and Wu, 2019). There are various factors consisting of internal
and external factors that a manager or leader has to go through while carrying out effective
business strategies towards completion of a specific objective or a task of the given company. An
entrepreneur has to go through various internal as well as external factors in creation or
maintaining of an entrepreneurial culture, such factors are;
Internal Factors
Employee and manager: They are the main part of internal factors consisting in an
organisational structure. Any plan or strategy being introduced in the workforce are aimed and
directly impacts on working of manager as well as staffs working in the company.
Money and resources: Even these elements acts as an important factor in establishment of
effective entrepreneurial culture in an organisational structure (Marova and et.al., 2019). Such
type of resource are very important to enhance better working of the firm and is to be utilised in
a proper way, ensuring positive and healthy working environment of the business firm.
Workforce culture: A culture in an organisational structure plays an important role in
setting up of an effective entrepreneurial culture in the workforce. It might be possible that, a
competitive and cut throat competition between employees of the company could prove to be
ineffective. As this results in producing more in quantity rather then qualitative approach.
External factors
Economy: This is an inclusion of interest rates being imposed by governing body of
respective region. As for instance if an individual customer is seeking to consume a respective
product of the company. In the company production process takes place keeping in mind all
efficiency factors and also ensures various cost cutting techniques in production process of the
company (Mitra, 2019). However, due to high interest rates charge by political party, that
resulted in increase in prices of company's products or services and ultimately causing
dissatisfaction of work in the workforce.
Competition: Due to presence of intensive competition in the given marketplace of the
company. This makes it hard for various managers and leaders to implement various strategies
and plans in working structure of a business firm (Schaltegger, Lüdeke-Freund and Hansen,
2016).
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Government policy: Due to existence of various government policies in the region of
operational working of the business firm (Saji and Nair, 2018). Respective strategies and plans
being formulated in a business organisation, most of the times ends up getting demolished due to
changes which are to observed in the operating business environment due changes in respective
government policies in the given marketplace.
Process of a enterprise start-up from conception to execution
By looking at various factors present in the current business environment of the
workforce, wherein managers and leaders of the firm finds it difficult to prepare a goof business
strategy that ensures effective working of the firm throughout the entire business cycle (Wei and
Wei, 2016). Therefore, in order to ensure effective working of the business firm, considering
various uncertainties in its environment and also presence of cut throat competition in the given
marketplace of the firm. A manager or leader of business firm has to follow a systematic
approach for establishing an effective enterprise, these steps are as follows:
Idea generation: This is first stage, wherein, business idea is being developed in mind of
entrepreneur. In this element innovative ideas are being presented by an entrepreneur in decision
making process of the company as well as planning structures are being established in the
business firm to discuss such ideas (Theodoraki, Messeghem and Rice, 2018).
Evaluation of determined opportunities: In this next step, various opportunities are being
determined and relatability is being formed with the formulated plans as well as strategies of a
business firm.
Planning: Moving forward to the next step, proper planning structures are being
developed in the workforce. This ensures effective regulation of various business activities in
regards with desired goals and objectives of the workforce.
Company formation: After conduction of above mentioned steps or activities, finally
entrepreneur dedicates their efforts towards establishment of corporate institute i.e. company. In
this step various researchers are being performed in regards with deciding up of correct place of
the company and choosing the right market that suits the best as per business strategies and plans
that are being formulated in the business enterprises.
Growth: Lastly, after all the operational work of the company, managers and leaders of
the enterprise focusing on growth achievement of the workforce. They assure it by maintaining
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quality of operational work that is being produced in the firm and also by reacting as per latest
needs and demands of various customers present in the given marketplace of the company.
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Factors that make consequence on the growth and sustainability on an idea, innovation or
creative solution
Innovation- innovation is to be defined as a establishing or developing of a new product or
introducing of something new. It is important to focus on growth and sustainability factors as
because there are various elements that impact upon innovation.
1. Economic conditions- when focusing on innovation it is necessary to examine the economic
condition of a country as because innovation includes high amount of investment, risk, etc. Also,
main factors like inflation and deflation scale affects the innovation (Secundo, G. and et. al.,
2017).
2. Legal conditions- it is another factor which affects the innovation as because where are new
brand product or service is being established they have to face any legal consequences as well as
time consuming procedures. This makes it difficult for individual to innovate something new.
Idea- idea is being defined as a thinking of something new. Each and every individual has
different types of ideas and the the work as well as behave accordingly. Show factors affecting
Idea are being discussed as follows-
1. Fear of failure- it is the first most important factor in which whenever any idea is being
generated or given by individual due to fear of failure many of the ideas are left behind.
2. Perception- it is also the factor which has a a deep impact on perception as because every
individual is being equipped with different types of perception on the basis of which they select
the idea and reject. It also makes it difficult for a person to generate effective ideas and produce a
new product or service.
Creative solutions- creative solutions refers to delivering of a modified or new solutions to the
existing problem.it is important to adopt or produce creative solutions so that competitive
benefits are easily achieved (Aksoy and et. al., 2019). There are different types of elements that
impact upon creative solutions and are given as follows-
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1. Communication- whenever a problem arises, it is critically important to focus on its root
cause. So communication is needed at all aspect. Due to using of different methods in
communication it can impact upon producing a creative solution.
Conclusion
From the above report it is concluded that there are the important need of the
entrepreneur to manage the basic ability and work as per the basic requirement and need of
company. This is the basic requirement which are related to growth of the country and a
businessperson who are recently invent the new opportunities and make suitable strategies in
order to retain the talent and most suitable opportunities. This is the business report which pursue
the basic opportunities and growth that are needed by the company to make more funds. The new
restaurant is the basic and classic restaurant which serve luxury event and dishes for the people
of London. It will relate to make a great opportunities to start and run the business and complete
the new demand which are arises by the customer of London and make sustainability idea,
innovation and creative solution. Which are effective and useful for working in the nature and
make appropriate changes within the society and taste of people.
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References
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Aksoy and et. al., 2019. Social innovation in service: a conceptual framework and research
agenda. Journal of Service Management.
Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship. Routledge.
Bailey, N., Kleinhans, R. and Lindbergh, J., 2018. The Implications of Schumpeter's Theories of
Innovation for the Role, Organisation and Impact of Community-Based Social
Enterprise in Three European Countries. Journal of Entrepreneurial and Organizational
Diversity, 7(1), pp.14-36.
Berger, E.S. and Kuckertz, A., 2016. The challenge of dealing with complexity in
entrepreneurship, innovation and technology research: An introduction. In Complexity
in entrepreneurship, innovation and technology research (pp. 1-9). Springer, Cham.
Caloffi, A. and Mariani, M., 2018. Regional policy mixes for enterprise and innovation: A fuzzy-
set clustering approach. Environment and Planning C: Politics and Space, 36(1), pp.28-
46.
Cañeque, F.C. and Hart, S.L. eds., 2017. Base of the pyramid 3.0: sustainable development
through innovation and entrepreneurship. Routledge.
Czarniewski, S., 2016. Small and medium-sized enterprises in the context of innovation and
entrepreneurship in the economy. Polish Journal of Management Studies, 13.
Ferreira, J., Coelho, A. and Moutinho, L., 2020. Dynamic capabilities, creativity and innovation
capability and their impact on competitive advantage and firm performance: The
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Frederick, H., O'Connor, A. and Kuratko, D.F., 2018. Entrepreneurship. Cengage AU.
Henry, C. and Lewis, K., 2018. A review of entrepreneurship education research. Education+
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Hsieh, Y.J. and Wu, Y.J., 2019. Entrepreneurship through the platform strategy in the digital era:
Insights and research opportunities. Computers in Human Behavior, 95, pp.315-323.
Marova, S. and et.al., 2019. Entrepreneurship decision making model for investment
activity. Journal of Entrepreneurship Education, 22, pp.1-6.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
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Saji, B.S. and Nair, A.R., 2018. Effectiveness of innovation and entrepreneurship education in
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Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2016. Business models for sustainability:
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Secundo, G. and et. al., 2017. Activating entrepreneurial learning processes for transforming
university students’ idea into entrepreneurial practices. International Journal of
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Theodoraki, C., Messeghem, K. and Rice, M.P., 2018. A social capital approach to the
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Wei, L. and Wei, Y., 2016, December. Information system construction and statistical analysis of
innovation and Entrepreneurship Education. In 2016 International Conference on
Intelligent Transportation, Big Data & Smart City (ICITBS) (pp. 443-447). IEEE.
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Online
12 Main Theories of Entrepreneurship, 2021. [Online]. Available through:
<https://www.googlesir.com/theories-of-entrepreneurship/>.
Entrepreneurial qualities, 2020. [Online]. Available through:
<https://www.open.edu/openlearn/money-business/business-strategy-studies/
entrepreneurial-behaviour/content-section-2>.
How Small Businesses Impact Their Communities, 2015. [Online]. Available through:
<https://cumberlandbusiness.com/news/how-small-businesses-impact-their-
communities/>.
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