Entrepreneurship, Enterprise and Innovation

This document explores the theories and practice of entrepreneurship, enterprise and innovation. It discusses the opportunities for entrepreneurial activity in local, national and global economies. It also evaluates the behaviors, characteristics, competencies and personalities of entrepreneurs. Additionally, it analyzes the internal and external factors affecting the development of an entrepreneurial culture. Finally, it discusses the process of a business start-up from conception to execution.

Entrepreneurship
Enterprise and
Innovation

Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
Theories and practice of entrepreneurship, enterprise and innovation.....................................................3
Opportunities for entrepreneurial activity in the local, national and global economies for start-up and
existing organizations..............................................................................................................................4
Behaviors, characteristics, competencies and personalities of a range of entrepreneurs and evaluate
against own behaviors, characteristics, personality and competencies.....................................................5
Evaluate the impact impacting on the growth and sustainability on an idea, innovation or creative
solution....................................................................................................................................................9
CONCLUSION........................................................................................................................................10
REFERENCES........................................................................................................................................11

INTRODUCTION
Entrepreneurship can be defined as the ability to develop, organize and run a business
along with any uncertainties as well as risks that may come up in order to make a profit.
Entrepreneurship is important because it has the potential to enhance requirements of residing
and create wealth, no longer handiest for the marketers, however also for associated corporations
(Ateljevic and Page, 2017). Entrepreneurs also help power trade with innovation, wherein new
and progressed products enable new markets to be developed. The business idea for this report is
to start a food business through a food truck. Different food items from various cuisines will be
offered to the customers in order to ensure that they get to taste different varieties of food. The
report explains the different theories of entrepreneurship, enterprise and innovation. There is also
an explanation of the opportunities for entrepreneurial activities in the local, national as well as
international economies.
MAIN BODY
Theories and practice of entrepreneurship, enterprise and innovation
There are various theories of entrepreneurship that help in explaining the concept of
entrepreneurship in a better way. The economic theory of entrepreneurship is one of the main
theories which states that both economy as well as entrepreneurship are interrelated with each
other. As per this theory, both these aspects can only work together when the economic
conditions of a country are favorable. When the economy of a country is not doing well, it is
difficult for the entrepreneurs is difficult (Chen and et.al., 2018). The respective theory also
states that entrepreneurs within a country find motivation when the economy offers incentives
and can include policies of taxation, industrial policy, various financial sources etc. Sociological
theories of entrepreneurship is another important theory which states that the success of an
entrepreneur is laid low with their social lifestyle. They are much more likely to achieve increase
especially social settings (Theories of entrepreneurship, 2020). Among the social factors that
have an effect on an entrepreneur encompass the social values, customs, taboos, religious ideals
and other cultural sports. He or she has to conform to the social expectations whilst sporting out
their commercial enterprise.

An entrepreneur is an individual who creates a new business, bearing maximum of the
dangers and playing maximum of the rewards. The entrepreneur is commonly seen as an
innovator, a source of new thoughts, items, offerings, and commercial enterprise/or procedures.
One of the theories of entrepreneur is the Theory of Need of Achievement. The want for
achievement concept became propounded by using McClelland. His assumption is that the
Desire of high achievements acquiring unique achievements, making the pleasant overall
performance, touching the heights of excellence, evolved Entrepreneurial inclinations within the
individuals. Another theory is Behavior Theory, this concept turned into propounded with the aid
of John Kunkel. He assumes that the entrepreneurial development of any society relies upon its
beyond and exiting monetary social aspirations (De Jager and et.al., 2017). He feels that
following 4 varieties of compositions are important for entrepreneurial development which
encompass the behavior of the individuals may be made entrepreneurial by using influencing the
foremost factors of demand composition. The behavior of the man or woman may be made
Entrepreneurial by means of influencing the predominant factors of demand composition.
Opportunity opposition is determined by using various factors, like labor and labor market,
manufacturing techniques, training opportunities, abilities, and so forth. Labor composition is
operated by different factors, like resources of livelihood, traditional approach, and aspirations of
existence, etc.
Innovation management is a numerous subject matter with many special layers and
dimensions. Although innovation itself is regularly visible as a summary idea, it’s a
multidisciplinary subject of look at that has some of distinctive fashions, theories and
frameworks. It is known that knowledge the common ones allows make feel of this complex
beast and can be used as reference when quantifying innovation and explaining innovation-
associated phenomena.
Opportunities for entrepreneurial activity in the local, national and global economies for start-up
and existing organizations
There are various opportunities for the respective business to conduct its entrepreneurial
activities in the local, national as well as global economies (Douglas and Prentice, 2019). This is
because people are always interested in trying out different types of food dishes all across the
world. And since the business of food truck will initially be set up locally, it is important to avail

the different opportunities. First of all, the main opportunities for the business is expansion and
growth. The business can gain a greater number of customers by understanding their needs as
well as preferences. However, each academic research and the media in widespread generally
tend to attention only on a minority of begin-ups, and in particular the ones pursuing a business
version based totally at the capability of digitization. This creates a distorted picture of the reality
of entrepreneurial activity, as complete sectors may be not noted; as an instance, no matter its
apparent potential, progressive entrepreneurial behavior in the food enterprise is not often said.
Astonishingly, the Global Entrepreneurship Monitor, an international look at evaluating the state
of entrepreneurship in numerous economies worldwide every 12 months, presents no information
at all on entrepreneurial activity in this vital enterprise. Other outstanding studies on
entrepreneurial activity also ignore the meals area.
Sustainable business is in big element approximately converting business practices.
Successful sustainable businesses are focused at the creation of latest merchandise, services, or
practices that deal with or mitigate environmental and social worries in new ways(Drobyazko
and et.al., 2019). Success in enforcing sustainable business practices is based on
entrepreneurship and innovation. Entrepreneurship and innovation are applicable in many
exceptional sustainable enterprise contexts. They are essential for the fulfillment of begin-up
organizations which might be imparting innovative solutions to satisfy environmental or social
demanding situations. Entrepreneurship and innovation are also exceptionally relevant for
installed corporations. This applies all of the manner as much as multinational corporations,
which include General Electric (GE) or Microsoft, and all of the way down to small- to medium-
sized companies. Companies undertake sustainability entrepreneurship for a variety of motives,
such as to beautify their emblem call and reputation and to gain financially by means of being
marketplace leaders in enterprise practices that reduce environmental and societal impacts of
their sphere of running have an effect on. They also interact in sustainability entrepreneurship to
have an effect on high quality societal change.
Behaviors, characteristics, competencies and personalities of a range of entrepreneurs and
evaluate against own behaviors, characteristics, personality and competencies
There are various characteristics and competencies which entrepreneurs are required to
have like knowledge about the latest trends. An awesome entrepreneur should be capable of

efficiently talk, promote, attention, analyze, and strategize. A capability to constantly research
isn't just a key entrepreneurial talent, however also a completely precious lifestyles skill.
Growing a enterprise calls for a legitimate approach based totally on inherent commercial
enterprise experience and abilities (Elert, Henrekson and Stenkula, 2017). Every entrepreneur
wishes to be an effective communicator. Whether someone is a solo entrepreneur or runs a
Fortune 500 enterprise, they need to understand the way to speak correctly to all stakeholders
and ability stakeholders that touch the business.
It is imperative for an entrepreneur with the intention to speak with employees, buyers,
clients, creditors, peers, and mentors. If an entrepreneur cannot speak the fee in their agency, it’s
not going the employer will be a hit. They also need to master all kinds of communique,
including one-on-one and in-character conversations, group conversations, written conversation,
and e-mail or on-line messages. Great marketers are tasked to discover new troubles, monitor
ability niche opportunities, refactor their unique commercial enterprise manner, and innovate.
This is contingent on being obsessed on distinctive fields of look at and commercial enterprise
cases outside of one’s comfort area (Kickul and et.al., 2018). Careful precedence making plans,
defining milestones, execution, and generation are all crucial. None of that would lead towards
progress without the right task management and time allocation method that receives the
paintings finished. You need excessive performance in relation to fixing a problem.
These behaviors are important and will help entrepreneurs in effectively running their
business. Hard-running commercial enterprise owners are distinctly encouraged to be
triumphant. Adopting this mindset—and being capable of show your motivation to a corporation.
Entrepreneurs are through nature prompted. After all, they put in lengthy hours to get their
ventures off of the ground and invest big sums — now and again the entirety they've — to
pursue their desires (Mitra, 2019). They do all of this knowing that it may take months or maybe
years for them to likely gain the fruit in their hard work. Passion is every other feature of
marketers. While an amazing payday at the stop of the tunnel is good for motivation, marketers
tend to be more pushed by way of a passion for their offering in addition to by means of a choice
to make a distinction. This passion or power also allows to sustain entrepreneurs all through
intervals wherein discouragement may otherwise occur itself (Squicciarini, 2017). Being capable

of make choices quick is an important characteristic for entrepreneurs because it could be the
difference between success and failure.
Evaluate internal and external factors affecting the development and creation of an
entrepreneurial culture
There are different factor and elements that will lead to affect over development or
creation of entrepreneurial culture. Entrepreneurial cultural can be described as the environment
or surrounding of business in which different function of business needs to be performed.
Internal and external factors lead to have major influence over entrepreneurial culture along with
significantly affect decision making practices. Internal factors consist of all those factors which
are within the business where as external factors consist of elements that include are outside the
organisation (Duval-Couetil, Huang-Saad and Wheadon, 2020). Various internal and external
factors which are affecting the development and creation of an entrepreneurial culture is mention
below –
Internal factors
 Organisational structure – Structure of business will lead to significantly affect over
culture of entrepreneurial business Appropriate hierarchical structure requires the
proprietors need to think about painstakingly set up a framework to work easily inside the
organization. Regardless of whether it is a concentrated or decentralized framework, the
main thing is the manner by which compelling the structure is when applied for the Food
truck organization. The heads of offices need to ensure that the data stream is broadly
passed on to all clients. Accurate standards and guidelines are being applied to guarantee
the advantages of workers, and the business also. Through this employees will be able to
work correctly and accurately that will have significant affect on overall performance of
respective business.
 Human resource – The human resources or employees can be either a strength or
shortcoming of the organization relying upon the degree of handy aptitudes, perspectives
toward work, execution, etc (He, 2020). For instance, if a business has gifted and
propelled labourers, they make certain to be the greatest resource of this undertaking.
powerful human administration for organization benefits as well as for the positive
advancement of their representatives. Human resources of organisation will affect the

overall functioning of business and it will have direct affect on culture of entrepreneur.
Through this respective company will be able to successfully conduct Food truck
practices and employees will be able to work in positive environment.
External factors –
 Economic situation – Economy is one of the most deciding variables to the achievement
of the organization despite the fact that it is an outside component. Inside the economy,
some contributing variables, for example, the change of financing cost, monetary
emergency, etc straightforwardly and unequivocally influences the utilization of
purchasers, and thus, the benefits of organizations. No outside variables influence
business in excess of a financial condition, which is the current situation with the
economy (Zeveleva and et.al., 2020). As the economy experiences development and
withdrawal, it's condition changes after some time. This external factor of business will
significantly or directly influence on food truck culture. Due to positive influence of
economic situation Food truck culture will be positively affected.
 Government laws – There are different laws and regulation of government that will lead
to have direct or indirect affect over functioning or culture of business. The principles
and guidelines from nearby government assume an indispensable part in the improvement
of the organization. There are a few nations which their laws forestalls the advancement
of some specific businesses. That can be a danger to the organization. Then again, a few
enterprises get positive and uncontrollably help from nearby government by means of
their standards and guidelines. This external factor affect on policies and regulation of
business along with this influence over culture in which employees are conducting
practices.
Analyse and discuss the process of a business start-up from conception to execution
Business start up needs to consider various elements and aspects that will lead to have direct
affect on functioning of business. It is essential that Food Truck Company is developing
effective and significant process which is helpful for attaining desired goals and objectives. It is
crucial that process of business start up process perform correctly as it will direct influence
growth and development of business.

 Select business idea – This is the first step in which owner of start up will select the most
suitable and accurate business idea. It is important for analysing and evaluating different
aspects of business in order to select the most effective business idea that lead to growth
and development of business (Santos, Fernandes and Ferreira, 2020). For respective
business, selected business idea is Food truck which is providing high quality food and
drink products to customers in innovative manner.
 Gather capital and resources – Once the business idea is selected it is crucial for owner to
gather accurate amount of funds and other resources which is helpful for conducting
organisational practices in significant manner. Gathering capital and resources is one of
the essential part of business and it helps in smoothly performing organisational task. For
food truck business start up, financial resources, human resources, raw material, truck
and other resources will be required.
 Create strong strategies – Strategies are very important as it will directly affect the overall
performance of business. It is essential for food truck business start up to develop
effective and efficient strategies which is helpful for growth and development of
business. Through strong business strategies respective company will be able to gain
competitive advantage over other rival companies.
 Approve business idea – In this step, it is important to take approval of business idea
form top authority and government so that all practices of business can be smoothly
performed (Secundo and et.al., 2020). It is essential that idea of business start up along
with the strategies is provided to authoritative people as well as get approval. In this step
there is chances of modification so organisation have to make appropriate modification
and carry out business practices accordingly.
 Develop action plan – Once the business idea is approved by top authoritative people it is
important to develop a proper action plan and successfully conducting business practices.
Action plan is significant for providing direction and guidance to carry out task
effectively and efficiently. In action plan stage, each and every task along with the
procedure to carry out practices needs to be performed.
 Implement business idea – This is considering as the last step of business process in
which action plan needs to be implemented successfully. In this stage of business plan
will be actual implemented and it will have direct affect over functioning and

performance of business. It is crucial that owner of Food truck company is implementing
business idea correctly in order to attain goals.
Evaluate the impact impacting on the growth and sustainability on an idea, innovation or creative
solution
There are different factors that will impact on growth and sustainability of business idea,
innovation or creative solutions. It is essential or respective company to determine and analyse
different factors in order to take correct decision. Different factors of Food truck company which
is affecting over growth and sustainability is mention below –
 Client Satisfaction – Satisfaction of customers or clients is very important as it will lead
to assist in overall growth and sustainability of business (Ding, Hu and Ye, 2020).
Development is generally identified with customer fulfilment and geological impression.
Customer fulfilment can be accomplished by conveying a superior encounter, advancing
new items/benefits and overseeing representative fulfilment to permit them to be
ministers of the brand.
 Customer requirements – It is essential for Food truck company to have proper
understanding and information about the requirement of customers in order to take better
decision for business as well as full fill the customer requirements. Be aware of the way
that returning clients direct maintainability and new clients direct development.
Investigation is quite a vital factor for my image. Realizing our clients needs is vital.
Until this point in time, our greatest technique is client cooperation and inner CRM.
Arriving at our clients straightforwardly and sending the message through a deal or with
data is the speediest and surest type of return on investments.
 Innovation – Innovation is essential part of business and it will lead to enhance overall
functioning of business along with this direct impact on sustainability and growth of
business. Organizations need to adjust to their changing surroundings while empowering
advancement through coordinated effort (Fillis and Telford, 2020). Each organization
has extraordinary ability, so establish a climate to permit this to bloom. Organizations
need to empower think tanks and more modest direction to address difficulties and
possible future impediments. Trust your kin first and turn to adjust to your evolving
surroundings.

CONCLUSION
From the above report it can be concluded that there are different elements which needs to
be consider by business while performing practices. There are different theories of enterprise and
innovation that guides in business performance. Behavior, characteristic, personalities and
competencies will affect the potential of entrepreneur. It is essential that business has positive
and friendly working environment as it will lead to affect on overall functioning and
performance of company. Growth and sustainability is very important for organisation as it will
influence the overall functioning or performance of business.

REFERENCES
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