Entrepreneurship, Enterprise and Innovation

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