Entrepreneurship, Enterprise and Innovation: Exploring Key Concepts and Evaluating the Creation of Digital Currency

This report explores key concepts of entrepreneurship, enterprise, and innovation, and evaluates the creation of digital currency. It covers potential gaps and ideas for the business, behaviours and characteristics of entrepreneurs, internal and external factors affecting development, and the process of business start-up.

ENTREPRENEURSHIP,
ENTERPRISE AND
INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Key concepts about entrepreneurship, enterprise and innovation and introducing some theory
fitting for the idea........................................................................................................................3
Potential gaps and ideas of business............................................................................................4
Exploring the behaviours, characteristics, personalities of entrepreneurs and interpreting own
behavioural entrepreneur.............................................................................................................6
Evaluating internal and external factors affecting the development and creation.......................7
Process of a business start up from business to execution...........................................................9
Factors having an impact on the creation..................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES................................................................................................................................1

INTRODUCTION
Innovative ideas and creation is considered as one of the sole elements of entrepreneurship
and they have a major impact on the popularity of a new venture. The new idea is the
introduction of digital currency which will be useful in enhancing the money transfer and
tracking process of businesses and customers. This idea is unique and can be beneficial in order
to reduce the transaction costs and facilitate efficient transfers and provide a better experience to
the customers. It can seek attention of the investors due to advanced technology which is used in
the digital currency as it ensures safety and security of transactions.
The current report will explain the key concepts of entrepreneurship, innovation and enterprise,
the idea and potential gaps of the business, behaviours, competencies and characteristics of
entrepreneurs, various external and internal factors affecting creation and development, process
of business start-up from conception to execution and factors that have an impact on the creation.
MAIN BODY
Key concepts about entrepreneurship, enterprise and innovation and introducing some theory
fitting for the idea
Entrepreneurship is the extraction or creation of economic value. The process of setting up a
business is called entrepreneurship which helps in addressing that the new business idea helps in
knowing and creating value for the business idea which has been used in appropriate manner.
Innovation is the practical implementation of the ideas which helps in introducing the new
product or service in the market at large scale (Wu, Wu and Sharpe, 2020). There has been
improvement in the products and service which helps improving the services of how effectively
the innovation has been done.
Enterprise is the business or the company which helps in addressing the aspects of how
the business seeks growth and development in and effective manner. The theory which has been
used within the entrepreneurship is described as –
Theory of Social Behaviour – This theory helps in explaining the aspect that individual
performs different activities which are accepted by the society while some are accepted and some
are not which addresses that how effectively and in appropriate manner the rewards are provided
to employees in the organization (Baert, Morgan and Ushiyama, 2022). There has been
consistency between the structures, objectives and actual incidence of entrepreneurs. There are
particular circumstances that are normally not available in the environment.

The new idea which the bank will launch is Digital Currencies as its new product in the
market. Digital currency is any money or currency like asset which is managed and stored in
computer systems. This is regarding the bank. Digital currencies help the customers to create
value as to how effectively the major concern is to make the customers aware of the digital
transactions in an appropriate manner (Fernández-Villaverde and Sanches, 2018). There are
some unique features of the digital currencies when introduced in the market and in the banking
patterns. These unique features are described as –
 It facilitates the transfer of money effectively and efficiently.
 There is no physical damage which is undergone in the process of how effectively the
digital currencies work in the computer systems.
 There are settlement rates which are faster and are acquired in an appropriate manner at
large scale.
 This process is available all 24/7 and there is no bank account required which is the major
analysis of how effectively and in appropriate manner there are transactions which are
processed in an effective and creative manner (Milkau and Bott, 2018).
 There is low transaction cost which facilitates and addresses the important measures as to
how there are certain measures which are in accordance of how effectively there are
changes and in the digital currencies which are created and are generated at large scale.
This potential theory which fits the idea is Theory of Social Behaviour. This theory helps in
knowing and addressing the fact that biometric technology will be serving the society in
appropriate manner at large scale (Malone and Wong, 2020). This theory makes aware the
society as to how the new technology has been introduced in the market for the customers.
Therefore, this is how effectively and in appropriate manner there are changes and aspect of how
effectively and in appropriate manner the digital currencies is making aware the customers and
employees of the bank.
Potential gaps and ideas of business
The potential gaps which are being analysed and identified in appropriate manner are
being addressed as –
 Privacy is the major issue which creates the gap in the new business idea which will be
introduced in the market.

 Fear of harm while using the system is also the gap which may be created in analysing
the aspect of how the new idea can create hindrance to the customers (Naheem, 2018).
 User anxiety is the major gap which the customers are aware of due to which they might
be facing the problem of not knowing of how the digital currencies is used in the bank.
These are some major potential gaps which are being addressed and are concerned as to how
effectively these gaps can be filled so that the customers are not facing any problems while
undertaking and going through the process of knowing digital currencies. There is also false
accept which the computer systems and the technology may accept and this further may be the
major problem for the customer.
The digital currencies is the new business idea which will help in analysing and creating
value as to how effectively the customers will be able to know that this advancement in the
technology will help the bank in knowing that the work will be processed in the quickest and
easy manner (Miah, 2020). This business idea when adopted by bank will help the customers in
serving as an undeniable proof for which they will be able to know and create value as to how
effectively and in appropriate manner there will be technological changes which will help in
creating value for the processes of undergoing the digital transfers taking place in an appropriate
manner. With this idea generation, there are aspects as to how effectively the customers are able
to gain the advantage of using the digital currencies and how fast their works are being done in
the bank.
By using the digital currencies, the digital money transfer will help in creating value as to
how effectively and in appropriate manner this technology is being created for all the facilities
and services being served to the customers. It is very important that safe environment is being
created for the customers so that the transactions and other financial processes are undertaken in
an efficient and effective process (Makhdoom, Abolhasan and et.al., 2019). Proper welfare to the
customers will be provided through this business idea which has been created in an appropriate
manner. The information and data of the customers is protected which helps in knowing that the
bank is protecting all the information and data in an appropriate manner. All the banking services
and facilities are provided to the customers in an appropriate manner as the safety and security of
the individuals’ will be protected in the bank through the systems and digital currencies.
Therefore, this helps in addressing the aspects as to how effectively the potential gaps and new
business idea is identified and analysed in an appropriate manner.

Exploring the behaviours, characteristics, personalities of entrepreneurs and interpreting own
behavioural entrepreneur
Entrepreneurial behaviour is the set of behaviour which an individual inhibits which allows them
to innovate and improve the existing ideas in the market place effectively and in appropriate
manner. There are aspects as to how effectively and in appropriate manner the entrepreneurs are
developing new ideas and are generating the measures as to how the business can be improved
and can be developed in the market so as to compete with the competitors’ at large scale. There
is some major behaviour which the entrepreneurs have adopted and they are –
 Entrepreneurs plan their day in advance which helps them in creating value of their work
and analyse how effectively and inappropriate manner they are continuing with their
work at large scale.
 Proper nutrition and exercising is must which the entrepreneurs which makes them
analyse that they are concerned about their health and well-being (Şahin, Karadağ and
Tuncer, 2019).
 They set clear goals and missions to achieve through their business which makes them
analyse that they are more concerned about their goals and their achievements.
 Entrepreneurs also have the behaviour of taking calculate risks which makes them
analyse what is the business situation like and how they are creating and paving way for
future.
 Entrepreneurs also know their strengths and weaknesses through which they identify
what is to be done and how the work is to be completed.
There are also some major characteristics of entrepreneurs which is analysed and it is –
 Entrepreneurs are passionate about their work and are constantly making creative ways as
to provide creativity in their business.
 Entrepreneurs are confident as they develop their idea into business idea and make the
business achieve the idea successfully.
 Entrepreneurs are business savvy as they are concerned about their business and are
taking effective and significant steps to create valuable business and results.
My own behaviour as an entrepreneur is that I imbibe various skills and abilities such as time
management skills and passion for my work. I am also a great planner as I plan my daily routine

and other work in an appropriate manner (Garaika, Margahana and Negara, 2019). I am having
the skill to be a business savvy which helps me determine that I am able to create value as to how
effectively and in appropriate manner I engaging myself to be creative as I am passionate about
my work.
Therefore, these are some of my characteristics which I have imbibed at large scale.
Further, the above mentioned characteristics and behaviour which an entrepreneur imbibes
represents how they are passionate and are aware of their business at large scale and are able to
achieve to achieve the goals and objectives which they have set for themselves while being able
to compete with their competitors in the market at large scale and in effective manner. These are
certain aspects which helps in analysing that some major skills of entrepreneurs are must which
helps them to creatively work on their business and achieve the goals and objectives at large
scale.
Evaluating internal and external factors affecting the development and creation
The internal and external factors are being analysed as how the development and creation
of the new business which is Digital Currency is being analysed and is introduced in the market
at large scale. This is done in the form of presenting it through SWOT analysis which is
described as –
SWOT Analysis – It consists of –
Strengths – It includes –
 High level of security which is developed by launching digital currencies.
 There is more autonomy in the process of digital currencies.
 There are also faster transactions which takes place through digital currencies
(Benzaghta, Elwalda and et.al., 2021).
Weaknesses – It includes –
 There are major security issues which are being faced in the process of digital currencies.
 There is also lack of stability which is being faced by the digital currencies business.
Opportunities – It includes –
 It is an innovative idea which will help the business to grow appropriately and fulfil
needs of the customers in the bank.

 It can also promote digitalization which may help in creating value as to how effectively
the business is can run in the market.
Threats – It includes – There is very high level of instability in this new business idea which is digital currencies
(Teoli, Sanvictores and An, 2019). There is also threat of hacking and this may create issues and problems with the
customers.
Thus, these are some strength, weakness, opportunities and threats which are being displayed and
at large scale in the creation of new business idea effectively.
Further, PESTEL Analysis is being framed which helps in understanding and analyzing the
aspects of new business idea being Digital Currency. This is explained as –
PESTEL Analysis – It includes –
Political – There are government policies and taxation policies which can affect operations of the
organization. There are regulations of the government regarding the digital currencies which is
being considered in an appropriate manner.
Economic – The operations of the business consist of demand and supply which helps in
deciding the fluctuations which is in the rates of digital currencies. There are consumer
preferences and changes which are being considered and this helps in creating value as to how
effectively their disposable incomes are concerned within the business structure (Pan, Chen and
Zhan, 2019).
Social – There are specific and certain preferences of individuals which are being concerned and
this helps in analyzing that there are individuals whose perspectives have changed regarding the
digital currencies.
Technology – Block chain is the technology which is used in the creation and use of digital
currencies which has unique way of recording and gathering the information at large scale in an
appropriate manner. High level of technical assistance is required to execute the idea of business
which is digital Currencies.
Environmental – The environmental attributes and skills are introduced in an appropriate
manner which helps in analyzing and knowing the aspects of how the environment is affecting
the business at large scale (Matović, 2020).

Legal – There are certain compliance which is related to analyse and identify the aspects as to
how there are issues which are maintained in the bank so that the business idea is executed into
practice. Acquirement of licenses is done which helps in creating value for digital currencies.
Process of a business start up from business to execution
The process of business start up is mainly done in an appropriate manner which helps in
creating value as to how effectively there is growth and development in the business at large
scale. The process is incorporated by addressing and creating value in the business by discussing
the new business idea and that is –
Early Stage – This is the stage where the idea is initiated and this helps in knowing what are the
important aspects which are needed to be addressed and considered within the new business idea.
It helps in developing through the transformation which is being done in an appropriate manner
(Hillemane, Satyanarayana and Chandrashekar, 2019).
Growth Stage – The positive outcomes are implied within this stage which helps in knowing the
aspects as to how effectively and in appropriate manner the growth of the business can be done.
There is profit margins and customer engagement which is related to the business in an
appropriate manner. In the context of digital currencies, growth in rate of customers and public is
the main concern for the business which helps in creating value and addressing the aspects of
how effectively and in appropriate manner there are rate of expenses which are also considered
at large scale and in an appropriate manner.
Expansion Stage – It is concerned with the hiring of the personnel as the business needs to be
expanded at large scale which increases the magnitude of scope and operations. In context of
digital currencies, huge acceptance by customers and bank is helps in expanding the business at
large scale. Hiring of the personnel in the bank will help the business to flourish and create value
due to which the bank will be able to generate this business idea in appropriate manner (Pukala,
Sira and Vavrek, 2018).
Exit Stage – It is only faced by some start – ups which caters to analyse and identify that there
are certain challenges which the banks may face and this induces the aspects of how there is
growth and development in the business to be analysed and identified at large scale. While
launching the digital currencies, the customers will stop using the service and this will make the
business come to an end which affects the business scales and its operations at large.

Factors having an impact on the creation
There are various factors which may have a significant impact on the creation and
implementation of the idea. These factors may influence the decision making process of the
business and have an overall impact on their performance. The growing revolution in the
technological sector is one of the positive factors which can be beneficial for creation of the
digital currency. It can provide better assistance in identifying the important elements which may
be required in the creation of this system. With the help of advanced technology, business may
be able to develop better strategies for the development of digital currency and increase its
benefits for the people (Kerr, Kerr and Xu, 2018). The changes in the people’s perception of
digital transformation is a positive factor for the new idea in order to gain benefit in the scenario.
It may be beneficial in order to increase the engagement of people towards the new idea.
The political and legal restricts on digital currencies may have a negative impact on the idea
and may reduce its performance in the market. As different countries may have not agree with
the features of digital currency and impose restrictions in order to ensure security. The poor
economic conditions of different nations due to the COVID-19 pandemic is another such factor
which may reduce its efficiency in the business environment. Due to low economic activities, the
productivity of the digital currency may be less in the market which can cause issues in order to
successfully implement this idea.
CONCLUSION
According to the above report it has been concluded that the new idea of launching digital
currency has been beneficial for the businesses in order to improve their money transfer process.
It has been useful for providing better services to the customers and increase their engagement
towards the company. It has a positive impact the business environment by increasing the
accuracy of their transfer process. This advanced technology has provided benefit to gain the
interest of investors towards making an investment in the business. The new idea has been able
to improve the security of payments and increase the efficiency of conducting business
transactions. This process has provided better aid to the people for tracking the crucial
information of the transactions and their overall efficiency in managing their overall expenses.

REFERENCES
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