Entrepreneurship in Business: Role, Risk Analysis, Planning, Process and Business Proposal

This report covers the role of entrepreneur, risk analysis, business planning, essential elements of the entrepreneurial process and a business proposal for starting a new business dealing in clothing for all age people.

INTRODUCTION
Entrepreneur is a creator or innovator which introduce a new economy of firm. It is a new
method of the production, new product, new sources of material, new market and other similar
innovation. The Entrepreneur one who manage organise ans assume risk of the enterprise. The
Entrepreneur visualises an enterprise, takes some bold steps in order to establish undertaking and
coordinating different elements of production to give it start. He takes a business risk with the
hope to make profit. This report will cover the role of entrepreneur, risk analysis, business
planning, essential elements of the entrepreneurial process and a business proposal (Dahan,
2019).
MAIN BODY
Role of entrepreneur
A person who grows or outlines the business through their own ideas is know as
entrepreneur. They plays a very crucial role in taking a enterprise to certain levels. Some of their
roles are-
 one of the primary role is of initiating and leading a business to its maturity,
 allocating the duties and responsibilities to their employees and hiring a competent staff
is also a major role,
 the duty to forecast and identify the business changes,
 sharing and creating the wealth of business,
 seeing the need of hour, the duty to digitalize the business operations is the other major
role of entrepreneurship (Islas-Moreno, Muñoz-Rodríguez and Morris, 2021).
Risk analysis:
It is a process which helps any businessperson to identify, ascertain and manage the
concerns which can undermine the key projects. In order to carry out this activity,it is first
required to determine the possible threats which are likely to be faced by their business and then
for same some materialize steps needs to be taken. This aspect, especially for the need of
business can be used in following situations such as-
 for ascertaining whether to move forward with said project or not,
 for improving managing and safety risks for the workplace, etc.
Business planning:

It is considered as an essential tool for the entrepreneurs in order to carry out their
business as an effective plan not only helps in working in particular way but also but also leads
the said ideas to the success. Also the business planning is a tool which helps in attaining the
both long as well as short term goals. Moreover, there lies certain reasons for which it is required
to formulate a plan such as, first being, in order to make sound and secure decisions. Second is of
helps in distinguishing the potential weaknesses, if any. Third is of for the reason to
communicate the ideas with the stakeholders and the last is to for raising the money for business.
Analyse the essential elements of the entrepreneurial process
In order to know the correct process of entrepreneurial, there lies set of certain fundamental
stages which need to be followed which are-
The very first is of idea generation. Where it is very much required for every stating to have
some thought to being his venture which further is accompanied by other aspects in order to
attain the desired goal (Lee, 2019).
Second, is of Opportunity evaluation, where it requires the assessment whether the said
opportunity is worth to invest or not.
Third is of Planning, where in order to execute the earlier mentioned opportunity the strategy
and operating plans are outlined.
Fourth, is of Company formation, where while choosing the right form of business the legal
title is given to it (McKeever, 2018).
Last stage is of Growth, where after its legal formation the company proceeds towards creation
of services and products in order the desired revenues.
Business plan to start a new business
The business plan refers to essential written document which provide an overview and
description for the company's future to make a small busines (Sriyaku land Jermsittiparsert,
2019) A clear and strong detailed plan provide a road map for the future. There is a business plan
in which a busienss is started which deal in clothing for all age people.
Executive summary
This business started with a mission to offer the superior quality, design and value to
company's customers. Vision of the company is to innovate, to enhance, to lead AND rpovide
the best value product to the customers.

Company's description
The respect ie company that is Knitewear is a start-up company which is going to deals in
clothing. It is situated din London, United Kingdom.
Objective
 create a loyal customer base for the organization.
 Reduce the employees turnover by satisfy the customer.
 To earn profit by product development.
Product and services
This company will manufacturing clothing of all type of people. It will provide good
quality product to its customers.
Business structure
There will be a sole proprietor who will start s new business. He will be solely
responsible for all the profit and losses.
conclusion
From the above report it is conclude that the Entrepreneur play various role in starting a
new business. He analysis the risk and made business strategies. For a business plan it is
essential to analysis the market and deal in such product which are required by the customers.
During the business plan, Entrepreneur should determine the current trend of the market and
make its place as per the market circumstance. Entrepreneur need to collect fund start a new
business and also determine different factors which can impact their business internally and
externally. To start a business efficiently it is essential to plan a business carefully.

REFERENCES
Books and Journals
Dahan, L., 2019. Business development plan for a start-up tax firm (Doctoral dissertation,
California State University–Northridge).
Islas-Moreno, A., Muñoz-Rodríguez, M. and Morris, W., 2021. Understanding the rural
entrepreneurship process: a systematic review of literature. World Review of
Entrepreneurship, Management and Sustainable Development. 17(4). pp.453-470.
Lee, B., 2019. Human capital and labor: the effect of entrepreneur characteristics on venture
success. International Journal of Entrepreneurial Behavior & Research.
McKeever, M.P., 2018. How to write a business plan. Nolo.
Sriyakul, T. and Jermsittiparsert, K., 2019. The Role of Entrepreneur Education in Shaping
Student’s Views on Self-Employment: A Study of University Students in
Thailand. International Journal of Innovation, Creativity and Change. 6(10). pp.233-
257.