Entrepreneurship in Business: Essential Elements and Business Proposal

Entrepreneurship in
Business

Table of Contents
Introduction .........................................................................................................................................3
Task ......................................................................................................................................................3
1.1. Demonstrate your knowledge and understanding about the following:...................................3
1.2 Analyse the essential elements of the entrepreneurial process..................................................4
1.3 Prepare (with synthesis and creativity) a business proposal / plan on the
business...........................................................................................................................................5
CONCLUSION ...................................................................................................................................6
References............................................................................................................................................7

Introduction
Entrepreneurship is the process which is initiated by one individual who is making his own
thought and ideas turn into a business plan, that individual will be the only person who will be
bearing all the risks n the company and will be enjoying all the rights and the benefits that the
company is having in the working of the organisation. Entrepreneurship is the source of getting new
and creative ideas, it is said that when the individual is launching some of the business or just some
small business the that person is the only owner of the company and the risk taker. These
individuals are the wheels for the economic growth of the company by making new products and
services in the market, which In last makes the business better with the economic
development(Audretsch and Moog, 2022).
Task
1.1. Demonstrate your knowledge and understanding about the following:
a) The role of the entrepreneur
This is analysed in the study that the role of the entrepreneur in the market is so important in the
economical growth of the company in the competitive market and some of the roles of the
entrepreneurs are as follows:
 Initiating and leading business activity: It is considered very crucial that the entrepreneurs
are the core strengths to the environment of the business and they does make ca lot of
difference in the competitive market. As all the society groups do have progress by
developing new needs to the business owners and can satisfy their new and creative business
ideas.
 Creating jobs: When the entrepreneurs decide to create a new branch of business or
expansion of their business then they have some of the needs like proper managing team and
the employees who are having the capabilities to wok on the job profile which is being
demanded by the company and this is the role of the entrepreneur that there is the proper
human resource team who can hire the best talented people who can easily perform all the
tasks of the company working field. And this is the opportunity for the people for having job
in the company and earn god amount of salary and the experience by working in the
company with their full efficiency (World Bank, 2022).
 Identifying business opportunities: This is the role of the entrepreneur that there is proper
analysis of the competitiveness in the market, and then identify all the issues and the
problems that can classifies and can be turned into the opportunities for the company and the