Entrepreneurship and Innovation: Challenges and Opportunities

Individual report
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Table of Contents
INTRODUCTION ..........................................................................................................................3
Section 1...........................................................................................................................................3
Section 2...........................................................................................................................................5
Section 3...........................................................................................................................................6
Section 4...........................................................................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Entrepreneurship is process of starting a new business by practically implementing an idea
in order to generate profit. There are various types of skills and knowledge which has to be
possessed by entrepreneur to run business. Besides that, there are certain characteristics as well
which entrepreneur possess (Berglund, Bousfiha, and Mansoori, 2020). There is need to have a
long term vision to run business. Moreover, it requires goals and objectives to be formed that has
to be attained. Besides, there are different challenges which is faced by them during it.
The report will describe about concept of enterprise and innovation. Also, it will be
discussed business support agencies and pros and cons of life world of entrepreneur. At last
problems of enterprise practice and recommendation will be explained.
Section 1
Motivation and behavioural characteristics that reflect the norms of typical entrepreneurial
behavior sets
Every entrepreneur is having certain traits which is required in them. The characteristics
reflect their qualities and features. So, they are discussed as below :
Motivation – this is characteristic which shows trait of entrepreneur. Here, the entrepreneur must
be highly motivated so that he or she is able to manage business. A highly motivated
entrepreneur can encourage other to attain goals in effective way.
Creativity – It is also a behavioral set of entrepreneur. Here, entrepreneur must be creative so that
he thinks outside of box. This allows to bring creativity in business by taking effective decisions.
Moreover, it also improves start up productivity by bringing in creativity and increasing
efficiency of it (Bruton, Zahra, and Cai, 2018). Creativity enables in making start up more
unique and different from other firms. Besides, new product or service is developed as well.
Vision- the entrepreneur should be visionary. This means that he or she must think for long term
rather than short term. Besides, entrepreneur is required to set vision for start up. Furthermore, he
must be focused on goals and objectives to be accomplished.
Besides, behavioral characteristics is also required by client. They are discussed as below
Positive self thinking- the entrepreneur is needed to be positive in all situations. He or she must
think in positively and remain positive. Even when there occurs mistake then entrepreneur
should remain positive.
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Self confidence- this is also a behavioral trait that must be possess by entrepreneur. In this he or
she should be confident in starting business. Moreover, they need to show confident behavior for
their skills and capabilities (Fitz-Koch and Hunter, 2018).
the influences and barriers that entrepreneurs face when considering a start up business idea
Before starting start up there are various types of barriers which is being faced by
entrepreneur. These barriers restrict them to start a new business. So, it is necessary to find out
those barriers so that accordingly strategy and plan is developed to overcome it. The business
failure occurs due to such barriers which exist. So, the barriers are discussed as :
Lack of funds- It is most common barrier which is faced by entrepreneur. Funds are vital
resources for a start up. This is because money is needed to run a business for long term. But
many entrepreneur are not having enough funds to start business. Hence, it limits the
entrepreneur to expand their business in market. Alongside funds they are not having sufficient
resources as well.
Lack of knowledge and experience- This is also a barrier which is faced by entrepreneur. Here,
many of them is not having experience or knowledge about how to run a business. Besides that,
they are also not having background of business. Moreover, with limited experience they are not
able to run business in effective way. Thus, this results in failure of business.
Poor decision making- this influence is faced by entrepreneur when they are not able to take
effective decisions. It happens due to lack of knowledge and experience. The bad decisions result
in ineffective attaining of goals and objectives. Furthermore, they are not able to analyse market
trends due to which planning is affected (Horst and Murschetz, 2019).
the methods that an entrepreneur may use to research and evaluate their business idea before
entering the market
It is important for entrepreneur to evaluate business idea so that he or she gets insight that
how valuable business is. Also, it helps to determine success ratio in the market. This is also
useful in preventing business from failure. Thus, there are several methods through which
evaluation of business idea is done. They are applied on basis of entrepreneur willingness.
Hence, the methods are defined as below :
Financial feasibility analysis – It is a common method by which business idea is evaluated. In
this it is analysed that how much profit will be generated by business. Moreover, many questions
answer is found in it such as initial expenses, start up capital required, operational cost, revenue
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