Entrepreneurship: Analyzing Scope, Traits, and Challenges in Business

This essay provides a reflective study on entrepreneurship and small business management, highlighting the scope of entrepreneurship, the impact of situational factors, similarities, and differences, and the traits and characteristics of an entrepreneur. It explores how various factors can either hinder or foster entrepreneurship. The essay concludes that entrepreneurs need to possess a range of qualities and strategies to successfully start and manage a new business, while also acknowledging the numerous challenges they face throughout the business planning and execution phases. References to relevant journals support the analysis.

9 – Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
 INTRODUCTION
 MAIN BODY
 SCOPE OF ENTREPRENEURSHIP
 SITUATIONAL FACTORS, SIMILARITIES AND
DIFFERENCES EFFECTS ON ENTREPRENEURSHIP
 TRAITS AND CHARACTERISTICS OF AN ENTREPRENEUR
 HINDER OR FOSTER ENTREPRENEURSHIP
 CONCLUSION
 REFERENCES

INTRODUCTION
 Entrepreneur is someone who has potential
and wish to establish new business or start
up with their own innovative idea.
 Entrepreneur when the start new business
they recognize and plan of various things
like where to start, how to start, which
product produce, how to produce and
many more.

SCOPE OF ENTREPRENEURSHIP
 Each level of entrepreneur has different kinds
of opportunities and scope.
 They prepare structure according to their
investment capacity.
 They don't take any advice for their new
business starting.
 Every entrepreneur has different set of mind
and scope.

SITUATIONAL FACTORS,
SIMILARITIES AND DIFFERENCES
EFFECTS ON ENTREPRENEURSHIP:
 The individual person when they start any
business they are faces so many issues and
challenges from various factors.
 Management of different aspects is not an
easier task for entrepreneur.
 Situational factors like culture, education,
family commitments motivation etc.

CONTINUE..
 Similarities it means when the entrepreneur
starts new business.
 Availability of same product sell and
produce by other entrepreneur on similar
place, this is difficult challenge which is
faces by most of the small entrepreneur.
 Survive in the competitive market is not an
easy task for new business start-up.

TRAITS AND CHARACTERISTICS OF
AN ENTREPRENEUR
 Entrepreneur has so many qualities for proper
run their new business.
 Entrepreneur always believes in facts, and
according to proper utilization of facts they
prepare framework for the new start-up.
 They have proper knowledge about various
aspects of the business activities.

HINDER OR FOSTER ENTREPRENEURSHIP
 Every entrepreneur faces many issues and
difficulties in their new business start-up.
 Many problems are also affects the personal
life as well.
 The entrepreneur has good background, and
they don't have any financial issue they can
easily run their business activity.

CONCLUSION
 It has been summarized form the above
reflective study that entrepreneur has many
qualities and strategies for starting new
business.
 Entrepreneur has been faced many
challenges thought out the business plan
and after completion their structure.

REFERENCES
 Dierberger, G., and et.al., 2020. Kissing Frogs:
The Challenges Of Becoming A Successful
Entrepreneur. Journal of Applied Business
Research (JABR). 36(2). pp.59-76.
 Embiricos, A., 2020. From refugee to
entrepreneur? Challenges to refugee self-
reliance in Berlin, Germany. Journal of
Refugee Studies. 33(1). pp.245-267.