Fundamentals of Entrepreneurship

Running head: FUNDAMENTALS OF ENTREPRENEURSHIP
Fundamentals of Entrepreneurship

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Table of Contents
Introduction......................................................................................................................................3
Explain the challenges typically faced by entrepreneurs.................................................................3
Identify and justify entrepreneurial opportunities; articulate key processes towards successful
new-venture creation;......................................................................................................................4
Explain the concept of entrepreneurship and how it has evolved...................................................6
Conclusion.......................................................................................................................................7
References........................................................................................................................................9
Appendix........................................................................................................................................10

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Introduction
Entrepreneurship is highly used in current business times. There are different innovation are
made and executed by the entrepreneurs. The responsibility of an entrepreneur is not only
accomplishing their needs but also, need to contribute towards the economies that help to solve
different issues in the society. This reflection report assesses the challenges typically faced by an
entrepreneur. It also defines entrepreneurial opportunities and articulates key processes towards
successful new-venture creation. This reflection report presents the concept of entrepreneurship.
Explain the challenges typically faced by entrepreneurs
From the module 5, I have developed my understanding regarding the different challenges faced
by entrepreneurs. In this way, I have learned that industry boundary, the threat of substitutes and
new entrants, bargaining power of buyer and suppliers, and rivalry among competitors. With the
interview of Jane Beddoes, it is assessed that there is a large number of macro-environmental
factors that have affected their business such as political and legal forces, demographic forces,
economic forces, socio-cultural forces, and competitive environment forces (Galindo, and
Méndez, 2014). This learning was beneficial for me to deal with the challenges in the future.
Through the module, I have gained my understanding of the social-cultural forces. In this way, I
have learned that socio-cultural demonstrates what people think is in the right way. Moreover, I
have gained my understanding that technology advancement is used to evolve the innovations
and technologies that may offer opportunities for the entrepreneurs. This understanding would be
beneficial for me to identify the technological factor in future. I have increased my
comprehension that there are different forms of technological advances like emerging
technologies, innovation and new technologies. I have also enhanced my comprehension that
fully merging technologies are those technologies that evolve but have not fully been

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acknowledged in their final format. Throughout this module, I have gained my comprehension of
technological innovation. This could be considered by me in the path of addressing advanced
technologies for old technologies (Sahut, and Peris-Ortiz, 2014). This module has increased my
knowledge about the economic forces. I have also learned that economic forces serve as a macro-
environmental force that could affect Jane Beddoes. I have also gained my understanding
regarding 3 economic factors that Jane Beddoes should be aware such as the state of the overall
economy that may influence the wider trends in demand. Another economic factor that I have
learned is the recent real estate crash in the US that may lead to transforming the preferences for
housing options. Moreover, I have improved my understanding of the level of disposable
income. In this way, it is evaluated that excess spending of money might influence the
interpretation of the individual, and wants and needs (Pitt, et. al., 2015). Along with this, I have
pointed out that the consumer spending pattern is one of the key economic factors that is
considered by Jane Beddoes. In this way, I have learned that teenage consumption markets are
inconsistent. Through the analysis of the interview, I have gained my understanding that there is
5 forces model with macro-environmental consideration demonstrates a holistic approach of
industry where Jane Beddoes will potentially deal (McDaniel, 2014). I have also increased my
knowledge that analyzing opportunity regarding each of these considerations will enable Jane
Beddoes to conceptually validate the opportunity that she is reflecting.
Identify and justify entrepreneurial opportunities; articulate key processes towards
successful new-venture creation;
From the module 3, I have developed my understanding regarding different sources of ideas for
opportunities. In this way, I have learned that these sources could be macroeconomic
environmental changes, strong demand of the market, different ideas originated from macro