Entrepreneurship Essay

INDIVIDUAL ESSAY

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Challenges that businesses face both globally and nationally....................................................3
The ease of developing enterprising and innovative ideas..........................................................6
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
The term entrepreneurship is concerned with the process of designing, running and
establishing new business organisation with new innovative and unique idea and starts initially at
small level. The individuals who conduct all these processes are known as entrepreneurs and
assume more risk as they want to earn maximum returns with sustainable growth and survival of
business (Barrand Rout, 2018). If enterprises are developing with an innovative idea than there
will be sustainable growth of the firm for long term. The business can be started both at national
and global level. There are many challenges faced by entrepreneurs at the time of starting their
business at initial level. The present report is based on the discussion about the challenges faced
by the entrepreneurs both at international and national level. Also, this explains about the fact
that how easily the enterprises are developed with innovative ideas. Lastly, this report includes
examples related to sustainability at global and national level.
MAIN BODY
Challenges that businesses face both globally and nationally
Entrepreneurs are those persons who start their business by assuming risk with innovative
idea with the motive to earn good returns. There are many challenges faced by them at the time
of starting their business either at international or domestic level. As entrepreneurs are risk takers
so they accept the various challenges which are prevailing in the market and complex business
environment. The entrepreneurs refer to those individuals who possess with an innovative idea to
face problems of their consumers and overcomes with the solution by initiation of starting up of
a new business. These persons are always motivated and passionate which helps them to
transform their imagination into innovative products and services (Becherer and Helms, 2016).
There are many challenges faced by the enterprises at the time of developing and providing
innovative ideas. At the domestic level the challenges faced by enterprises and entrepreneurs
includes problem of cash flow management. As the business is firstly started at initial level so
they don’t have enough cash or capital to invest and conduct business operations effectively.
There must be proper availability of funds as without this the targets cannot be achieved. There
is challenge for the enterprises that they are unable to hire employees with proper selection
procedure as this requires more money and time which these don’t have. Also, there is less
availability of physical, natural and skilled human resources. Along with this, at the time of
developing the innovative idea by enterprises the challenges faced at global level is various

government regulations, dynamic business environment and changing behavioural pattern of
consumers. It is a key element in the business as it focuses on encouraging members of the
organisation to work together and achieve the business goals and objective together. In order to
facilitates creative ideas in the workplace the employees can be teamed together and through
these teams the business can collect new ideas and these results can be facilitated in the
development of innovative ideas as well as it can also facilitate invention of new product or
process in the business (Brown, 2018)).
The challenges faced by enterprises at international level are related to both international
and domestic country. There are many challenges which are faced but also enterprises avail
certain benefits in the international market. The different problems faced by enterprises at
international level because of globalization involve the unfamiliar culture of the respective
country where the business operations are conducted. The enterprise at the time of developing
innovative idea they must have complete and proper knowledge about the culture of the country.
The government of global country levy high tariff rates and taxes. These are levied as
government regulations and laws of the specific country. Another challenge faces by developing
enterprise and innovative idea is that there is huge cost incurred for production and
manufacturing so as to remain competitive in the market. Also, the owners or entrepreneurs of
these enterprises which are concerned with making innovations also face many more challenges
such as knowledge of international accounting, standards, norms, laws, rules and regulations.
Along with this the major challenge is of fluctuations in the currency rates of the country as this
may either lead to loss or profits. Lastly the challenge occurred at the time of developing
enterprise with innovative ideas has to bear communication differences, foreign tax laws and
environmental changes worldwide (Burns, 2016). The major challenge faced by enterprises at
global level is knowledge about technological advancements which are going on in the country.
There are different types of people working in an organisation. While expanding business
activities at an international level, various factors affect the working culture.
Before expanding functions of an organisation across the border, management team of
the company should analyse the market condition. If the enterprises adopt the latest technology
for development than this will help company to gain competitive advantage over other firms with
increased customer base. On the other hand, there will be enhanced productivity with maximum
returns. For instance, if the business organisation is planning to develop its business at