Entrepreneurship Essay

This essay examines the challenges and opportunities of developing enterprises with innovative ideas. It explores the difficulties faced by entrepreneurs at both the national and international levels, including cash flow management, government regulations, and cultural differences. The essay also highlights the importance of market research, sustainability, and intellectual property protection in fostering innovation and achieving long-term success.

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

international level than to with innovative idea than it will assist towards sustainable growth and
survival for long term (Chimuchekaand Mandipaka, 2015).
The term sustainability in business refers to the process of managing their social, environmental
and financial risks, obligations and opportunities which are prevailing in the complex business
environment. Now-a-days enterprises are emphasising more on sustainable factor as this forms to
be important part of corporate and social policy. Organisations which are proactive in nature are
reaping maximise returns from their innovative and unique ideas. Embracing sustainable
business policies and practices leaves positive impact on the strategic performance of enterprise
through competitive advantage, grabbing opportunities, and employee satisfaction.
The sustainability factor has great influence on enterprises as this leads towards creating
long term value about how organisation operates in social, ecological and economic
environment. This factor is based on the assumption that formulation of such strategies helps to
foster the longevity of enterprise (Crane, Matten and Spenceeds., 2019). For example, IKEA and
H&M are international companies have move towards retailing of their products in sustainable
manner and this can be achieved by making collaboration across supply chains as this will help
to reduce waste, make optimum utilisation of resources and increased productivity. These
companies also take step forward to address local labour conditions with suppliers from the
emergence of markets. Whereas on the other hand, domestic enterprises such as Nike and Adidas
emphasis more on sustainability factor. Nike focuses on reducing wastages of resources as they
are very much limited and also minimising the footprint and Adidas emphasis on creation of
greener supply chain and target specific issues such as eliminating plastic bags and dyeing of
products being produced.
The ease of developing enterprising and innovative ideas.
The enterprises can be developed easily with innovative ideas by proper market research and
analysis. Sustainable development refers to fulfilling the requirements of current needs without
compromising the ability of future generation individuals to meet their own requirements and
wants. In simple words, it means to develop the society by satisfying their current needs without
affecting their future requirements. On the hand various innovations are developed by
organisations in order to satisfy human needs. Before innovating any product or services, it is the
responsibility of manager to examine the market trends and preference of customers (Del
GiudiceCarayannis and Maggioni, 2017). As a result, company can innovate those products

which will be helpful for the whole society. Thus, company can maintain their sustainability at
the marketplace for a longer period of time.
The market research assists enterprises to grab the opportunities and develop innovative and
unique ideas with the aim to gain competitive advantage in competitive and complex market
situation. There is need of innovation in the enterprises because of need of attracting best talent,
fulfil the customer needs and wants with maximum satisfaction. The innovative ideas are
developed after proper study of business environment as it is very complex in nature. Business
environment is associated with macro and micro environment. As some of factors are under
control while some are beyond the control of entrepreneurs. If the entrepreneurs have complete
and appropriate knowledge than enterprises can be developed with ease along with innovative
ideas. the evaluation of developing enterprises with innovative idea can be done by following
specific process. Firstly, the idea must be that is best suitable for enterprise and will lead towards
success as innovative ideas help company to be successful.
Secondly, the ideas must be reviewed by individuals along with appropriate expertise which
is necessary to understand that what is necessary for implementation of innovative idea and also
find out deviations if any in innovation plan. Thirdly, the entrepreneurs must review ideas of
innovation on regular basis which ensures optimum utilisation of resources. Last step in
innovation plan is to improve the idea by identification of potential problems in implementation
of problems and finding out suitable solutions to overcome these problems. It is a process of
generating a new idea or to do invention for making different or unique products and through
thisbusinesses improves their existing services. Innovation helps businesses for enhancing their
growth or success and also it helps in capturing a large number of market share (McGowanand
et. al., 2015)). Their are 4Ps of innovation which is described with the help of innovation model
which was invented by John Bessant and Joe Tidd.
The motive of this 4Ps innovation model is to identify how innovation process helps in
improving or growing the existing business. The 4Ps of innovation is an innovation mix which is
mostly used by an organisation and its 4Ps are paradigm, product, position and process and it is
described as below: Paradigm: In this process organisation has to face some challenges regarding
the changes being taken by them through new innovative ideas and thinking. Product: It is a very
important or valuable thing which is offered by an organisation to their customers which helps in
creating a positive image of their organisation at market place. Process: It is a way through

which product is delivered to the end number of users. With reference to this, it says that how
much time is to be taken at time of delivering goods. This is because if they take long time for
delivering product then there is chances of reducing success. Position: In every organisation their
main motive is to achieve organisational goal and make position at market place. The enterprises
develop their enterprises after analysing all necessary factors of complex environment of
organisation as well as market as this will further lead to the development of enterprises at both
international and global level with long term growth and survival (Picken, 2017). This can be
accomplished by fulfilling and meeting expectations of customers by satisfying their needs and
wants. The enterprises can be developed with sustainability as this factor motivates entrepreneurs
towards developing innovative ideas for achieving their targets and goals.
It is easy to develop enterprises and innovative ideas by fulfilling ethics, adopting updated
technology, and sustainability to remain in market for long term and maintain their profitability.
In order to encourage innovation in the business the innovative consultant can develop an
environment which will involve adoption of various methods such as brainstorming which will
help in development of innovative ideas. It involves the efforts of staff members which they put
in exploring the customer demands and working in teams in order to achieve the business gaols
in efficient manner.
Along with advices from employees in reference with the changes in the workplace
situations which will enable innovative consultant in gaining more knowledge and thus will help
in creation of new, creative and unique ideas. In order to go along and protect intellectual
property enterprise requires to established itself in legal context (Rae, 2016). In order to align
with protective knowledge and intellectual property enterprises can adopt certain intellectual
property rights which includes patents, copyrights and trademarks. Patents which are helpful for
enterprises to protect their innovative ideas . This is effective in improving the existing
innovations. There are three types of patents namely design patent, plant patent and utility
patent. And trademarks are defined as the source of being aware marked among its potential
customer (Sattar, Dewri and Annana, 2016). It helps the customer to identify product within the
same industry. In goods, trademark are applied in the form of words, names, symbol and images
(Read, and et. al., 2016). Whereas Copyrights are defined as legal rights for owner of intellectual
property. Copyrights helps enterprises to establish a public record and also helps the holder to

sue parties in federal court. The challenges faced by the organisation while bringing the
innovation in their firm are given as follows -
1. When the organisation I innovating any product then the issue faced by them is that the
employees of the firm are not empowered and are not motivated to innovate the product.
2. The second issue is that no one in the firm is working in collaboration, and due to lack of
cooperation and coordination the firm cannot be able to innovate.
3. The third issue is that the firm forgot to use the strategy of innovation wehile innovating
any product.
CONCLUSION
Form the above essay it can be concluded that for starting new enterprise that to with
innovative idea there are certain challenges which are to be faced both at international and
domestic level. These challenges can be overcome by the enterprises with monitoring on regular
basis which helps to achieve the targets and objectives of the enterprises. With the help of this
report it can be summarised that enterprises can be developed with sustainability after proper
market research. This provides long term growth and survival of enterprises.
This essay also helps to know about the ease of developing enterprises with innovative
ideas. For developing enterprises in unique and innovative the entrepreneur must have proper
knowledge regarding the market, consumers, and the complex business environment. Lastly, the
innovative ideas also assist towards the sustainable growth and survival of the enterprises both at
global and domestic level.

REFERENCES
Books and Journals
Aiken, M., 2010. Social enterprises: Challenges from the field. Hybrid organizations and the
third sector: Challenges for practice, theory and policy. pp.153-174.
Becherer, R. C. and Helms, M. M., 2016. The role of entrepreneurial marketing in improving
market share for small businesses facing external environmental or resource
challenges. Journal of Business and Entrepreneurship. 27(2). pp.119-147.
Borzaga, C. and Solari, L., 2001. Management challenges for social enterprises. In The
emergence of social enterprise (Vol. 333, No. 349, pp. 333-349). ROUTLEDGE in
association with GSE Research.
Brown, C., 2018. Small Steps for Enterprising Students:: Small Steps for Enterprising Students.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Chimucheka, T. and Mandipaka, F., 2015. Challenges faced by small, medium and micro
enterprises in the Nkonkobe Municipality. The International Business & Economics
Research Journal (Online). 14(2).p.309.
Crane, A., Matten, D. and Spence, L. eds., 2019. Corporate social responsibility: Readings and
cases in a global context. Routledge.
Del Giudice, M., Carayannis, E. G. and Maggioni, V., 2017. Global knowledge intensive
enterprises and international technology transfer: emerging perspectives from a
quadruple helix environment. The Journal of Technology Transfer.42(2). pp.229-235.
Lee, I. and Lee, K., 2015. The Internet of Things (IoT): Applications, investments, and
challenges for enterprises. Business Horizons. 58(4). pp.431-440.
Lyon, F. and Sepulveda, L., 2009. Mapping social enterprises: past approaches, challenges and
future directions. Social Enterprise Journal. 5(1). pp.83-94.
McGowan, P.,and et. al., 2015. The influence of social and human capital in developing young
women as entrepreneurial business leaders. Journal of Small Business
Management. 53(3).pp.645-661.
Meyer, K. E., Mudambi, R. and Narula, R., 2011. Multinational enterprises and local contexts:
The opportunities and challenges of multiple embeddedness. Journal of management
studies. 48(2).pp.235-252.

Picken, J. C., 2017. From startup to scalable enterprise: Laying the foundation. Business
Horizons 60(5) pp.587-595.
Rae, D., 2016. Developing entrepreneurial leadership: the challenge for sustainable
organisations. International Journal of Work Innovation. pp.76-100.
Read, S. and et. al., 2016. Effectual entrepreneurship. Routledge.
Sattar, A., Dewri, V. L. and Annana, A.S., 2016. Working environment in for women
entrepreneurs in developing countries: an empirical study from
Bangladesh. International Journal of Business and Management.11(12). p.197.

1

2

3

4