Entrepreneurship Report: Business Start-ups, Analysis and Development

This report delves into the multifaceted realm of entrepreneurship, examining the critical role it plays in a dynamic global economy. It begins with an introduction highlighting the significance of entrepreneurs as catalysts for innovation, wealth creation, and societal progress. The literature review provides a comprehensive analysis of the challenges faced by entrepreneurs, including financial constraints, marketing difficulties, and the need for skilled labor. It also explores the opportunities that exist for entrepreneurs, such as franchise ownership, networking with distributors, and leveraging social media platforms. The report emphasizes the importance of government support, technological advancements, and the emergence of women entrepreneurs. It concludes by underscoring the need for strategic decision-making, effective resource management, and the ability to adapt to market changes to ensure business success. The report also includes an analysis of a case study about the strategies of a successful entrepreneur and the risks involved.

Running head: ENTREPRENEURIAL DEVELOPMENT
ENTREPRENEURIAL DEVELOPMENT
Name of the Student
Name of the University
Author Note

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Table of Contents
Assignment 1:.............................................................................................................................2
Introduction:...........................................................................................................................2
Literature Review:..................................................................................................................3
Recommendation and conclusion:.........................................................................................8
Assignment 2:...........................................................................................................................10
Introduction:.........................................................................................................................10
Idea and the strategies by Jane ní Dhulchaointigh:..............................................................10
Opportunities that Jane ní Dhulchaointigh capitalised on:..................................................12
Risks that the business is exposed to:..................................................................................13
Evidence that suggests that the business will last or whether it will ‘fizzle out’:................15
The entrepreneurial critical success factors in the case:......................................................16
Conclusion:..........................................................................................................................17
Reference:................................................................................................................................18
Assignment 1:.......................................................................................................................18
Assignment 2:.......................................................................................................................20

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Assignment 1:
Introduction:
Entrepreneurship plays a very important role in the changing economy around the
globe. Entrepreneurs are often called as the national assets that need to be motivated,
remunerated and cultivated to find some outstanding results. Entrepreneurs have a huge
ability to change the ways of life and work. Their innovations can be of great success and
may help in improving the standards of living. The various entrepreneurial ventures are
creating wealth and jobs that is immensely contributing to the growing economy. Thus,
entrepreneurship is promoting social change through driving innovations. The new ideas and
the unique products created by the entrepreneurs for the changing market trends and to fulfil
the needs of the customers produces a cascading effect and improves the related businesses
for economic development. Existing businesses usually remain restricted to the existing
market. The various social trends in the market enable the entrepreneurs to enter new market
with various new resources. By entrepreneurial resources, it means knowledge in a particular
sector, technological advancement, network of contact and financial support. Although the
entrepreneurs are affecting society positively in many ways, they are facing many challenges
as they are not able to gather all the resources required for their business. They go through
various risks to gain a position in the market and establish a stable business for themselves
and the society. The entrepreneurs at the time of starting their business lack a major part of
the resource- monetary or non-monetary, which affects the growth of the business. The
entrepreneurs usually know the product or the new idea with which they are starting the
business but lack the financial support and other necessities to gain a competitive advantage.

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Literature Review:
According to Eisenmann (2013), entrepreneurship is the process of building up a
business or setting up the strategies and goals for the development of a business. In
accordance with this, Chang and Wyszomirski, (2015) says that entrepreneurship means
being the one who is willing to take any leap or work hard to solve the problems of the
business. An entrepreneur has a perfect goal or vision for his company, and his focus is on
creating the solution of the problems that are faced in the path of entrepreneurship. During
the process the Entrepreneurs face a lot of challenges in the establishment, the running as
well as in the management of the enterprises. According to Read, Sarasvathy and Dev (2016),
along with the challenges the entrepreneurs do have a lot of opportunities for the
development of the entrepreneurship. Being an entrepreneurs is itself a challenge since he
should be capable enough to look at the environment, identify the opportunities that are on
the way and find out the best solutions for the same, implement actions that would maximise
the opportunities as well as the profit as a whole.
As stated by Sledzik (2013), the entrepreneurship is defined as a force that mobilizes
different resources to meet the unmet demand of the productivity. It is thus considered to be
the most important factor of development in the different nations. And eventually it
demonstrates the higher rates in the growth of the economy. The economic structure of the
nation depends on the entrepreneurial economy. The entrepreneurial economy differs a lot
from the non-entrepreneurial economy on the national, or regional level since it is not only
based on the economic vigorousness but also on the social vitality. Thus for the economic
structure, there are a lot of challenges and opportunities that the entrepreneur has to face as he
is on the path of taking risks. According to Eisenmann (2013), the entrepreneurs have the
ability to change and improve the standard of the economy and also the standards of living of
the people. Their innovations in accordance with the improvement of the entrepreneurial

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ventures result in the creation of greater jobs and contributes to a better and a growing
economy.
As observed by Vanevenhoven (2013), the challenges that are faced by the
entrepreneur involves marketing, the availability of raw materials, financial challenges, the
man power, the machinery as well as the formalities during and post procedure. Duval-
Couetil (2013) discusses the issues that are connected with the small scale industries and the
start-ups as it has it effects over the rise in the industry’s contribution to the national income.
In accordance with this, there are also other challenges that involve social problems, the
business policies, as well as the transportation cost. According to Wang and Chugh (2015),
finance is considered to be of prime importance for the smooth running of an enterprise. It
has been found that the entrepreneurs find mobilizing the finance to be the major challenge,
as it involves the challenges of difficulties of obtaining the credit as well as suffering the
sanction o the credits that are accessed. There is difficulty in obtaining the bank credit, as
well as in the sanctions of loans from the banks. Along with this the non-availability of
proper manpower for the enterprise is considered to be a great challenge for the
entrepreneurs. Adequate skilled and talented labour force is of the prime need for an
organisation to reach its targeted productivity. The challenges of marketing of the products is
faced by the entrepreneurs to a great extent, since the marketing efficiency determines the
success of the enterprise. According to McCann and Ortega-Argiles (2016), among the
challenges of the market, the competition that is faced from the other enterprises are of the
primary challenges. Raten (2014), discusses that successful entrepreneurial decisions and the
productivity of the enterprises depend on the governmental support and the support from
other organisations. However the government and the support organisations posit threats and
challenges to the enterprises regarding the corruption, tae change in the different
governmental policies and the delay in the power connection. According to Dentchev et.al.,

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(2016), the corruption in the different government departments, banks and the other financial
institutions adversely affects almost 35 percent of the entrepreneurs. Blackburn (2016),
discusses that the power is another major challenge that the enterprises face along the
journey. For the smooth running of the business it is essential to have an uninterrupted power
supply and thus the demand for donations from different organisations is considered to be a
great challenge for the entrepreneurs.
According to Smallbone, Welter and Ateljevic (2014), the role of an entrepreneur as
well as the small scale enterprises involve and face a number of problems during the start of a
business as well as in the journey. However apart from facing the challenges the
entrepreneurial development faces a great number of opportunities as well. Opportunities are
emerging in terms of manufacturing enterprises as well as the different sectors such as the
trade and commerce and the allied sectors. As stated by Davidsson (2015), purchasing a
franchise in an existing business with a clear and strategic business plan is recognised as one
of the greatest opportunity for a start-up entrepreneur. The support can be received from the
franchise headquarters regarding the challenges that are faced such as the marketing, the
promotional materials as well as regarding the new types of products and services of the
enterprises. Another important opportunity for the small scale entrepreneurs as discussed by
Ramoglou and Tsang (2016), are building relationships with the distributors or the dealers.
This kind of network marketing and creating a bond with the distributors in the market
scenario would help in the earning of considerable income through the multilevel marketing
policies. Zahra, Newey and Li, (2014) also says that licensing of the products can be another
great opportunity for a profitable business. Opportunities for the entrepreneurs also involve
the involvement and the invitation to the investors and the venture capitalists. This could be
beneficial for the enterprises because this would shift the focus of the entrepreneurs from the
funding so that they can concentrate on the customer loyalty and service as well as the

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product quality and the production. According to Busenitz, Plummer, Klotz, Shahzad and
Rhoads, (2014), the start-up incubators may act as a very important opportunity for the
business and the entrepreneurs as they act similarly as the investors and they provide a lot of
resources for the start ups to begin the journey. They expect very little in return which allows
the start up industries to not take them as the liability. It is also discussed by Mason and
Harvey, (2013) that the social media platforms are important opportunities for the enterprises
and especially for the small scale entrepreneurs. The productivity of the company can be
increased in the modern scenario if the social networking sites as well as the internet help to
improve the brand quality and the brand publicity. It would help to attract a large number of
customers and would also help to improve the quality of the production in the long run
(Gawell, 2013). The foreign markets have a very important role to play in the start up
businesses. Any start up entrepreneur knows how to utilize and make use of the opportunity.
Having an access to the largest global market helps the small businesses to grow its brand
reputation and the quality of the products. The opportunities for the entrepreneurs vary in
different nations. For the developing nations, the tourism sector as well as the health care
sector plays a very important role. The tourism based industries help to increase the income
and it has several options that the entrepreneurs can pursuit. As discussed by Acs, Boardman
and McNeely (2013), there are leading opportunities in the manufacturing market as well,
which includes the food processing, opportunities in the plastic, jute based or the bamboo
projects. Along with the small scale entrepreneurs, the modern world sees the opportunities
of the women entrepreneurs (Cooper, 2017). The women entrepreneurs as well as the small
scale entrepreneurs have the opportunity to enter into the world trade and they enjoy
improved risks of taking the abilities. There is also the encouragement of new innovations
and inventions along with the promotion of the healthy competitions among the different
nations. Also the entrepreneurs can have the opportunity to invest in multiple businesses.

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It can be thus inferred that irrespective of the experience, both the new young
entrepreneurs as well as the experienced ones need to face the hurdles and the challenges
because there is the prime goal of establishing the brand, adjusting and facing the competition
in the market and keeping the business profitable. The emerging growth of technology has
encouraged a lot of people to take up entrepreneurship and accept the entrepreneurial
challenges. Along with the challenges, more and more opportunities are abundant in the field
of entrepreneurship. The small scale industries and the start up entrepreneurship faces critical
challenges as it provides employment opportunities to a lot of citizens. Galindo and Mendez-
Picazo (2013) discusses that the start-ups face major failures because of the various
challenges that include wrong market positioning, poor resource management, improper
hiring and hiring of the unskilled workforce, unbalance partnerships and to top it all,
overpromising of the young entrepreneurs. As analysed by, Mainela, Puhakka and Servaus,
(2014), the small scale entrepreneurship needs to face the challenges that are specific to the
industry and the strategies need to be investigated. Proper solutions and the strategies should
be chalked out by the entrepreneurs, along with the implementation of organisational policies
so that it reduces the external business environmental challenges of the small businesses and
these start-ups have the potential to mitigate the challenges emerging out to be successful
enterprises. As stated by Kuratko, Morris and Schindehutte (2015), there needs to be a
scrutinized analysis of the start up enterprises that would reveal successful entrepreneurial
ventures which can be understood by the careful planning, organizing and the accurate timing
as well as being creative and innovative. Along with the challenges, the start up enterprises
and the entrepreneurs have a lot number of opportunities. According to Eckhardt (2013), the
foreign markets as well as the social media platforms really help to boost up the small scale
enterprises, to a great extent as they help in the boosting up of the brand name as well as the
production as well as the income of the nation. It can also be inferred that this also on the

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other hand help to improve the competition and allow the small scale enterprises and the
young budding entrepreneurs to create their place in the market scenario. It would also help
the entrepreneurs to have a clear vision and a goal for the improvement of their business.
Recommendation and conclusion:
The entrepreneurs should pay more attention to improve their resources for better
business development. The start-up organisations should find newer ways of marketing their
products and services that will help them to gain a competitive edge in the market. The
businesses can seek the support of the government to establish the organisation. For financial
support, the entrepreneurs can seek for investors who are ready to face the risks and the
benefits that are incurred from the investments. The companies should also procure the raw
materials from suitable suppliers and distributors. They should also keep in mind the quality
of the raw materials to produce high quality products and service as the products to cater the
needs of the customers. The companies should recruit employees with the required skill-sets
for the business to avoid unnecessary situations. The startup businesses lack skilled
employees and labor, which can be improved through rigorous recruitment and by offering
the employees with more salary packages. The companies can also train the existing
employees to work towards the goal of the organisation and create a brand image in the
market.
Thus, it can be concluded that Entrepreneurial competition is increasing in the market
regularly and these businesses are facing major issues in gathering the resources to develop
their business. To avoid such circumstances in the future and avoid the micro and macro
factors that are affecting the business, the companies should include new strategies for
planning organising and implementing them in the business. Although these businesses are
affecting the economic growth of the countries regularly, their growth is becoming limited

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due to the lack of resources that are required to improve the business activities and also the
activities of the individual employee. The entrepreneurs thus should be careful in resolving
these issues by taking support from the government and from the investors, which in turn will
make a difference in the size and growth of the businesses. The entrepreneurs before starting
the business, have enough idea about the products and services of the business but needs the
right resources to implement such ideas in the business organisation. In case of major crisis,
the companies can outsource their raw materials and other departments to finish the tasks
effectively and efficiently. This will thus help the companies to improve their position in the
market and develop a strong foundation for making it a large-scale industry.

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Assignment 2:
Introduction:
Idea and innovation in business world differentiates the purpose of serving customers
at different needs and context. An entrepreneur possesses innovation in the term itself to
make their business an innovative approach for the world. With reference to the case study of
Jane ní Dhulchaointigh, the strategy of making a simple product turn into innovation for
customers is reflected. This report focuses on delivering the analysis of core strategies and
ideas behind the transition of simple product business into a market player. The report will
highlight the success factors for business transition, opportunities, risks and sustainability of
the company in the present situation of the market.
Idea and the strategies by Jane ní Dhulchaointigh:
Jane ní Dhulchaointigh began the business with a simple motive of just selling the
uniquely formed glue in the market. The development of Sugru has been on the basis of
creativity strategies that implies the concept of creative process involving six stages of
developing an idea. The creation of idea goes through certain steps that involves the creators’
thorough research in the concept (Crawley, Cameron and Selva 2015). With reference to the
case study, Jane had been developing the Sugru through lots of research and experimentation
that took her 5000 variations in the formula.
Sugru is a mouldable adhesive that is considered as a wonder material in the future of
this world being a strong support for binding anything. It comes in a package having soft
consistency like a play-dough and turns into as strong as a rubber within 24 hours. The
material when gets hard binds anything in this possible world. It is waterproof, flexible, and

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shock-resistant, insulates electricity as well as resists temperature in the range of -50C to
180C (sugru.com 2019).
Jane idealised the invention of this glue to serve an all in one purpose of binding
things. Evidences are there from different articles where experiments are done to analyse the
quality and strength of the glue. It was in the year 2003 when Jane was pursuing her MA in
product designing and struck at the thought of what new to design. She decided to look into
making waste products reformed and usable as new that can empower the product cause and
demand (Glukhov and Balashova 2015).
Experimenting on the Sugru in beginning were honestly reviewed as worse that was
sticky, smelly and unusable value at industries. However, Jane believed that this product will
surely be usable someday for the people out there and its demand in the market will be high
(Terziev, Banabakova and Georgiev 2018). She revised back her chemistry lessons and
focused more on the formulation of the final outcome. She gained partners for funding the
project as well.
Since the years 2005 to 2008, it was a real struggle for Jane to learn the basics and
keep on experimenting the product facing numerous hurdles. Amidst the set industry, it was
May 2008 when after struggling for five long years, Jane came up with naming the final
product as Sugru that is an inspiration of Irish meaning for the word ‘play’ and in the latter
half of the year, processed with development strategies of the company (sugru.com 2019).
On an unfortunate turn of point, 2008 was facing hard economic downturn hit by
recession that eventually shattered the arrangements of Jane in launching as a brand due to
lack of investors. However, during the 2009 summers, Sugru got to be placed in the market as
an independent product with help from a private investor (sugru.com 2019).