Assessment of Entrepreneurship and Innovation at Checkout.com

This essay provides an assessment of entrepreneurship, focusing on Checkout.com, a financial technology company. It explores the personality traits of entrepreneurs, innovative services/products introduced by the company, the importance of innovation, team building, and the role of leadership. The essay delves into Checkout.com's contributions to the economy through wealth and job creation, new production innovation, and survival strategies during the global pandemic. It highlights the significance of passion, creativity, self-awareness, motivation, risk-taking, and optimism in entrepreneurs. Furthermore, it examines Lisa Costa's role as an entrepreneurial leader, emphasizing market awareness, motivation, and effective communication in promoting cashless payment methods. The analysis underscores the importance of building trust, developing effective strategies, and understanding the target market for organizational growth. The essay concludes by emphasizing the role of entrepreneurship in economic development, industrialization, and the creation of new enterprises.

ENTREPRENEURSH
IP ASSESSMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship can be basically defined as the process of creation of the business or the
scaling organisations for the purpose to generate and build profits. The process of
entrepreneurship basically involves an entrepreneur who is willing to change the world with the
support of the innovation and ideas by their action. In context to entrepreneurship, it basically
means creation of the innovative services or products that challenges the social change or also
lives on the daily basis. In this essay, the organisation chosen is “Checkout.com”. The company
is an international financial technology organisation which processes payments for the other
organisations. The company was founded in the year 2009 and headquartered in London, United
Kingdom. The present essay involves the personality traits of the entrepreneurs, various
innovative services or products introduced in the market, why the process of innovation is
important for the company, how the entrepreneur built the entrepreneurship team, role of
entrepreneur role as a leader and how to become a successful leader. In addition to that, it
involves the evaluation of the contribution to the economy which comprises of the wealth
creation, job creation and new production innovation and the various survival issues due to the
global pandemic.
MAIN BODY
The Entrepreneur is basically the person who works an individual who acts but does not work in
the company.
Personality Traits of Entrepreneurs
Passion: In reference to Entrepreneur, he or she works not only for the profit maximization but
also to develop a business idea. They want to create an influence on the world with the help of
ideas and innovation they are basically presenting. The entrepreneurs basically follow their
passion for the purpose to put an influence on the individuals with their business innovations and
the methods (Audretsch and Moog, 2022).
Creativity: In context to organisation, innovation is considered to be a very important element
with creative achievement but when it comes to entrepreneurs it plays a very important role in
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entrepreneurs. When it comes to creativity is not just about branding and graphic elements and
entrepreneurs can easily identify the ideas for the purpose to promote the business development,
thinking outside the box and building solutions.
Self Awareness: With the help of entrepreneurs, they helps in benefits from the business
elements and tasks with this knowledge and they are willing to divide the areas and with the help
of self confidence it helps in increasing their ability to use significant feedback( Ratten and
Usmanij, 2021).
Motivation: In context to Motivation, it plays a very important role in the life of entrepreneur for
the purpose to keep them motivated and stay focused. For any entrepreneur, it is not important to
get success on the first attempt but it is very important to have a focus and vision for the purpose
to keep trying and achieve objectives. It is very important for the entrepreneurs to work on the
innovations and the new ideas.
Risk Taker: In context to entrepreneurs, it is very important to take risks and plays a very
important role in taking risks in the working to get results. Working on the innovation and new
ideas basically requires risk taking ability. It is very important for the entrepreneurs to focus on
staying positive and taking risk if the results are not in favourable condition (Lipset, 2018).
Optimism: In context to optimism, it basically refers to the individuals who are working on their
objectives and not letting small failure end their final objective. For an entrepreneur, it is very
important to get the desire to achieve the objectives and business goals for the purpose to remain
constant for the longer time period.
Entrepreneur Opportunity
In context to the organisation, while working in the finance, Lisa Costa was highly
focused towards the job responsibility and she was highly motivated and worked hard towards
the work. She was working as a financial professional and had the capabilities and skilful
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regarding the finances and accounts of various clients. For an entrepreneur, it is very important
to look for the best opportunities and work on influencing the society with new innovations and
opportunities. For any entrepreneur, there are various opportunities which comprises of
crowdfunding, investing in various business, foreign markets, the social power of the internet,
start-up incubators and much more ( Morozova, Popkov and Litvinova, 2019).
Product Innovation and its importance in the company
In context to organisation, the product innovation basically refers to the process of
introduction of the goods or services or the process of creation that are basically new in the
market. It also refers to as the invention of the new services or the products in the market. In
context to product innovation, it can be anything, it can be a change in packaging or the design or
the use of the various kind of raw materials for the purpose to increase the influence of the
services or products for the purpose to attract the customers. When it comes to product
innovation, it involves innovation in the services or the product which results in increasing
chances of getting a better response and also helps in seeking growth and development in the
organisation. In context to organisation, for an entrepreneur, it is very important to develop
creativity and innovation in the services and product they are basically offering in the market.
The process of product innovation is highly crucial and needs to be very innovative and creative
for the purpose to influence the business market (Brush, Edelman, Manolova and Welter, 2019).
Significance of innovation in the company
Create development: In reference to any organisation, the innovation basically helps in creation
of the development of the business with the help and support of the improved performance and
with the use of new ways. With the help of innovation, it helps in creation of influence on the
organisation’s market and also supports in achievement of the objectives in the organisation.
With the help of development, it makes individuals and customers regarding the new service or
product for the purpose to offer from the company to the end users.
Continuous development: In reference to organisation, it is very important to stay focus in
continues improvement in the services or the products they are offering to the end users. It is
very significant for the company to improve and develop the factor and the quality where the
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company is lacking in market for the purpose to influence better. In context to the companies, it
is very important to work on the competition and trends which is very crucial for the company
because the change of trends basically comprises of change in the preference and taste of the
consumers. It is very crucial for the company to focus and work upon the innovation for the
purpose to develop the services or the products which their rivalry are basically lacking in and
also providing the commodities which is high demand in the company (Sahut, Iandoli and
Teulon, 2021).
In reference to Lisa Costa, as an Entrepreneur Leader basically works on the market awareness
and motivating the individuals in relation to the services and various payment methods. She also
worked a lot for the purpose to make individuals and customers have deep understanding about
being cashless and the importance and effectiveness of the various payment methods and how
convenient they are while carrying out various transactions. She also played a very significant
role in the communication process and the different methods which can be used for the purpose
to make consumers realise the importance of going cashless and using different types of apps for
the purpose to make their daily transactions. As a leader, it is very important to know the right
skills and the leader’s role which basically comprises of the self belief in what she is doing and
working on some new ideas and innovative services and making other individuals trust about the
services or the products which requires a lot of skills in relation to the self belief and
communication skills in the product. She also played a complete role as a leader through making
individuals get to know about the use of cashless payment methods and how they can utilise
these in their daily lives (Alvarez and Barney, 2020).
In context to organisation, it is very important for the entrepreneur to face the issues or the
challenges on his or her way and to be not afraid of dealing with the new issue or challenge
which come while working in the organisations. There are various types of entrepreneurs who
are working in the market and it is very important to work or fight in a constant manner for the
purpose to face challenges while working in the marketplace. In context to organisation, an
entrepreneur need to know how to make people trust and build trust with the help of innovative
ideas innovation. As a leader, it is very important for the person to develop and build a team that
work on her innovations. With the help of developing new ideas and making individual trust and
created a team by which individuals can communicate and understand more about how they can
help the country with the innovations. The leadership skills and quality to build a effective and
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efficient team and the communication skills helps the Checkout.com to get success in the market
and also turning entrepreneur as a successful leader’s entrepreneur. For the purpose to build a
successful team, there are various factors on which Checkout.com develop working and they also
created the increase of the start up in the development of the individuals in the business (Sutter,
Bruton and Chen, 2019). Moreover, working with the right type of freelances and developing
increase staff through establishing collaboration locally in the idea or the organisation.
Afterwards, it is very essential to collaborate globally for the purpose to develop working in the
team and also increasing the team members. In context to Entrepreneur, while working as a
finance person she basically studied the concept and the various use of payment methods and
cashless transactions. She found that there are millions of customers who use cash for their day
to day transactions and it is very important for the people and individuals to know the importance
of going cashless. She also worked on the concept and keeps trying various methods to achieve
the end objective. In context to entrepreneur, it is important for the entrepreneur to know the
market of the customers and the target market while working on the innovative ideas and the
innovation (Alvarez and Barney, 2020).
It is very crucial and important for the entrepreneur to develop effective strategies for the
purpose to have deep understanding about the target market and so that they can make further
changes in increasing of the organisation (Terán-Yépez and et.al, 2020). Providing greater
services to the organisation can result in attracting more customers and audience in the market
than the competitors. With the help of entrepreneur, it helped the idea develop through the
marketing and sharing the importance of going cashless and using online payment methods. In
context to organisation, economic development essentially plays a very important role and means
a process of upward change whereby the real per capital income of the country increase over a
period of time. In reference to Entrepreneurs, it plays a very important role when it comes to
economic development and the Entrepreneurs serve as the catalysts in the process of the
economic growth and the industrialization. Economic development essentially means the
process of the upward change whereby the real per capita income of the country increase over
the period of time. In reference to Entrepreneur, it plays a very important role in the economic
development. When an entrepreneur who puts and organizes to use the technology, labour and
capital. In context to entrepreneur, it is the key to the creation of the new enterprises that helps in
rejuvenating and the economy the established enterprises that make up the economic structure.
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With the support of Entrepreneurs in the organisation, it helps in providing a large number of the
employment opportunities to the individuals to manage the various business activities. They help
in generating the indirect as well as the direct employment to the unemployed individuals
through setting up more and more units of the production at large scale and small scale levels.
The Entrepreneurs helps in boosting up the economic growth through introducing innovative
services, products or the innovative technologies (Landström and Harirchi, 2018). The increase
competition from entrepreneurs challenges current firms to become more competitive and with
the help of a capable entrepreneur it helps in providing new job opportunities in the long and
short term. When it comes to entrepreneurship, it is basically the willingness and the capacity to
participate and develop in the business venture with the intention of making a profit regardless of
the various risks involved.
When it comes to economy, the role of entrepreneurship is the willingness and the
capacity to participate and develop in the business venture with the intention of making profits
regardless of the various financial risks involved. When it comes to economy, the role of
entrepreneurship plays a very important role. With increase in the competition, various
entrepreneurs have started discussing innovation (Hsieh and Wu, 2019). When it comes to a
company, an innovative entrepreneur is one who has the capability to tackle and deal with the
production of the innovative products for the purpose to meet the trends and demands of the
market. Wealth creation and the sharing plays a very important role and through establishing the
business entity, the entrepreneur basically invest their own resources for the purpose to attract
the capital which comprises of the debt, equity etc. from the public, investors and lenders. A
pandemic like Covid-19 had resulted in adverse effects on the development and the economy of
the businesses (Ratten and et. al., 2021). However, the entrepreneurs and the innovators who
basically think outside the box can help in developing the solutions or the technologies that will
have a positive and lasting impact in the post pandemic climate. The pandemic has really helped
in rapidly advance industries across the board and in the situation of uncertainty, the innovation
helps in overcoming the various challenges. Due to the COVID-19, it gave the organisations the
opportunity to be more entrepreneurship and forced them to move pas their comfort zones for the
purpose to become agile problem solvers. In context to organisation, Entrepreneurship won’t
take care of the various survival issues of breaking down. Entrepreneurs are considered to be
very important assets for any organisation as they generate, cultivate and motivate to every
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possible extent opportunities for the individuals. With the support of great entrepreneurs it can
change the way we live, think and work. With the help of entrepreneurship ventures it helps in
creating employment opportunities for the youth. The Entrepreneurs not only create a positive
influence on the economic growth but also helps in contributing towards the overall development
of the society. When it comes to Entrepreneurship, they basically focuses more on the local
communities and they generate more wealth from the local communities and local individuals.
When an entrepreneurial venture becomes more successful at the local level it results in more
expansion. When it comes to organisations, the entrepreneurship not only brings in the economic
growth but is also followed by the stability and the social security. The Economic growth
basically denotes the power of the wealth in the hands of the common individual. With the help
of entrepreneurship, it helps in increasing the productivity of the small business enterprises on
which he or she is majorly dependent (Dias, Rodrigues and Ferreira, 2019).
This also helps in encouraging the capital formation and also contributes towards the
export promotion making the society more self sufficient. When it comes to entrepreneurs, they
apply their creative sense to the important cultural issues and the role of entrepreneur in the
society plays a very important role. The entrepreneurs accomplish more than structure new
companies, they basically impacts the various social changes and accomplish more than that. In
reference to the social entrepreneurs focus on the development of the equal and just the society
through providing social security to the various members of the society and also providing them
various opportunities of the livelihood and also raising the standard of living of the individuals.
In relation to the organisations, the entrepreneur helps in creation of the various employment
opportunities not only for themselves but also for other individuals (Steininger, 2019). With the
help of entrepreneurial activities, it can basically impact the economic performance of the
country with the help of various ways such as production processes, bringing up new products or
methods or ways and also through competition and boosting productivity in a broader manner.
With the help of entrepreneurs, it helps in providing various job opportunities, introducing
innovative technologies, increasing competition, boosting productivity, entrepreneurs adding
national income. An entrepreneur basically helps in enhancing the design thinking, creativity and
nature of the company. With the right practices of the development and the research, the
entrepreneurs helps in bringing the new innovation that opens the door of the new technology,
ventures, products and the markets. In context to Entrepreneurs, they have a major role in the
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play in the solving the issues or the problems that existing technology and products have not yet
solved. It usually examine the current the services and products their firm offers.
After the surge of pandemic throughout the world the entrepreneurs did not get enough
space to make preparations for the disruptions that will show up with it (Syriopoulos, 2020). Due
to the challenges during the covid-19 pandemic the entrepreneurs of companies such
as checkout.com faced difficulty to tackle and handle the challenges. Due to point damage the
companies throughout the world have lost their control over the market and the globe has faced
the worst economic recession since the great depression. Maximum supply chains have got
disrupted and entities like checkout.com have faced many problems. Covid-19 has created many
challenges for the organisations to carry out their businesses smoothly and have risked the very
existence of organisations and entrepreneurs. Businesses and entrepreneurs do not work in
isolation and due to this reason the entrepreneurs have faced many challenges (Gavrila and de
Lucas Ancillo, 2021). Small enterprises like checkout.com are highly dependent and embedded
in an entrepreneurial culture that is highly dependent on the environmental conditions prevailing
in the market. The changes during the pandemic were disruptive and led to the damage of
markets throughout the world.
CONCLUSION
It has been concluded from the above report that entrepreneurship refers to the ability of an
individual to take risks, to manage and operate a business with the aim of achieving profits and
growth. Moreover, it has explained about the entrepreneurial capabilities for establishing a
business and achieving success as an entrepreneur. In this context, there has been a discussion of
the qualities of entrepreneurs for recognising opportunities and taking advantage of them to
achieve higher levels of growth and success in the industry. Innovation refers to advancement,
creation or development of existing or new things which is very necessary for being an
entrepreneur and it has been identified in the report that innovation plays a very important role in
achieving success within a business. Along with this, it has been explained that an entrepreneur
has various entrepreneurial qualities that helps them to build teams that can be actively
beneficent to collectively achieve goals of the organisation. Furthermore, roles of an
entrepreneur have been discussed that can be helpful for making them a successful leader and
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reaching the maximum heights. It has been discussed that there are various requirements for an
entrepreneur to achieve greater heights and create huge organisations above the competition. An
entrepreneur has a major role in the economy and society like wealth creation, production
innovation, job creation, lifestyle improvement, societal development etc. That has been
identified in the report. Finally, certain survival issues due to the global pandemic of Covid-19
have been explained that can be handled by an effective and efficient entrepreneur.
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REFERENCES
Books and Journals
Alvarez, S. and Barney, J.B., 2020. Has the concept of opportunities been fruitful in the field of
entrepreneurship?. Academy of Management Perspectives, 34(3), pp.300-310.
Audretsch, D.B. and Moog, P., 2022. Democracy and entrepreneurship. Entrepreneurship Theory
and Practice, 46(2), pp.368-392.
Brush, C., Edelman, L.F., Manolova, T. and Welter, F., 2019. A gendered look at
entrepreneurship ecosystems. Small Business Economics, 53(2), pp.393-408.
Dias, C.S., Rodrigues, R.G. and Ferreira, J.J., 2019. What's new in the research on agricultural
entrepreneurship?. Journal of rural studies, 65, pp.99-115.
Gavrila, S.G. and de Lucas Ancillo, A., 2021. COVID-19 as an entrepreneurship, innovation,
digitization and digitalization accelerator: Spanish Internet domains registration
analysis. British Food Journal.
Hsieh, Y.J. and Wu, Y.J., 2019. Entrepreneurship through the platform strategy in the digital era:
Insights and research opportunities. Computers in Human Behavior, 95, pp.315-323.
Landström, H. and Harirchi, G., 2018. The social structure of entrepreneurship as a scientific
field. Research Policy, 47(3), pp.650-662.
Lipset, S.M., 2018. Values, education, and entrepreneurship. In Promise of development (pp. 39-
75). Routledge.
Morozova, I.A., Popkova, E.G. and Litvinova, T.N., 2019. Sustainable development of global
entrepreneurship: infrastructure and perspectives. International Entrepreneurship and
Management Journal, 15(2), pp.589-597.
Ratten, V. and et. al., 2021. Sport entrepreneurship and value co-creation in times of crisis: The
covid-19 pandemic. Journal of Business Research, 133, pp.265-274.
Ratten, V. and Usmanij, P., 2021. Entrepreneurship education: Time for a change in research
direction?. The International Journal of Management Education, 19(1), p.100367.
Sahut, J.M., Iandoli, L. and Teulon, F., 2021. The age of digital entrepreneurship. Small
Business Economics, 56(3), pp.1159-1169.
Steininger, D.M., 2019. Linking information systems and entrepreneurship: A review and agenda
for IT‐associated and digital entrepreneurship research. Information Systems
Journal, 29(2), pp.363-407.
Sutter, C., Bruton, G.D. and Chen, J., 2019. Entrepreneurship as a solution to extreme poverty: A
review and future research directions. Journal of business venturing, 34(1), pp.197-214.
Syriopoulos, K., 2020. The impact of COVID-19 on entrepreneurship and SMEs. Journal of the
International Academy for Case Studies, 26(2), pp.1-2.
Terán-Yépez, E., Marín-Carrillo, G.M., del Pilar Casado-Belmonte, M. and de las Mercedes
Capobianco-Uriarte, M., 2020. Sustainable entrepreneurship: Review of its evolution and
new trends. Journal of Cleaner Production, 25.
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