Entrepreneurship, Enterprise, and Innovation: A Comprehensive Report

This report provides a comprehensive overview of entrepreneurship, enterprise, and innovation, emphasizing their importance in modern business, particularly within the banking industry. It discusses new product and service ideas, such as HSBC bank potentially offering trading in national and international shares and cryptocurrency guidance, alongside the characteristics of successful entrepreneurs, including creativity, professionalism, and risk-taking. The report evaluates internal and external factors influencing entrepreneurial culture, such as economic conditions, competition, political complexity, and technological advancements. It also outlines the process from business conception to execution, detailing the stages of ideation, proof of concept, and scaling the enterprise. Furthermore, the report appraises relevant theories like Schumpeter's Innovation Theory and McClelland's Need for Achievement Theory, concluding that innovation and entrepreneurship are crucial for business success, especially in the banking sector, encouraging the adoption of startup processes and highlighting the importance of entrepreneurial traits for identifying new opportunities.

Entrepreneurship, Enterprise
and Innovation

INTRODUCTION
Entrepreneurship is not anything however the manner of
thinking, analyzing & appearing that is pretty prompted
through opportunities, management balanced for cost
introduction & a holistic approach. Entrepreneurship
refers to a human act which outcomes in the launch,
renewal, enhancement & determination of values. In
today’s aggressive international entrepreneurship has
developed past the conventional start-up notion, which
incorporates corporations of every kind from micro to
company stage in all steps.

What are the product or services new idea is and
sell it to the potential funders
 The different products which an HSBC bank offers includes
credit cards, fixed deposits, savings account, different types of
loans, mutual funds, etc.
 A new idea with respect to HSBC bank which it can offer to its
funders is trading in national as well as international shares
along with a proper guidance in deal of cryptocurrency through
a way of stock market.

What characteristics of a successful entrepreneur
you have
 Creativity: Creativity offers delivery to something new. Without creativity,
there's no possibility of innovation. Entrepreneurs generally have the vision to
pin down quite a few thoughts & act on them. Not always each concept is
probably a hit. But the revel in received is gold.
 Professionalism: Professionalism is a first-class that all right
entrepreneurs need to possess. An entrepreneur’s mannerisms and
behavior with their personnel and clients is going a protracted
manner in growing the lifestyle of the organization.
 Risk-taking: A danger-taking capacity is critical for an
entrepreneur. Without the desire to discover the unknown, one can't
find out something unique. And this distinctiveness would possibly
make all of the difference. Risk-taking includes quite a few things.

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 Employees & Managers: Unless the HSBC bank are a one-
character show, their personnel are a first-rate a part of their
business enterprise's inner surroundings. Their personnel must
be appropriate at their jobs, whether or not it is writing code
or promoting merchandise to strangers. Managers must be
appropriate at managing lower-degree personnel & overseeing
different components of the inner surroundings. Even if
everyone's successful & talented, inner politics & conflicts
can destroy an excellent business enterprise.
 Money & Resources: Even in a remarkable economy, loss of
cash can decide whether or not bank's business enterprise
survives or dies. When their coins assets are too limited, it
influences the range of human beings you may hire, the
exceptional of their equipment, & the quantity of marketing
and marketing they may purchase. If Bank's are flush with
cash, they've got lots greater flexibility to develop & amplify
their enterprise or bear an financial downturn.

How you would develop/create an entrepreneurial
culture by evaluating internal & external factors
 The Economy: In a bad economy of a country, even a well-
run enterprise might not be capable of survive. If employees
lose their jobs or take jobs which can slightly aid them, they
may spend much less on sports, recreation, luxurious items
& new cars. High hobby costs on credit score cards could
discourage clients from spending. One cannot manipulate
the economy, however expertise it assist you to spot threats
as well as opportunities.
 Competition from different Businesses: Unless the business
enterprise is unique, you will must address opposition. When
you begin HSBC business enterprise, the bank combat
towards established, greater skilled companies in the equal
enterprise. After the bank set up themselves, they will finally
must face more modern corporations that try and slice far
from their clients. Competition could make or wreck have a
take an observe what number of brick-&-mortar bookstores
crashed as well as burned to compete with other banks.

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 Political complexity: since each nation is having their own political rules and
regulations which differs from country to country due to which it becomes
Complex for a business to enter into the international market by with complying
all the political regulations of each country.
 Language and culture: global market includes customers from each country or
from different regions where the language and culture main distinct from country
to country.
 Technological complexity: it is quite possible that a country is highly
technological updated and there are different countries across the globe that are
not technological enhanced.

The process of business start-up from
conception to execution
 Set 1: Ideation and enterprise formation:
This is taken into consideration step one for an early-level startup. During this
level, the HSBC bank develops a concept and builds a concise marketing strategy to
provide an explanation for the program. The motive of this level is to outline what you
will do and the bank’s aggressive benefit, refine the primary assumptions and start to
collect customers. Picking the authentic startup group, constructing a website, and
promoting and turning in HSBC bank’s products or services hardly ever works out in
actual lifestyles the manner they believe you studied it'll for their marketing strategy.
 Step 2: Proof of idea:
The subsequent segment is the evidence of idea or gaining traction segment.
This is while an HSBC bank starts to refine its preliminary concept and create a
predictable, sustainable enterprise. The evidence of idea level generally consists of
making vital upgrades to the product and filling out the product line. From inside the
HSBC bank, that is added while many startups are trying to develop their income and
advertising teams, select out a super purchaser personality primarily based totally on their
progressed product, and outline a company way of life with a purpose to offer a
sustainable benefit.

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 Step 3: Scaling the enterprise:
The very last segment of a HSBC bank startup is the
proving the enterprise version or scale-up level. This is wherein
a startup HSBC bank will take the center organization of
entrepreneurs, upload extra capital, and transition to developing
the business enterprise at scale. Depending at the bank that
might entail beginning extra offices, including extra services to
the product line, and constructing an improvement group.
During this startup segment, there need to be sufficient records
to sincerely articulate an aggressive benefit and show off a way
to leverage that benefit to a fair broader purchaser base.

An appraisal of relevant theories or models of
entrepreneurship, enterprise and innovation
where relevant
Innovation Theory:
 This idea become propounded with the aid of using J.A. Schumpeter. Based on to
Schumpeter, the owner is largely an innovator who is a person that introduces the
latest combinations. In exercise, the brand new mixture idea covers 5 instances
which can be given below:
 The advent of a brand new true which buyers, aren't but acquainted with—or of a
brand new high-satisfactory of a true.
 The advent of a brand new approach of manufacturing, that one now no longer but
examined with the aid of using revel in within side the department of manufacture
worried, that want in no way be based upon an innovation scientifically new & also
can exist in a brand new manner of dealing with a commodity commercially.
 Critical Evaluation: In Schumpeterian idea, the primary subject matter is the
innovation. He makes a difference among an innovator & an inventor. According to
Schumpeter, an inventor finds new strategies & new substances. But, an innovator is
a person who executes innovations & discoveries which will make new
combinations.

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 Need for Achievement Theory:
This idea become advanced with the aid of using David. C. McClelland.
McClelland worried himself with financial increase & the elements that affect it. In
this relation, he attempts to discover the inner elements i.e. “human values & the
reasons that lead guy to make the most opportunities, to attain gain of beneficial
change conditions.” That is why he offers significance to the revolutionary traits of
the entrepreneurial function. The entrepreneur is worried with the want for
fulfillment (n-fulfillment).
Critical Evaluation: Research at the mental roots of entrepreneurship monitor that
excessive fulfillment orientation guarantees the fulfillment of marketers. But the
empirical equipment of idea utilized by McClelland are determined to be rather
suspect & one wonders how a few of the one who are judged to have excessive n-
fulfillment.

CONCLUSION
From the above report it can be concluded that Innovation and entrepreneurship is very
much important for a successful business in industry. The banking industry is required
to bring or offer new services to their customers so that can have sustainable business.
They can adopt a proper start-up process in order to execute their plan. On the other
hand, an entrepreneur is one who holds different characteristics such as innovation or
creativity, critical thinking, etc. that helps them to look for different things.

REFERENCES
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 Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The
Blackwell handbook of entrepreneurship, pp.348-367.
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