Entrepreneurship Essay: Evaluating an Idea for Solutions

This essay delves into the realm of entrepreneurship, focusing on the evaluation of an original idea. It examines how the proposed concept addresses the needs and problems of individuals, communities, and the broader world. The essay explores the application of entrepreneurial skills and knowledge, such as PEST analysis and leadership qualities, to ensure the idea's viability and potential for creating solutions. It also highlights the importance of factors like political, economic, social, and technological influences on business operations, particularly within the context of the United Kingdom's macro environment. The essay further emphasizes the role of entrepreneurs in driving economic growth, fostering social change, and improving existing enterprises. It showcases skills such as delegation, motivation, conflict resolution, and team development that are essential for entrepreneurial success. The conclusion underscores the crucial role of entrepreneurship in economic development and the importance of identifying and addressing market needs.

Entrepreneurship
Contents

INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Write an essay that evaluates an idea you have that then address the needs and problems of
ourselves, others, and the broader community and world...........................................................3
How the entrepreneurial skills and knowledge you have gained will ensure that your idea will
create solutions to people’s problems and address people’s needs.............................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is known to be the method in order to establish as well as functional
commercial venture basically by focusing on the main goal of earning income from the business.
Practices of entrepreneurship is conducted by the entrepreneur that basically organizes, plans,
guide, implements as well as maintaining the level of risk for the venture. In addition to this it
also means to the individual or group of people that are having the ability as well as skills in
order to position a new business by managing and focusing towards success through utilizing
several different ideas and skills that can assist them in accomplishing growth in the market area.
Entrepreneur as the major art in the development of the economy as well (Audretsch, and Moog,
2022). Entrepreneurship is one of the risky method but if it gets success it offers more rewards to
the entrepreneurs if every conditioner suitably applied and are in there favourable terms.
Moreover to this the following report will cover about the brief description of the condition of
the United Kingdom macro environment it will also cover about all the knowledge as well as
skills that are required in the entrepreneur in order to make sure of success and growth
TASK
Write an essay that evaluates an idea you have that then address the needs and problems of
ourselves, others, and the broader community and world.
External environment of the business is known to be the element that are of the outside of
the commercial business that might have influence on the functioning through their effects on the
activities as well as requirements and differentiate several risk and opportunities in the market
area. In addition to this he basically involves several different elements which are political,
economic, and social and technology as well. It is very crucial as it might be indirectly or
directly influence the operations, income and staff of the organization (Kostakis, and Tsagarakis,
2022). The main goal of this report is to evaluate the external elements which might influence
the goals as well as objectives of the organization as well as can influence the strategic
management of the company as well.
PEST analysis
 Political factor - In this factor it involves several different policies, pre tariff and various
more that are imposed by the legal authorities. In context to the macro environment of the
UK the law Brexit is influencing several organizations of Britain which basically

impacted the imports of the country. This factor basically monitored and drive through
the legal authority and their policies as well as their norms. In addition to this micro
environmental United Kingdom the enhancement in the public policy within the specific
nations might impact into the insurance of healthcare as well.
 Economic factor - This factor basically shows the economic growth, exchange rate as
well as inflation rate. This basically affected on the and related to the broader economy of
the nation as well as of the organization which apt to be more concentrated on monetary
terms which basically includes several different types of the factors in which the
organization is functioning (Laine, and Kibler, 2022). In addition to the same contact to
the micro environment of the United Kingdom the several characteristics which might
influence on the operations of the business in the United Kingdom as the nation is having
this table inflation rate which provide assistance to their consumer as well as
organizations in order to smoothly function there practices which can assist them in their
long term growth and success in the market area.
 Social factor - This factor involves population, trends of the consumer, culture of the
people, demographic and various more. In addition to this the organization basically
benefits from the social market in trademark because it has Access to strong and huge
influencer that can try of the power of purchasing of the luxury item. In other words it is
basically harder to define if it is compared with the economic factor. Show the
consideration is given on how to handle the stakeholder’s leisure and other characteristics
of their life which can influence the operations of the business as well. So it involves
trains of the society, differences of the consumers and various more. In relation to the
microeconomic environment in the United Kingdom which has basically affected on the
businesses and their goals in the United Kingdom since people that are fit are less likely
to opt for the insurance in accordance to the new regulations.
 Technological factor - The commercial businesses basically get the advantages from the
several different platforms of the social media because it has capability to enhance the
level of creativity which can make the commercial business more innovative as well (Ng,
Woodand Bastian, 2022). The technology and advancement in the technology are
implemented in the current business elements that are adapting change effectively and
efficiently. This basically shows the technological advancement in the research and

development, automation and other different practices. In addition to this the utilization
of the digital media method is basically promoting the creativity and innovation in such a
manner which can provide assistance to the microenvironment of the United Kingdom
that also improves the operations of the commercial businesses effectively and efficiently
and it also assist them to accomplish their goals and objectives for the long period of
time.
How the entrepreneurial skills and knowledge you have gained will ensure that your idea will
create solutions to people’s problems and address people’s needs.
Several resources in the entrepreneurship which are not utilised and capital as well as
investment are basically used in one of the most effectual manner in it. In addition to this
entrepreneur basically has the major risk with assumption on Bing more successful in the market
area (Purwanto, Novitasari, and Asbari, 2022). For instance Jeff Bezos is known to be the
entrepreneur that focus on increasing its skills as well as ability is in accordance to achieve its
goals of the business more effectively and efficiently and those are described below in brief
 Entrepreneurs Accelerates people Growth –. Entrepreneurs are very essential in the
economy of the nation Due to because of them they can function as a group for their own
personal development and growth. In addition to this Jeff Bezos has made and also
enhance the opportunities of the jobs in very big quantity. Moreover to this basu’s has
also provide the employment that are mandatory to increase the set of skills and
capabilities of the workers in order to accomplish the goals and objectives more
effectively. Moreover to this by managing and maintaining the innovation and creativity
level in every component of the commercial business management can increase its
manufacturing as well as utilization of the existing resources which are available in the
efficient and effectual manner.
 Entrepreneurs Can Promote Social Changes – Commercial businesses basically modify
as well as alter its working culture as well culture of their employees in accordance to
make them independent on solving the problems, using technology as well as working in
a system. In addition to this basically and entrepreneur like Jeff Bezos are focused in
opting the latest tech in the operation as well as suitable culture which may assist them in
gaining more employees towards the business in an effective manner (Rayamajhee, Storr,
and Bohara, 2022). This type of the modification in the operations can be maintained as it

will lead to arrangement in the suitable standard of living of the staff that are functioning
in the organization. In such a manner fluctuation in the social trend can have the major
impact on the international as well as domestic level. Furthermore hence the roles as well
as functioning of the employees requires to be more appreciated as well as valued in their
operations (Suchek, Ferreira, and Fernandes, 2022).
 Entrepreneurs Develops and Improves Existing Enterprises – By motivating as well as
providing assistance to the employees of the commercial business can have the influence
positive on the major economy of the nation and existing condition of the commercial
business that have the social entrepreneurship. As it can also be enhanced with the
several different solution in accordance to maintain the social issues of the organization
that are faced by the people around the globe. Ability to delegate and motivate – A leader or effectual manager focus on motivating
there associates in the group in accordance to enhance the level of trust in the team and
this can assist them in making them more capable to render the talent as well as kills. In
addition to this by appropriate motivation and delegating the task to the workers through
their leaders or managers than it can provide support to the workers in order to make
them feel more motivated and appreciated for their understanding and skills. Develop team strength and improve weakness – This is known to be the most basic
element of the people in order to evaluate their strength as well as weakness. In addition
to this also through evaluating that which worker is not giving higher performance or low
productivity then the managers are leaders will assign the task to someone else in the
group (Vedula, and et.al., 2022). Leaders or managers will also provide assistance to
them in examining their several opportunities in their professional life and it will also
assist them in leading towards they are better success in the future. Moreover to this
members of the group need to assure that they are group members are focused on
developing professionally as well as personally in the efficient and effective manner.
 Coach team members – An effective manager or leader focus on guiding and training the
members of the team in the Suitable way in order to achieve objectives as well as goals
and enhancing the needed skills in accordance to attain the suitable outcomes. Coaching
and training basically involves maintaining the members of the group for Men’s as well
as productivity through providing them with the appropriate feedback and representing

that the required abilities as well as values of the task. Managers are leaders that are
focused on following the coach style function with the members of their team in
accordance to create more opportunities of growth in the capabilities effectively as well
as efficiently.
 Resolve conflict – As the organization created with several attributes of functioning,
different personality as well as motivation and issues which can faced by them. Leaders
of the team are basically accountable for minimising the difficulties that are encountered
by them and need to provide support in order to solve those issues and also minimise the
chances of miscommunication when it increases (Wood, and Fisher, 2022). In addition to
this through meeting and addressing the requirements of the workers and making the staff
more and more engaged in their work can assist them in providing suitable guidance as
well.
CONCLUSION
From the above report it has been concluded that entrepreneurship has a very crucial part
in the growth and development in the economy of the particular nation As well as of the global
economy. In addition to this there are several entrepreneurs that evaluates the requirements
weaknesses as well as strength which can assist them in giving the potential opportunities from
the several different areas of the market in which the business is functioning. Moreover to this it
also manages as well as maintains the several different types of the leadership in any type of the
commercial business that is very important for the management in order to provide a course to
such a manner to all the different people in the organization and to make them follow as well as
accomplish the goals as well as objectives of the company for the long period of time.

REFERENCES
Books and Journals
Audretsch, D.B. and Moog, P., 2022. Democracy and entrepreneurship. Entrepreneurship Theory
and Practice, 46(2), pp.368-392.
Kostakis, I. and Tsagarakis, K.P., 2022. The role of entrepreneurship, innovation and
socioeconomic development on circularity rate: Empirical evidence from selected
European countries. Journal of Cleaner Production, 348, p.131267.
Laine, L. and Kibler, E., 2022. The social imaginary of Emancipation in
entrepreneurship. Entrepreneurship Theory and Practice, 46(2), pp.393-420.
Ng, P.Y., Wood, B.P. and Bastian, B.L., 2022. Reformulating the empowerment process through
women entrepreneurship in a collective context. International Journal of Entrepreneurial
Behavior & Research, 28(9), pp.154-176.
Purwanto, A., Novitasari, D. and Asbari, M., 2022. The Role of Leadership, Teaching Factory
(TEFA) Program, Competence of Creative Products and Entrepreneurship On
Entrepreneurial Interest of the Vocational School Students. International Journal of
Social and Management Studies, 3(5), pp.58-64.
Rayamajhee, V., Storr, V.H. and Bohara, A.K., 2022. Social entrepreneurship, co‐production,
and post‐disaster recovery. Disasters, 46(1), pp.27-55.
Suchek, N., Ferreira, J.J. and Fernandes, P.O., 2022. A review of entrepreneurship and circular
economy research: State of the art and future directions. Business Strategy and the
Environment.
Vedula, S., and et.al., 2022. Entrepreneurship for the public good: a review, critique, and path
forward for social and environmental entrepreneurship research. Academy of
Management Annals, 16(1), pp.391-425.
Wood, M.S. and Fisher, G., 2022. A collective-evolutionary alternative for appraising
entrepreneurship theory. Strategic Organization, p.14761270221089959.