Entrepreneurship, Enterprise & Innovation: A Comprehensive Analysis

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ENTREPRENEURSHIP, ENTERPRISE & INNOVATION
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Table of Contents
Introduction:....................................................................................................................................3
Theories and practices of the topic..................................................................................................4
Opportunity for entrepreneurial activity in the local, national and global economy.......................4
Explore behavior, characteristics, competencies and personalities of entrepreneurs......................6
Internal and external factors affecting the development criterion of entrepreneurial culture.........7
Evaluation of the impact impacting on the growth and sustainability of the enterprise:................9
Reference list.................................................................................................................................11
Appendices....................................................................................................................................13
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Introduction:
Role of entrepreneur has significant effects on the economy and new market development. It
affects and assists the growth of the local, national and global market. Some of the positive
effects of the entrepreneur in the socio-political-economic context are the creation of wealth and
sharing of it, the entrepreneur creates jobs in the market, enhance the development, take
influential part in the GDP, enhance the living standard and also influence the development of
the community. The most critical role of an entrepreneur creates jobs opportunities for the
unemployed person of a zone or sector which help the growth of nationality and furthermore the
growth also resulted in the growth of the global economy. The overall growth of the economy
and provision of employment has positive effects on the per capita income and GDP rate. The
entire scenario influences the development of community growth.
Entrepreneur deals in either Product or services. Providing good quality of products or services
is the main focus of an enterprise owner. Make the enterprise a brand is the primary objective of
a successful entrepreneur. Maintaining the quality of the product is the increase in the demand
for the product. Source of finance is essential in this regard. Without having an ample amount of
funding the growth of a business can not take its flight. Finance and financial management play a
crucial role in the progress of a business. Before entering into entrepreneurship and create an
enterprise one must make sure about the source of funding without which enhancement of the
business cannot be possible. To implement a strategic framework in a proper way tremendous
support of money is needed which helps the entrepreneur to flourish the business as the
entrepreneur planned.
Innovation has great essentiality in the progress of a business. With the help of innovation and
innovative ideas one can make one's brand, product and services attractive to the consumers.
External support and finance required to start up a business to give it the desired growth and
well known acquaintance worldwide. Entrepreneurship has to face enormous challenges to make
the path of the business and give it its required pace. For developing a business market an
entrepreneur must offer its consumers some facilities and also render the consumers the products
or the services in a lower price range. Though one must confirm the quality of the service or
product must not be compromised. It is a truth that at the initial stage of a startup business the
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entrepreneur must not acquire huge profit but creating faith in the mind of the consumers is
notably essential. They are making the Route market though not easy yet with the help of
dedication, honesty and patient one can make it victorious.
Theories and practices of the topic:
Sociological theory: under the tag of the sociological theory there are two theory comes. One is
a theory on religious belief and the other one theory related to social changes.
Theory on religious belief: according to Max Weber, the quality of entrepreneurship is an
activity that motivates by the religious belief. The framework of the entrepreneur culture is
shaped by religion impact. This theory of the sociologist mentioned above and economist was
criticised for a long time.
Theory of social change: Everett E Hagen in his theory of social changes mentioned that the
growth of the economy is related to the changes that occurred in the political and social context.
He showed in his model that the growth of the entrepreneur profoundly affected by political and
social changes.
Cultural theory: this theory regarding entrepreneurship explains the differences that occur in
the ability in the entrepreneurs of the different cultural background. The difference occurs in
within the entrepreneurs is the primary substance of cultural theory.
Economic theory: Schumpeter in his theory of economics explained the development of the
economic sectors and the movements of entrepreneur and how it drives the growth of the
economic sector and effects of the growth in the global market (swu.bg, 2018). Further, the
theories also describe how it influences the market of business, resources and capital of the
business.
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Figure 1: Theories
(Source: Created By Author)
Opportunity for entrepreneurial activity in the local, national and global
economy:
Variety of conditions of the society can create an opportunity for entrepreneurial activity in the
local, national and global business and economic market. Opportunity for entrepreneurial activity
is generated from many sorts of sources. There are many kind of catalyst which can generate the
opportunity for entrepreneurial activity like shifting of the demography of a particular region,
change in the political context, changes in the demands and needs of the consumers,
development of new technologies and implementation of those upgraded technologies in the
business, shifting in the norms and attitude and many others. All these effects the activity of a
business house in the local, national, global economic scenario. Sometimes it comes to see that
sudden demographic shifts and changes in the population growth produce an opportunity for
specific services and products (mageplaza.com, 2019). Changing political authority also affects
the change of opportunities for entrepreneurial growth. With changing time needs and demands
of the demography also changes. Changes in fashion and implementation of new technologies
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CulturaltheoryEconomictheory

and trend are also acted as a catalyst in changing the national and global economic market.
Economic context and operation market of the companies was not the same as now as it was a
few decades back. With changing time change of generation occurs. In these present socio-
political, economic scenario change in the liking s and needs of the new generation is quite
apparent. All these changes or development affects all kind of businesses which influenced the
opportunity of the entrepreneurial activity (Burns, P., 2016). Other essential tools that affect the
activity of entrepreneurs are shipments of norms which influence the change in the attitude.
Another change that occurs in the activity of the entrepreneur is the establishment of the well
skilled and distinguished management team. The skilled employees of the management can
create new strategies with which companies influence the mindset of the consumers and the
subscribers of the services (Belitski and Heron, 2017). Another opportunity is a fascination for
the brands of the customers. Nowadays people are more likely to having branded things which
also navigate the needs of the market which creates opportunities for the activity of both
experienced entrepreneur and the newly entered entrepreneur. There are few other elements also
responsible for the opportunity of the entrepreneurial activity. Having Education and training for
the particular subjects on which an enterprise runs is essential as without possessing proper and
detail knowledge about the task one cannot perform its ease. The other criteria are funding and
finance which triggers the progress of a business. Availability of finance is necessary as it works
as an opportunity for entrepreneurial activity. Few times the introduction of new government
policies also acts as an opportunity for the activity of the entrepreneur (Bell and Bell, 2016). An
acquaintance of regulatory framework & infrastructure with the employees is necessary which
the responsibility of an entrepreneur is. It is one of the activities of the entrepreneur for the
development of the business and occupying a good position in the national and global economy.
Having good command over the local as well as the international market is one of the vital
activity of a successful entrepreneur. Providing well defined and well skilled mentors, advisors
and support system is also a necessary step to groom the employees and workers and officials
too. [ Referred to Appendix 1].
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Explore behavior, characteristics, competencies and personalities of
entrepreneurs:
Being a successful entrepreneur does not need degrees. It is one's personalities and mindset and
behavioural competency that help ones to emerge and establish oneself as a successful
entrepreneur. Here in the study illustration of all the traits for being a successful entrepreneur has
done. The qualities that an eminent and affluent entrepreneur must possess have been discussed
here (Burnett and Danson, 2017). Optimism, passion, creativity, motivation, the ability of risk-
taking, the ability of decision making, teamwork and good command over the team, leadership
quality, ability to create the network, opportunity identification, future vision, having good
management skills and the ability to take risks are the qualities of a successful entrepreneur.
Foundation of a business and give it speed and growth take a lot of time. For having patience for
a long time needs passion. Without having a passion for any job, one cannot give one's full effort
to it. The main criteria for being a successful business person possess a passion for the business.
Motivation is another quality of a successful entrepreneur. An entrepreneur is already dedicated
to his job. The person doesn't need anyone's push or support to meet the goals. A successful
entrepreneur is a self-motivated person (Hoogendoorn,, 2016). The person needs no motivation
or inspiration from outside. Another characteristic of a famous businessman is optimism.
Possessing positive thought is necessary for the growth of the business as all time is not
favourable for the company. An entrepreneur also has to face challenges to take the company in
a good height and growth. Having a creative mind is an essential feature of being an entrepreneur
(Huq, and Gilbert, 2017). Without occupying the creative spirit, it is impossible to become an
entrepreneur or successful entrepreneur. Another quality of being a thriving business person is
the ability to take a risk. The person who has not the ability to take risk is impossible to go or
proceed with the business or expand the market in the next label. Having a vision for the future is
essential without which one can not measure the risk factors of the upcoming future and also do
not understand what the steps are necessary to take to prevent any loss or calamity. Another
characteristic of being a successful businessman is having the ability or quality of making
decisions (Kadir et al. 2016). Many times many circumstances will come in running an
enterprise where the owner has to take and make a decision on behalf of the business though it
will be uncertain to measure whether the decisions go in favour of the company or not. To handle
those situations having the ability to make a decision is necessary. Establishing a good and
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robust network is also essential for running a business house as it is also required to handle
certain circumstances where a secure connection is a need with the first administrative heads.
Possessing the quality of leadership is also necessary as without a good control over team and
management one can not thriving the desired position in the local, national and global market too
(Landström et al. 2015). Possessing all the quality and competencies of the skills mentioned
above is necessary for emerging as an eminent, famous and successful entrepreneur personality.
Internal and external factors affecting the development criterion of
entrepreneurial culture :
Several factors influence the business growth of a newly set up business or struggling business.
Origin of these factors both internal and external affects the enterprises and innovations. Those
factors are directly and indirectly instigate the industry both negatively or positively. Economy,
technology, political and social environment, climate, legal issues, competition in the local,
national and global market and many others are there which come under the external factors that
affect the development of the business. There are a few more internal factors also (Phillips et
al,2015). These are some of those internal factors that affect the established criteria of
entrepreneurial culture: human resource, organisational structure and organizational learning,
profit and cash that flows the business, well-distinguished management team and physical assets.
Detail analysis of these factors is helpful to understand the evaluation and development of the
entrepreneurial culture that immensely affects the growth of the business no matters. It is a new
enterprise or already existing enterprise.
Technology is one of the most important factors for innovation in a business organisation.
Enhancement of a business depends on the changes of a new technique that helps to generate the
pace of business. For an entrepreneur who starts up a new business is more essential to introduce
upgraded technologies to lift the status of the company and become a well-known brand.
Another important external factor that affects the growth of a company is the political context.
Having the right term with all the political parties either it is in power or the oppositions, is also a
significantly crucial thing. Maintaining a healthy relationship with the political parties is
essential to retain in the local, national and global market too (Staniewski, 2016). The next factor
is climate. Establishing a business in favour of the environment of some particular region is also
essential to give the expected growth to the company. It is also necessary to understand the fact.
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Climate and geographical context have a significant effect on the flourishing of an industry.
Having clear legal issues is another crucial external factor that affects the growth of the business.
Those companies which have legal problems are not trustworthy enough for doing business.
Over the entrance of that business in the global and national market has legal barriers. One of the
most critical factors is the existing competition in the worldwide market. Resist in the market
with the other competition brand is a big challenge for the startup business along with the
newcomer entrepreneur (Urban, and Kujinga, 2017). The existing company does not provide any
space for the new enterprises. Above all these things which influence an enterprise most is the
economic robustness of an entrepreneur as it assists an organization most to achieve the desired
position of its. Influence of media house, having fashion trend in the market, supply and demand
factors, labour market conditions and so others are some other external factors which also hugely
effects the growth of the business.
Some internal factors are also highly influential for the Development of the entrepreneurial
culture. The most critical factor that has played a crucial role in the enhancement of the growth
of an enterprise and the creation of innovations and taking innovative steps on behalf of a
company has a good management team. A good management team can create robust and creative
strategies and implementation of those strategies is essential for getting a better return from the
business in terms of profits and proportional growth. In the growth of an enterprise either it a
startup business or a well established one for reaching the height of growth having a right
amount of assets, property and flow of the cash is essential key for the development of a business
in the global market of an economy (hbs.edu, 2017,). Along with having an excellent
organizational structure having a good work culture in the organization is necessary as without
having a good cultural ambiance in an organisation it is difficult to give the organizational
perfect shape and structure. Both of those are a complementary part. Apart from these internal
factors having a good skill human resource management team is necessary also. [ Referred to
Appendix 2].
Evaluation of the impact impacting on the growth and sustainability of the
enterprise:
There are many such things which have a significant effect on the growth and sustainability of an
enterprise. Enhancing the growth of the business many factors are there which need to maintain
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proper growth and progress. The first thing one must be careful about is balancing the
environment. Besides Maintaining the growth of a business one other thing that is essential Is to
work with the elements and attributes that are environmentally friendly. It is one of the critical
responsibility of an entrepreneur. Another aspect impacts the growth and sustainability of an
enterprise are maintaining good relation and terms with the employees and the workers.
Providing the employees all the necessary facility is essential which have and render a significant
impact on the growth of the business (swu.bg, 2018). Becoming a sustainable enterprise the
main challenges that an entrepreneur faces. The effect of a start up business influences the global
market and also take active participation in the growth and development of the local, national
and global economy.
Conclusion:
The study has been done on the entitled topic that is entrepreneurship, enterprise and innovation.
The author has studied in details of all the journals and then gathered information and then writes
the study. The study has illustrated the aspect of the role of entrepreneur, about the product and
services, how to develop a business to grip over the market, the critical strategies that need to be
taken for the development of the company. Further in the study also discussed the theories over
the concept of entrepreneurship. Then the author also mentioned some of the essential factors
both the external factors and the internal factors that affect the growth of the business and its
impact on economic growth. The study also deals with the behavioural characteristic that affects
and essential to be present in a successful entrepreneur. The author has mentioned in this study
all the necessary detail about the entrepreneurship, enterprise and the innovation that is needed
for the development of a business. Change is a key tool for becoming successful. For instance, if
anyone wants to exist in the competitive market of any company, the entrepreneur needs to be
innovative unless the person will lose the battle of survival and can not survive in the
competitive global market. Becoming an entrepreneur and establish an enterprise is not a
challenging task. The task becomes a challenge when it comes in the question of existence. To
exist in the market, one must be innovation and must present the brand with new new product
and services to serve its customers and became a reliable enterprise for them. It exist in the
market, one must able the quality of satisfying its consumers because they are the deciding
factors of the competitive market. From the above study, it can quickly be concluded that the
entire research is performed with great care and dedication.
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Reference list
Book
Burns, P., 2016. Entrepreneurship and small business. UK: Palgrave Macmillan Limited.
Journal
Belitski, M. and Heron, K., 2017. Expanding entrepreneurship education ecosystems. Journal of
Management Development, 36(2), pp.163-177.
Bell, R. and Bell, H., 2016. An enterprise opportunity for entrepreneurial students: student
enterprise development and experience assessed through the student voice. Education+
Training, 58(7/8), pp.751-765.
Burnett, K.A. and Danson, M., 2017. Enterprise and entrepreneurship on islands and remote rural
environments. The International Journal of Entrepreneurship and Innovation, 18(1), pp.25-35.
Hoogendoorn, B., 2016. The prevalence and determinants of social entrepreneurship at the macro
level. Journal of Small Business Management, 54, pp.278-296.
Huq, A. and Gilbert, D., 2017. All the world’sa stage: transforming entrepreneurship education
through design thinking. Education+ Training, 59(2), pp.155-170.
Kadir, A., Bahari, M.A. and Sarif, S.M., 2016. Social Entrepreneurship, Social Entrepreneur and
Social Enterprise: A Review of Concepts, Definitions and Development in Malaysia. Journal of
Emerging Economies & Islamic Research, 4(2).
Landström, H., Åström, F. and Harirchi, G., 2015. Innovation and entrepreneurship studies: one
or two fields of research?. International Entrepreneurship and Management Journal, 11(3),
pp.493-509.
Phillips, W., Lee, H., Ghobadian, A., O’Regan, N. and James, P., 2015. Social innovation and
social entrepreneurship: A systematic review. Group & Organization Management, 40(3),
pp.428-461.
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