Entrepreneurship: Factors, Skills, and Impact Analysis

This report delves into the multifaceted world of entrepreneurship, aiming to provide a comprehensive understanding of the concept and the factors that influence an individual's journey toward becoming a successful entrepreneur. The report examines the background and rationale for studying entrepreneurship, highlighting the importance of innovation, personal growth, and economic development. It outlines the aim and objectives of the research, including reviewing the concept of entrepreneurship, evaluating influential factors, and determining essential skills and capabilities. The literature review explores the conception of entrepreneurship, emphasizing the role of innovation, research, and critical thinking. It identifies factors such as creativity, risk tolerance, and leadership as crucial for entrepreneurial success. Furthermore, the research methodology section details the philosophical underpinnings of the study, adopting a positivism approach to investigate entrepreneurship implications. The report progresses through the analysis of results and findings, leading to conclusions and recommendations for fostering entrepreneurial endeavors. The report emphasizes the importance of adaptability, focus, innovation, and self-awareness as critical skills for entrepreneurs to navigate challenges and achieve their goals. This report provides a detailed overview of the factors, skills, and impact of entrepreneurship.

Table of Contents
Chapter 1: Introduction 400.............................................................................................................3
Overview of the Research............................................................................................................3
Background of the Research........................................................................................................3
Rationale of the Research............................................................................................................3
Aim of the research......................................................................................................................4
Objectives of research..................................................................................................................4
Research questions and hypothesis..............................................................................................4
Chapter 2: Literature Review (1500)...............................................................................................4
Chapter 3: Research Methodology..................................................................................................7
Chapter 4: Results and Findings(250)...........................................................................................11
Chapter 5: Analysis of Results (250).............................................................................................21
Chapter 6: Conclusion (300)..........................................................................................................21
Chapter 7: Recommendation (200)................................................................................................22
REFRENCES.................................................................................................................................23
Books and Journal......................................................................................................................23

Chapter 1: Introduction
Overview of the Research
Entrepreneurship has become the aim of every individual out there in the country, as the
economy is highly populated by business and its profits. Every other individual has urge to
become an entrepreneur for which individuals are making their efforts to develop skills or
analyse their internal talent so that they could take advantage of being an entrepreneur.
Entrepreneurship is based on practical assumption it is not evaluated with any experiment or
theory. In simple words, it is all summarised with the the process of developing knowledge,
capabilities and critical thinking in order to product and service development. An entrepreneur is
the one who believe in grasping the first opportunities in to the market and make its reliable use
into their enterprise by being risk taker and maintain guts to overcome those risks. These
individuals are not born leaders but learn to adopt things to be creative and innovative which
make them all-rounder in every field. These people are believing in leadership quality, solution
provider, and see the world world with the other prospective through which they could make
their own as well as society benefits. They play a big role in generating new future for the
economy as they must be maintaining every factor which could create influence on wellbeing or
enterprise. They are the only risk taker and opportunities adaptor which move their legs in every
direction with urge to know market conditions.
Background of the Research
This research is going to evaluate about the indicators and key elements which makes an
individual great and successful entrepreneur. There are major factors with which impact on
entrepreneur behaviours and their area of working. The researcher is also going to evaluate each
and every detail about being an entrepreneur with the aim to understand its seriousness into the
growing world. It also shows the significance of taking a overview of market trends, risks and
opportunities.
Rationale of the Research
Entrepreneurship is important because of the need for great innovation and building
personal growth to make a successful career. It is essential to make the country the most
developed one and create a history amongst other individuals and business operators. The More
involvement of critical thinking, the more the entrepreneur will be able to become successful.

This factor consists an importance in public growth and to make them face with great experience
of life by make a part of innovative products and services.
Aim of the research
The main aim associated with current dissertation is, “To develop a better understanding
about the concept of entrepreneurship along with evaluating the influential factors that lead
impact on individuals to become entrepreneurs”
Objectives of research
 To review about the conception of Entrepreneurship
 To evaluate the influential factors that lead impact on individuals to become
entrepreneurs
 To determine the skills and capabilities which supports an individual to become a
successful entrepreneur.
Research questions and hypothesis
 What is meant by the conception of entrepreneurship?
 Which are the influential factors that lead impact on individuals to become
entrepreneurs?
 What are the skills and capabilities which supports an individual to become a successful
entrepreneur?
Chapter 2: Literature Review
What is meant by the conception of entrepreneurship?
According to(Paray, 2019), entrepreneurship is a concept that is not wholly explored and
it is time to understand and review all the concepts that are related to it. A new and innovative
idea is used by entrepreneur and then a business is developed. There is need of good research and
critical thinking to develop a successful entrepreneur. It is not a quality that everyone posses, the
person is different from others and has innovative thinking. The more are the better entrepreneur
in a country more is the successful. It is necessary to develop entrepreneur thinking to make a
successful business. They have to first analyse the environment, make proper research and then
come with an idea. They have to analyse the pros and cons of the business and then successfully
find the ways of implication of the strategies as that is required to find out the investors that trust
heir idea and believe in the success. It also involves economic function as there is requirement of
resources. Entrepreneur is a person that analyses the requirement to resources and uyses the
resources optimality that helps to save them for future generation. The more the person is
environmental friendly there are chances of being more successful. The person is a good risk

taker as the environment is uncertain and there are chances of loss as the new idea is worked
upon. There is requirement of positivism by the person as that would help to gain success and
positive mindset. It is not an easy task and requires many efforts to achieve the task effectively.
The person is talented and helps to convert the resources in final production and achieving the
goals and objectives that are set by them. Enterpriser has to find a good idea but it is not the only
requirement the person should have analysis skills as well as critical thinking. There is
requirement of both leadership and team work, as they have to accomplish the tasks that they can
not do alone. They have to make team, and work with the team also the person has to manage
and lead the team that will help them to gain the goals and targets that are set and ten achieve
them It is not easy to find right people that will do the task and the person has to find the people
that will help to do so. A enterprise is not formed by just thinking a proper plan is needed and a
control mechanism is required to know about the process that is going on. It is essential to check
whether the things that are done are in favour of the enterprise or not anjd if they are not in
favour themn whata are the requirements that6 are needed. It is important to fill the loop holes.
The enterprise should have business minded attitude and that is most required by him to be
successful in the operations that the person is planning to by taking risk.
Which are the influential factors that lead impact on individuals to become entrepreneurs?
According to(Litau, 2019), there are many factors that are required by an individual to
become a successful entrepreneur like there is requirement of creativity as the person who posses
creative skills will able to find out some creativity idea that can be converted into business idea.
It is a talent that is required and desirable to be in an enterprise as tha person has to analyse the
situation and find out the creativity from that that will contribute to success of the business.
There are situations in business when the problem is solved only by creativity, so this is one of
the factor that is required. Then the person should be a risk tolerant as a new idea is generated
and a proper research is done but the environment is dynamic as well as uncertain that is reason
the business may face problems and there is lots of risk. If entrepreneur is not able to take risk
then the business won't be successful as it is an old saying that” profit is reward of risk taking.”
also one more thing is the person should able to grab the opportunity and create it in the business
idea that can be successful. There are many opportunities that are available in the market but
taking first mover advantage is also required as that can help to attract more customers and make
the business successful. Also at the same time there is requirement to find to the ways in which

the opportunity can be dealer and the strategies that can be formulated to make the entrepreneur
successful affair. The person should make right use of online resources as that help to know
more about the opportunities and then converting them is the task of the entrepreneur. One of the
important factor that is required in an entrepreneur is that the person should have ability to lead a
time, provide them directions and lead them to achieve the goals of the organisation. The
individual should have the attitude that inspires others that are working in the team. The ability
to understand the nature of people and give them work accordingly is also required. There are
chances when there is conflicts that is faced by the people, so the entrepreneur should also have
the talent to solve the conflict and make the organisation peaceful place to work and carry the
idea effectively. Also it is important to use the idea and then reserve that idea so no person can
use and start the business in the same name. The business is more successful and able to earn
more profits when they do not have close competitors and they are able to cater all the needs and
wants of customers. The new and innovate ideas are preferred by customers and they are more
attracted so the idea' should reserve the intellectual property rights.
What are the skills and capabilities which supports an individual to become a successful
entrepreneur?
According to (Ellborg, 2018), there is need of skills and capabilities that are needed by an
individual to be successful and make the business profitable. The first skill that is required and
should be there is person should be adaptive, an entrepreneur should be adaptable to the
environment and should able to understand the requirement of change and should change
according to the situation. They should have ability to hire right people so the work is completed
on time and they are able to serve the customers in an efficient way. The main requirement is
that of focus. An enterprise should be focused towards the goals and objectives and try their best
to achieve the set goals as they will help them to become successful. Innovation is the main
requirement as with the help of innovative ideas an entrepreneur is able to start a business. There
is requirement of researching and able to find out innovative ideas. Also the person should be
self-aware and that will help them to gain the success as there is need to know about the
weakness and strengths that can help to gain and understand the business and situation. Also in
the initial stage there is criticism that everyone has to face, so the individual should have ability
to deal with the negative aspects and not let them come in the part. This is required by them to be

successful. These are the skills that are required and will help them to become a successful
enterprise.
Chapter 3: Research Methodology
This section of report deals with the presentation of the methodology that can be the
researcher for the purpose investigating the research theme in an effective manner to ensure
success in the near future. There are many dimensions of the research onions which can be used
in order to select the research methodology for the current investigation (Haldar, 2019).
Research philosophy: This forms the first layer of the research onion which is used to
develop the philosophy of the research. It is further divide into four factors namely; realism,
interpretivism, positivism, and pragmatism. This is used in order to select an effective and viable
philosophy for the research investigation which is adopted by the investigator. In context of the
current report, there is an implementation of positivism research philosophy which is viable and
suits the current study on entrepreneurship implication. Furthermore, this philosophy will be
supported by the suitable data and facts which will be validated by the researcher to ensure the
reliability of the research report. Te research philosophy must be designed by the researcher in an
effective which will suits the objective and aims of the research.
Research approach: This forms the second layer of research onion which involves
deductive approach and inductive approach. The deductive theory begins with small and gets

bigger. In this approach the researcher develops the hypothesis based on the information
available on the research topic. After that they test the hypothesis and develops an effective
theory out of it. On the other hand, the inductive theory can be defined as a board theory. This
theory focuses on small specifications after some time not in the initial stage. In this relation, the
deductive theory is related with quantitative research and inductive approach is related with
qualitative research. In consideration with this, the current study is focused towards the adoption
of the deductive approach for forwarding their research philosophy. This theory will ensure the
development of the information in the form of numbers and data objectives will be pre tested
before its implementation in the research process. The researcher develops the hypothesis to
carry out the research project smoothly with supported theories and models.
Research design and strategy: It can be considered as the blueprint of the research
project which is developed by the researcher in order to obtain its objectives successfully. Also,
the strategy must be designed in such a way that it will support the research process effectively.
The research design and strategy involves experimental research, action research, theoretical
research, survey, grounded, theory, case study and so on. From these survey strategy is found to
be an effective strategy which will support the research process. This will lead to utilisation of
the information and data available for the research process in an appropriate way. The researcher
uses survey method due to their wider scope and this method is much reliable. Besides this, the
method ensures proper justification of the through the implementation of the strategy which will
lead the research process towards the successful investigation.
Choice of Method: This layer is considered to be an vital part of the research onion. In
this the researcher emphasizes on the selection of an appropriate method for the collection of
data for the research process. Also, in this there is an involvement of various types of techniques
and tools associated with the collection of data. Moreover, the researcher uses that method which
will ensure the reliability and creditability of the data to be utilised for the research process. The
main methods for the research process involves the quantitative and qualitative methods and
along with that it comprises of the mixed method which uses both the qualitative and quantitative
method for investigation purpose. With regards to the current study, the researcher adopted the
quantitative method for the research [procedure. This method will ensure timely accomplishment
of the results and finding thereof. Due to utilisation of quantitative methods, the researcher will
have more numeric facts and data with them which will present the data in an understandable

manner for the users. This will help in measuring the facts and drawing effective conclusions out
of it.
Time Horizon: This section of the research onion is mainly comprises of two time
frames namely; cross sectional time horizon and longitudinal time horizon. In cross sectional
time horizon, the researcher sets a pre determined time for the collection of data. This methods
considered to be effective method in which the researcher collects the data at pre established
time stage. On the other hand the longitudinal approach represents the collection of data over a
period of time. This method is considered to be the collection of the data over a repeated period
of time. In relation with current study, the researcher focuses on the cross sectional time horizon
technique which will effective to accomplish current time frames. This will ensure the accurate
time specification on the important factors associated with the collection of data and utilisation
of time techniques in the research procedure.
Data collection and analysis: The data collected must be utilised by the researcher after
the proper analysis. The data is gathered by the researcher in two ways the primary and
secondary methods. The data that is collected from the primary source are reliable as they are
collected from the direct sources available to the researcher. On the other hand the secondary
data is collected from the primary sources. In relation with the current study, the researcher
emphasises on the primary sources of data which is more reliable and also eliminates the chances
of unauthentic information available on other sources. But the collection of data in the current
study from the secondary sources provides a base for the researcher about the present and past
facts about the research topic. In this the primary data sources used and implied by the researcher
is the questionnaire which is used as a base for the secondary analysis of the information
available on the online sources. The primary sources also reduce the biasness in the data
collected for the research purpose.
Sample Method: it is a statistical method which represents the universe as a small
sample of information available for the researcher to analyse and draw conclusion from it. With
respect to current study the sample size is 50 responders from which the data is collected from
the primary source of questionnaire. After that the researcher will analyse these questionnaires
and draw effective recommendations out of it. The choice of random sampling will provide
reliable and authentic information to the researcher for the research project. This will eliminate
the chance of discrimination and unauthentic information available on other sources.

Furthermore, this method will ensure that the researcher will justify the research aims and
objective developed for the purpose of the accomplishment. These depicts the pre determined
observation number of units which will help the rseracher to analyse the research topic in an
effective manner.

Chapter 4: Results and Findings
It is founded from the detail analysis of research report related to entrepreneurship that it
is the most important concept that should be known by each and every person who want to run
their own business. It is analysed from the above discussion that, it is a complex process in
which individuals use their skills and talents for running their own businesses. It is also found
that there are many factors that affects individual for becoming an entrepreneur. To make an
entrepreneur, it is not a easy task because it takes too much efforts for being an entrepreneur.
Important factors are creativity, risk tolerance, leadership, responsiveness, etc. They all are
important for individual to consider for being an entrepreneur. From the above analysis, it is
founded that all factors are necessary because they have big contribution to make an
entrepreneur. For entrepreneur creativity is very important factor that they should have if the
person wants to become an entrepreneur. Risk tolerance is the most important thing that gives
some strength to handle with future unexpected things. It is very obvious that organisation run on
uncertainties because they run their business in dynamic world that shows their ability of person.
It becomes very important for person that they should be future minded that means they have a
though of long term period running their business so that’s why they can achieve their goals and
targets. It is also finding that there are many important skills and capabilities require to handle all
important factors that affect the individual who wants to become entrepreneur.
Frequency Table
Questionnaire
Q1) Are you having awareness regarding the conception of
entrepreneurship?
Frequency
a) Yes 20
b) No 15
c) Neutral implication 15
Q2) Which aspects represent the importance of entrepreneurship in
current business scenario and economic conditions?
Frequency
a) Creation of more employment opportunity 15
b) Higher standard of living 15
c) More economic suitability and development 10
d) Higher creativity and innovation 10
Q3) What are the main form and types of entrepreneurial venture that
exist in an economy?
Frequency
a) Small business 12
b) Scalable start-ups 13

c) Large company 05
d) Social entrepreneurship 10
e) all of the above 10
Q4) Are you agreed with the fact that some influencing factors are there
which lead impact on individuals to become an entrepreneur?
Frequency
a) Agreed 25
b) Disagreed 15
c) No view point 10
Q5) Which one are the main internal factor that lead influence on an
individual to become an entrepreneur?
Frequency
a) Responsiveness towards opportunity 12
b) Ability to take risk 13
c) Family background 15
d) Self interest and desires 10
Q6) What are the other external factors that also influence decision of an
individual to become an entrepreneur?
Frequency
a) Political stability 15
b) Economic growth and development 16
c) Availability of finance 14
d) Employment level 05
Q7) What implication are you having regarding the evidence that some
skills and enhanced capabilities are essentially needed in an individual in
order to support successful entrepreneur?
Frequency
a) Yes 25
b) No 15
c) Neutral view point 10
Q8) Which one is the most vital skill and capability which supports an
individual to become successful entrepreneur?
Frequency
a) Communication skill 14
b) Time management skill 16