Analyzing Entrepreneurship's Impact on Economic Growth: A Report

This report delves into the significant impact of entrepreneurship on overall economic growth, exploring its role in job creation, innovation, and productivity. The study uses CafePod, a UK-based craft coffee business, as a case study to illustrate these effects. The report identifies the various challenges entrepreneurs face, including market competition, funding issues, and staffing problems. It then provides practical strategies for overcoming these obstacles, such as hiring qualified employees, practicing effective time management, and conducting thorough market research. The research employs a descriptive research design with a qualitative research approach to develop a comprehensive understanding of the subject. The conclusion emphasizes entrepreneurship's vital role in economic development and underscores the importance of proactive strategies for sustained success.

Research and Study
Skills

Contents
INTRODUCTION.....................................................................................................................................3
Research Aim..........................................................................................................................................3
Research Objectives................................................................................................................................3
Research Questions.................................................................................................................................3
Summary of Literature Review................................................................................................................4
Introduction.............................................................................................................................................4
Main Body...............................................................................................................................................4
CONCLUSION..........................................................................................................................................7
Methodology..............................................................................................................................................7
REFERENCES........................................................................................................................................10

Topic: The impact of entrepreneurship on the overall growth of an economy.
INTRODUCTION
Entrepreneurship can be defined as the act of setting up a business that is focused mainly
on generating profits as well as satisfying the needs of the people in the society in an effective
manner. It is important because it can help in improving the overall standards of living in the
society and drive change with innovation. There are many benefits of promoting entrepreneurial
businesses within a country, such as the it helps in creating economic growth and also various
job opportunities for the people. Entrepreneurial businesses can face a lot of competition from
the existing players in the market (Block, Fisch and Van Praag, 2017). Organization chosen for
this research project is CafePod, which is an entrepreneurial craft coffee business that was
established in the year 2011 by Peter Grainger and Brent Hadfield. The organization sells its
products across different locations in major super markets as well as online retailers. The
research will explain the impact of entrepreneurship on the overall growth of an economy and
the challenges faced by entrepreneurs while conducting their business operations.
Research Aim
“To identify the impact of entrepreneurship on the overall growth of an economy. A
study on CafePod.”
Research Objectives
 To identify the impact of entrepreneurship on the overall growth of an economy.
 To determine the challenges faced by entrepreneurs while conducting their business
operations.
 To analyze the strategies for overcoming the challenges faced by entrepreneurs in their
business operations.
Research Questions
 What is the impact of entrepreneurship on the overall growth of an economy?
 What are the challenges faced by entrepreneurs while conducting their business
operations?
 What are the strategies for overcoming the challenges faced by entrepreneurs in their
business operations?

Summary of Literature Review
Introduction
Entrepreneurial businesses have various benefits for a country as they help in creating
jobs as well as ensure a proper utilization of the resources. The main aim of any entrepreneurial
business is to generate profits. Also, they ensure that the existing problems are solved and the
people within the society have a high standard of living (Chege, Wang and Suntu, 2020). They
also create social impact on the society and help the entrepreneurs in learning many new things.
Entrepreneurs are responsible for ensuring that the business operations are conducted in an
effective manner. It can be said that entrepreneurship can have a significant impact on the
economic growth of a country. Therefore, it can be said that entrepreneurial businesses help in
creating different job opportunities. The research project explains the different challenges that
are faced by the entrepreneurs while conducting their business operations and the ways in which
these can be overcome. The organization chosen for this research project is CafePod, which is an
independent craft coffee business in the United Kingdom.
Main Body
Impact of entrepreneurship on the overall growth of an economy
Entrepreneurship can be referred to as one of the important aspects for the overall growth
of an economy. This is because it introduces new as well as innovative technologies, services as
well as products. Entrepreneurial businesses introduce innovation that helps in inducing the
overall growth of an economy. And innovations lead to the overall growth of the economy by
attracting more customers. Besides this, entrepreneurship also helps in creating new job
opportunities for people and as a result, there is an increase in the employment rate of the
country. Also, entrepreneurship boosts productivity among the people and hence they are more
committed to their respective jobs (Dalmarco, Hulsink and Blois, 2018). This is because they
come up with new as well as innovative ideas to solve an existing problem and thus, there is not
only an increase in the profitability of the business, but also, the employees get a chance to
develop new skills as well as enhance their existing knowledge. The respective company,
CafePod is focused on providing the customers with high quality coffee at their respective
homes. The company has significantly contributed to the overall economic growth of the United
Kingdom. It is known that entrepreneurial ventures help in creating new wealth for the country.

This further adds up to the national income in the form of either higher tax revenue or higher
government spending.
When the overall economy of a nation is growing and profitable, it will attract more
businesses in order to set up their operations in the country (Entrepreneurs and their impact on
jobs and economic growth, 2021). A country might need certain products as well as services that
are not only unique and innovative, but also help in solving an existing problem or issue.
Therefore, it can be said that entrepreneurial businesses help in providing the products as well as
services that are required by the country. Creativity is one of the most desirable things in the
world today that helps in ensuring that the business operations of any organization in an effective
manner. Creative solutions to any problems or issues can also be counted as one of the ways in
which entrepreneurship contributes to the overall economic growth of a country. The respective
company, CafePod has been able to attract a lot of customers within the United Kingdom by
offering them the best quality of craft coffee. Entrepreneurship also encourages structural change
in a country and entrepreneurs are able to create new markets in the country. Therefore, it can be
said that entrepreneurial businesses should be encouraged in any country because they can
impact the overall growth of the economy in a positive way.
Challenges faced by entrepreneurs while conducting their business operations
Although entrepreneurship is beneficial for the overall economic growth of a nation,
there are certain challenges that are faced by the entrepreneurs in their day-to-day business
operations. The market is competitive and this can pose a challenge to the entrepreneurs and this,
can affect the overall performance of the organization to a great extent. For any business to be
successful, it is important for it to have experienced as well as qualified employees who can
carry out their respective jobs in an effective manner (Fan and Zhang, 2017). Businesses that fail
to employ the right employees have to deal with a decline in the overall performance as well as
the sales. The customers will raise negative feedbacks as well as concerns which the employees
might not be able to address in an effective manner. The product or service that are offered by
the entrepreneurial business should be focused on satisfying the needs or solving an existing
problem in the society. Entrepreneurial businesses require funds and therefore, it is important to
make sure that effective sources are referred to in order to generate funds for the business. A lack

of teamwork among the employees or a situation of conflict can be one of the challenges that can
affect the overall performance of an entrepreneurial business.
The employees should be aware of the technologies that are used in the business in order
to ensure that they work in an effective manner. Small businesses have to deal with different
challenges and one of them is a lack of resources. This is one of the most commonly faced
challenges by entrepreneurial businesses because there are limited resources available and it is
important to ensure that they are utilized in an effective manner. Fierce competition in both the
existing as well as developing markets can affect the business operations of the firm because the
competitors already have knowledge about the market and hence, develop their strategies based
on the same (Fellnhofer, 2017). All of this can be relatively new for the entrepreneurial
businesses and hence their existing strategies is impacted. CafePod has also faced various
challenges such as initially when the company was set up, there were challenges regarding funds.
Also, the company faced a lot of competition that impacted its overall performance initially. One
of the other challenges that entrepreneurs can face is a lack of customers. When businesses are
new, the customers are not aware about the products as well as services that are offered by that
business. And therefore, it can take some time for the company to attract customers.
Strategies for overcoming the challenges faced by entrepreneurs in their business
operations
There are different strategies that can be adopted by the entrepreneurs in order to
overcome the challenges that are faced by them in their business operations. One of the strategies
is that the entrepreneurs should hire experienced as well as qualified in the same in order to make
sure that they are able to work in an effective manner and also, contribute to the overall success
of the entrepreneurial firm (Ge and et.al., 2017). effective time management should be practiced
by the entrepreneurs in order to ensure that the they are able to focus on the different aspects of
the business and develop effective strategies. In order to attract a greater number of customers,
the founders of the respective company, CafePod make sure that the employees within the
workplace are training effectively so that they are able to address the concerns of the customers
efficiently and also, come up with innovative as well as unique solutions to an existing problem.
The entrepreneurs should ensure a high level of motivation and confidence so that they
are able to develop effective strategies as well as decisions for overcoming the challenges. A

“walk-in interview” may be conducted for acclimatizing candidates with the working
environment. Candidates may be enquired about their reviews, expectations, dedications in
addition to long-time period desires in the course of the screening process (Gontareva and et.al.,
2018). Real references referring to candidates given via folks that can attest to their capacity and
work ethic also want to be taken into consideration. If entrepreneurs aren't assured about
selecting a prosperous niche, they could delegate the assignment to a person having ok
knowledge regarding the same. Be it carrier industry, retail e-trade or publishing, adequate
market research wishes to be performed for a whole SWOT analysis.
Challenges to entrepreneurs referring to delegation of tasks can be conquer with the aid
of being ultra-specific. In spite of being time-consuming, marketers are bound to benefit out of
the efficiency as they write down the unique steps in conjunction with the individual
responsibilities of labor employees (Hoque, 2018). Proper planning and budgeting can be of
first-rate assistance in retaining proper cash waft. These, however, cannot save you at all times
from having to stress over payments. Entrepreneurs can enhance their cash float via traumatic a
down charge for products and services supplied.
CONCLUSION
From the above report, it can e concluded that entrepreneurship is an important aspect
that can contribute to the overall development of an economy. This is because it helps in
generating various employment opportunities as well as promotes creativity as well as
productivity. It can be said that there are various challenges that entrepreneurs can come across
while conducting their business operations such as changes in the preferences of the customers,
advancements in technology etc. And therefore, it is important to come up with different
strategies that can help in overcoming the challenges such as hire qualified and experienced staff
members and provide them with effective training.
Methodology
Proposed research design and approach – In context to this research, the researcher
has used descriptive research design in order to ensure that the research project is conducted in
an effective manner (Kanwal and et.al, 2019). On the other hand, there are different types of
research approaches that can be used by the researcher in order to complete the research in an

effective manner. in context to this research, the researcher has used qualitative research
approach in order to develop an understanding about the underlying reasons for the impact of
entrepreneurship on the economic growth of a country.
Proposed Research Strategy – It can be defined as the overall plan for conducting the
research study in an effective manner (Spigel and Harrison, 2018). there are different types of
research strategies such as qualitative, interviews, quantitative etc. The proposed research
strategy for this research project is qualitative strategy because it will assist the researcher in
understanding the attitudes of the respondents in an effective manner and also, save the
researcher a lot of time and money.
Proposed research methods – Research methods are other important component of the
research project because they allow the researcher in collecting useful information for
completing the project in an effective manner. There are two types of research methods such as
primary as well as secondary research methods. The researcher has used secondary methods in
this research in order to make sure that relevant and authentic data is used for completing the
study.
Outline of data collection method and analysis – Data collection also forms an integral
part of the research and ensures that only relevant information is included in the study. Effective
implementation of appropriate data collection as well as analysis methods can enhance the
overall outcomes as well as make sure that the intended goals and objectives of the project are
attained (Todeschini and et.al., 2017). In order to collect data for this project, the researcher has
used various secondary sources such as books, online journals, reports, articles, websites etc. in
order to ensure that only relevant information is included in the report and that there is no
compromise on the quality of the project.
Ethical considerations - The research layout need to cope with unique studies questions.
Hence, the conclusions of the have a look at have to correlate to the questions posed and the
results. Also, studies ethics demands that the methods used should relate specifically to the
studies questions. An individual have to at no factor feel any coercion to participate in a observe.
This includes any kind of persuasion or deception in attempting to advantage an person’s
consider. Informed consent states that an character must give their explicit consent to take part

inside the take a look at. You can think of consent form as an agreement of accept as true with
among the researcher and the participants.
Draft schedule of research - The schedule of the research is a formalized set of
questions, statements, and areas for solutions, supplied to the enumerators who ask questions to
the respondents and word down the solutions. While a questionnaire is filled by way of the
informants themselves, enumerators fill the agenda on behalf of the respondent. For this
research, the overall time frame for completion is 10 weeks and the researcher has ensured that
each activity is completed in an effective manner. While undertaking the project, the researcher
attended different meetings at the end of each week with their tutor to discuss the progress of the
report.
Data Analysis Method - Data analysis is an important component of a research project
that can help the researcher in ensuring the appropriate results are obtained (Block, Fisch and
Van Praag, 2017). It is important to make sure that the researcher should include appropriate
methods of data analysis so that important conclusions can be drawn. Qualitative data analysis
has been used in this research as this will help in developing an understanding about the
underlying reasons behind the research topic. This method of data analysis has been chosen
because it will allow the researcher to ensure that intended outcomes are achieved. As a result,
the readers will be able to develop a proper understanding about the research topic.

REFERENCES
Books & Journals
Block, J.H., Fisch, C.O. and Van Praag, M., 2017. The Schumpeterian entrepreneur: a review of
the empirical evidence on the antecedents, behaviour and consequences of innovative
entrepreneurship. Industry and Innovation, 24(1), pp.61-95.
Chege, S.M., Wang, D. and Suntu, S.L., 2020. Impact of information technology innovation on
firm performance in Kenya. Information Technology for Development, 26(2), pp.316-
345.
Dalmarco, G., Hulsink, W. and Blois, G.V., 2018. Creating entrepreneurial universities in an
emerging economy: Evidence from Brazil. Technological Forecasting and Social
Change, 135, pp.99-111.
Fan, Z. and Zhang, R., 2017. Financial inclusion, entry barriers, and entrepreneurship: Evidence
from China. Sustainability, 9(2), p.203.
Fellnhofer, K., 2017. Drivers of innovation success in sustainable businesses. Journal of Cleaner
Production, 167, pp.1534-1545.
Ge, J. and et.al., 2017. Institutional deterioration and entrepreneurial investment: The role of
political connections. Journal of Business Venturing, 32(4), pp.405-419.
Gontareva, I. and et.al., 2018. Features of the entrepreneurship development in digital economy.
TEM Journal, 7(4), p.813.
Hoque, A.S.M.M., 2018. The effect of entrepreneurial orientation on Bangladeshi SME
performance: Role of organizational culture. International Journal of Data and Network
Science, 2(1), pp.1-14.
Kanwal, S., and et.al, 2019. China–Pakistan Economic Corridor (CPEC) development projects
and entrepreneurial potential of locals. Journal of Public Affairs, 19(4), p.e1954.
Spigel, B. and Harrison, R., 2018. Toward a process theory of entrepreneurial ecosystems.
Strategic Entrepreneurship Journal, 12(1), pp.151-168.
Todeschini, B.V. and et.al., 2017. Innovative and sustainable business models in the fashion
industry: Entrepreneurial drivers, opportunities, and challenges. Business Horizons,
60(6), pp.759-770.
Online
Entrepreneurs and their impact on jobs and economic growth. 2021. Available through:<
https://wol.iza.org/articles/entrepreneurs-and-their-impact-on-jobs-and-economic-
growth/long >.