This paper summarizes existing literature on entrepreneurship. It deals with the prominent issues related to the planning, creation and execution of a successful startup. Finally, it identifies common issues, problems, challenges, or strategies that exist in literature. There are many definitions of entrepreneurship in the literature that suggest the lack of a standard definition of the notion. Most concepts, however, accept that entrepreneurship consists of creativity, risk taking, identification of opportunities, motives for high growth opportunities and uncommon judgmental decision-making.
Entrepreneurship is considered as a combination of planning, creativity, and risk taking. Reuben observed that entrepreneurship refers to a hyper-specialized ability set possessed by a very tiny fraction of the population. Abdulnasir regarded entrepreneurship as a process conducted by an entrepreneur to generate added value and wealth by finding business opportunities, organizing enterprises, undertaking risks, and economic uncertainty and, thereby, contributing to economic growth.
The entrepreneurship literature acknowledged the importance of entrepreneurship in job creation and in the contribution of economic growth. In order to fulfil its role, however, entrepreneurship needs a favorable environment that enables innovation and growing entrepreneurial activities to be generated. Krivokapić and Jaško have developed a close relationship between business activities and the business climate in which they are initiated.
Table of Contents
1. Introduction
2. Summary of the Literature Studied on Entrepreneurship
3. Prominent Issues Related to the Planning, Creation, or Execution of a Successful Startup
4. Common Issues, Problems, Challenges, or Strategies Presented in the Literature
Objectives and Topics
The primary objective of this work is to synthesize existing academic and professional literature regarding entrepreneurship to identify the critical success factors and recurring challenges faced by new ventures during their planning, inception, and operational phases.
- Theoretical definitions and conceptualizations of entrepreneurship.
- The role of government, policy, and business environment in fostering startups.
- Key success factors, including strategic planning, leadership, and resource management.
- Categorization of common obstacles, such as capital constraints, recruitment issues, and scaling challenges.
Excerpt from the Book
Summary of the Literature Studied on Entrepreneurship
There are many definitions of entrepreneurship in the literature that suggest the lack of a standard definition of the notion. Most concepts, however, accept that entrepreneurship consists of creativity, risk taking, identification of opportunities, motives for high growth opportunities, and uncommon judgmental decision-making (Zoltan & Laszlo, 2010). Entrepreneurship was considered by Krivokapić and Jaško (2015) as a combination of planning, creativity, and risk taking. Reuben (2012 ) observed that entrepreneurship refers to a hyper-specialized ability set possessed by a very tiny fraction of the population. Abdulnasir (2018) regarded entrepreneurship as a process conducted by an entrepreneur to generate added value and wealth by finding business opportunities, organizing enterprises, undertaking risks, and economic uncertainty and there by contributing to economic growth.
The entrepreneurship literature acknowledged the importance of entrepreneurship in job creation and in the contribution of economic growth. In order to fulfill its role, however, entrepreneurship needs a favorable environment that enables innovation and growing entrepreneurial activities to be generated. Krivokapić and Jaško (2015) have developed a close relationship between business activities and the business climate in which they are initiated.
Summary of Chapters
Introduction: This section provides an overview of the essay's intent to summarize literature on entrepreneurship and identify key operational challenges for startups.
Summary of the Literature Studied on Entrepreneurship: This chapter reviews various academic definitions of entrepreneurship and highlights the necessity of a supportive business climate for innovation.
Prominent Issues Related to the Planning, Creation, or Execution of a Successful Startup: This chapter outlines essential aspects for startup formation, emphasizing that inadequate planning and preparation are primary drivers of failure.
Common Issues, Problems, Challenges, or Strategies Presented in the Literature: This chapter categorizes recurring obstacles, including capital acquisition, human resource management, time management, and the impact of bureaucratic or legal constraints.
Keywords
Entrepreneurship, Startups, Business Planning, Risk Management, Innovation, Economic Growth, Leadership, Capital Acquisition, Human Resources, Strategy, Scaling, Mentorship, Business Environment, Failure Analysis, Success Factors
Frequently Asked Questions
What is the fundamental focus of this document?
The document provides a comprehensive overview of existing literature concerning the lifecycle of startups, ranging from initial planning to execution and common pitfalls.
What are the central themes discussed in the work?
Key themes include the definition of entrepreneurship, the influence of the governmental and economic environment, and the identification of critical success and failure factors for new businesses.
What is the primary research goal?
The goal is to distill common findings from academic literature to help entrepreneurs understand what is required for the successful launch and survival of a startup.
Which scientific approach is utilized?
The work employs a literature review methodology, synthesizing findings from various researchers to provide a consolidated view of entrepreneurship challenges.
What topics are covered in the main section?
The main sections cover the definition of entrepreneurship, the importance of a favorable business climate, the role of leadership, and a detailed list of common operational and strategic obstacles.
Which keywords characterize the work?
The work is characterized by terms such as entrepreneurship, startup success, resource management, and economic growth.
How does the author describe the impact of government on startups?
The author emphasizes that the government plays a central role by creating a rule-of-law-based structure, eliminating unnecessary bureaucracy, and fostering an environment conducive to innovation.
What are some specific human resource challenges mentioned?
Challenges include the difficulty in finding and recruiting professional talent, the necessity of attracting qualified co-founders, and managing skills shortages during periods of growth.
What role does a business plan play according to the literature?
A business plan is cited as essential for addressing key areas like sales, hiring, and funding, and its absence is considered a significant strategic weakness.
- Quote paper
- Antoine Niyungeko (Author), 2020, A Successful Startup. Issues Related to the Planning, Creation and Execution of a Startup, Munich, GRIN Verlag, https://www.grin.com/document/956921
