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
- Introduction
- Summary of the Literature Studied on Entrepreneurship
- Prominent Issues Related to the Planning, Creation, or Execution of a Successful Startup
- Common Issues, Problems, Challenges, or Strategies Presented in the Literature
- References
Objectives and Key Themes
This essay aims to provide a comprehensive overview of existing literature on entrepreneurship, highlighting the key issues related to planning, creating, and executing a successful startup. The essay also identifies common challenges and strategies presented in the literature.
- The Importance of Entrepreneurship in Economic Growth and Job Creation
- The Role of Government, Universities, and Experienced Entrepreneurs in Fostering Entrepreneurship
- Essential Aspects of Successful Startup Planning and Execution
- Common Challenges Faced by Startups
- Strategies for Overcoming Challenges and Achieving Success
Chapter Summaries
The introduction sets the stage by defining entrepreneurship and highlighting its importance in economic development. The chapter discusses various definitions of entrepreneurship and emphasizes the need for a favorable environment to foster entrepreneurial activity. The role of government, universities, and experienced entrepreneurs in promoting entrepreneurship is also explored.
The chapter on prominent issues related to startup planning, creation, and execution identifies key factors that contribute to success, including developing a strong business plan, securing funding, building a skilled team, and effectively managing resources.
The chapter on common issues, problems, challenges, or strategies presented in the literature provides a comprehensive overview of the challenges faced by startups. These challenges include access to capital, marketing and sales, planning, recruitment, time management, scaling, and leadership.
Keywords
Entrepreneurship, Startup, Business Planning, Funding, Team Building, Challenges, Strategies, Economic Growth, Job Creation, Government Support, University Role, Experienced Entrepreneurs, Marketing, Sales, Management, Leadership, Success Factors.
- 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
