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BMGT7025 Entrepreneurial Theory and Practice

Student’s Name: Jimoh Hammed Abiola

Institutional Affiliation: Oxford Brookes University

Course Name: International Business Management & Entrepreneurship

Task: Assessment Report

Date: 3rd March 2023

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Introduction
In the twenty-first CenturyCentury, the number of established companies and

startups has increased dramatically. These groups have significantly affected the world

by taking advantage of the opportunities offered by the Internet, mobile devices, and a

constantly changing global economy. This paper will critically assess how well-

established corporations and cutting-edge startups have added to the advancement of

society in the twenty-first CenturyCentury. It will examine various business models, their

societal roles, how they affect the economy, and the challenges they confront. This

essay will also discuss why being an entrepreneur is so important today, how writing it

inspired me to reconsider my career goals, and how the information I gained from this

module can help me achieve those goals. This essay will analyze the data and study

from this lesson to discuss the benefits and drawbacks of working for a startup versus

an established business, as well as the characteristics of the ideal company for each job

path.

Types of Firms

Established Firms that have been around for a while have had plenty of time to

develop tried-and-true procedures and strategies and are thus considered industry

leaders (Soltanifar et al., 2021). These businesses can maintain market dominance

because they have ample capital and access to various resources. This boosts their

ability to contend with similar businesses. On the other hand, startups are brand-new

companies launched by risk-takers to create something novel (Blanchard, 2011). Many

would-be entrepreneurs get their start because they have a brilliant concept for a

product or service. Many startups are currently working on launching their first goods,

but many are struggling due to a lack of funding (Soltanifar et al., 2021). Both long-
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standing companies and startups with innovative products and services have the

potential to advance human progress in the twenty-first CenturyCentury significantly.

Roles of Established Firms and Startups

Established Firms

Establishments have been around for a while, providing essential goods and

services, and are regarded as well-established. Such businesses have been around for

a long time, grown substantially, and now play a sizable economic role. Most well-

established businesses can afford to invest in and implement cutting-edge technological

developments and strategic business strategies (Groen et al., 2015). This is because

well-established companies have more time to amass such resources. This is because

consumers have more faith in tried-and-true brands that have been around for a while.

The Role of Established Firms

The existing companies provide numerous services to society (Soltanifar et al.,

2021). They satisfy the customers' needs by promptly delivering the necessary goods

and services, which satisfies the demands. Additionally, they open up new employment

opportunities for people, ultimately raising the standard of living for many people and

families. On the other hand, established businesses have the resources to invest in

cutting-edge research and development, which may ultimately help society (Soltanifar et

al., 2021). This includes investing in research and development, which can lead to the

development of novel goods and services with the potential to completely alter

industries and raise the standard of living for a sizable population.

Startups
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Startups have been recently founded to pursue novel business strategies,

concepts, and technologies. The term "startup" is often used synonymously with

"entrepreneurial venture (Šebestová, 2020)." These organizations are typically in the

beginning stages of their development and have limited resources available to them at

this point. This is because of the stage of development that they are currently in. In spite

of this, many newly established businesses have the potential to have a significant

positive and negative impact on the community in which they conduct their business.

The Role of Startups

There is a possibility that new businesses will completely alter how we labor

and live (Šebestová, 2020). They can introduce novel products and services to the

market and generate new job possibilities. In addition, new businesses have the

potential to stimulate economic development by creating opportunities for individuals to

make investments in emerging and cutting-edge technologies (Groen et al., 2015).

Competition brought about by new businesses entering an existing market can result in

reduced prices and improved quality of goods and services offered to end users.

Impact of Established Firms and Startups

Both well-established businesses and new businesses are having a sizeable

effect on society. Companies that have already established themselves in the market

supply consumers with the goods and services they require generate employment

possibilities and are frequently able to invest in developing cutting-edge technologies

and products (Soltanifar et al, 2021). On the other hand, new businesses, also known

as startups, can develop ground-breaking concepts and technologies that have the

potential to completely transform how we live and work (Šebestová, 2020). Additionally,
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they have the potential to introduce novel goods and services to the market, thereby

fostering economic growth and employment possibilities.

In a general sense, well-established businesses and newly founded companies

each have the potential to advance society significantly. Established businesses offer

necessary products and services that cater to customers' requirements, generate

employment possibilities, and have the financial resources to invest in emerging

industries, technologies, and products. On the other hand, new businesses, also known

as startups, can develop ground-breaking concepts and technologies that completely

transform our lives and work (Groen et al., 2015). Both of these categories of

organizations are necessary for the growth and prosperity of any community.

Impact on the Economy

Well-established businesses and new businesses just getting their feet wet

have the potential to impact the economy (Šebestová, 2020). Established businesses

frequently have access to capital and other resources, which can be used as

investments in emerging technologies and innovations that benefit society (Groen et al.,

2015). Additionally, these businesses are in a position to offer employment opportunities

to people, which contributes to an improvement in the general standard of living for both

individuals and families. In addition, well-established businesses frequently possess the

capacity to foster economic expansion by delivering products and services that are

indispensable to the functioning of a society.

Similarly, well-established businesses have been a major driver of economic

growth because they have facilitated the creation of new jobs and opportunities for

financial investment, contributing to the acceleration of technological advancement and

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business rivalry (Wall, 2010). These companies have also significantly impacted society

since the goods and services they provide have helped many people lead better lives

(Wall, 2010). For instance, Apple has fundamentally altered how we communicate and

gain access to information, whereas Amazon has simplified the process by which

people shop online.

The introduction of new goods, services, and business models has also had an

effect on the economy. This has led to the creation of new jobs and opportunities for

investment and economic expansion. As a result of their contribution to developing new

industries, markets, and technologies, startups have also significantly affected society’s

work (Šebestová, 2020). For instance, Uber and Airbnb have fundamentally altered how

people travel, and WeWork has developed an innovative approach to shared office

space.

There is the possibility that new businesses will have a significant influence on

the economy. Many new businesses are launched due to novel concepts and emerging

technologies that promise to alter how people work and live radically. Startup

companies typically have few available resources and are frequently in the preliminary

stages of product development (Šebestová, 2020). Despite this, new businesses

frequently have the potential to make a significant contribution to the economy through

the creation of new markets, the provision of opportunities for employment, and the

stimulation of economic expansion.

Challenges Facing Established Firms and Startups

Many challenges must be overcome by new enterprises and those that have

been around for a while (Šebestová, 2020). Established businesses often face
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competition from new companies that have just recently entered the market, which

presents a challenge for these businesses as they endeavor to maintain their position

as market leaders in the face of this competition. In addition, established companies

frequently face the challenge of simultaneously adapting to an environment

experiencing rapid change while simultaneously remaining one step ahead of their

competitors (Šebestová 2020).

New businesses typically have fewer resources and fewer years of experience

than their more established competitors, making it more difficult for them to get off the

ground and become profitable. When they are first getting their feet wet, new

businesses frequently face the challenge of developing a product or service that can

successfully contend in their respective markets and is of a quality that is comparable to

that which more established corporations offer. Additionally, new businesses frequently

face the difficulty of luring potential financiers and customers and adjusting to a

constantly shifting and evolving environment. This is in addition to the difficulty of

adjusting to a constantly shifting and evolving environment. In addition to this challenge,

adjusting to a setting that is in a state of continuous change and development can be

extremely difficult.

The Importance of Entrepreneurship and Intrapreneurship in the 21st

CenturyCentury

Developing entrepreneurship and intrapreneurship is necessary for the

progression of civilization in the 21st CenturyCentury (Aparicio et al., 2020).

Entrepreneurs are willing to take risks and develop new ideas and products for the

advantage of society. Societies benefit when individuals are willing to take risks and
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develop new ideas and products. Intrapreneurs are people employed by organizations

and are prepared to take risks to develop new goods and services for the organizations

for which they work (Aparicio et al., 2020). Entrepreneurship and intrapreneurship, both

of which are key drivers of innovation, economic growth, and employment opportunities,

are necessary for society's development in the 21st CenturyCentury. Intrapreneurship is

defined as innovation that occurs within an existing organization.

In general, both well-established businesses and new businesses have the

potential to make a substantial contribution to the growth of society in the 21st

CenturyCentury (Aparicio et al., 2020). This is especially true of the technological

sector. While established companies can use their resources to produce goods and

services tailored to the requirements of customers, new businesses frequently have the

potential to transform how we live and conduct business completely. Well-established

and new businesses can have a sizeable effect on the economy by, for example,

increasing the number of available jobs and bolstering overall economic expansion. In

addition, entrepreneurialism and the creation of new businesses are critical to the

growth of society in the 21st CenturyCentury because they are the primary forces

behind technological advancement, economic expansion, and the expansion of job

possibilities.

Career Aspirations

Do I Want to Be an Entrepreneur or Work For an Established Firm/A

Startup?

After completing the course significantly improved Practice," I was able to

significantly improve my comprehension of the fundamental aspects of

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entrepreneurship, including their characteristics ness owners and the characteristics

they possess. As a result of participating in the program, I have been able to evaluate

my capabilities and determine the direction I want to take in my professional life

regarding whether or not I want to start my own company or work for one already well-

established.

As an investigation we did in this unit, becoming an entrepreneur is one of my

top career priorities. I now have a better understanding of what it takes to become an

entrepreneur, as well as the risks affiliated with that path, thanks to the evidence I

uncovered in this module. In light of the evidence presented here, I possess the

competencies and characteristics essential to becoming a prosperous business owner.

My findings on the GET test indicated that I have a high need for achievement, am

willing to take risks, and am passionate about myself, all associated with successful

entrepreneurs. In addition, the results of my research demonstrated that I have strong

problem-solving abilities, which will be necessary for becoming an entrepreneur.

In addition, I possess the necessary enthusiasm and drive to one day launch

my own business. I am driven to achieve my goals by the prospect of making something

out of nothing and by the difficulty of establishing a profitable enterprise. Being an

entrepreneur presents opportunities for professional and personal advancement, which

is another motivation for me in this field. My experience has led me to believe that

participating in this process will assist me in developing my leadership, problem-solving,

and communication skills, which will be extremely beneficial to me in any potential

career I pursue.

What Type of Firm Do I Want to Start or Join?

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After researching the different business options, I've concluded that I want to

launch my social enterprise or join an existing one. Businesses that use the resources

and influence of business to solve societal problems are known as social enterprises.

Rather than concentrating merely on maximizing profits, their main objective is to bring

about favorable social or environmental change. Because it satisfies both my interest in

business and my longing to have a constructive influence on the world, this specific kind

of enterprise particularly piques my curiosity.

I have the knowledge and experience to be effective in a social enterprise. My

studies of business and an understanding of how startups are developed have equipped

me with the knowledge and self-assurance required to pursue this kind of company. My

background in the business world has equipped me with the knowledge and skills

necessary to manage a company effectively. In addition to having experience in

marketing, finance, and operations, I also have a solid grasp of the legal and ethical

challenges inherent to running a company.

Justification of my Answer With Logical Reasoning and Discussing How

my Learning in This Module Will Support Entrepreneurial or Intrapreneurial

Journey?

To a great extent, this lesson's study and evidence-based presentation have

enriched my knowledge of the many facets of entrepreneurship. As a result, I now

understand the skills and personality traits essential to running a thriving business.

Thanks to the GET findings, I identified my inherent business understanding, which

gave me the confidence to strike out as an entrepreneur.

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My understanding of the many aspects of entrepreneurship and

intrapreneurship has been greatly enhanced by the knowledge and experience I have

gained throughout this module. I've learned more about the different types of

entrepreneurial personalities and characteristics and some of the psychological

approaches to launching and running a company. I've learned the value of innovation

and ingenuity in the business world and the factors that make entrepreneurs and

intrapreneurs successful. This knowledge and abilities will be crucial as I work toward

my professional objectives.

Furthermore, the knowledge I will acquire from this lesson will be invaluable as I

pursue my goal of becoming an entrepreneur. My knowledge of company structures,

legal and ethical considerations, and the potential downsides of venturing out on my

own have all been enhanced by this module. In addition, it has provided me with the

skills and understanding necessary for business administration, including marketing and

financial management. In my pursuit of becoming an entrepreneur, this will be crucial

information, and I doubt that the skills and understanding I have acquired from this

module will serve me well in the coming years.

Conclusion

In short, in the twenty-first CenturyCentury, established businesses and startups

with big dreams can make a difference. Established businesses can meet the needs of

their customers, create new positions in the labor force, and frequently invest in

research and development of innovative new products and innovations. However, new

companies, also known as startups, have the potential to create game-changing ideas

and innovations that could fundamentally alter the way we live and work. Change-
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making inventions of this sort are possible. Further, they can introduce novel goods and

services to the market, which can help the industry grow and produce additional jobs.

Furthermore, entrepreneurialism and the launch of new companies are crucial

to the progress of society in the twenty-first CenturyCentury. This is because learning

and teaching are the main motors behind technological development, economic growth,

and a rise in employment possibilities. The information I gained from this module has

given me the tools I need to set my career goals. In particular, I can choose between

starting my firm and working for an existing one. My career goals have led me to

conclude that being an entrepreneur appeals to me, and I would be especially

interested in starting or working for a social business. This conclusion was reached after

careful consideration of my career goals. The skills and understanding I have acquired

through this program will be critical to my long-term success as an entrepreneur.

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References
Aparicio, S., Turro, A., & Noguera, M. (2020). Entrepreneurship and intrapreneurship in

social, sustainable, and economic development: Opportunities and challenges for

future research. Sustainability, 12(21), 8958.

Blanchard, R. (2011). Creating wealth with a small business: strategies and models for

entrepreneurs in the 2010s. iUniverse.

Groen, A., Cook, G., & Van der Sijde, P. (Eds.). (2015). New technology-based firms in

the new millennium. Emerald Group Publishing.

Šebestová, J. (Ed.). (2020). Developing Entrepreneurial Competencies for Startups and

Small Business. IGI Global.

Soltanifar, M., Hughes, M., & Göcke, L. (2021). Digital entrepreneurship: Impact on

business and society (p. 327). Springer Nature.

Wall, K. (2010). Engineering: Issues, challenges and opportunities for development.

UNESCO.