This essay demonstrates the motivations of entrepreneurs to contribute to sustainable regional development. It also evaluates the nature of the enterprise, entrepreneurship, and entrepreneurial motivation that could be imperative for the business and get higher competitive benefits. In addition, it evaluates the role of enterprise within economics and society, including social entrepreneurship and eco-premiership.
Critically evaluate the motivations of entrepreneurs to contribute to sustainable regional development
Enterprise could consider many characteristics like enterprise origin, problem-solving, exploit the idea, fill the gap, and explore knowledge (Sweetman & Pearson, 2018). These are discussed as below:
An entrepreneur is a person who categorizes risks to evaluate the earning expectation of the profit leanings. It would lead the firm to make a higher profit in limited time and cost. Enterprise could evaluate the issues of the society members and make a reliable decision. Moreover, it is also examined that enterprises could consider the internet to examine the behaviour of consumers towards products and services (Hjorth & Holt, 2016). It could lead an enterprise to retain their consumers for the long term. A larger number of the organization could exploit their idea and make an invention in the regional as well as the specified area. Once the invention could be turned into the products and services then it could lead the firm to make a higher profit. Enterprises could start their business to determine the gap among the existing and emerging market. Spec savers use many online methods and reach their valid caisson. Enterprises could enter in the market because of producing products and services at a cheaper rate as compared to the existing market firm. It could support to make a huge amount of the existing cost.
Entrepreneurship could lead the firm to make their unique image in the marketplace. It considers many characteristics named economic activity; entrepreneurship involves innovation, goal-oriented activity, risk bearing, and value creation. These are discussed as below:
Entrepreneurship could be an economic activity because it entails the enterprise operation. It is generally concerned with the distribution and production of products and services (Aliaga Isla, 2015). It is effective to make a favourable decision in the context of the organization. Entrepreneurship considers many factors like revolutionizing, changing, transforming, and introduce new structures. Moreover, it is also examined that entrepreneurship is an innovative activity as it considers new and systematic better. In addition, it is evaluated that innovation might take several procedures like a new good, a new source of raw material, a new method of production, and manufacturing (Acheampong & Esposito, 2014). Moreover, it is evaluated that innovation is the procedure of doing something in a systematic manner. Innovation is an imperative tool of the entrepreneurship. Thus, it is examined that entrepreneurship is the process of getting higher competitive benefits.
The entrepreneurship could rely on goal-oriented activity that leads enterprises to make a huge amount of profits and satisfy consumer’s needs. Thus, it is evaluated that goal-oriented activity could be imperative for accomplishing the desired goal in the least time. Thus, it is examined that entrepreneurship activities do not rely on the paper decisions entrepreneurship because it relies on the goal-oriented acts.
Value creation is also an imperative part of the entrepreneurship as it will permit to get higher competitive benefits in the least time and cost. Moreover, entrepreneurship could facilitate to conduct many activities named launching of new goods and services, approaches, transactions, technologies, and resources to contribute in the community (Gereffi, Frederick and Gereffi, 2010). Furthermore, it can also be examined that entrepreneurship is the resources that are changed into outputs like products and services. In addition, it is evaluated that transformation procedure could be created to get higher benefits.
Enterprise creation is considered as one of the major characteristics of the entrepreneurship which leads to the creation of the enterprise. The entrepreneur keeps the motive which helps them to pursue the opportunities for the create value and innovation which reflects in the actions and efforts. Entrepreneurship offers a creative response to change that takes place in the environment which majorly include the innovation an something innovative for the improved and new product.
The element of entrepreneurship is the risk which is considered as inseparable and inherent. Entrepreneurs who perform their operations in the uncertain market already determine the uncertainty of future. In addition, entrepreneurs who look for the profit can also face the possibility related to the loss in the market due to competitors (Kirzner, 2015).
There are two factors that mainly influence entrepreneurs like external as well as internal factors. These are discussed as below:
Internal factors could be a factor that could consider many factors like the need for self-actualization, Positive attitude, Self-motivation, Enthusiasm, Education, Background, and Financial background. It could influence entrepreneurs to start their business. These are discussed as below:
Entrepreneurs could be motivated by many characteristics of an individual named self-esteem, social, safety, and physiological need. It could lead to get higher benefits in the least time and cost. The positive attitude of an entrepreneur could also motivate them to start their business in the least time (Burns, 2016). Moreover, it is also examined that the positive attitude of an entrepreneur could also facilitate them to make a positive atmosphere that would be imperative for the accomplishment of the desired goal.
Self-motivation to do something big is one of the major factors that motivate the entrepreneur to come up with the new idea and to serve valuable products and services in the market to the target audience. The enthusiasm of the entrepreneur towards the business helps in starting a business and achieving the profit which is must for the survival of the business operations. In addition, the enthusiasm of the entrepreneur is the only key to the success in the near future (Rigolizzo & Amabile, 2015).
Education is one of the factors which motivate the entrepreneur to perform the operations of the business. The education shows the right way and method to make use of the money which contributes to success. An educated person always remains motivated for the steps or actions that they are taking for success. The family background of the entrepreneur contributes to motivating them for the steps that they are taking for the success of the business. An educated family background with good financial stability helps the entrepreneur to maintain the funds to start the business. Along with this, strong family background offers the help and suggestions which leads to success. The financial background supports and motivates the entrepreneur to open their business in the market. In addition, they have more chances of success because they can borrow the funds with no interest (Kuratko, Morris & Schindehutte, 2015). In addition, they work with less stress of earning amount at the initial of business because they have a strong background.
The external factors that could be considered include influence, availability of resources, the demand of the product, technology advancement and many other. These factors are discussed below: –
Influence motivates the entrepreneur to open the business and this influence occurs from family members, friends, society members and many others. The extent of influence of the person can lead to the effect on the character, behaviour and development of entrepreneur (Corbett, Mitchell, Shelton & Wood, 2018). The availability of the resources in the market is one of the factors that influence the entrepreneur to open the business. These resources include land, labour, money, machinery, material and many others (Rajabi, Brashear-Alejandro & Chelariu, 2018). Though an entrepreneur majorly needs the creativity, intelligence, commitment and other factors but sometimes resources also become the obstacles for an entrepreneur.
The rise in the demand of the specific product motivates the employee to open the business operations with the innovation. Thus, the demand in the market motivates to start the business and gives a satisfaction for the success. The technology advancement is one of the external factors which motivate to open the business. In the current era, there is a tremendous rise in the use of technology in the business which makes the operation easy and contributes to success. In addition, the effective use of the technology will help the entrepreneur to earn high revenue (Gassmann, Enkel and Chesbrough, 2010).
Entrepreneurship is considered as creative and forward thinking of the person to run the business. Though, the business run on money and entrepreneurs are often an emphasis on a major deal with more than their bottom line. The entrepreneurship contributes to society by leading the path and by inventing the innovative solution related to the practical, financial and social issues.
One of the entrepreneurs that have been selected for evaluating the motivations of entrepreneurs to contribute the sustainable regional development is Mr Perkins. Mr Perkins is an entrepreneur who was born in Llanelli, Carmarthenshire and grew-up in Ammanford. Ammanford builds up in Specsavers with his Bristol-born wife of Dame Mary to whom he met while studying optometry at Cardiff University (BBC News, 2018). The entrepreneur supported the company who is increasing 61% in wealth as one of the biggest in the rich list for the years. This wealth offers Mr Perkins and his family a fortune of more than £1.4bn. The family has overtaken the computer and telecom entrepreneur Sir Terry on the Welsh rich list. The same is considered as the third after the wealth dropped by£150m this year to £1.04bn (BBC News, 2018).
Local economies realize that there are different benefits from the activities that are undertaken by the local and small businesses. Small business can also realize the competitive advantage by offering employment to the local people in their marketing and service activities. This has been found that the small business offers the most important benefits which include a boost in discretionary income an employment in the community with a rise in tax income for the local government and a loyal customer base for small businesses.
Entrepreneurs make use of innovation which is essential to form the products and services in the market. In addition, Mr Perkins, an entrepreneur also makes use of the innovation to solve the problems faced by them in the market. The innovation helps the entrepreneurs to make the profit which is must for the survival of the entrepreneurs and they don’t have the luxury of being impractical. The products and services are essential to be functional and it is required to be designed cost effective for the customers. In addition, the products and services should appeal to enough people for making it feasible to create the products. Though, this is the fact that the first computers were formed in the university and government settings as it took an entrepreneur who adapts the idea of widespread appeal with the practicality (Gassmann, Enkel and Chesbrough, 2010). Similar to this, the government may have mandate environmental standards that enforce the reach of the business and individual to threshold the level of sustainability. Though, when entrepreneur like Mr Perkins brings the products that are genuine in appealing and for offering real solutions to the world gives the idea to get more considerable more traction.
In the local economy, the personal advantage that a business is maintaining is to boost in the employment opportunities in the region. The rise in the employment level of the country affects the living standard such as a rise in disposable income, foreclosure rates of homes and the new small business start-ups (Muñoz & Cohen, 2018). Mr Perkins, an entrepreneur employ people in the local community can stimulate the word-of-mouth or personal selling advertisement for generating awareness for the company. This has been assuming that the company treats their employees in a positive manner. In addition, the employment of the local employees for the entrepreneurs cultivates the sense of community which is essential as this can leads to the brand of local business.
The business which is operating their operations in the local market contributes significantly in all the portions of taxes in the United Kingdom. The taxes which are majorly paid by the entrepreneurs include income tax, property tax and employment tax. The rise in the businesses opportunities for the entrepreneurs in the local market can boost the tax income for the local government by raising funds for the repairing the roads, improving public services, developing schools and many other.
The access to the services is considered as one of the effective regional development which reflects the contribution of entrepreneurs. The standard of living rise with the rise in local employment, presence of numerous business types contribute in raising the living standard of people, the wide range of services and amenities also increase the access to services (Biberhofer, Lintner, Bernhardt & Rieckmann, 2018).
The regional development also increases the political advantage as entrepreneurs in the market for the connection with the local community that helps them to lend a hand in community-focused actions related to politics. The entrepreneurs can contribute in the fund and organizing the campaign majorly for the lobbying, letter-writing and different activities related to politics that influence the legislator on different issues that create an impact on the local community. Entrepreneurial in the market can motivate for the right candidate for developing nation.
The entrepreneurs who form the businesses with a local focus maintain an advantage of cultivating a loyal customer base mainly when their services remain in the threat by the big-box chain stores in the area. Therefore, the entrepreneur effectively needs to manage a certain level of suitability in finance which helps in maintaining a positive reputation (Biberhofer, Lintner, Bernhardt & Rieckmann, 2018).
Conclusion
With respect to the above discussion, it can be concluded that the entrepreneurship could be imperative for taking the right steps towards sustainable regional development. The report includes the concept of the enterprise and entrepreneurship with the support of their nature in the business environment. Along with this, there is discussion related to the internal and external factors that motivate the entrepreneur for starting the business. In the end, the report critically evaluates the motivation factors that help the entrepreneur for the contribution towards the sustainable regional development. This discussion has been done considering the local entrepreneur Mr Perkins.
References
Acheampong, G., & Esposito, M. (2014). The nature of entrepreneurship in the bottom of the pyramid markets. International Journal of Entrepreneurship and Small Business, 21(4), 437-456.
Aliaga Isla, R. (2015). Handbook of Research on Entrepreneurship. What We Know and What We Need to Know. International Journal of Entrepreneurial Behaviour and Research. 9(1), 7-15.
BBC News. (2018). Three Welsh billionaires on Sunday Times Rich List. Retrieved from: https://www.bbc.com/news/uk-wales-32462705
Biberhofer, P., Lintner, C., Bernhardt, J., & Rieckmann, M. (2018). Facilitating work performance of sustainability-driven entrepreneurs through higher education: The relevance of competencies, values, worldviews and opportunities. The International Journal of Entrepreneurship and Innovation, 11(1), 27-30.
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Corbett, A., Mitchell, R., Shelton, L. M., & Wood, M. (2018). The attitudes, behaviours and cognition of entrepreneurs: rebels with a cause. International Journal of Entrepreneurial Behavior & Research, 24(5), 938-946.
Gassmann, O., Enkel, E. and Chesbrough, H. (2010). The future of open innovation. R&d Management, 40(3), pp.213-221.
Gereffi, G., Frederick, S. and Gereffi, G. (2010). The global apparel value chain, trade and the crisis: challenges and opportunities for developing countries. Washington, DC: World Bank.
Hjorth, D., & Holt, R. (2016). It’s entrepreneurship, not enterprise: Ai Weiwei as entrepreneur. Journal of Business Venturing Insights, 5, 50-54.
Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago Press.
Kuratko, D. F., Morris, M. H., & Schindehutte, M. (2015). Understanding the dynamics of entrepreneurship through framework approaches. Small Business Economics, 45(1), 1-13.
Muñoz, P., & Cohen, B. (2018). Sustainable entrepreneurship research: Taking stock and looking ahead. Business Strategy and the Environment, 27(3), 300-322.
Rajabi, R., Brashear-Alejandro, T., & Chelariu, C. (2018). Entrepreneurial motivation as a key salesperson competence: trait antecedents and performance consequences. Journal of Business & Industrial Marketing, 33(4), 405-416.
Rigolizzo, M., & Amabile, T. (2015). Entrepreneurial creativity: The role of learning processes and work environment supports. The Oxford handbook of creativity, innovation, and entrepreneurship, 61-78.
Sweetman, C., & Pearson, R. (2018). Gender, Business and Enterprise. Practical Action Publishing.
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