ROLE OF ENTREPRENEURSHIP IN MODERN BUSINESS

Role of Entrepreneurship in Modern Business

Abstract

Certain individuals play key roles in shaping organizations, institutions, and society. These actors break with the dominant system and develop alternative arrangements, including through the formation of new programs, organizations, and industries. Due to the impact of these institutional entrepreneurs, it is important to understand what leads to their behaviour and how they enact change. The objective of this research proposal is to explore the concept of entrepreneurship and its impact on modern business.

Table of Contents

INTRODUCTION4

Aims and Objectives of the research4

LITERATURE REVIEW5

Role of Entrepreneurship in Modern Business5

The three Es of business management6

Important role played by Entrepreneurship of creative industry in economy of UK:10

METHODOLOGY11

Research Design11

Outline of overall strategy12

Underlying assumption12

Data collection methods13

How result will be analysed13

Explanation of the rationale for your proposed methods13

Possible alternative to your proposed methods13

Any difficulties and uncertainties14

Ethical Issues in Research14

Limitations and Suggestion for Future Research15

RECOMMENDATION AND CONCLUSION16

REFERENCES17

APPENDIX19

Questionnaire Survey19

Gantt chart21

Time line22

Introduction

Creative Entrepreneurship is a practice of setting up oneself as self-employed or setting up a business in the creative industry. Traditionally, there is an argument that new innovative businesses move the less innovative enterprises out of the business. This has gradually led towards an economic growth of the industry. Besides biotechnology, the policy makers consider creative industry to be among the few economic divisions that possess potentials for creating employment and growth. These industries accounts around 5 percent of the GNP in majority of the countries in UK and has shown higher growth rate than the other industries. In addition to this, Creative industry has provided important inputs to other industries, for example: the product designing or tourism (Acs, Florida and Lee 2007, pp: 879-891).

Aims and Objectives of the research

This research aims to investigate the concept of entrepreneurship and the role that entrepreneurs play in modern business and its impact the organisational performance. So, the objectives of this study are to:

Find out the role of entrepreneurship in modern business.

What role do entrepreneurs play in sustaining business in the modern era?

What are challenges that entrepreneurs face in the modern economic conditions?

Make recommendations for entrepreneurs on how to face the challenges of the modern world.

Literature Review

Role of Entrepreneurship in Modern Business

The individual personality characteristics determine the entrepreneurship skills, but the corporate culture also plays a role. The entrepreneur of a multinational business must ensure that the management team with local market is taking the right decisions at the right time and that mechanisms exist for everyone in the company to learn from those decisions (Acs, Florida and Lee 2007, pp: 879-891). There must be some sort of coordination mechanism that enables the entire company to learn from local successes. It is a great challenge for leaders. The achievement of employee turnover is something but not everything. It is necessary to do more. It is necessary that the information flow for the proper coordination and collaboration (Acs, Florida and Lee 2007, pp: 879-891).

Global entrepreneurs should include not only the culture and markets in other countries, but also know ...