Entrepreneurship

Abstract

This research deals with the entrepreneurship and its associated challenges and difficulties in the 21st century. The entrepreneurship and entrepreneurs are facing difficulties in getting funding and managing the cash flow. The research is using both the methods for data collection which is primary and secondary. According to the findings, the graphs are plotted and the results are determined. The research questions are well framed. The literature depicts that women entrepreneurs are facing issues in entrepreneurship. It can be concluded that there is a need to identify more such factors which create complexities in the entrepreneurship and solutions must be found out to resolve these.

Contents

Introduction.

Data.

Primary data collection.

Secondary data collection.

Relationship with existing literature.

Quality of the Primary Research and Findings.

Research Instrument

Graphs and tables to visualise findings (Primary).

Findings (Secondary).

Quality of Conclusion. 

References.

Introduction

This report mainly focuses on the research related to the entrepreneurship in the 21st century. This topic is of great significance. An individual who wishes to start a novel business to earn sustainability and profits then that individual is known as an entrepreneur and the whole process is known as entrepreneurship. Entrepreneurship is described as to start, to design, to do inauguration and to run a business through which profits and the company’s objectives can be achieved(Razak et al. 2018). It begins with a small business like a start-up which is providing a service or product for selling. In the current report, research has been done to search for the challenges and issues faced by entrepreneurship in the 21st century.

Additionally, it can be stated that small and micro industries influence entrepreneurship and the economy. It assists in supporting the economy of the nation. Small business entrepreneurship is one of the leading types of entrepreneurship in the marketplace. In this type of entrepreneurship, start-ups are at a smaller level whose main objective is to support the family. It includes travel agents and consultants. There are three main types of entrepreneurs which include small business owners, social entrepreneurs and business entrepreneurs.

Practically, there are 2 renowned companies like Microsoft and Apple which are considered in the marketplace. The founders of the company are Bill Gates and Steve jobs who are well known for their entrepreneurship, novel information of products and creative thinking for the marketplace and the unique way of managing risks. Bill Gates is also known for his present social entrepreneurship with his establishment.This report deals with the exploration of the lifeworld of an entrepreneur. The major focus of this research is on evaluating and discussing the complexities, pressures and skills which are linked with entrepreneurship in the 21st Century.

Data

Primary Data Collection

This is the major stage of the research in entrepreneurship. There is a bulk of records available on the web for entrepreneurship. The primary task is to acquire helpfulevidence from those sets of availableevidence. The current research study uses primary method for research in entrepreneurshipso the data will be most recent. The assemblage of this type of facts requires extra efforts to be incorporated. So, it becomes time-consuming. This is not in the case of a secondary method of facts and figures collection. Generally, the survey is utilized in primary data collection.

This method is applicable in this research since the research is related with entrepreneurship in the 21st century. A survey will be done in this research. Firstly, the numbers of respondents to be considered are finalized. Here, around 200 individuals will be chosen. These individuals are selected from distinct and unique areas(Obschonka et al. 2017). For this survey, there is the necessity of making a questionnaire. This questionnaire will combine certain queries which need to be replied by the persons. The complete survey will then yield profitable information about challenges of entrepreneurship.

In this way, information for this study iscollected. The selection of individuals is done on a random basis. It assists in gathering more distinct information. It enables to gain a wide variety of information. Random way of selection of individuals is a very efficient way of conducting a survey. The questionnaire provided to the individuals is through electronic way. Electronic way assists in gaining a proper understanding of the behaviour of the survey as well as to measure the statistics. The motivation behind effective data collection is to assist in making many decisions regarding the challenges of entrepreneurship.

Secondary Data Collection

This is one of the most significant steps of a research of entrepreneurship. If the data is not clean, it can affect the entire research. But, if the data is properly identified and error-free then it can lead to high research outcomes in the topic of entrepreneurship. In many of the company’s, growth is dependent on the research which is carried out. It is of great importance if already present data on the web can help to depict challenges of entrepreneurship in the 21st century. There is a large bulk of data presented on the internet. The major task is to recognize and retrieve the beneficial data from those sets of obtainable data related with entrepreneurship. The process of data collection is to assemble historic facts and figures and quantity those in a systematic manner.

This helps in providing replies to many research questions, justify hypotheses and also to assess certain results (Jones et al. 2020). This research deals with the secondary type of data assemblage. The gathering of such type of data consumes less amount of time since it is already available on the web. Primary data collection, on the other hand, is more time-consuming. The secondary class of data collection helps to justify the research scenarios efficiently for entrepreneurship. Numerous databases exist on the web to gather the data regarding the difficulties faced in entrepreneurship. In the second class of data collection, the most common ways are to conduct group discussions,interviews, experiments orquestionnaire.

Others are analysis of document or simply observance. Interviews can be conducted in groups or individually. Textual investigation or visual examination is also considered as good tactics of data collection. Two or more approaches can also be merged to enhance the believability of the research(Di Fabio and Duradoni 2019). Secondary data collection technique is mostly applied to those researches which address complex and sensitive areas like entrepreneurship, or research areas containing several obstacles and barriers. The main aim of the secondary technique is to clearly explain any judgments made concerning missing facts so that the interpretation procedures of understanding become crystal clear. Therefore, this is the most appropriate technique for this research of entrepreneurship and its challenges.

Relationship with Existing Literature

As indicated by Saini and Jain (2018) the women entrepreneurs are possible emergentHR in the 21st century. This will help in reducing the economic challenges worldwide. Nowadays women are moving forward with their career and they are no longer restricted to homes. Women can convert economies into flourishing enterprises. All the nations whether developed or developing have understood that the women entrepreneurship is crucialin economically leadingcountry in the current high-tech world. So, there is acreation of platforms and systems for business culture are noticeable issues worldwide. An entrepreneur is a person who holds a vision for economic growth and challenges are the impairments on the way towards the attainment of the final objective.Opportunities are chances for emergingskillfully or personally (Saini and Jain 2018).

As indicated by Steinerand Teasdale (2016) it is required to find that how promising social industries move beyond the development phase. Also, it helps to improve understanding of how early-stage social industriesuse finance to attain growth. As per the paper, the findings are that the social capital permits a social industry founder to use financial capital to demonstrate the concept, and openly attract investment from friends and family for start-up charges. For getting funding, social businesspersonsmake the required image. Also, it is important to create the right impression in safeguardingmonetary capital (Steiner and Teasdale 2016).

As indicated by Kuratko and Morris (2018),there is entrepreneurship everywhere which includes communities, campuses and borders. Entrepreneurship can be defined in numerous ways. Entrepreneurship is an action on identifying and capitalizing on chances for the reason of economic or social gain. The paper investigates 6 routes that will considerablyimpact the future of this entrepreneurship(Kuratko and Morris 2018).

As indicated by de Pablo Valenciano et al. (2019) entrepreneurship is a topic of interest which is presented in the educational system. Entrepreneurship is a topic which deals with the scientific researches which are published as case studies and novel methods. The paper presents the major work in the research area. For this reason, a bibliometric retrospective description analysis of the documents was carried out among the year 2001 and 2018.Numerous variables were used for the examination of the research. Relevant filter ewer applied. The outcome indicated optimisticprogress in the number of research articles and citations. The databases show that US and UK are the most significant nation in the third field(de Pablo Valenciano et al. 2019).

As indicated by Garg and Agarwal (2017), every country requires entrepreneurs for their economic development in the world of competition. The actions of entrepreneurs and entrepreneurship are dominated by males. Nowadays, women are emerging as the main player in the economic growth of the country. Women became more aware and they have passed from improved services of education.This change of the public is away from the women entrepreneurs who not only face problems while starting up a company but in the running stage also.

Worldwide the women are playing a crucial role in supporting both social growth and economic development. There are numerous socio-economic difficultieswhich are faced by women during their attempts to run their own companies. The paper explains the image of entrepreneurswho are females and this significance. The complexities are recognised which are confronted by female entrepreneurs with the assistance of numerous literature. Also, the advice is provided to overcome the problems (Garg and Agarwal 2017).

Quality of the Primary Research and Findings

Primay research and data analysis is the most important fragment of this research study. The objective of facts examination forentrepreneurship is to check, make clean, categorized, alter and develop the accumulateddata and figures for makingassumptions from them. Appropriate data examination of entrepreneurshipsupports establishments to obtain valuable information about the corporate process. There are various research questions for entrepreneurship which require replies to solve the problem. Generally, data modeling and data mining skills are utilized in primary analysis of data so that the evidence can be presented in a sensible form(Kapur 2016).

The real stages ofdata inspection for entrepreneurship include estimation of unprocessed data, accumulation of data, noticing statistics, and keeping data record.This way is followed for forming implications. Suitable evidences are mined to derive the stated data. Data analysis is utilized when the predictive model is desired for business processes. Therefore, the forecast is essential in these tasks and forecasting results assists in avoiding risks. This research requires the forecasting of challenges of entrepreneurshipin the 21st century. To reduce or avoid risk from occurring in this research it is required to select and use suitable equipment. Mostly, utilized data examination systems are quantitative and qualitative methods.

In qualitative, the participation of figures is nearly no or very fewer whereas in the case of quantitative, mostly figure are involved. There are numerous tools which can be acquired for the data investigation. These tools must be well-armed with correlation techniques,regression formulas and SPSS. For executing the statistical processes, SPSS analysis is extensively utilized by the scholar. This equipment is very efficient in data management. Also, it gives whole control to the scholar who is operating the tool SPSS.Statistical Package for Social Sciences is mostly utilized by scholars to perform arithmetical examination. 

Research Instrument

The research instrument is used for the grouping of information to direct the research examination. A sample survey is done with the assistance of the questionnaire to lead the investigation study. In quantitative research strategy, there are many investigating tools available out of which generally tests and questionnaire form are viewed more. A questionnaire form is a research tool containing an arrangement of inquiries with the point of amassing raw facts from the participants. A questionnaire form can be unstructured or it very well may be organized. The survey involves different decision questions. In this manner, there can be no longer answers to the questions. There will be possibilities for every question out of which one will be picked as an answer by the participants.

The selected participants for this survey belong to dissimilar sections of the public like administration section, client care section, operation section, accounting section, promotion section, HR section. A random method will be applied to select the participants for this survey. There are diverse kinds of questionnaire forms which incorporate telephonic survey, PC poll, mail poll, open surveys and so on. In the exhibited research a PC questionnaire form is used which has different decision questions(Law 2019). Research tools are used by specialists to accomplish their expressed goals when driving an examination study.

The examination tool must be recognized based on their appropriateness of the exploration. Any research tool is considered as great if that is stable, genuine and can be applied easily to a research study. Research records help in giving the approvals and checks of the expended research tools. There are various available research tools for conducting a research study.

Graphs and Tables to Visualise Findings (Primary)

The primary quantitative way of research deals with conducting survey. For this survey, we have taken 200 participants.

Questionnaire: The replies to the research questions of the questionnaire will be given as:

  • Strongly disagree

  • Disagree

  • Neutral

  • Agree

  • Strongly Agree

Research questions: The following are the research questions for the survey(Zainuddin et al. 2017):

  1. Are entrepreneurs of the 21st century capable to find the right partners?

  2. Are entrepreneurs of the 21st century capable to manage the cash flow?

  3. Are entrepreneurs of the 21st century capable to handle future uncertainties?

  4. Are entrepreneurs of the 21st century getting funded easily?

  5. Are the situations for female entrepreneur’s start-ups difficult?

Dummy tables: Dummy table for the questions of the questionnaire are:

  1. Are entrepreneurs of the 21st century able to find the right partners?

Table 1 Dummy table

Question

Counter

Percentage

1. Strongly disagree

60

30

2. Disagree

40

20

3. Neutral

50

25

4. Agree

30

15

5. Strongly agree

20

10

Total

200

100

Graphical representations for dummy table 1

Figure 1 Graphical representations for dummy table 1

  1. Are entrepreneurs of the 21st century able to manage the cash flow?

Table 2 Dummy table

Question

Counter

Percentage

1. Strongly disagree

70

35

2. Disagree

30

15

3. Neutral

30

15

4. Agree

40

20

5. Strongly agree

30

15

Total

200

100

Graphical representations for dummy table 2

Figure 2 Graphical representations for dummy table 2

  1. Are entrepreneurs of the 21st century able to handle future uncertainties?

Table 3 Dummy table

Question

Counter

Percentage

1. Strongly disagree

50

25

2. Disagree

50

25

3. Neutral

40

20

4. Agree

30

15

5. Strongly agree

30

15

Total

200

100

Graphical representations for dummy table 3

Figure 3 Graphical representations for dummy table 3

  1. Are entrepreneurs of the 21st century getting funded easily?

Table 4 Dummy table

Question

Counter

Percentage

1. Strongly disagree

50

25

2. Disagree

30

15

3. Neutral

50

25

4. Agree

40

20

5. Strongly agree

30

15

Total

200

100

Graphical representations for dummy table 4

Figure 4 Graphical representations for dummy table 4

  1. Are the situations for female entrepreneur’s start-ups difficult?

Table 5 Dummy table

Question

Counter

Percentage

1. Strongly disagree

70

35

2. Disagree

30

15

3. Neutral

30

15

4. Agree

30

15

5. Strongly agree

40

20

Total

200

100

Graphical representations for dummy table 5

Figure 5 Graphical representations for dummy table 5

Findings (Secondary)

For secondary qualitative way of research, an interview is carried out. An interview is conducted with the entrepreneur of a small business Gekko Partners for about 30 minutes. Numerous questions regarding the secondary research were asked and replies were gathered in the interview. The replies are very significant since it helped to gain more information about the entrepreneurship and its challenges in the 21st century. The questions were based on the literature review(Block 2018). As per the literature, the women entrepreneurs are facing challenges in the 21st century. So, the first question was related to this. The question was:

Are women entrepreneurs facing challenges in the 21st century? What are the different types of challenges faced by women? How can it be resolved? What procedures will be used?

The entrepreneur gave satisfactory responses to these questions which proved that there are some difficulties for the women entrepreneurs.

Are the entrepreneurs getting funded easily? What are the obstacles to getting funded for start-ups? How these obstacles can be removed?

The entrepreneur gave satisfactory responses to the questions which proved that there are some challenges in getting funded(Kerr et al. 2018).

Are the entrepreneurs able to manage the cash flow? What are the obstacles in handling the cash flow in start-ups? How these barriers can be removed?

The entrepreneur gave satisfactory responses to the questions which proved that there are some issues in managing the cash flow(Palazzeschi et al. 2018).

The findings of the secondary research depicts that there are some challenges for the entrepreneurship like cash flow management and issues which are faced by women entrepreneur in the 21st century. The future researches should work on the improvement of these issues.

Quality of Conclusion

It can be concluded from the above report that the research in the field of entrepreneurship is very effective as it provides results regarding the challenges which are faced by the entrepreneurs in the 21st century.It became known that entrepreneurship helps with supporting the economy of the country. It has been observed that the entrepreneurs and entrepreneurship are facing problems in getting funding and handling the cash flow. The research is based on both the methods for data collection which is secondary and primary. According to the findings, the graphs are prepared and outcomes are shown. The research questions are outlined in a good way which serves the purpose of the research.

The questionnaire is prepared considering all the important points related to the research.The data is analysed carefully. The interview which was conducted gave fruitful results to gain more understanding regarding entrepreneurs and entrepreneurship in the 21st century. Both the primary and secondary data gave positive results for the research. According to the literature review, it is found out the women entrepreneurs are facing certain problems in entrepreneurship.It can be determined that there is a requirement to recognize more such issues which generatecomplications in the entrepreneurship and resolutions must be set up out to solve these.

The major challenges which the entrepreneurship is facing in the 21st century are related to the difficulties faced by women entrepreneurs since nowadays women are not limited to homes and have working in various areas. Secondly, the entrepreneurs are facing problem in getting funding for their start-ups. Thirdly, other issues arise in the management of cash flow.In any research, it is required to follow ethical values. It will make the research more valuable. So, all the principles of ethics are used in conducting this research.

References

Block, D. 2018. What would Karl say? The entrepreneur as an ideal (and cool) citizen in 21st-century societies. Language Sciences, 70, pp.16-25.

de Pablo Valenciano, J., Uribe-Toril, J. and Ruiz-Real, J.L. 2019. Entrepreneurship and Education in the 21st Century: Analysis and Trends in Research. Journal of Entrepreneurship Education.

Di Fabio, A. and Duradoni, M. 2019. Intrapreneurial Self-Capital: A Primary Preventive Resource for 21st-Century Entrepreneurial Contexts. Frontiers in Psychology, 10, p.1060.

Garg, S. and Agarwal, P. 2017. Problems and Prospects of Woman Entrepreneurship–A Review of Literature. IOSR Journal of Business and Management, 19(01), pp.55-60.

Jones, P., Apostolopoulos, N., Kakouris, A., Moon, C., Ratten, V. and Walmsley, A. 2020. Contemporary Issues in Entrepreneurship Research. Abstracts deadline, 30(2019).

Kapur, V. 2016. Women and Entrepreneurship in the 21st Century: Challenges and Issues. JIMS8M: The Journal of Indian Management & Strategy, 21(2), pp.51-56.

Kerr, S.P., Kerr, W.R. and Xu, T. 2018. Personality traits of entrepreneurs: A review of recent literature. Foundations and Trends® in Entrepreneurship, 14(3), pp.279-356.

Kuratko, D.F. and Morris, M.H. 2018. Examining the future trajectory of entrepreneurship. Journal of Small Business Management, 56(1), pp.11-23.

Law, A.U.C. 2019. Entrepreneurship and Development in the 21st Century. significance, 163, p.164.

Obschonka, M., Hakkarainen, K., Lonka, K. and Salmela-Aro, K. 2017. Entrepreneurship as a twenty-first-century skill: entrepreneurial alertness and intention in the transition to adulthood. Small Business Economics, 48(3), pp.487-501.

Palazzeschi, L., Bucci, O. and Fabio, A.D. 2018. High entrepreneurship, leadership, and professionalism (HELP): a new resource for workers in the 21st century. Frontiers in Psychology, 9, p.1480.

Razak, N.S.N.A., Buang, N.A. and Kosnin, H. 2018. The Influence of Entrepreneurship Education towards the Entrepreneurial Intention in 21st Century Learning. The Journal of Social Sciences Research, pp.502-507.

Saini, K. and Jain, S. 2018. Women Entrepreneurship The Emerging Workforce in the 21st Century: Turning Challenges into Opportunities. International Journal of Research in Management & Social Science, p.101.

Steiner, A. and Teasdale, S. 2016. The playground of the rich? Growing social business in the 21st century. Social Enterprise Journal.

Zainuddin, A., Ahmad, J., Puteh, F., Chandran, S.D., Hassim, A.A. and Ismail, T.N.T. 2017. The 21st Century Challenges Among Women Entrepreneurs: Revisiting the Literature. Advanced Science Letters, 23(8), pp.7845-7848.

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