At the end of this module, you will be able to: LO1: Identify and analyse the theories and concepts of entrepreneurship. LO2: Recognise and analyse the essential elements of the entrepreneurial...

THE THEORIES AND CONCEPT OF ENTREPRENEURSHIP
Executive Summary
The world has faced one of the most challenging situations of the century in the form of corona virus and it is still fighting to overcome from this dreadful situation. This has created a global economic turmoil and has taken million of lives. This has led to closure of many companies. However, many companies have survived and still working for the sustainable growth ahead in the future because of the competent entrepreneurial decision taken by the management. In this essay a detailed discussion will be made with respect to the entrepreneurial decision of the British Petroleum and the manner in which they have not only sustained their business, however have contributed in the community services to address this crisis situation.
Table of Contents
Executive Summary    2
Introduction    4
Company Profile    4
Identification and Analysis of Theories and Concepts of Entrepreneurs    4
What is Entrepreneurship    5
Theories of Entrepreneurship    6
Economic Contribution of British Petroleum    10
Recommendation    11
Conclusion    12
References    14
Introduction
Entrepreneurship is a process that is undertaken by a person to fulfil and perform his/her business interest. There are many qualities of an entrepreneur such as to identify the opportunities for investment and to organize the enterprise, thus contributing to the identifying an investment growth opportunity. There are possibilities of sudden pandemic situation such as Covid-19, which have created a huge turmoil around the world. In this following essay, the discussions will be done with respect to the qualities that an entrepreneur posse and the analysis of the theories that applies on an entrepreneurial job role during the pandemic situation of Covid-19. The company chosen for the analysis is British Petroleum, which have faced this dreadful situation and still operating while overcoming this deadly situation. To support the role played by British Petroleum during this situation the analysis will be done of essential elements that are required for the entrepreneurial need to be performed by the entrepreneur to handle the challenges faced by the company.
Company Profile
In this essay the discussion will be made with respect to one of the oldest companies of U.K. which British Petroleum which have not only survived during this pandemic situation, however had ensured that the company keeps o operating and register growth. However, before moving ahead let us know the background of the company. British Petroleum, which is formerly called as Anglo-Persian Oil Company Ltd. was established in the year 1909, is a British multinational oil and gas company, which has headquarters in London. This company is world’s seventh largest oil and Petroleum Company, which are operating in all areas, which includes exploration and production, refining, distribution and marketing, power generation and trading of the petroleum products. The company has also started operating in the renewable energy sources such as bio-fuels, wind power, smart grid and solar technology, which is the future of the energy supply. As per the report published by British Petroleum, the company is operating in nearly 80 countries by the end of 31 December 2018 (British Petroleum, 2020). With this amount of global presence, the company has faced many challenging situations over the year and have overcome those challenges to establish their position in the world.
Identification and Analysis of Theories and Concepts of Entrepreneurs
The management of British Petroleum plays the role of entrepreneurship. The person is responsible for all the decision making that happens in the organization and further ensures that all the necessary actions and steps should be taken to handle the situation (Jarvis, 2016). In the global pandemic situation of Covid-19, many companies have witnessed huge downfall because of complete lockdown. Because of this, lockdown and economic downfall many companies were close their operation. However, in this pandemic situation it is the major role played by a competent entrepreneur to face the challenging situation and keep the organizational operation. Therefore, it is very crucial to understand the characteristics and job roles played by an entrepreneur.
What is Entrepreneurship
Entrepreneurs are the one who form a company, manages the company and ensures that it runs in a proper manner. Mwatsika, Kambewa and Chiwaula (2018) have discussed that there are certain characteristics that defines the way the entrepreneur work. The characteristics are as follows:
· An entrepreneur must have mental ability along with intelligence and creative thinking. An entrepreneur must be reasonably intelligent, and should have creative thinking and must be able to engage in the analysis of various problems and situations in order to deal with them.
· Clear Objectives: An entrepreneur should have clear objectives as to the exact nature of the goods to be produced and subsidiary activities to be undertaken.
· Business secrecy: An entrepreneur must be able to guard business secrets. Leakage of business secrets to trade competitors is a serious matter, which should be carefully guarded against by an entrepreneur.
· Human relations ability: An entrepreneur must maintain good relations with his customers if he is to establish relations that will encourage them to continue to patronize his business. He must also maintain good relations with his employees if he is to motivate them to perform their jobs at a high level of efficiency.
· Communication ability: An entrepreneur who can effectively communicate with the customers, employees, suppliers and creditors will be more likely to succeed than the one who does not.
· Technical knowledge: An entrepreneur must have a reasonable level of technical knowledge.
Along with the above-mentioned characteristics, Zhang and Guan (2017) have further added certain more characteristics such as an entrepreneur must be self – confident and optimistic and is capable enough to take calculated risk, prepared to take risks. The entrepreneur must respond positively to challenges along with must be flexible and able to adapt. The entrepreneur must have knowledgeable of markets, which need to be versatile knowledge, and must be able to get along well with others. Another special characteristic of entrepreneur is that they must be independent minded, energetic and diligent and must be creative enough as it produces the need to achieve the desired goal. The entrepreneur must be a dynamic leader and should be responsive to suggestions, take initiatives must be resourceful and persevering, perceptive with foresight, responsive to criticism, ability to organize and administer efficiently. Hence, certain basic characteristics a leader must have to perform efficiently in the organization.
Theories of Entrepreneurship
This is a universal fact that entrepreneurship plays a major role in the economic development. They are the one who are always ready to bear risk at all circumstances. Martens et al. (2016) have further discussed that the traditional notion of the entrepreneur is to bring together the factor inputs and properly organise them to make productive. However, the traditional model represents the entrepreneurial position as a managerial function. Therefore, the economists have proposed different theories, which will define the real function and purpose of the entrepreneurial position. During the pandemic situation faced by British Petroleum the entrepreneur theories did applied to the management of this situation and try to find the solutions to overcome the situation. White (2017) has discussed the theories of entrepreneurship proposed by the economist:
· Innovation Theory: J.A. Schumpeter propounded this theory who defines the entrepreneur is an innovator who introduces or makes new things or combinations. The new combinations may be introduction of new good, which the consumers are not yet familiar; however is of anew quality, which the consumers have not experienced previously. The introduction of new method of production process which will ease the methods of producing my minimizing the cost of production and maximizing the output of production. Another innovation can be described as the opening of new marketplace, which may be opening of new branch to any other country where previously similar type of company has...