Entrepreneurship and Small Business Management

This assignment provides a comprehensive overview of entrepreneurship and small business management. It involves reading and analyzing various articles and books related to entrepreneurship, including 'Entrepreneurship as connecting: some implications for theorising and practice', 'Social Entrepreneurship in theory and practice—An introduction', and 'Minding the dream: The process and practice of the American community college'. The assignment also covers topics such as social value and organizational performance, creativity and innovation, and the importance of context in entrepreneurial innovation.

Entrepreneurship -
context, process and
practice

Table of Contents
INTRODUCTION...........................................................................................................................3
GOAL 1...........................................................................................................................................3
1.1 Awareness of personal strengths and weaknesses and the ability to engage in continuing
self-development ...................................................................................................................3
1.2 Development of inter-personal and intra-personal skills..................................................5
1.3 Competence in contemporary analytical and ICT applications........................................6
GOAL 2...........................................................................................................................................6
2.1 Ability to work in culturally diverse groups and teams and make appropriate an personal
contribution to team effectiveness..........................................................................................6
2.2 Reflect on their own ethical values.................................................................................7
2.3 Wider impact of individual or organizational decision making on social and environmental
contexts. .................................................................................................................................8
GOAL 3...........................................................................................................................................9
3.1 Analyse and communicate complex issues effectively....................................................9
3.2 decision making, problem solving and project management skills................................10
GOAL 4.........................................................................................................................................10
4.1 Knowledge of international business, management and organisational functions........10
4.2 Demonstrate a understanding of the impact of innovative and contemporary research on
the business and management community...........................................................................11
4.3 Acquire , interpret and apply specialist functional knowledge in relation to their
programme of study (specialists programmes only)............................................................12
GOAL 5.........................................................................................................................................12
5.1 Major piece of research on a contemporary business, financial and leadership topic. . .12
5.2 Skills of analysis and synthesis in the application of research methods to deal with issues
..............................................................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES .............................................................................................................................15

INTRODUCTION
Entrepreneurship refer to the term is related to imagining new methods or ways to create
values and solve problem. Entrepreneurship can be defined as as a concept of managing and
developing a business venture in regard of gaining benefits through taking numerous risks in the
business world. An entrepreneur is the person or individual who beside working as an worker,
runs a business understanding whole failure or success risk in the company. These are the
essential part of a nation's economy in which there is a process which one follows for start an
entrepreneurial venture i.e. creating a plan for business, employ labour and at last finance and
management of business plan (Kuratko, 2016). This is a constant procedure which require to be
complied through an entrepreneur to plan as well as establish the new entrepreneurial venture
more efficiently. The industry of beauty and salon is growing and expanding more rapidly from
the early years. As I am a students and about to complete my post graduation degree in business
and entrepreneurship field. In order to peruse my knowledge, I am planning to start a new
entrepreneurial ventures in Business and Beauty sector. This report will present a business plans
and represents the individual learning of idea planning along with reflection of the person on the
basis of their entrepreneurial experiences. I want to achieve the determined objectives and aims
in my selected business plan to meet the new heights of achievement along with acknowledge
my studies.
GOAL 1
1.1 Awareness of personal strengths and weaknesses and the ability to engage in continuing self-
development
Ideation of Plan: As the beauty industry is increasing each and every day, it has stroked
my mind with an idea to start a new entrepreneurial venture within the beauty and saloon sector.
Hence, understanding these aspects, I have arranged various required resource, analysed market
and accumulated information and undertaken other required steps. Hence, there were various
aspects that a were left to analyse such as examining one's strengths and weaknesses.
This is paramount to evaluate own weakness and strengths in order to meet the
determined outcome and carrier goals in ideal way. Thus, for self-development and proper
management, I need to manage my own skills and abilities along with drawbacks which can help
in in improving and evolving. I have examined several issues and conflicts that is refraining my
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growth along with several activities which support my activities and help me achieving my set
target.
Strengths and Weakness
One of my major strength is my knowledge and better experience in both beauty and
business sector which reduce the chance of failure in the entrepreneurial business which I have
started. My enterprise is offering better services in cost effective price which is USP of company
leading organisation to more consumer (Moroz and Hindle, 2012). The other strength of mine is
determinant personality which is essential while leading the employee and making the required
decisions. The major strengths which is building me stronger is my effective decision-making
skills which assist in undertaking essential and rational decision linked with enterprise decisions.
This has helped me in determining the major products of SHADES AND SKINN as well as
various strategies which can help in meeting the desired outcome of this entrepreneurial venture.
There are various drawback of mine which limit the my skills as well as affect over my
business operations as well (Shaw and de Bruin, 2013). The biggest weakness of mine is lack of
financial resource which I need to manage from different sponsors or investor in order to meet
the target of organisation. The second biggest drawback of mine is not having proper time
management skills which sometimes let me down. This draws me back while achieving the
heights of success. I need to improve my time managing skills and be more discipline in order to
gain success in my new entrepreneurial saloon SHADES AND SKINN.
Though the assistance of strength and weakness analysis, I can manage proper
development of myself along with recording my achievement of target and goals linked with
company. It can help me in developing in effective manner as well as support me with new
experience which have been helped for my new saloon enterprise SHADES AND SKINN in
developing in the competitive industry.
Market Research: It can be referred as the analysing, accumulating and interpreting
information in regard of market in context of services and products to be offered for the market
sales and about present, previous and potential consumer for the services and products. I have
attempted proper market research and different practices for this report in order to understand
and analyse the various aspects of beauty and skin sector and techniques that can be optimise
which can help in establishment and development of my business.
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Idea Pitching: I have created a business plan for starting a new venture in beauty saloon
sector, SHADES AND SKINN, a unisex saloons in Carnaby Street. The major traits and USP of
this saloon is, it provide various facilities and services at one place offering quick and more
quality services at the affordable cost. This will provide consumer hair care services, different
treatments associated with skin and health care, basic saloon services and various exotics plans
and offers. This enterprise will be offering its service to middle and upper-middle class as the
population of such demographic factor is more in United Kingdom that can successfully lead to
good potential clients. In order to promote and attract buyers, the organisation will opt social
media means along with poster, hoardings, brochures and various other better, cheap and
effective plan. The entire plan budget is approximate 15000Euros that is feasible and can vary as
per the management of sponsors and investor management.
1.2 Development of inter-personal and intra-personal skills
Having better communication and leadership skills is the key trait of an entrepreneur that
I should manage as well. This is essential for one to make proper effects and activities that lead
me toward success in personal and professional life. In order to manage my business operation in
proper way and enhance my abilities and skills, I need to develop my own characteristics as well
as interpersonal and interpersonal skills that can help in leading my staff members and
strengthening my decision-making skill.
In order o develop my interpersonal skills, I need to undertake various activities, but first
this is essential to understand the basic definition of intra-personal communication. This refer to
the practice which incur within themselves or their own self. It is paramount process for making
effective decision and better working and other activities in better way. In order to improve these
skills, this is need to manage the work in effective manner which can be done through portioning
the work according to preference and target demand. By talking out loud, self analysis,
development plan and mediation, one can enhance intra-personal skills which is essential to
improve the interpersonal skills as well.
Interpersonal skill help in managing not only workplace of company but also the work
activities which can aid in meeting the desired outcome in effective manner. There are various
methods which can help in developing the interpersonal activities such as discussion, interview,
conferences, meeting and many other (Anderson, Drakopoulou Dodd and Jack, 2012). It is
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essential to work over various aspects of communication level development which can aid one is
improving as well as aid SHADES AND SKINN maintaining the relation with stakeholder.
1.3 Competence in contemporary analytical and ICT applications
After studying the different aspects of communication and own strengths, in order to self-
development and betterment, one has to understand various analytical and ICT application so am
I. ICT (Information and communication technology) is one of the extensional term for IT that
stress over the Unified communication role as well as telecommunication integration. There are
various elements which are required for organization in order to meet desired outcome.
After the initiation of SHADES AND SKINN, the company need to manage various
elements and improve one's communication skills. These can aid the entrepreneur in achieving
the business goals and objectives. Through proper IT tools and techniques, communication can
be managed in effective manner.
GOAL 2
2.1 Ability to work in culturally diverse groups and teams and make appropriate an personal
contribution to team effectiveness
In order to increase effectiveness of team being an entrepreneur I implement essentials of
cultural competence which aids to implement advance strategies to develop the team spirit
among employee working in 10. I used to motivate employee in order to achieve goals and
objectives of organization. I implement new and innovative skills of hair cuts and message which
helps to attract large number of customer in marketplace (Pless, 2012). In order to provide
proper motivation and stimulation within their working organization, there are several changes
that I have adopted in which first is to provide proper training and development to worker. To
provide better service to customer my responsibility is to organize training program for
employee working in SHADES AND SKINN. It aids in enhance effectiveness in work at
workplace. In order to enhance team coordination in SHADES AND SKINN, I will assigned task
to employee to complete in stipulated time frame to avoid conflicts among employee working in
SHADES AND SKINN. Hence, proper communication and less conflicts can lead to more
motivated team members of staff in more efficient and effective manner. I will establish proper
communication among the different level of management of SHADES AND SKINN. Being a
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entrepreneur I used to interact with different style of hair cuts and other process to enhance
fairness of women.
To enhance effectiveness in work procedure, I will appoint 10 employee according to
their working capability in SHADES AND SKINN. In order to stimulate the basics of staff
members and practices, i have opted various techniques and methods in more efficient manner. I
will apply new and innovative methods of spa and massages which aids to attract large number
of customers. I will implement new methods of doing messages and Spa in SHADES AND
SKINN. I need to give proper training to my employees I order to fascinate customers. It help in
establishing brand images in market place (Blenker and et. al., 2012). I will give proper dress
code for employee. It help in establishing effective brand image of SHADES AND SKINN in
marketplace. I will put my best effort to create an pleasant environment at workplace which aids
to encourage employee to put their best to perform well in SHADES AND SKINN. I will give
various reward and perks to encourage them to enhance their performance. The re-enumeration
program aids enhance their performance in order to satisfy desire of customer as per their
demand of service they want.
I want to start this venture in order to establish new methods of working, recognition in
the business environment and manage my own venture enterprise in the entrepreneurial industry
of United Kingdom. This is for perusing my passions, abilities and practically utilize my
knowledge and skills in the certain sector through opting my skills and experience in best way.
2.2 Reflect on their own ethical values.
Ethical value is considered as importance of goals and aims of SHADES AND SKINN.
Being a entrepreneur I have some ethical values which aids in accomplishing the goals and
objectives of SHADES AND SKINNS. For this I have analyses condition and latest trends which
are implemented in marketplace. Personal value provide an internal preferences for analyses the
desire of customer by gaining feedback after providing services to its loyal customers. I have to
monitor behavior of employee by providing various facilities to my employee so that they are
satisfy necessity of employee. I have to monitor the performance of employee as they are
working as per choice of customer or not? Being a entrepreneur, I have to put my efforts in order
to explore my business in other area to increase level of profitability. For my ethical value is to
establish a brand image in market place by implementing advance technique of promotion and
advertisement (McMullen and Dimov, 2013). I will provide better service at affordable price
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which aids to stand before rival present in marketplace. I used to give some discount offers to the
loyal customer of SHADES AND SKINN.
Ethical value helps to establish sustainable in marketplace it leads to monitor proper
utilization of resources by workers of SHADES AND SKINN. The main of ethical value is to
clarify the values involves critical situation sometimes it led to create conflict in team. It is my
duty to resolve conflicts among employees working in the SHADES AND SKINN. My ethical
value is to provide qualitative service to loyal customers in order to enhance productivity of my
SHADES AND SKINN. I will put my effort in developing skills of employee so that they give
effectiveness in providing service to loyal customer of SHADES AND SKINN. It leads to
development of my new entrepreneurial venture. I can expand my SHADES AND SKINN
business in other area of marketplace.
2.3 Wider impact of individual or organizational decision making on social and environmental
contexts.
The entrepreneur is a assets as well as a person which have their own right. A successful
businessman or woman impact society by different ways. Being a entrepreneur I used to create
a lots of job opportunity for the people of society. It aids to become a status symbols in society
which aids develop morale to people. Entrepreneur creates wealth on a national scale for
government I form of taxation, which is then redistributed accordingly to service and
communities wherever there is need (Felício, Gonçalves and da Conceição Gonçalves, 2013). I
used to take risk to invest my capital in expansion of business to other field which help to creates
opportunity for people which brings prosperity to people. It aids to increase wealth of people of
society. Being a entrepreneur I used to create job creation for people living in society. I will org
anise various training program which aids develop skills of peoples with collaborative efforts of
government. I will attend lectures and workshop in order to develop skills and knowledge of
students studying in college and schools.
Decision making process for an entrepreneur is very important for investment the capitals
in start up a business. An entrepreneur has ability to take effective decision during execution of
plan. I will create lots of opportunities to do work for the people. I will interact different
methods and implement in my SHADES AND SKINN business which creates new value that will
help to develop the firms. I always analyses to analyses opportunity to invest for expansion of
my business in order to achieve goals and objectives of business. In order to fulfill desire of
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customer it is necessary to expand new saloon in different area of marketplace (Mellow and
Heelan, 2014). I have to manage all activities during development of business firms which aids
to proper function of SHADES AND SKINN business. It impact the people of society to put their
effort in order to uplift their standard of living.
GOAL 3
3.1 Analyse and communicate complex issues effectively
In each and every kind of enterprise many kinds of problems will face by manager and it
is required for them to solve it effectually within limited period of time. Otherwise, this will
affect their working procedure and customer base adversely. By solving troubles they will
maintain their position at marketplace for maximum period of time (Nielsen and et. al., 2017).
When an entrepreneur is going to begin their business many sort if difficulties will be face by
them.
If they want to enlarge their business then they require appropriate fund for this. If they
are not having sufficient amount then, it will not possible. To overcome from this sort of issue,
they will take assistance from many institutions, like bank, government and so on. Rather than
this, they have to know about the market trend as needs and wants of people will alter as per
time. Thus, it is required for them to analyse it timely so that they will accomplish their demands
and will take benefits from rivals at competitive world. Along with, will keep up goodwill and
client base effectually.
Another major issue which will be face by SHADES AND SKINN salon is, marketing. If
they are not much capable to do marketing in an effective manner then, this will provide negative
effect on market share. For above stated aim, they will take support of many tools, such as
advertisement, social sites and so on. This will assist them to capture attention of numerous
individuals; as a result, profits of salon get enhanced. It is must for them to use latest methods or
tools at workplace as this will aid them to do work in a better way. If staff members are not able
to use these tools effectively then, superior will provide training to them. This will help to
enhance their skills as well as knowledge and in addition they will fulfil their work adequately.
Therefore, it is essential for a leader or manager to solve these issues in an appropriate
manner. Thus, they will complete entire business operations within limited period of time
(Edwards-Schachter and et. al., 2015). This enables them to survive at marketplace for maximum
time span.
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3.2 decision making, problem solving and project management skills
As I required to maintain and manage all issues related to communication occurs among
saloon employees. So I need to treat all staff members equally so they can doing work in proper
manner. There are many employee who come from different culture so they will suffer with such
issue and problem within an organisation. When there is no connection with employee skill and
job so this will create major issue and problems. Sometime, inadequate information about skill
required that result in higher understanding of under-skilled staff members. In saloon, there is no
growth and success for staff members so they can not have chance for gain more profit.
GOAL 4
4.1 Knowledge of international business, management and organisational functions
International entrepreneurship can be defined as a process in which an entrepreneur is
opening their business across the national boundaries so as to earn more profits and productivity
of the company. Conducting a business on an international level is not an easy task as there are
so many processes that needs to be carried on by the person who is thinking to open his business
in a new country (Autio and et. al., 2014). I am having a business plan to open my salon in
London which will name as SHADES AND SKINN salon. So, in order to launch my business
successfully, I need to have full information about that country, its laws and principles and
market analysis as well. It is important because it will help me in doing all my operations in an
effective manner and face all the issues that may come in my way in future.
There are various steps that are required to be taken are which is needed to be analyse.
So, before starting my business I first assessed my Strengths and Weaknesses so that I can
overcome all my weaknesses here itself .I also analysed the reason because of which I launched
myself in London and after analysing I realised that people of London loves to get their hairs cut
in a good haircut. I have done complete analysis of customers that are present inside the London
market and tries to understand their attitude, Desires, taste and preferences etc. and along with
this who will be my competitors was also analysed by me.
Role of Organisational functions in international business which has helped me in various
ways. I have assessed that the functions of the organisation are very similar with the functions
that are being performed in the domestic country. It can be explained in several ways. I am
having a Human resource manager who is managing my staff of 10 workers who are assisting me
in my salon. In order to advertise my salon, I am taking help of various sales and marketing
10

techniques like Hoardings, newspaper advertisement etc. this will help me in making my salon
famous (Pittaway and Edwards, 2012). Research and development function is also performed by
my co-workers so that they can learn some of the best hairstyles and impress my clients in the
best way possible.
Also, there are various many functions that are performed by my team so as to make my
business success in London. But, the main task should be to manage all these tasks in an
effective manner so that all the goals and objectives can be achieved and that is why I took all
the management's responsibilities in my hand and managed my whole salon with the help of my
workers.
4.2 Demonstrate a understanding of the impact of innovative and contemporary research on the
business and management community.
Entrepreneurship is an emotional journey which is shows close relationship between
entrepreneur and the venture. The lots of efforts needed to establish a business firm
implementation of strategies for successful execution of firms. Passion is determined as the most
important factor to consolidate pressure of the business firms. In my opinion the environment of
business firms should be dynamics and full of enthusiasm which aids to enhance performance of
employee. Being entrepreneur I will implement different innovative strategies which aids
employee to perform their task in effective manner with help of innovative technology. Taking
lesson from past I prefer to use innovative technology to enhance effectiveness of work of 00. I
used to assigned new task and assigned new tasks to employee and implement new methods to
complete them in stipulated time frame.
I used to collaborate with other business community which help in new venture creation
to expand new business project so it aids to identify the new chance to explore business. It also
help in lots job opportunities for people living in society. It help in establishing perfect position
in society. Due to globalisation and development in technology it help to maximise profitability
level of business firms . Different countries listed in organisation for economic co-operation
business and development initiated programmes which help to support the development and
creation of small and medium sized enterprises. I take initiative steps with collaboration from
government to discover new opportunity of job to large number of people (Tessema Gerba,
2012). According to my view government should execute different training program which aids
to develop the skills and knowledge of people and also aids in creating job opportunities for
11

people. It impact society in developing their standard of living and creates competitiveness
among the people to grab opportunities to tackle job. In mind of view government should use the
revenue in development of business firms which helps in new venture creation which increase
the level of employment. Therefore I utilise some specific skills and capabilities to help them in
making rational decisions and which lead to achieving success through new venture creation.
4.3 Acquire , interpret and apply specialist functional knowledge in relation to their programme
of study (specialists programmes only)
Being a entrepreneur I used to acquire different technology for enhance skills and
knowledge of people which further make them expert in particular work which aids to developed
the new projects. It help to invest in the business firms to assemble and deploys specialized
individuals and heterogeneous assets to create and capture value for firms. Social
entrepreneurship helps uplift small business which give opportunity to produce new products
which are developed by the experts. I will implement new approaches in order to serve the
important function of in respect to individuals, firms, regions, and nations to develop business
firms.
GOAL 5
5.1 Major piece of research on a contemporary business, financial and leadership topic
As I am going to establish a new business of salon, I need to deeply investigate on certain
terms associated with this market activity such as contemporary business, leadership and finance.
Contemporary business deals with executions of commercial actions at the same time
period. This is a fact that different companies are establishing or emerging in the similar filed of
Salon as various entrepreneur wish to set up their own business (McKeever, Anderson and Jack,
2014). Due to this reason, rivalries is being increased and this as a result impacts negatively on
my firm that is SHADES AND SKINN.
Various services are being offered by other already existing companies such as skin care
(massage, European facials, body waxing, etc.), hair caring (stylish hair cuts, spa, curling,
shampoo, relaxers, colors, weaving, etc.) , nails (Polishing, pedicures, manicures, etc.). I found
that these all services has been provided by my competitors. I am also offering the same but at
affordable prices. In order to cope with this challenges, I ought to focus on quality as well as
costing of such deliverable and should offer these all at attractive price and best quality.
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For doing financial management, I require to adopt certain steps which is needed to state.
Keeping track of my finance is need that I have carefully tracked every expenses as well as
income. For doing the same, I should recruit an individual who is expert in this field in order to
accomplish this effectively. It is necessary for me to design a clear vision about what is occurring
in my company and where I desires to be in future. Understanding and utilizing financial
statements is important to assess my own profit as well as loss statements.
Apart from this I should hire some leaders for attaining my goals and objectives easily
that is discussed in the report. Directive leaders are those people would reach all targets no
matter what is that (Shane, 2012). They will direct team members the right way of doing work.
Chief leader work in very clear and concise way since do not wish to waste much time.
Collaborative leaders aids in getting work complete by working within a team and used to deal
with all situation of human resources.
5.2 Skills of analysis and synthesis in the application of research methods to deal with issues
I have been using secondary research methodology. Herein I am taking help of books,
journals, different websites over internet, views of various authors, etc. in order to do better
research in context to my new business (Wright and Marlow, 2012). Some of the skills that is
being used for analysing and exploring contemporary business and management issues are need
to consider.
I should consist of better learning attributes so that I can understand things proposed by
others in clear manner. Leadership skills help me in managing my staff members and avoid the
issues at workplace. Writing skills also need to be concentrated by me for increasing writing
skills of communication so that after analyzing or evaluating things, I can be able to document
them in order to utilize that in case of need (How Can Women Entrepreneurs Start A Salon
Business In Nine Steps. 2015). Evaluation skills on the other hand, can help in meeting the
required information along with aiding in required data accumulation for considering the best
outcome. At last, the time management skills, which I need to improve as this my one of
weakness. After improving these issues and barrier, I can develop SHADES AND SKINN and
uplift its growth in better way.
CONCLUSION
The above report concludes that an entrepreneur is the person or individual who beside
working as an worker, runs a business understanding whole failure or success risk in the
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company. In order to manage and run a business organisation, the person or entrepreneur has to
manage various activities, process and operation facing the risk and loss in their business
organisation through which they earn the experiences. This self-finding, development and
reflection can help in meeting the determined outcome in proper way. There are various element
such as international business management, administration of proper communication, application
of style of communication, management issues, leadership skills etc. As the company has been
developing more efficiently, beauty companies are focusing over long term objectives so as
SKINN AND SHADES. This is required to focus over more lifestyle than only service which I
has plan to include in my organisational aim in future. Also, in regard of sustaining and
managing growth, my company will understand and undertake various techniques and innovation
approaches in the competitive marketplace. Role of Organisational functions in international
business which has helped me in various ways. Thus, there are various elements, process which
is being considered for an individual before starting an entrepreneurial venture.
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REFERENCES
Books & Journals
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Moroz, P. W. and Hindle, K., 2012. Entrepreneurship as a process: Toward harmonizing multiple
perspectives. Entrepreneurship Theory and Practice. 36(4). pp.781-818.
Shaw, E. and de Bruin, A., 2013. Reconsidering capitalism: the promise of social innovation and
social entrepreneurship?. International Small Business Journal. 31(7). pp.737-746.
Tessema Gerba, D., 2012. The context of entrepreneurship education in Ethiopian universities.
Management Research Review. 35(3/4). pp.225-244.
Anderson, A. R., Drakopoulou Dodd, S. and Jack, S. L., 2012. Entrepreneurship as connecting:
some implications for theorising and practice. Management Decision. 50(5). pp.958-
971.
Pless, N. M., 2012. Social entrepreneurship in theory and practice—An introduction. Journal of
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Blenker, P. and et. al., 2012. Entrepreneurship as everyday practice: towards a personalized
pedagogy of enterprise education. Industry and Higher Education. 26(6). pp.417-430.
McMullen, J. S. and Dimov, D., 2013. Time and the entrepreneurial journey: The problems and
promise of studying entrepreneurship as a process. Journal of Management Studies.
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Felício, J. A., Gonçalves, H. M. and da Conceição Gonçalves, V., 2013. Social value and
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leadership, and socioeconomic context effects. Journal of Business Research. 66(10).
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Mellow, G. O. and Heelan, C. M., 2014. Minding the dream: The process and practice of the
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processes and practices. Entrepreneurship & Regional Development. 26(5-6). pp.453-
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entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
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development process. International Small Business Journal. 30(2). pp.107-114.
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How Can Women Entrepreneurs Start A Salon Business In Nine Steps. 2015. [Online]. Available
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