Factors Influencing Entrepreneurship

The provided assignment is a compilation of research papers and articles on entrepreneurship, focusing on the factors that foster or hinder entrepreneurial success. It includes studies on entrepreneurship education, cultural values, social entrepreneurship, high-growth entrepreneurship, and the impact of entrepreneurship on communities. The assignment also touches upon the role of community and capital in economic growth, as well as the relationship between housing collateral and entrepreneurship. Overall, it provides a comprehensive view of the complex dynamics involved in entrepreneurial success.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examining different entrepreneurial ventures and their relation to typology...................1
P2 Explore similarities and differences between entrepreneurial ventures............................2
TASK 2............................................................................................................................................3
P3 Relevant data to understand impact of small business on economy.................................3
P4 Contribution of small businesses and start ups on social growth......................................5
TASK 3............................................................................................................................................6
P5 Traits and skills of successful entrepreneurs.....................................................................6
P6 Aspects of entrepreneurial personality..............................................................................8
TASK 4............................................................................................................................................9
P7 Ways in which background and experience hinder and foster entrepreneurship..............9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurs are known for taking risks, they design a business, initially small, and then
launch it in market. In present world, entrepreneurship is directly connected to the innovation
(Bhachu, 2017). In this era of start-up, the number of young businessperson is continuously
increasing. Austin Fraser is a small company that is running their business in consultancy
industry. This assignment will discuss about various type of entrepreneurial ventures. They have
some things in common and at the same time, they also have some differences; these two points
will be included in this report. The effect of small enterprises on development of social economy
will also become a part of this file. This project will also explain characteristics and skills which
are present in successful entrepreneurs. Discussion of personality of businessperson will be done
by covering significant points like mind-set of businessmen, etc. Their background and past
experience can restrict or foster the skills of entrepreneurship; this concept will be explained in
this report by taking suitable examples.
TASK 1
P1 Examining different entrepreneurial ventures and their relation to typology
An individual can carry out a business in various ways but their targets which they want
to attain are always same (Chaston, 2017). They need to gain maximum profits and benefits from
their competitors. Therefore, businesses which are related to self-employment can be mentioned
as beneath:
Small Business Entrepreneurship: Basically, this kind of business is run by an
individual to earn profits. There are some examples which are associated with this like plumbers,
grocery stores, consultants, carpenters and many more. In this kind of firm, family plays an
eminent role as their main purpose is to fulfil the requirements of family members.
Apart from this, small business is much connected with survival venture of typology of
entrepreneurship. It takes too much efforts and thus, business can survive in the marketplace for
longer period of time by taking competitive benefits (What is an Entrepreneur?, 2017). Instead
of this, these kinds of firms are not certified as they are independent in nature. It is basically
depend on good faith amongst both parties. Person who wants to do their business needs too
much cash and all risk is related with him only.
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Scalable start – up entrepreneurship: As indicated by this, it can be enlarged to some
extent in future. Many organisations want to spend some amount of fund in these kinds of firms
as their vision is much effective and they want to develop a distinguish society. As they are
doing their work in different manner; thus, they need high amount of money to do their business
in a proper way. Apart from this, in a nation, there are only few people that is operating this type
of business as it takes high risk (Huq and et. al., 2017).
Aggressive growth ventures entrepreneurship typology is associated with scalable start –
up. With assistance of this, person will do their business in an innovative way and therefore, they
can acquire high market share. Along with this, venture capital caters a place so that they can do
their business in a proficient way.
Large company entrepreneurship: Another name of it is corporate entrepreneurship. It is
not easy for any association to keep stability in the marketplace. Thus, if they want to maintain it
then, it is required for them to produce goods and services in an inventive manner. Along with
this, they can conduct research to determine the needs and wants of their clients. As a result, they
can accomplish their needs on time and will improve their revenues. This will also help them to
compete their contenders at competitive market.
Managed growth venture entrepreneurship typology is linked with this method. Their
fundamental purpose is to maintain stability at business environment so that they can survive for
long time in market.
Social entrepreneurship: Essential purpose of this kind of venture is to render an
effective item as well as service which provides advantages to social people in various manners.
Business person has to determine current issues and hence, they can sort it out within limited
period of time. In the modern era, an individual can get medical administration at home without
paying some additional fees to doctor.
Lifestyle venture is much associated with this kind of entrepreneurship. Their
fundamental purpose is to accomplish requirement of society and thus, they will get monetary
amount in return. If company is not financially stable then, it is not easy for them to survive in
market for longer period of time (Garcia, Leles and Romano, 2017).
P2 Explore similarities and differences between entrepreneurial ventures
There are various ventures which are described as above have many differences as well
as similarities which can be understand by following:
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Objectives: Each ventures have their own purpose which is different from others.
Fundamental aim of small business organisation is to be financial stable; therefore, they can
survive at marketplace for longer period of time. Along with this, they can fulfil needs of their
family also (Etzkowitz and Zhou, 2017). Apart from this, corporate entrepreneurship wants to
keep up their stableness at market. Obligation of social business person is that, they want to
make society more effective and better place. There are less importance of finance for this kind
of ventures.
Value creation: This is considered as an another major significance which is related to
entrepreneurial venture as they want to develop their value at market. Both, social as well as
corporate enterprise want to formulate their worth in the marketplace. Their targets will be
distinctive as some want to enhance living standard of society but many firms want to develop
value of their items; thus, they can maximize their revenues.
Mindset: Each entrepreneurs have their distinctive set of mind. There perceptions,
attitudes as well as beliefs are entirely distinguish from each other which can provide impact to
their working performance. Some wants to earn more money but many business person wants to
earn money only (Stuetzer and et. al., 2017).
Channels of marketing: In each enterprise, there is need of marketing; so that, they can
sell their goods to people and will improve their revenues. Basically both, scalable as well as
corporate entrepreneurship utilize similar kind of techniques and methods of marketing like TV,
advertisement, social sites and so on. Instead of this, small business and social business person
will use social networking and in addition words of mouth.
Employment generation: This cannot be experienced by each and every kind of
entrepreneurship. There are few people who get employed in social start up as well as small scale
business. Fundamentally, organisations want to utilize new methods or techniques; therefore,
they can accomplish their targets within minimum period of time without any mistake (Dimov
and Dimov, 2017).
TASK 2
P3 Relevant data to understand impact of small business on economy
Small business organisations play an eminent part in development of economy of a
nation. As indicated by a report which is shown through United Kingdom's parliament that there
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are almost 6 million enterprises who are doing their business on small scale. Along with this,
approximately 90% income of country is generated with assistance of small and medium
association. This will provide growth as well as success to economy of state.
This type of companies provide employment opportunities to people who are residing
over there (Jaén and et. al., 2017). Therefore, nearly 65% individuals are engaged in these sort of
firms. Above stated data and information described that significance of these type of enterprise is
more effective and efficient.
Number of small and medium enterprises are increasing on continuous basis. Growth of
self employed business is measured that they are enhancing by 5% in United Kingdom.
Fundamentally, there turnover is almost 2 trillion euros which is much similar to the share of
private companies in a nation.
Henceforth, it has been comprehended from above mentioned data and information that
small as well as medium sort of associations are much signifiant as it provides growth as well as
improvement to country. They cater more strength to the economy of a nation and along with
this, contribute in national income. Regulatory body will develop some rules and laws; so that,
they can easily increase position of organisations in nation. As they provide occupation to people
of stated; thus, rate of unemployment will go down and as a result, they will maintain their
standard of living (Ramoglou and Tsang, 2017).
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P4 Contribution of small businesses and start ups on social growth
Growth of society portrays improvement of a person rather than give some importance to
financial results which they gained through their firm. This will put a person before any kind of
revenues. Influence of these associations need to be observed by them. Basically, small
enterprises cater success as well as growth to country. They cater occupational opportunities to
individuals; as a result, this will reduce poverty and living standard of people will get enhanced.
To survive long term at marketplace, they need to produce goods and services for clients in an
innovative manner. This will assist them to attract more customers towards them and it will help
them to improve their client base (Abrams, 2017). They get encourage to produce new or unique
products for their users. This sort of firms give a positive affect to economy of nation. Therefore,
there are some major advantages which is associated with their contribution, is stated as below:
Employment: Small companies provide job chances to person and they will get it as per
their skills as well as abilities. As a result, this will decrease poverty line of nation by improving
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Illustration 1: Employment in small business
(Source: Gilfillan, 2015)

living standard of individuals. From a conducted research it has been interpreted that almost 90%
persons are employed in small organisations. They cater success and growth to the economy. As
number of this type of enterprise is increasing on regular basis which provides more jobs to
people.
Living standard of people: The fundamental share of these firms are that they help to
improve standard of living of individuals. They have opportunity to develop their own business;
therefore, they will get more financial stable. In modern era, persons think differently from
others and if they do some business then they will get success in their career. They will start a
small firm in which they have some knowledge (Welter and et. al., 2017).
Regional development: Various companies are established in some limited areas which
provide unequal improvement to country. Small enterprises as well as some start ups are set up
in that area which are not properly developed. If in that area placement of some facilities done
adequately then, it will cater them more advancement, such as schools, universities, colleges,
hospitals and many more. As a result, small ventures will promote regional improvement in
country.
Exports: They can trade their goods and services outside their home country which will
help them in their growth and success. Along with this, it will cater social improvement to their
economy. With assistance of this, they can make their presence at global level. If they are
exporting their items then they are not only become more financial stable but also they acquire
currency of other nations. By getting more amount they can easily expand their business.
Community development: Activities which are conducted by organisations will promote
improvement of community (Nabi and et. al., 2017). There are many things which will comprise
into this, such as universities, schools as well as hospitals. These type of venture needs skilled
and much competent manpower. They all need to do their business in an effective and efficient
manner; thus, they can provide better facilities to society.
TASK 3
P5 Traits and skills of successful entrepreneurs
It is required for an entrepreneur to possess some requisite traits as well as skills;
therefore, they can perform their work in an adequate and appropriate manner; as a result, they
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will get growth and success. There are various sort of characteristics which has to be obtained by
person who wants to become an entrepreneur, these can be stated as beneath:
Passionate: This is consider as a one of the most essential trait of a business person. It is
must for them to be passionate about their work which is going to perform by them. It can
portrays that, they have desire to attain something. Hence, whenever he do any work then, he do
work hard so that he can accomplish his desires as well as dreams (Samila and Sorenson, 2017).
Optimistic: An entrepreneur has to be optimistic in relation of their opinion, thoughts and
in addition working. There are some situations which can be face by him where he has to ask
questions to himself. But in each and every kind of circumstances, it is must for him to remain
positive. If he calms in adverse condition then, he can easily face obstacles and solve it in an
effective and efficient way.
Confidence: This is major quality which must be possess by an entrepreneur. If he or she
is much confident then, will do his or her work in an adequate way. Furthermore, if he is over
confident then this will provide him negative outcome and will not able to do work properly.
Along with this, it will be more difficult for them to compete with competitors.
Thinker: It is other signifiant importance which is associated with business person. They
have to think differently; therefore, they can produce goods and services for their customers in an
innovative manner. If they produce different item then, this will be easy for them to get attention
of numerous people (Furman and et. al., 2017).
To accomplish entire work adequately, an individual requires some skills as well as
capabilities. Along with this, it is must for an entrepreneur to obtain some additional abilities;
thus, he can do work properly and will survive at marketplace for longer period of time. This will
aid them to compete their competitors at competitive world. Henceforth, there are some
fundamental skills of a business person which is stated as below:
Communication: This sort of capabilities must be possess by an individual; therefore, he
can easily interact with others. Along with this, people will easily share their thoughts as well as
views with each other without any fear. It is not only necessary within workplace but also it has
to be maintain with clients. For this, they can utilize some channels like email, social sites and
many more. This will help to build trust and as a result, it works as a motivation for staff
members (Schmalz, Sraer and Thesmar, 2017).
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Decision making: An entrepreneur has to take better judgement for their organisation
which will provide more advantages to them. He can choose best alternative amongst various
options which cater them more benefits. For example: business person has to take an adequate
decision regarding where they want to spend their fund, which area is more effective and so on.
Apart from this, it is required for him to formulate best strategies which will assist them in their
decision making procedure.
Leadership: This is most requisite skills which has to be in an entrepreneur. He has to
know that how a group can be lead. Along with this, a leader must have better understanding
about goals and targets which need to be attain by them. Additionally, he has to built trust
amongst team; hence, they will complete entire task by share essential data and information.
Time management: Business person has to know that how to manage time in an effective
and efficient way. If he is able to do this then, he will complete entire task within provided
period of time. As a result, productivity as well as profitability of an enterprise will get
enhanced. Along with this, entire business activities will managed appropriately and adequately
(Lerner, Hunt and Dimov, 2018).
P6 Aspects of entrepreneurial personality
Personality of a person is much associated with qualities or behaviour which is having by
a person. With assistance of this, it can be determined that they will do work adequately or not.
To comprehend it, a model can be adopt by an entrepreneur which contains five elements. This
will provide mixed influence on their mindset as well as motivation. There are some factors
which are connected with this model is mentioned as below:
Extraversion: An individual who is considered into this will share their feelings and
thoughts to others easily and in addition they are more energetic. This ability will work as a
motivation for a person and as a result, he can do his work in an effective way and will
accomplish coveted targets within limited period of time. If a business person thinks broad then,
he can easily promote open conversation at workplace; thus, people will easily share their views
and thoughts with each other (McKenzie, 2017).
Agreeableness: This kind of skill must be obtain by an entrepreneur as this energize them
to behave good in association. If his nature is trust worthy as well as cooperative then, it will aid
to inspire staff members and in addition this will create harmony in firm. Employees will do their
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business in positive manner and they will be able to complete their work within provided period
of time.
Conscientiousness: If this sort of capability is available in an entrepreneur then, he will
attain coveted targets and goals in an effective and efficient way. Business person has to be goal
oriented, much efficient and able to manage time; thus, he will accomplish his work proficiently.
Along with this, he can inspire his workers to attain desired targets by utilizing minimum
resources.
Emotional stability: It is required for an entrepreneur to be much emotionally stable; so
that, he can perform his task in an effective manner (Campbell, Kryscynski and Olson, 2017). If
he is much calm then, he can easily face any kind of situations easily and will able to motivate
their employees in adverse condition also. Business person has to take care that he never shout
on his subordinates at any condition.
Openness to experience: An entrepreneur has to always ready to experience new things
which will cater success to his career. He needs to apply new things into their goods and services
to improve its effectiveness. This will aid them to increase their profits and customer base.
TASK 4
P7 Ways in which background and experience hinder and foster entrepreneurship
Both experience as well as personal background will influence a person either in a direct
or indirect manner. Intrinsic and extrinsic surrounding plays an eminent role in improvement of a
business person. There are some factors which can affect them such as school, family etc. With
assistance of school, they can learn that how to give respect to others and it is consider as a most
signifiant part in his life. Additionally, it is required to include some thinking related to
entrepreneur in client's mind. In universities, entrepreneurship has to be on prioritise basis. It is
essential to develop mindset of persons that they will provide occupation to other.
Apart from this, with aid of background a person can easily acquire some knowledge in
many facets. This will assist him to do business in an effective and efficient manner. Therefore,
if person do not have requisite knowledge about enterprise then, he will not be able to do
business and cannot survive at marketplace for longer time duration (Campbell, Kryscynski and
Olson, 2017).
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For example: Virgin Atlantic is an association and its founder name is Richard Branson
who belongs from a small background. He is not much qualified but it never affects his passion
and he is much able to attain something different in life. In recent time, Virgin group include
more than 350 enterprise as well as start ups into it.
Illustration 2: Factors that foster entrepreneurship
(Source: Factors that foster entrepreneurship, 2013)
If an individual has much experience then this will works as a motivation for them. This
is work in all manners i.e. hindering as well as fostering if a person is much experienced then, he
must have knowledge regarding market in a proper way. Therefore, he will be able to take
opportunities of market which will provide benefits to him. Instead of this, if person is not
experienced then, he cannot understand market; thus, he will not formulate appropriate policies
and strategies for business; as a result, this leads to high losses (Ramoglou and Tsang, 2017).
For example: Phone 4U is set by an individual and his name was John Caudwell. At prior
stage he struggled too much and run many workshops. After some time, his hard work provides
him positive results and today valuation of his business is almost one billion euro.
CONCLUSION
From the above report, it can be concluded that there are different types of entrepreneurs
and various kind of skills are present in their personality. It is not necessary that two
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businessman have same working style, their thinking may differ but they always have some
common skills like ability to motivate their subordinates, believing in own skills etc. Small
enterprises provide make various positive impact on a social economy, it generate employment
and contribute in economic growth. These micro level companies also invest in village areas,
where multinational organisation do not invest. In current situation, it is difficult to find whether
Brexit will be good for corporation in UK or bad. But some-things are sure like their export will
decreasing in upcoming time and the issues relating to unemployment in UK will also increase.
Experience of a entrepreneur impact his/her thinking, if there are born and brought up in a
positive and good environment then the skills of entrepreneur easily get develop in them but if
they did not basic thinks in easily stage of their life then it hinder their personal and professional
growth.
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REFERENCES
Books and Journals:
Abrams, R. M., 2017. Entrepreneurship: A Real-World Approach. Planning Shop.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Campbell, B. A., Kryscynski, D. and Olson, D. M., 2017. Bridging strategic human capital and
employee entrepreneurship research: A labor market frictions approach. Strategic
Entrepreneurship Journal. 11(3). pp.344-356.
Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship. pp. 1-24. Palgrave
Macmillan, Cham.
Dimov, D. and Dimov, D., 2017. Towards a qualitative understanding of human capital in
entrepreneurship research. International Journal of Entrepreneurial Behavior &
Research. 23(2). pp.210-227.
Etzkowitz, H. and Zhou, C., 2017. The Triple Helix: University–Industry–Government
Innovation and Entrepreneurship. Routledge.
Furman, J. and et. al., 2017. Entrepreneurship, Innovation, and Platforms (Vol. 37). Emerald
Group Publishing.
Garcia, D. H., Leles, A. D. and Romano, R. R., 2017. Program Entrepreneurship and Innovation:
Education as the Core of Innovation. In Advances in The Human Side of Service
Engineering. pp. 235-244. Springer International Publishing.
Huq, A. and et. al., 2017. All the world’sa stage: transforming entrepreneurship education
through design thinking. Education+ Training. 59(2). pp.155-170.
Jaén, I. and et. al., 2017. Cultural Values and Social Entrepreneurship: A Cross-Country
Efficiency Analysis. In Social Entrepreneurship in Non-Profit and Profit Sectors. pp.
31-51. Springer International Publishing.
Lerner, D. A., Hunt, R. A. and Dimov, D., 2018. Action! Moving beyond the intendedly-rational
logics of entrepreneurship. Journal of Business Venturing. 33(1). pp.52-69.
McKenzie, D., 2017. Identifying and spurring high-growth entrepreneurship: experimental
evidence from a business plan competition. American Economic Review. 107(8).
pp.2278-2307.
Nabi, G. and et. al., 2017. The impact of entrepreneurship education in higher education: A
systematic review and research agenda. Academy of Management Learning &
Education. 16(2). pp.277-299.
Ramoglou, S. and Tsang, E. W., 2017. In defense of common sense in entrepreneurship theory:
beyond philosophical extremities and linguistic abuses. Academy of Management
Review. 42(4). pp.736-744.
Samila, S. and Sorenson, O., 2017. Community and capital in entrepreneurship and economic
growth. American Sociological Review. 82(4). pp.770-795.
Schmalz, M. C., Sraer, D. A. and Thesmar, D., 2017. Housing collateral and
entrepreneurship. The Journal of Finance. 72(1). pp.99-132.
Stuetzer, M. and et. al., 2017. Entrepreneurship culture, knowledge spillovers and the growth of
regions. Regional Studies. pp.1-11.
Welter, F. and et. al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to
embrace entrepreneurial diversity. Entrepreneurship Theory and Practice. 41(3).
pp.311-321.
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Online:
What is an Entrepreneur?. 2017. [Online]. Available through:
<https://www.thebalance.com/entrepreneur-what-is-an-entrepreneur-1794303>.
Gilfillan. G., 2015. Small business employment. [Online]. Available through:
<https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/
Parliamentary_Library/pubs/rp/rp1516/Employ>.
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