Entrepreneurship Research Literature Review

This assignment requires students to conduct a comprehensive literature review on the field of entrepreneurship. The review should encompass a range of topics such as entrepreneurial opportunities, the impact of entrepreneurship education, the relationship between entrepreneurship and urban growth, and various theoretical frameworks used in entrepreneurship research. Students are expected to synthesize information from reputable academic sources, critically analyze existing research, and identify key trends and areas for future exploration within the field of entrepreneurship.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 & M1 Concept of entrepreneurship and examination of different type of entrepreneurship
ventures.......................................................................................................................................4
D1................................................................................................................................................5
P2 Different entrepreneurial ventures having similarities and dissimilarities............................5
TASK 2............................................................................................................................................6
P3 & M2 How micro and small business affect the UK economy.............................................6
P4 Importance of small business and start up business to the growth of social economy..........7
D2................................................................................................................................................8
TASK 3............................................................................................................................................8
P5 Characteristics, traits and skills of successful entrepreneurs.................................................8
P6 Assess how aspects of the entrepreneurial personality which reflect the entrepreneurial
motivation and mind set..............................................................................................................9
M3.............................................................................................................................................10
D3..............................................................................................................................................10
TASK 4..........................................................................................................................................11
P7 Impact of the background and experience on the entrepreneurship....................................11
M4.............................................................................................................................................11
D4..............................................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is a individual person who sets up a business or businesses which assist
in taking on the financial risk so that they can earn a huge profits (Bruton and et.al., 2015).
Along with this it is a promoter in the industry so that they can earn success at the time of high
competition in the market. To expand the growth in the market they have to take more risk
otherwise they have to face so many issues. In the below mentioned report, discussion based
upon the different type of entrepreneurial ventures and typologies which are related to them.
TASK 1
P1 & M1 Concept of entrepreneurship and examination of different type of entrepreneurship
ventures
Entrepreneur is a individual person and one who organise or manage all the risk which
are occur in front of them in a business or enterprise. Entrepreneurship is the state which helps in
being a successful entrepreneur. It is a art of generating and innovative ideas so that they can
maintain their funds in a proper way and generate the maximum profits. They have to do proper
designing of the products so that they can easily sell (Carland Jr, Carland and Carland III, 2015).
There are two entrepreneurs who become successful by using the innovative and creative ideas
they are Elizabeth Gooch and she establish the EG solutions PLC and another one is Tom Mercer
who establish the MOMA foods. For improving the business in the competitive market they have
to use creativity as well as innovation so that they can not face any problem in attaining the
targets. As a line manager, manages finances and resources by taking the responsibilities for
deploying the resources that is time, money and several other resources to achieve plans. The
manager ensures the value for money my managing budgets and monitoring them, by making the
best use of the resources. Entrepreneurial ventures are having the several types and they are
having the relation with their typologies so that they can not face any obstacles in attaining the
success and managing the risk which assist in generating more revenue. They are:
Small business entrepreneurship: It is a small business and it includes those people who are
taking a risk to start the business and by which they can generate more revenue. Those individual
person who want to start the business does not having source to generate the funds they can only
take the funds or resources to start the business with their friends and family members. It is

related to the accomplish entrepreneur and in this he has to make a plan to set a good business to
attain success (Carland, Carland and Stewart, 2015).
Scalable start up entrepreneurship: This business is started by the individual person to change the
vision and mission statement in the whole world. It helps in attracting the investors to do the long
term investment so that they can increase their capitals. This entrepreneurship is related to the
determined entrepreneur and these can not do any copy of the information for changing the
statement which assist in expanding the growth.
Large company entrepreneurship: In this every entrepreneur have to follow the appropriate
process and for that they have to do the innovation so that they can grow the business so that
they can offer the new products. It is related with the sceptical entrepreneur and in this they have
to provide best products according to the needs and wants of the consumers by using the new
technology. Along with this they have to find the problem if any occur then they have to resolve
that on time (Carland and Carland, 2015).
Social entrepreneurship: In this entrepreneurship, these are the individual person who improve
the business by using the innovation as well as by providing the quality in the products so that
they can attain the success. In this proper research is required so that they can learn new things
and according to that they can develop the products so that they can attain success and that's why
they are related to the research entrepreneur.
Managerial Entrepreneurship: Managerial Entrepreneurs uses the entrepreneurship skills to grow
their existing business beyond the reach of their competitors and also they have a hold on to the
market share.
Entrepreneur: Entrepreneurs are the one who is not dependent on anyone in operations.
Intrapreneur: Intrapreneur is fully dependent on the entrepreneur, which is the owner of the
business. They don't usually rises funds that are required for the business.
D1
According to Carraher and Paridon, (2015), it has been analysed that in UK there are
different entrepreneurial ventures are there and every one has to expand the business to attain the
success in the competitive market. In the market, they are having a wide areas and on the needs
and wants of the consumers they have to do the development and growth so that they can face
any issues and attain targets.

P2 Different entrepreneurial ventures having similarities and dissimilarities
Social entrepreneurship: It refers to the different practices which assist in combining the
innovation, resourcefulness along with the opportunity so that they can address the critical social
as well as environmental challenges. Their ventures are passion centric they are mostly focussed
on innovation based on the ethics. These are the entrepreneurs who focuses on the transforming
system and the practices which are the root causes of poverty, environmental deterioration etc.
They have to do proper innovation as well as research along with the system change so that they
can attain the targets. For example: Mahatma Gandhi, he was engross with sustainability, being
environment friendly, makes optimal use of resources and promoting local industries, this made
him a social entreprenuer.
Lifestyle entrepreneurship: It is the entrepreneurship which includes the some kind of
pay-off as well as motivation to the staff members so that they can not face any problem in
attaining the success in the market. In this entrepreneur have to provide the goods and services
according to the trends in the market (Davidsson, 2015). For example: Scott Fox, an American
author, she is the founder of ClickMillionaires.com and RadioGuestList.com.
Similarities between the social and lifestyle entrepreneurship: They both are the
entrepreneurs who are doing or continue their operations in the small business so that they can
use proper and appropriate skills and knowledge so that they can provide the best products. At
the initial stage or level they have to invest the less capital. The similarities are far more common
than that of the differences, for a mission-driven for-profit success in the business means less of
expenses and more of sales.
Dissimilarities between the social and lifestyle entrepreneurship: Social entrepreneur is
a individual person who establish or start the company with the aim that is they have to resolve
the problems along with the social changes which are affecting the business. For example, In
UK, Street league is a leading entrepreneurship which provides assistance to youth to do best
education and on the basis of that they can maintain the sustainability as well as attain the goals
and objectives effectively (Fayolle and Gailly, 2015). While, lifestyle entrepreneur is the person
who have to use the best and innovative technology by using the internet and they do not require
any location to do the business. Along with this if they want to achieve the goals and objectives
then they have to do proper research and provide the products according to the trends.

TASK 2
P3 & M2 How micro and small business affect the UK economy
In developing the economy small business have to provide proper support and for that
many individual person in the economy have to start the small scale business which assist in
improving the condition of economy. In economy different type of business enterprise includes
sole proprietorship and this is the business which is started by a single person as it helps in doing
the self employment by utilising the appropriate resources. Another is partnership and it is
started with the two or more persons by informing the capital (Glaeser, Kerr and Kerr, 2015). In
addition to this is private enterprise and in this all the businesses managed or disciplined by the
private entrepreneurs. These all are the businesses which having a adverse impact on the
economy whether it is direct or indirect. Along with this these businesses does not having high
turnover also. There are different type of business entity in the market place at the time of high
competition are micro, small and medium enterprise. Micro enterprise are doing their business in
the limited area that's why in this less profit is generated. Small enterprise are those which is
quite large than the micro. Along with this medium enterprise are those which are doing their
business in the large area and generate maximum profit. In the small and medium enterprise
having small or less number of workers but it having high sales (Hatten, 2015). Large business is
that which is having more than 250 employees and these are the businesses which assist in
arising the multinational business.

In these, if they are having the direct impact in the economy then this will provide an
assistance in expanding the growth. As these enterprise are run by the private entrepreneurs so it
will assist in reducing the unemployment rate because in the present time, youth is attracted by
the new jobs which are generated in the economy and this increases the rate of employment and
on the basis of that they can generate more revenue (Kirzner, 2015). When the company is joined
by the new employees then this will helps in generating the new and innovative ideas for the
development of the company which aid in attracting the goals and objectives. Small and medium
enterprise have to provide proper support in giving the employment to those person who helps in
improving the business as it assist in expanding the growth in the economy as well. Moreover, it
also succour in improving the standard of living of the different employees in the business entity.

P4 Importance of small business and start up business to the growth of social economy
Economics is a discipline which assist in providing the answer to the different questions.
It can actually be defined the answers in the few different ways as it is the study of scarcity and
the study have to use the different people by using the different resources along with the study of
decision making. They have to make appropriate decision so that they can attain the success in
the economy. The main importance of economics is that it helps in the society that they have to
decide that they have to use the proper utilisation of the resources so that they can fulfil the needs
and wants of the consumers as well as demand of the products by doing the proper and
appropriate supply of the merchandise (Kuratko, 2016). Along with this economy helps in
managing the macro economy by taking the advice of the regulatory bodies by which they can
avoid the problems which includes the inflation as well as unemployment. They have to use the
policies so that they can reduce the unemployment as well as inflation. The importance of the
economics is to deal with the shortage of raw materials. Along with this they have to distribute
the appropriate resources in the society. Along with this they have to manage the economy by
using the principle of opportunity cost to do the proper selection among the different choices.
Small business is playing a important role in the development or improvement in the
local economy across the nation. As it helps in increasing the employment rate so that they can
attain the success in the competitive market. The sector of the small business is growing rapidly.
The rate of small business “start up” has grown and the rate for the small business failures which
has declined. Small business as well as start up business having the different contributions so that
they can attain the success in the market (Shepherd, 2015). Moreover, small business having the
contribution to the local economies by bringing the growth as well as innovation to the
community in which they have to established the business. Many small business in the economy
have to possess the ability so that they can change the economic climates and these are consumer
oriented. At the time of economic crisis, many consumers will remain loyal to their small
businesses. Start-up and small businesses have to use the economic development strategy so that
they can attain the success and expand the growth in the competitive market. In the economy,
small business should be more flexible and always be innovative so that higher authorities of the
entity can improve their businesses in the terms of growth and attain the targets.

D2
As per the views of Singer, Amoros and Arreola, (2015), It has been analysed that there
are different levels in the economy that is regional, national and international level. Regional
level helps in rotating the money or funds in the local market by using the appropriate skills and
knowledge so that they can improve their earnings. At national level, national economy have to
provide support to the small business for the better production so that they can increase their
GDP rate. Along with this at the international level, for increasing the market condition small
business in UK economy have to increase their production to attain the success.
TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs
Every entrepreneur have to use appropriate skills as well as knowledge which assist in
attaining the goals and objectives and on the basis of that they become successful. Different
skills as well as attributes which they have to use are:
The entrepreneurs should be innovative and have to use the innovative ideas by using the
appropriate and relevant methods as well as approaches so that they attain the success. Along
with this by using the appropriate methods which assist in grasping the opportunities as well as
earn more revenue (Storey, 2016). For example, Elizabeth Gooch is the owner of EG Solutions
and she become the successful entrepreneur in UK. She work in HSBC to start their carrier and
left the job in 12 months. She grasp the opportunity which occurs in front of her to launched her
operational software and on the basis of that she become successful. While on the other side,
Tom Mercer is a student who are doing the studies from Cambridge university and he decided to
start the stalls of food at the common places that is those places who are under the crowded area.
To become the successful person, entrepreneur facing so many difficulties or
complexities and also they are having a solution that how they have to resolve these problems
and by that they can attain the success in the market. For instance, Elizabeth Gooch started theuir
business with the amount £1,000 by taking the loan from their friend and have to collect the
information to face the challenges so that they can improve the efficiency (Terjesen, Hessels and
Li, 2016). After sometime she met Rodney Baker-Bates who is the CEO of Prudential Financial
Services and he is the person who helps in making the changes so that they can attain the

profitability where as Tom Mercer have to face some challenges so that they can choose the best
and healthy breakfast.
There are some difference between the business manager as well as entrepreneur:
Entrepreneur Business manager
Entrepreneur is a individual person who have
to take more risk so that they can attain
maximum profits (Program in
Entrepreneurship, 2017).
Business manager is a person who appoint by
the higher authorities which having a
responsibilities of controlling and managing
the business entity.
It assist in focusing on the start up of the
business.
It aid in focusing the ongoing operations.
It is the owner of the firm and the reward of
them is profit (Zucchella and Magnani, 2016).
Business manager is the employee of the
corporation and his reward is salary which is
provided to them.
P6 Assess how aspects of the entrepreneurial personality which reflect the entrepreneurial
motivation and mind set
Each and every entrepreneur having a ability that they have to operate its business in a
proper and efficient manner. They have to take more risk to get a chance so that they can
enhance their position in the economy as well as market. Along with this it helps in doing the
market share. There are different skills and characteristics which the entrepreneur have to use
and they should be unique in nature (Bruton and et.al., 2015). Elizabeth Gooch is the founder of
EG solution and Tom Mercer is a founder of MOMA foods in UK who gives their sacrifice of
well settled job. Along with this she started a new venture by facing many losses along with the
challenges and they put more efforts and then they generate more revenue. Both the entrepreneur
have to use appropriate skills as well as characteristics so that they can innovate and also use the
creativity in developing the products and according to that they have to grab the opportunities
(Entrepreneurship MSc, 2017). Elizabeth Gooch started a new venture to sell operational
software which assist in improving the performance as well as efficiency. Where as, Tom Mercer
visualise the necessity of healthy breakfast and open their food stall that is MOMA foods. Both
the entrepreneur face the necessity and then they decided to start a new venture. Both the person
facing so many difficulties as well as challenges and by putting more efforts Elizabeth Gooch

and Tom Mercer become successful person and earning more profits. Both the business person
are innovative and creative by that they provide best software and healthy breakfast (Carland Jr,
Carland and Carland III, 2015). Elizabeth Gooch and Tom Mercer have to do innovative thinking
and have to generate new and innovative ideas so that have to improve their skills and also learn
new things.
M3
This report is based on the two successful entrepreneurs and they are Elizabeth Gooch
and Tom Mercer. Elizabeth Gooch is a successful women who started a company that is EG
solutions. Along with this she grab the opportunities which are occurred in front of her and by
that she launched the operational software which help to her in becoming seventh successful
entrepreneur in UK (Carland, Carland and Stewart, 2015). But on the other side, Tom Mercer is a
student of Cambridge University and he decides that he has to prepare a healthy breakfast and for
that he has to open a food stalls to those places who are come under the crowded area which
assist in attaining the goals and objectives and he also become successful entrepreneur.
D3
As per the views of Carland and Carland, (2015), it has been analysed that both the
entrepreneur that is Elizabeth Gooch and Tom Mercer were innovative and creative as well as
perseverance and they face so many challenges and after completing or finishing the challenges
they become the successful entrepreneur. For example, Elizabeth Gooch started a business by
taking some money as a loan from their friends and family and she grab the opportunities and
become successful. Another instance is Tom Mercer is a student and he use their own mind and
put some creativity and proper skills and then he also become a successful person.
TASK 4
P7 Impact of the background and experience on the entrepreneurship
Background along with the experience both the factor is necessary to become successful
in the market. Elizabeth Gooch is the founder of EG solutions which is a small company and
selling the different software which assist in generating the improvements in the performance
along with the efficiency. At the age of 26, she started a business by borrowing £1,000 from
family and friends along with this by using a credit card. In 1993, she sell their first software and
become successful women entrepreneur (Carraher and Paridon, 2015). But on the other side,

Tom Mercer has completed their graduation from Cambridge university and was the consultant
of administration in Britain & Co. in London and in year 2009, there are 25 people working for
him. In starting every entrepreneur have to put more efforts and capture the opportunities so that
they can gain maximum revenue and make good financial position. There are some factors which
having a high impact on entrepreneurship which are technology, cost innovation, limited number
of ventures as well as consumers. In 2006 and 2007, EG Solutions suffered £700,000 and
£800,000 losses. But on the other hand, Tom Mercer have to make healthy breakfast and about
200 bottles to be set up which helps in attaining the goals and targets but he can not and he
doesn't stop and put more efforts and become successful (Glaeser, Kerr and Kerr, 2015). Without
the confidence and capability along with the knowledge no entrepreneur become successful inn
the market.
M4
Elizabeth Gooch facing some barriers while launching the new ventures along with this
she is having some knowledge related to market and the business as she started their job with
HSBC bank to work for a consultancy that helped large firms find better ways to use their staff
and after that she face barriers but Tom Mercer having no experience in the field of business and
then he choose to start the business and enter into the market and he is highly positive and
confident in nature (Kirzner, 2015). Both the entrepreneur having confidence while doing
business if there is no confidence then they can lose their business ideas.
D4
According to Hatten, (2015), it has been analysed that if Donald Trump (The Trump
Organisation) and Jack Ma (Alibaba Group) have to face some financial crisis along with the
poverty in their history and which affect the financial considering. Moreover both the
entrepreneurs having a positive thinking for the below poverty levels person or those individual
person who are facing financial crisis and they provide support to them which helps in increasing
their business ideas and also assist in attaining good experience.
CONCLUSION
From the above carried out analysis it has been interpreted that entrepreneur is a
individual person who start the business by taking more risk and generate more profit which
helps in attaining the goals and objectives as well as assist in generating more profit. Different

entrepreneurs have to start the business as it helps in expanding the growth in the economy. This
helps in maintaining the relationship with the country in the overall economy. Small as well as
medium enterprise having a high contribution in the economy so that they can improve the
business. Entrepreneur have to use the appropriate knowledge and skills so that they can make
appropriate decisions for the betterment of the company and according to that they can make the
changes which succour in managing all the business activities and accomplish goals and
objectives. To generate the more revenue they have to take more risk as well as rewards which
helps in reaping the objectives.

REFERENCES
Books and journals
Bruton, G and et.al., 2015. New financial alternatives in seeding entrepreneurship: Microfinance,
crowdfunding, and peer‐to‐peer innovations. Entrepreneurship Theory and Practice.
39(1). pp.9-26.
Carland Jr, J.W., Carland, J.A.C and Carland III, J.W.T., 2015. Self-actualization: The zenith of
entrepreneurship. Journal of Small Business Strategy. 6(1). pp.53-66.
Carland, J.C., Carland, J.W and Stewart, W.H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 7(1). pp.1-20.
Carland, J.W and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Carraher, S.M and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing. 30(5). pp.674-695.
Fayolle, A and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management. 53(1). pp.75-93.
Glaeser, E.L., Kerr, S.P and Kerr, W.R., 2015. Entrepreneurship and urban growth: An empirical
assessment with historical mines. Review of Economics and Statistics. 97(2). pp.498-
520.
Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Shepherd, D.A., 2015. Party On! A call for entrepreneurship research that is more interactive,
activity based, cognitively hot, compassionate, and prosocial. Journal of Business
Venturing. 30(4). pp.489-507.
Singer, S., Amoros, J.E and Arreola, D.M., 2015. Global entrepreneurship monitor 2014 global
report. Global Entrepreneurship Research Association. pp.1-116.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.

Terjesen, S., Hessels, J and Li, D., 2016. Comparative international entrepreneurship: A review
and research agenda. Journal of Management. 42(1). pp.299-344.
Zucchella, A and Magnani, G., 2016. International entrepreneurship: theoretical foundations and
practices. Springer.
Online
Entrepreneurship MSc. 2017. [Online]. Available through:
<https://www.royalholloway.ac.uk/courses/2017/postgraduate/management/
entrepreneurship.aspx>. [Accessed on 24th April 2017].
Program in Entrepreneurship. 2017. [Online]. Available through:
<http://kellercenter.princeton.edu/learn/program-in-entrepreneurship>. [Accessed on
24th April 2017].