Entrepreneurship Research Literature Review

This assignment requires students to conduct a thorough review of key literature related to entrepreneurship. The focus is on analyzing various aspects of entrepreneurship research, including its history, core concepts, prominent theories, and emerging trends. Students are expected to synthesize their findings into a coherent and insightful summary, highlighting the major contributions and future directions within the field.

ENTERPRENEURSHIP

INTRODUCTION
Entrepreneurship is the process in which an individual want to start a business in order to
make career in the private sector with its own expectations and demand for the maximum profits
and success. The decision of entrepreneurship is the persons self made and it is carried out with
the help of full fledged requirements of capital, labour and technology. Basically
entrepreneurship is the business programme started by the person with its own interest according
to start its carrier in the industry in order to compete the challenges with the global
entrepreneurship. The people who are engaged in the entrepreneurship are men and women both.
They should be very professional by knowing the terms and conditions of the business with
complete knowledge , skill, education , money-power and willing to participate in the
entrepreneurship. In order to start or run the business one should adopt the risky situations
associated with the entrepreneurship without any assessments of profit's and losses. Basically
entrepreneurship is the advance planning process, one should plan out the strategies before
staring any business and implement according to that, without strategic planning it is very
difficult in order to start or participate in the business. There are certain age limitations with
respect to entrepreneurship. The minimum age of staring a carrier in business is between 35 to 40
years. These are the findings in relation with entrepreneurship (Tang, 2011).
TASK 1
P1 Different types of entrepreneurial ventures and their relations with the typology of
entrepreneurship.
According to the UK economy, there are certain no entrepreneurial ventures and there
classification is as follows :-
Small business entrepreneurship – Generally these types of business includes small enterprises
or small firms . They do not posses any strong policies and norms in their business . Their cost of
production is low. Their trade is depend only to meet their family requirements. The persons who
engaged in this type of business are middle class people, common man or family member's. For
an instance beauty parlours, barber shop, grocery store , electrician , fashion boutique and cyber
cafe etc. about 6 million population of UK economy is depend upon the small enterprises.
Generally their income is depend upon the family member's, friends and small business loans .

Large business enterprises – generally large business ventures are considered with large
companies, big enterprises , outsourcing firms and private limited companies. They are
considered as employment providers . They have maximum cost of production in order to
produce enormous amount of goods and services. They are maximum profit seekers and involved
in the business strategic development in order to attain goals or targets. There are certain policies
associated with these large enterprise ventures. They help in providing many employment
opportunities. There are some consultancies which provides jobs . Some of the examples of large
enterprises are ford group , national governmental organizations , unicorn grocery etc.
Social ventures – these types of ventures are associated with societal issues. They are related
with the non governmental organizations like charity organizations, organizations for below
poverty line people, organizations for schedule castes and schedule development. The basic
important aim of these organizations are to provide assistance for poor, provide free education
for BPL children including food, transportation and overcome their basic needs. They also
provide assistance for disabled person (Tracey, 2011 ).
Scalable ventures- this is a special category of entrepreneurial ventures. These entrepreneurs are
very strong, talent, enthusiastic and profession. It includes with those entrepreneurial out sousing
firms which are related with employment. Their role is to provide job opportunities in different
classes of employees . Their basic motto is to select the best talent which fits to the job . They
only consider the talent and acquisition inside the employee personality. These are the following
entrepreneurial ventures (Valdivia, 2011 ).
P2 similarities and differences between entrepreneurial ventures.
Every entrepreneur has its own ideas and thoughts according to work strategies and
achievements. The determination of work hard is came from the idea of achieving targets and
fame across the business world. The basic differences are come from the different standards of
working conditions and criteria. There are different themes and motives in different business
because every business is not same , their manufacturing is different , their targets are different ,
their scopes are different. But the similarity in these types of business is their goals and
ambitions in order to achieve success and fame. They work according to the strategy of profit
maximization or wealth creation by the methods of strategic implementation. Their policies are
according to the working conditions of the business environment and conflict resolution ideas in
order to run a business with full cooperation. The income generation is the basic aim and

objective of all the business firms and for this they adopted some scientific research development
programme plans. There are differences according to the goals and values creation.
Some business firms adopted many advance methods of technology and services in order to
provide the best quality products to customers and satisfy their needs and demands in the best
possible ways. Their total focus is on the standards of quality. On the other hand few firms are
not considering any quality and their motive is only to sell their products at any possible rates.
Their is depend only on their self benefits and ignoring customer satisfaction related with the
products or services provided. Goal is the visualization or assessment of future success and
target. To attain a specific goal or target , it is essential to make planing strategies and implement
according to that. In order to run any business or firm , one should set a goal or target in order to
attain success at the starting point of the business. The major similarities between the
entrepreneurial ventures is that they both are job providers and both are involved in giving
employment opportunities. There are some copy cat entrepreneur who copy the ideas and
concepts of other ventures and process according to that. Determined entrepreneurs are not
believing in any copying of ideas , they make their own methods or concepts and giving their
complete determination and hard work in order to compete the challenges and attain success.
There are certain differences between female entrepreneurship and male entrepreneurship. The
fore most and basic difference between male and female entrepreneurship is risk taking
situations. Risk is the occurrence of loss or harm , it is the uncertain condition. The men
entrepreneurs are always ready to take any king of risk in order to start their business venture
without considering or neglecting any profits or losses in future. They are also known as risk
bearers or risk takers. On the other site women entrepreneurs are completely opposite, they are
are not ready to take any type of risk or uncertain situations . The reason behind this statement is
that women are more sensitive and emotional than men and in order to take these types of risks ,
they must be thinking about their family conditions and their relatives. The second point of
difference is that the women entrepreneur understands the problems and situations of the person
more than that of men entrepreneur because of their sensitive and emotional nature. The
similarities are depends upon their hard work, societal work, dedication and learning
experiences. Both men and women entrepreneurs are considered as hard working, challenging,
involved in societal upbringings. These are the above similarities and differences in the
entrepreneurial venture according to the entrepreneurship.

TASK 2
P3 Assessment and interpretation of micro and small businesses impact on economy
Micro and small businesses have the great importance on the UK economy or globally.
These businesses are the basic income generation sources of the economy. Ninety percent of the
population is depend upon these enterprises for their basic necessities of life. They introduced
many new products and services in order to help the local economy. In order to stable the
economic conditions they provide their assistance at some point. The generation of profits are
not comparable with the large firms as a result they provide small products and services for the
basic use . The percentage of small business enterprises is 98% in UK economy.
Future growth – Future growth is the growth related with the development of the economy with
future prospectus . These firm are provided some assistance by the government in order to
maintain their GDP. There are some steps taken by the government in order to maintain the
favourable conditions in the market and by how attain the condition of balance of trade and
protects from unfavourable market conditions. These enterprises invent some schemes and
advance methods in order to run a business in an extreme conditions like crises and accordingly
help the customers and the businesses in a broader spectrum to take consideration into future
expectations related with market . Government has provided some import and export quotas in
order to higher exports and imports with the subsidies provided. These are the methods in which
the small business enterprises effected the UK economy to a wider extent ( jsselstein, 2010 )
Employment creation- these enterprises are very helpful in order to provide many job
opportunities to the employees through their services. This is the basic reason to increase the
economical value of the UK economy .
Technology – it creates some ideas and concepts in order to develop new methods of technology
and implementing the traditional methods into modern or advance methods. It hemps the
customers in order to provide best quality services and there how foster the development to a
greater extent.
GDP – gross domestic product is increase in order to engage in different types of employment
opportunities. More the no of employee's results in more production of goods and services and

by how GDP automatically increase. These are the following methods by which small business
effect the economic conditions of the UK economy (Nyssens, 2010 ).
P4 Importance of small business start ups in economic growth
Small business start-ups plays a vital role in the growing conditions of the economy at
many levels like financial, technological, employment and expenditure level. They are
considered as the foundation stone of the UK economy. Government provides its full assistance
to the small enterprises in order to stand the economy . There are some factors which determine
how it can be helpful for the growth and development of the UK economy.
Employment rate – it is the rate that determines how many employees are working in different
industries. This is the overall rate of the employees with respect to the employment and industry.
It also shows the rate of unemployed and employed persons. It totally depends upon the type of
jobs and their net income. This can diversify in order to engage more no of industries to fulfil the
job requirements of the candidates. The growth of the economy is depends upon its employment
rate. Higher the rate of jobs as a result higher the growth of the economy.
Expenditure – the increasing level of employment rate leads to increase in the current or
available income as a result revenue and profits will generate automatically. With the increasing
in the fast growth ,the demand automatically increases and thus the reasons of supply would be
created automatically and by how competition increase in the market in order to adopt all the
challenges for the industries.
Innovations and technologies - with the help of latest and advance technology the production
is increased and thus opportunities also increased . The advance technology can be adopted by
implementation of new ides and concepts. This method is very useful in the growing conditions
of the business and foster the economic development . Innovations are based on the adoption of
technological improvements in various products and services.
Financial support – The financial support is provided by the banks in order to help small
business enterprises by giving loans at exclusive interest rates, insurance policies in order to
secure the business entity. These firms are helped by many governmental financial institutions in
order to start their business as well. The policies made by the government helps these small
business in grown opportunities and generate large profit outcomes. This also provides the
enticing effect to others in order to start their carries in the entrepreneurship . This helps in
increasing the competitive advantage.

Small business are very helpful and important in the growth of the economy in coming
future. They provide flexibility in order to understand the needs of the customers and improving
the quality of standards of living conditions. They provides diverse range of products and
services in order to meet the requirements of customers. They provide advance innovative
methods of technology with best quality products to the customers and satisfy their demands in
order to come up to their expectations. These are the above methods in which how small
business enterprises important for the economy of UK.
TASK 3
P5 Characteristics , skills and traits of successful entrepreneurs which differentiate them from
other business managers.
Entrepreneur is a person who is willing to take the business responsibility according to
the self made decision. In order to the start up the business , the entrepreneur should be very
motivated and passionate according to the business goals in order to run the business. He should
be hard working ,trained, disciplined, self belief and devoted towards the business. He should
know all the money management strategies and income generation sources in order to run the
business in an extreme conditions . He should posses networking capabilities by different
communication channels. He should be conflict resolver and problem handler . He should posses
these qualities like learner, listener, innovative, creativity in thoughts . These are the different
characteristic's in an entrepreneur (Matear, 2010 ).
The basic important difference between the business manager and entrepreneur is that,
entrepreneur start its business for the self business establishment and on the other hand business
managers are the part of others establishments in order to direct or control the business. The
establishment is its own . The entrepreneur is always ready to take any kind of risk for the
development of his enterprise but the business manager never involved in any type of uncertain
or risky situations for the company because he is just a part of the company , the whole company
is not established by the manager, he only take care of his managerial duties according to the
rules governed by an entrepreneur. As far as creativity is concerned , the entrepreneurs are
always creative or imaginative in their minds or thoughts and accordingly best advance
innovative methods for the development. The business managers never use their creative ideas in

innovation instead of they use their imagination and thought process in order resolve other
conflicts. There are some point of considerations of business managers and entrepreneurs.
Motivation- both entrepreneurs and business managers possessing the characteristic of
motivation. They always motivate their employees, subordinates and team members by
encouraging and appreciating . They both are self dependent and never give up. They never
embarrassed and dis-hearted in difficult situations and work until the success achieve. They
always considered as morale boosters for their employees and them selves.
Confidence- confidence comes from the experience, knowledge and pleasing personality. They
posses all these characters and very confident in their nature. They are positive thinker and
possess optimism. They always except their mistakes and learn from them . There is a high
amount of determination in them with respect to their work and achievement of targets.
Risk taking – they always ready to take ant type of uncertain situation or risk according to their
work . By neglecting all the failures or profits related with future expectations of the project, they
easily adopt risk and participate in the business. For risk they adopt some methods in order to
reduce the risks to a small extent. These are the above differences between a business manager
and an entrepreneur.
P6 Assessment of entrepreneurial personality in reflection to motivation and mind set.
The entrepreneurial personality is effected at both societal as well as economic level.
Entrepreneurship is a very difficult and responsible task in order to manage business as well as
outside environment. In order to achieve success in business and increases productivity it is
necessary to adopt favourable business conditions that results in affectivity and efficiency as well
(Levie, 2010). Entrepreneur mind plays an essential role for the upbringing and growing
conditions of the business by motivating factors with the help of encouraging and appreciating
the employees and self learning. The passion is determined by the positive mind in order to put
extra effort for the completion of the work and for giving extra hours. Positive thoughts taught us
that failure is a key to success , one should never give up before the full hard work experience .
The focus should be on goals and targets instead of income sources , then only one should
achieve success in the business. There are some risk factors associated with the
entrepreneurship , which tells about how to take difficult or complex decisions in a risky

situation. There should be complete knowledge about the business in order to start any business.
The person should be educated and professional. An entrepreneur must be cooperative with the
followers and organizational members in order to make a friendly environment and flexible
environment. These are the some criteria of learning and experiences with respect to
entrepreneurial personality (Kirzner, 2015).
According to ocean acronyms there different characteristics posses in the entrepreneurial
personality. These are classified as follows :-
Openness – Entrepreneurs are completely open with their ideas, thoughts , concepts to the
organizational members. They make their own ideas and ideology of different thoughts and
visualization and distribute in the organization. They possess positivity of open mind and
thoughts and it helps them to attain success and compete the business world.
Conscientiousness- this is the situation of handling all the process and work with very care . It
posses attentiveness. This is also called as the work which is done through full and complete
concentration in order to lessen out the mistakes or errors. The work should be appropriate and
valuable with care full handling steps. It should posses discipline,
Extraversion – this character of entrepreneur determine its social work in order to participate in
social gatherings and societal help For the upliftment of the social culture.
Agreeableness – this determine the cooperative nature rather then egoistic or dominating nature.
Neuroticism- it is defined by anger, anxiety and depression , this is the the feeling of mood
swings and unconsciousness. These are the above entrepreneurial personality which reflects the
entrepreneurial mind sets.
P7 Effect of back ground on entrepreneurship
The back ground of entrepreneurship is determined by the age , gender, qualification,
income status , past experience and entrepreneurial experience.
The minimum age of an entrepreneur to start a business venture is between 35 to 40 years
. According to that an individual can participate in the business or he or she can start its own
business. The educational experience provides the mature and professional entrepreneur in the
business in order to run the business very smoothly and in an appropriate manner. Education
provides the knowledge in order to run the business in effective manner to attain success.
Gender determines the male or female entrepreneurship. The males are ready to take any risk in
the business instead of females. Females entrepreneurs are very sensible and emotional in their

thoughts and by they easily understand the problems of common men and women. Past
experience determines the family status like entrepreneurial father and income status of the
family. Personnel experience determines the past different entrepreneurial experience in order to
handle the business. There are some bad times in the life of the entrepreneurs which taught them
learning experience in order to handle the difficult time and situations, these are the above effects
of back ground on entrepreneurship (Drucker, 2014).
CONCLUSION
From the above studies it can be concluded that how entrepreneurship builds up the
economic conditions of the UK. It explains the different types of joint ventures and their role in
the business as well as economical development. It explains some technological, financial ,
governmental assistances for the entrepreneurial success. The decision of entrepreneurship is the
persons self made and it is carried out with the help of full fledged requirements of capital,
labour and technology. Basically entrepreneurship is the business programme started by the
person with its own interest according to start its carrier in the industry in order to compete the
challenges with the global entrepreneurship. The decision of entrepreneurship is the persons self
made and it is carried out with the help of full fledged requirements of capital, labour and
technology. Basically entrepreneurship is the business programme started by the person with its
own interest according to start its carrier in the industry in order to compete the challenges with
the global entrepreneurship.

REFRENCE
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Online
Entrepreneurship and small business. 2017.[online].Available through:
<http://researchdirect.westernsydney.edu.au/islandora/object/uws:22722>.[Accessed on 28th
April 2017]