Entrepreneurship: Background & Success

This assignment analyzes the influence of background and experience on entrepreneurial success. It examines the characteristics of successful entrepreneurs like Bill Gates and Steve Jobs, highlighting their technical backgrounds and positive attitudes. The analysis delves into how personal experiences shape individual behavior and motivation towards achieving goals. Furthermore, it emphasizes the vital role of SMEs (Small and Medium Enterprises) in the UK economy, contributing to growth, employment, and GDP.

ENTERPRENEURSHIP

TABLE OF CONTENTS

INTRODUCTION
Entrepreneur are care frequently considered as assets to be cultivated, remunerated
motivated and motivated to the greatest possible extent (Salami, 2011). They have the ability to
change the ways people live and work. In addition to this, for creating the wealth from their
entrepreneurial ventures, they are provides various jobs to the people. In this context, there are
various types of entrepreneurial ventures have been discussed in this report which provides clear
understanding achieving growth and success. It also provides a complete understanding about
various innovative practices and ideas which are applied by Bill gates and Steve jobs. Moreover,
the effect of Brexit and European union on the Entrepreneurship has been discussed in this
report.
TASK1
P1 Analysis of various kinds entrepreneurial ventures and their relations to typology
Entrepreneur is analysed as individual which not working as an employee, found and runs
a small business by analysing the risk and profits of venture. It is commonly considered as
innovator, source of ideas, goods and business ventures, that starts its business with aim to get
recognition and profitability in particular ventures. It is also considered as economic driver that
provides growth to country by taking initiative to introducing new and innovative business
prospects.
The concept of entrepreneurship provides an understanding that it is an act of setting out own
and starting a new business venture instead of working for other in their business.
Entrepreneurship is recognised as the capabilities of individual to design, organize as
well as manage an effective and innovative business plan that helps in getting success and
achievement of its motives. It is also considered as difficult process for very personnel start the
business at own risk as it requires major capital investments and contains risk. Various small
business owners or sole proprietors in UK are considered as entrepreneurs as they started their
operations at own risk (Lushi, 2013). Entrepreneurial ventures can be defined as organization
that places innovation and opportunism at its hearts in order to develop economic and social
value. These are organization which are started by entrepreneurs like sole proprietorship,
partnership and joint venture etc.
1

There are various types of entrepreneurial ventures have been discussed in which an individual
has the opportunities to engage and earn probability as per the requirements. Below given are the
four significant type of organizational ventures.
 Small scale ventures capital: These are considered as small scale business ventures or
business operations in which an individual can engage by making less capital investment
and contains low risk. It can be also be considered as a start-up business plan that
involves a new and innovative business idea to organize and manage with an aim of
maximizing profits. These enterprises include online grocery, handicraft, garments and E-
commerce websites etc. In UK, there is major contribution of small business ventures
towards increasing the rate of GDP of country.
 Large scale business ventures: These are considered as major enterprises that has
established a large scale business plan as well as regulating their business operations at
international level. It is also considered as large scale firms in which there is huge capital
investment of various individuals or entrepreneurs and they have regulated their business
operations with an aim to capture a particular market segment. These firms are
established with aim of maximizing by satisfying the major needs of customers. For
example: Tesco is large scale organization which aims at satisfying the needs of people
by providing quality products and achievement of maximum profit in retail industry.
 Social entrepreneurial venture: Basically these enterprises are established or owned by
those individuals or entrepreneurs which have a motive to support the people or society
by using there resources (Sujarwo, 2016). Like men, capital or place. It can also be
considered as those business organizations which are established by individuals with an
aim of resolving the problems of society. One of the most successful example of this is
Ibrahim Abouleish who is the founder of pharmaceutical manufacturing corporation
which produces new medicines for the treatment different major diseases of needy people
in UK.
 Saleable entrepreneurship: Those individuals or entrepreneurs which develops their
ventures with a vision to change the concept of regulating business across the world.
These ventures regulate their business either by providing capital or attracting investors
for the small scale business enterprises. These ventures perform the task of finding
2

repeatable and scalable model of business for other entrepreneurs. For example:
entrepreneurs of Silicon Valley etc.
Apart from this, there are some typologies of entrepreneurship have been discussed which relates
to these entrepreneurial ventures as mentioned below:
 Innovator: At the initials stages an entrepreneur build an innovative idea and create a
strategic plan related to design, organize and manage the new business operations.
 Entrepreneur: An inventor after development of idea and investing the funds at own risk
is considered as a potential personality which has a potential to continue its business
operations by differentiating its business from other business ventures (Basolo and
Yerena, 2014).
 Promoters: This relates with the large and small scale ventures entrepreneurs which have
the responsibility to promote their business by adopting various source of communication
to maximize the sale of products and services.
 Administer: Entrepreneurs at this stage becomes a controller of business and analyse
various effective ways through which increases the capabilities of business to sustain in
market.
Serial entrepreneur: These are the individuals who usually takes challenges and continuous to
come up with ideas repeatedly. After establishment of particular business, they will delegate the
responsibility of running its operations to others and move one to other ventures.
Social entrepreneur: Those individuals with generates innovative solutions to resolve society's
most pressing social problems. For example: student organizers from green club at Newcomb
College institute.
Female entrepreneur: These are important female personalties which starts their business at small
scale and sole proprietors for achievement of recognition and self esteem as well as profitability.
Usually female entrepreneurs start their business by taking inspiration from others. For example:
Finnish entrepreneurs “ Armi ratia who is founder of Marimekko textile and home decorating
company.
3

P2 Identification of various similarities and differences between the ventures.
With effective research practices, there are several similarities among these ventures are
analysed in relations to small medium enterprise.
 Small and Large entrepreneurial ventures: In modern business environment, there
some have considered as between the small and large scale business ventures in relation
to their business operations in market. The main objective of both these ventures is to
earn or maximize profits by selling innovative products and services ( Fitzgerald and
et.al., 2015). Further, the resources which are by them also similar and the process of
establishment of venture is also similar as they have to follow similar legislations created
by legal authority.
 Small and social ventures: These business ventures are established by business firms
with aim to maximize profits and by satisfying the needs of customers. They also aim at
reduction problems from society like unemployment through introduction of new
business operations that provides major growth to the economy of country (Brush and
Cooper, 2012). Apart from this, they also have to follow similar process of establishment
of business operations. These ventures generate there resources from the stakeholders like
investors, shareholders, employee and government etc.
 Large or social enterprises: These both can also be considered as public enterprises that
involves partnership or gain investments from public for the regulation of innovative
business concept and operations. Both aims to satisfy the needs of people and resolving
social problems of organization. In the present scenario, the large scale organizations
have made their focus on development of skills and competencies among the individuals
and create employment opportunities through expansion of business operations.
Apart from this, there are also some differences have been identified between these
significant ventures capital which are determined below:
Small scale or private Large scale or public Social or voluntary
Developed by single
individual or entrepreneur.
Established by group of
individuals or firms in
particular industry.
Started by single or group of
individual
It requires low or moderate These business ventures huge It requires low investments as
4

investment capital or other
resources.
capital investment as it
operates at international level.
compared to public enterprise
as they to manage their
business operations in
domestic country.
These enterprises get their
resources from investors,
personal investments, financier
and monetary as this enterprise
will not issue there shares in
market (Chahal and et.al.,
2016).
These organizations arrange
their funds by issue sing
shares, investors, financial
institution etc.
Raise funds from donations,
cooperative and government.
Entrepreneurs are considered
as responsible for the business
operations and liability of
profit & losses.
Entrepreneurs and
shareholders are liable for any
situation.
Shareholders are responsible
for any operations.
Level of competency is high as
there are many competitors.
Moderate competency level Either low level of
competency.
Lifestyle ventures or businesses
similarities
Serial entrepreneurs ventures similarities
These business ventures are usually start-up
with new business concept and ideas.
Also, established by individuals who take
challenges continuously by generating new and
innovative business prospects
Differences Differences
Operations of business remains in hand of
individual who has started the venture.
Serial entrepreneurs usually delegates the
responsibilities to others after establishment of
business venture.
5

Female entrepreneur businesses similarities Male entrepreneur businesses similarities
Mainly objective behind establishment of
business is to gain profitability and recognition
from people.
They also have similar objectives of earning
profits and recognition by introducing new and
innovative business idea prospects.
Differences Differences
Female entrepreneurs counterparts always
tends to be old. For example: Martha stewart,
who was a model, stock broker and caterer
before he has started a product empire.
Male entrepreneur always tends to be young.
For example: Mark Zuckerberg was a college
drop out student and he started Facebook in
Harvard dorm room.
M1
There are various type of entrepreneurial ventures other than this such as private, public
and voluntary organization which operates in every industry within the UK. These are generally
established by the various individuals or entrepreneurs of international firms by introducing new
business concepts and ideas. Other than this, cooperate sector are those business ventures which
are also established by private individuals to maximize profits.
D1
There is wide scope of these ventures with the introduction of new technology and
continuous changes in business environment. With the continuous economic growth of countries,
there are various opportunities will be available for the private and public enterprise to expand
there business and achieve the objectives (Szirmai, Naudé and Goedhuys, 2011). For example:
few IT companies have founded by IT industry and now it has gathered pace and millions of
different sectors are benefited from it. Thus, with these enterprises will achieve a sustainable
growth in there business operations and will be able to achieve the vision, mission and
objectives.
6

TASK 2
P3 Evaluation of impact of micro and small business entities on economy
Micro business: Those business ventures which have the involvement of very few people and
has its business operations domestic country. These business comprises nearly 1-9 people. On
coming towards the investments in manufacturing sector, it does not exceed more than.
Nature and characteristic
There are owners are responsible for adding more values to economy. They are involves one
single entrepreneurs who starts business at own risk , these business usually have 1 to 9 people
and turnover is also less.
Small business: These are part of Micro business, which are owned by sole proprietors and have
very few employees. Less revenue is generated by them but they tend to expand continuously by
adopting changes.
Nature and characteristic
These business enterprises usually involves private owners which are considered as sole
proprietor of their business operations. The amount of investments is very limited as they which
is either obtained personal savings and group of individuals. They generally carry there business
at local level and earns more profits in less investments.
Medium business: Those business ventures that also have their operations across the countries
but continuous their business at small scale and usually have a staff of 50 to 150 employees at
workplace. For example : cafe portraits which is an SMEs in UK.
Nature and characteristic
Decision are taken by owners as well as employees as they have authority to provide ideas. They
usually focus on diversified customers base and have their business operations in different
countries.
It is also analysed that these organizations have achieved a continuous growth as they
have introduced various innovative and creative ideas in their business and to satisfy the
customers. Continuous rise in the beginning of small commercial enterprise has rendered major
growth to the system of UK because providing major contribution of around 46% of there
income to the GDP of country (5 ways that startups are important to the UK economy, 2017). In
UK, It has been recognised that 99% of business entities are considered as small business firms
having workforce of maximum 250 people (Onetti and et.al., 2012). According to private
7

business forum of UK, 15.2 million jobs are provided by small-scale business entities and by
creating new business ventures. These firms have great contribution towards the GDP as they
have less taxes and tariff as compared to the large-scale business. From the analysis of data, it a
million Micro business enterprises are having their existence in UK and achieved more than 20%
growth as compared to large-scale enterprises. It is also recognised that 46% of overall income of
UK are generated by these entities.
Apart from this, It has been recognised that this organization have provided major
contribution towards rise in living standards and increasing the economy of country by creating
various new products and services to satisfy the needs of consumers. Digitalization has increased
provided an annual revenue of £18.8 billion in the year 2016 which is major contribution.
Moreover, it has resolved the problems of employments by raising the 58000 new job
opportunities for the people in UK. This major contribution has provided positive impact on the
economy of country and increase rate of growth and development.
Basically there 3 types of micro and small business ventures in the economy of UK such as:
 Sole proprietors: these types of business enterprise are established by one single
individual at his own risk and investments. The business operations are totally controlled
by entrepreneurs themselves and hires various other employees for the regulation of
business. In UK, there various small business organization which are owned by single
individuals which has achieved a great profitability.
 Private business enterprise: As compared to the previous analysis, this organization are
more successful in the economy of country and also achieved a continuous by expanding
business operations in various other host countries in UK (Soltanifar, 2016). In present
scenario, these enterprises have provided almost £15 million of annual to the country by
maximizing profits in there business operations like service, hospitality, travel and
tourism, IT sector etc.
 Partnership firms: These are also considered as essential and established by two or
more than organizations or entrepreneurs by sharing capital for making investments in the
business operations. The main aims behind creation of these partnerships is maximizing
profits and achievements of effective returns on investments. For example: As per the
market report, 1.2 million partnership firms are presently operating in UK.
8

Further, it can be these micro and small business has provided a positive impact on the economy
as more than 47% of over all income of country is contributed by these firms.
M 2
It has been recognised that 99% of business entities are considered as small business
firms having workforce of maximum 250 people ( Minniti and Lévesque, 2010). According to
private business forum of UK, 15.2 million jobs are provided by small-scale business entities and
by creating new business ventures. These firms have great contribution towards the GDP as they
have less taxes and tariff as compared to the large-scale business. Apart from this, the SMEs
have provided a great contribution of around 475 of overall income of UK. Whereas the large
business organization had made huge contribution of creating new products and services that
satisfy the needs of customers.
D 2
SMEs has its major impact on the different level of the economy like local, regional and
international as it has introduced major opportunities for the people to gain the profits by making
investments in various business operations. This major contribution has provided positive impact
on the economy of country and increase rate of growth and development.
P4 Analysis of importance of small business ventures and starts ups towards the growth of
economy.
Brexit: It is most important word which refers to the withdrawal of Britain from the European
union. When the government of Britain was under David Cameron a referendum was also held
upon the issues in the year 2016. By getting majority of votes from the people, UK has decided
to withdraw their name from European union countries.
Threats imposed by BREXIT:
 Immigration: From the indications provided by forecast, immigration flow towards UK
will remain high after Brexit. Exit from European union will provide major impact on
immigration and increases restrictions on getting visas. Therefore, Many British
residents in EU countries have already filed application for citizenship.
9

 Economic effects: Economy of UK will be adversely affected by Brexit because it will
remove the trade relationship of SMEs with organizations in other EU countries that
leads to reduction in sales and profitability. As per the forecast, it will create a loss of
£70 million
Differentiation between small business and startups
Start-ups Small business
Usually focuses on growing business at
continuous rate and generating new and
innovative business ideas
Achievement of growth is usually comparative in
these ventures.
In order to achieve growth, they obtain there
funding from other people and have
potential to make investments savings.
Usually runs their business at local level.
They not take funds from external sources as they
always make personal investments For
example:Martha stewart, who was a model, stock
broker and caterer before he has started a product
empire.
Increase in start ups has been emerged
major growth but it does not provide much
amount of taxes to the government.
Taxes are levied on small business as they
operate their business at own scale without taking
any support from government.
Start ups usually begins at small scale
therefore they have not provided much
employment opportunities.
Small business regulates their business at local
and national scale therefore they generates various
employment opportunities every year.
Start up are innovative idea but they are less
effective in generating income and provided
contribution towards growth
These enterprises have generated high amount of
revenue by increasing its boundaries of trade and
provided major support towards economic
development.
As per the given scenario, it has been recognised that SMEs have their great importance
within every countries as it provides major contribution towards the growth of country and
increasing the culture of investments. Every industry in the economy has its main importance as
it creates major employment opportunities and ways to satisfy the chance of economy. Owners
10

of these enterprises have also developed new ways to earn the profits by making investments in
other business ventures and introducing new start-ups business plan (The importance of small
businesses in the UK economy, 2017). In this scenario, as a entrepreneur analysis of economy is
done to understand the significance of small business ventures and various opportunities for the
developments and growth of start-ups in the economy of UK ( Mitra, 2013). Start-ups can be
considered as small business that involves new and innovative related to some business
operations or online selling of products and services. In UK, these start- ups does not have a
huge investment but achieved a continuous growth and involves many people from society
following points will describe the importance of SMEs as well as emerging start ups in nations
economic development.
and start-ups in the economy of UK such as:
 Employment and creation of job: The wide impact that SMEs has on the economy is
considered as its size and scope of the jobs they provide. As per the department of
business, there are 15.6 millions jobs have been provided by SMEs and 60 % of the
overall private sector employment. Moreover, in next three years it has been estimated
that these enterprises will provide 250000 million new jobs.
 Income and profits: with the creation of jobs, these enterprises in UK generate a main
proportion of the annual turnover. Currently the SMEs have provided 1.8 trillion of
revenue that was 47% of overall private sector revenue.
 Share of business: These small enterprises also consist of vast majority of the
compositional make-up of UK in the economy. In 2015, there was record of 5.4 millions
business enterprises in private sector have been increased after the year 2000. In addition
to this, 45% Of SMEs is also planned to grow in next financial year (Hasan and Tucci,
2010).
 Increased the balance of payments: from the effective research practices, it has been
recognised that SMEs have support the government by making balance of payment
through increasing the exports of goods and services to other countries. In this, 54% of
SMEs in UK sell their products to other countries.
 Importance in other parts of world: These small business and start ups also have
importance in other parts of world as they contributed to rise in technology, business
ventures and provided continuous employment growth opportunities to people at small-
11

scale. They also aim at providing quality, influencing and provides values to the
customers by satisfying there needs and requirements.
 Economic and social development: By increasing revenue and opportunities of growth,
these business ventures has increased the economic development of UK and also
provided support in social development by generating 250000 million new jobs.
 Reduction in problems: Establishment of starts ups and small business has reduced
various problems in UK like poverty, wealth distribution, employment, provision
infrastructure and
social amenities through continuous rise in growth and development. These business ventures
have contributed towards increasing the level of income.
 More revenue to government: With rise in profitability and turnover, small business and
start ups have increased there contribution of revenue towards government in the form of
tax and profits from foreign exchange.
 Improvement social security: Since the major focus in on growth of economy and welfare
of society, their needs and requirements will be taken care of. So small businesses and
start ups will assist in providing a social security to these people.
TASK 3
P5 Analysis characteristics traits and capabilities of successful entrepreneurs
There are many examples of successful entrepreneurs have been founded in UK which
has developed there careers in specific fields by developing new and innovative ideas in
establishment of various business operations. Apart from this, with effective learning and
research an individual will be able to achieve its objectives ( Huggins and Thompson, 2015). The
basic skills which are required in successful person its innovative and creative thinking to resolve
the problems arising in the process of establishing new business plans. Moreover, the successful
entrepreneurs must required the leadership and decision making skills to face critical situations
in business operations and market environment. In this context., there are some characteristics a
have been analysed which are identified in successful personalities such as:
 Confident and must handle critical challenges.
 Must have knowledge of making strategies.
 Should take risk rather than avoiding them in professional life.
 Should posses effective conceptual knowledge and skills.
12

 Effective and positive communication skills.
There are two successful examples of entrepreneurs are identified to analyse there qualities and
characteristics through which they have achieved success in there career:
 Steve jobs: Most successful examples of entrepreneurs which has changed the life style
of people by making various efforts and application of findings as well as research
practices in business operations and made the world famous brand of mobile phone. In
present context, the Apple is world famous brand in Europe and other countries which
has made its monopoly in market due to its innovative and different technological
features as compared to other companies (Soltanifar, 2016). For example; I pod was the
world famous innovative idea of Steve jobs which has provided a major recognition in
the world and made its brand popular among the customers. It has implemented different
innovative alteration which has provides outcomes in benefits to the organization along
with the development of nation. Thus, it can be stated that Steve jobs has achieved
phenomenal growth in its career due to its own efforts and skills as well as dedication.
 Steve has applied various changes that resulted in benefits to firm as well as country.
Moreover, it can be said that he has achieved a phenomenal growth and experience in his
career through continuous research and dedications.
 Bill gates: Another effective example of successful entrepreneurial personality in the
software industry who has achieved a phenomenal growth by inventing an most computer
software system for computer named “windows”. In the past, the bill gates started its
business in IT industry by inventing a computer which named as PARAM 10000 which
has also achieved a great recognition from the people in Europe as well as organization.
With the continuous time frame, it has made phenomenal changes in its computer
software every year by making effective research and facing challenges in business
operations and became a successful entrepreneur across the world. Therefore, it has been
recognised that Bill Gates is most effective example of successful personality which has
become an inspiration for other individuals, Effective and positive communication skills
13

The broad variable in respect of skills, characteristic and traits in respect to mechanics and
dynamics of business are openness to experience, consciousness towards the flexibility and
spontaneousness of business, higher levels of extraversion for making the person more
domineering and attention seeker. The traits and characteristic and traits of Steve jobs and
Bill gates are defined below;
 Motivated: Both these entrepreneurs are motivated personalities who have various
challenges in there professional career but stopped their working and changing their
ways. They have continuous made efforts and identified solution for their problems.
 Confidence: Entrepreneurs are well confident about the acts they perform starting from
utilization of available resources. Both these entrepreneurs are confident enough as they
have various challenges also made decisions which has proved to be successful. For
Example: With confidence Steve jobs has developed I pod and provided great recognition
to apple brand.
 Risk taking attitude: Entrepreneur usually have this characteristic as they achieved
success by taking risk.
The traits and characteristics of entrepreneurs usually differ from manager like
 Manager often to reduce the risk, entrepreneurs always take risk to achieve success.
 Managers usually rely on ideas of other, entrepreneur generate their own innovative
ideas.
 Entrepreneurs always try to develop new things, manager always aims to make changes
in things which are in existance.
M3
In order to become successful, there some characteristic of the personality have been discussed
which has required various characteristics that provides him support in achievement of its
objectives. Effective learning, problems solving skills, competencies , confidence are some
importance characteristics of entrepreneurs. There are some effective traits have been analysed
such as Confident and must handle critical challenges, effective conceptual knowledge and skills
etc.
D3
In this, there are some important characteristics have been analysed which are required in
individuals that provides him motivation in its career. For the being successful entrepreneurs'
14

personality in career, an individual has to develop, build some important characteristics, traits
and experience by taking challenges and completing various business activities that leads
achievement of growth in the future. The reason behind its success are these characteristics and
traits like innovator, hard work, effective leader, decision, inventor and problems solving
personality.
P6 Assessment of aspects of personality of entrepreneurs reflects its motivation and mindset.
Motivation is considered as most significant aspect that plays significant role in providing
success to various entrepreneurs. Individual's motivation gets affected with various things and
also reflects its mindset that how it takes the things on his own and performs the task. A person
wit h strong minded personality must consist of various features such as curiosity, optimism,
commitment, flexibility, leadership and connection with others (ZHAO and HUANG, 2012
PĂunescu, 2012). It will provide him major support in managing work and implementation of
innovative practices. For example: Bill gates and Steve jobs are identified as the most successful
entrepreneurs of Microsoft and apple. It is also analysed that lifestyle also affects the attributes as
it reflects dedication and passion to become successful. Moreover, differences in culture is also a
symbol of good personality as the person comes with positive cultural background consists of
values and believes towards the work. In this scenario, there are some dimensions of personality
that are described to reflect the psychology and motivation of entrepreneur. Five factor model of
personality is used to determine the dimensions which are as follows:
 Openness: Most effective factor of traits that describes, to achieve success an individual
should consists of strong imagination power, develops own perception and works with
free mindset. It is also considered that person with this dimension or qualities have a
more interests and motivation towards the work. Bill Gates is most successful example
who possess this dimension and has a broad creative mindset which reflects from his
personality. Further, it can say be said that people having this attribute are more focused
towards handling new and critical challenges (Five-Factor Model of Personality,2017).
 Extroversion: Analysis of this dimension has determined that individuals that possess
this personality are highly social and tends to become a centre of attraction for other
people. Entrepreneurs having this personality can be identified as they gain motivation by
interacting with colleagues and employees. They also achieve satisfaction and gain
energy by meeting more people and having positive communications.
15

 Agreeableness: It is also a significant dimension which reflects the personality of
entrepreneur like trustworthy, kind and motivated etc. This factor has determined that to
become a successful entrepreneur an individual should have to develop these attributes in
his personality.
 Conscientiousness: The factors of personality reflected the characteristic of behaviour
which exhibit more goal oriented behaviour (Soltanifar, 2016). This types of
characteristics are reflected with the personality and reflected its less motivated
behaviour. For example: Steve jobs in the best example of this personality which has
developed a great recognition from the customers.
 Neuroticism: This personality dimension is related to the emotional stability of
individual. Successful entrepreneurs must consist of high neuroticism which makes more
passionate and provide competencies to face the challenges.
16
Illustration 1: Five-Factor Model of Personality
(Source: Five-Factor Model of Personality,2017)

TASK 4
P7 Analysis of role of background and experience into their success.
An individuals personalities is considered as reflection of its family background and its
previous years experience, education and life style. In this analysis, there several are aspects of
background and experience have been discussed which provides a complete understanding about
various significant things which reflects the same ( Minniti and Lévesque, 2010). Bill gates and
Steve Jobs easily handled problems and developed effective solution. Both the entrepreneur
have the technical background. Its family also supported him in its research practices through
which he has become huge contributor towards the development effective personality. Various
analysis on technological aspects have been made by the Bill in his career through he has come
to know about the importance of computer. With the continuous time frame it has involved
various developers and sources from which he has introduced its software windows in market.
Rewards and drawbacks of entrepreneurship
Merits:
Entrepreneurs have there self control on over the business which is usually started on carried out
by them. Entrepreneurship is considered as beneficial as it provides a great amount of freedom to
individuals so that they can make their own demands and set their own schedules. It can be
exciting as it always provides new opportunities to challenge own determination, skills and
abilities. It allows the individuals to set their own earning by making investments. It creates huge
advantage as compared to working as an employee for company.
Demerits
It requires that individuals to dedicate a huge and investments in business operations. It also
contains risk of failure as sometime strategies and plans will not result in to success. It is difficult
for one single person to handle all business activities. Entrepreneurs in modern business, have to
face more competition and challenges in order to meet objectives. Also, major drawbacks is that
they are solely responsible for nay loss and profits.
Apart from this, the background and experience of Steve jobs is considered as important
in order to analyse its reason of success ( Mitra, 2013). It mainly belongs to the place which is
considered as great hub of electronic models or devices, therefore its interest was always made
17

towards manufacturing of new and innovative electronic products. In their academic career he
has continued to take lectures from HP club (22 things that Steve Jobs told me, 2017).
Example that will provide an understanding about the discussion: Bill gates belongs to technical
Background therefore he has interest in computer and he always tends to develop new
technologies which facilitate them to work more properly. His family member has also supported
him that is why he has achieved success. On the other hand Steve jobs was also belongs to
technical background. That is why he had dropped out his college and started its new social
media website named Facebook. In this, so many people are connected with each other. Attitude
of these two entrepreneurs was very positive towards there work.
Education of bill gates has also motivated him to analyse the business requirements and its
creative thinking and taking self initiate has motivated him to perform the challenging task.
Social network of entrepreneurs also supports to gain support of other individuals or friends in
implementation of new business ideas and plans.
Thus, it can be said that there is great role of background and experience in achievement of
success by these two successful personalities.
M4
The major link between the characteristics and influence of background and experience is
that it both reflects the individual's personality and also its nature to deal with the problems in the
future. These both will have great as the characteristic of individuals has been developed from
his experience and in its life style in family. For example: Steve jobs was from technological
background therefore he has build up some characteristic of hard-working, effective research and
effective technological knowledge. It has build an interest in him to achieve the objectives.
D4
In this analyse, it has been recognised that back ground of individuals will affect its behaviour or
motivation towards achievement of goal (Hasan and Tucci, 2010). Positive influence of
background is considered when it enables to achieve success in career. Whereas negative
influence of background is considered on individuals is considered when it avoids challenges in
his life and career.
18

CONCLUSION
In this report, it is concluded that various kinds of entrepreneur ventures
exist within economy of UK that are owned by different individuals or firms which
has achieved a continuous success in their business operations. These are various
types personalties are analysed which are required in individuals to achieve success
in career. Along with various analysis of SMEs are considered which provides a
complete understand in that they have made great contribution towards the growth
and development of UK and increasing the rate of GDP of country. Apart from
this, it has also been analysed that the these SMEs and start-ups have great
importance in UK as it creates various employment opportunities for the people
and also provides continuous growth to the economy.
19

REFERENCES
Books and journals
20

21

22

23