Entrepreneurship: Theory and Practice

This assignment requires students to delve into the multifaceted field of entrepreneurship. It involves examining core theoretical concepts, influential researchers like Kirzner and Kuratko, and contemporary trends shaping the entrepreneurial landscape. Students must analyze various perspectives on entrepreneurship opportunity, education's impact, and the global entrepreneurial ecosystem. The research paper format necessitates a structured approach, incorporating academic sources, critical analysis, and insightful conclusions.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different type of entrepreneurship ventures and their relationship with typology...........3
P2 Similarities and differences between entrepreneurial ventures.........................................4
M1...........................................................................................................................................5
D1...........................................................................................................................................5
TASK 2............................................................................................................................................5
Covered in PPT.......................................................................................................................5
TASK 3............................................................................................................................................6
P5 Characteristics, traits and skills of successful entrepreneurs............................................6
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set...........................................................................................................................6
M3...........................................................................................................................................7
D3...........................................................................................................................................7
TASK 4............................................................................................................................................7
P7 Impact of the background and experience on the entrepreneurship..................................7
M4...........................................................................................................................................8
D4...........................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneur is a person who is a ultimate strategist at all the levels whether it is
corporate, business as well as functional. Entrepreneur use their appropriate skills along with the
knowledge to do creativity and innovation in their existing products which assist in improving
sales and generating more profit (Kirzner, 2015). Entrepreneurship is defined as a process of
designing, launching as well as running a business which assist in offering a best product. The
present report is based on case study of Elizabeth Gooch and EG Solutions PLC and Tom Mercer
and MOMA Foods (“MOMA”). In the below assignment, discussion upon different types of
entrepreneurial ventures and the way they relate with typology will be done. Moreover, there will
be assessment on the data to illustrate how micro as well as small businesses are having impact
on UK economy.
TASK 1
P1 Different type of entrepreneurship ventures and their relationship with typology
Entrepreneur is a person who starts, organizes and manages an enterprise in a business
with a considerable risk. Entrepreneurial spirit is characterized by doing proper innovation and
risk taking. There are four types of entrepreneurial ventures and these entrepreneurial venture
having a relation with the typology of entrepreneurship. They are:
Types of entrepreneurial ventures Description
Small business entrepreneurship In this entrepreneurship, it includes people who take risk to
start the business and generate more revenue. Person who
starts small scale business does not have any source of
taking loan and only take funds from the family members as
well as friends (Kuratko, 2016). This is related to typology
which is accomplish entrepreneur and in this all
entrepreneur gone through all stages of entrepreneurship
and set up a good business and reap success.
Scalable Start up entrepreneurship This type of businesses is established with a motive to
change the mission as well as vision statement in the whole
world and this business provide the support in attracting and

doing the long term investment for a capital venture and
generate profit for a specific time. This is related to
typology which is determined entrepreneur in which these
business person helps in attaining success without copy and
data or information and then do everything for starting the
business and change the different statement which helps in
expanding the growth.
Large company entrepreneurship Large companies having to follow appropriate and proper
process. This type of business can grow by doing
innovation and also, through offering new products. They
have to do changes in consumer tastes, new technology as
well as legislation. This is related to sceptical entrepreneur
which helps in attaining success and examine the business
and if they found any problem then they will have to resolve
the same so that they can attain targets.
Social entrepreneurship These are the innovators who focus on creating the best and
qualitative products and services which aid in resolving
problems and social needs as well (Storey, 2016). This is
related to research entrepreneur. These types of
entrepreneurs do more research and learn new things which
is helpful in doing the business and also by using
appropriate strategies they can expand and grow the
business.
Types of entrepreneur:
1. The skeptical entrepreneur- This type of entrepreneurs finds out the success of others
and start targetting other success. Skeptical entrepreneur are considered as the scariest
type of entrepreneurs.
2. The copycat entrepreneur-This type of entrepreneur tries to copy the work of the
success entrepreneur. They try to do the exact same the other persons do.

3. The research entrepreneur- This type of entrepreneur loves to try something new and
discover new things and try to identify new strategies for expansion of business.
4. The determined entrepreneur-This type of entrepreneur are self determined for the
work. They focus on working with their own styles and learning instead of copying
others.
5. The accomplished entrepreneur-This type of entrepreneur are the well settled
entrepreneurs facing all the entrepreneurship stages and reached to a grand success. They
targeted to do expansion in the business.
P2 Similarities and differences between entrepreneurial ventures
Social entrepreneurship is the use of different techniques by start-up companies and other
entrepreneurs which need these techniques to develop funds and also, they have to implement the
solutions to different issues whether they are social, cultural or entrepreneurial. Lifestyle
entrepreneur is the one who makes their living things online (Hatten, 2015). They have to
manage operations by using their laptops. They do not have any particular office.
Similarities between social as well as lifestyle entrepreneur:
Both the entrepreneurs are doing their operations in a small business by using proper
skills. Along with this, both the entrepreneurs are having capabilities to make the best designs to
do proper operations in a business firm. They invest less capital at the initial stage. They both
basically runs for a non profit organisation without concerning for the profits.
Dissimilarities between social as well as lifestyle entrepreneur:
Social entrepreneur is a person who establishes a business entity with having a aim of
resolving the social problems as well as affecting the social change. For example, Street League
is a leading entrepreneurship of UK which provides support to youth in doing proper education
so that they can attain sustainability (Carland, Carland and Stewart, 2015). It helps in attaining
the goals and objectives effectually. But, on the other side, lifestyle entrepreneur is that who
takes the best use of internet and technology. These ventures do not require any location to do
business. For example: Lewis Howes which is pro athlete as well as author and also a lifestyle
entrepreneur. Social entrepreneur deals with the health,education. whereas the lifestyle
entrepreneur deals with personal lifestyles for a individual.

Example of social entrepreneur-Green club at new womb college formed social entrepreneurship
in2010 to reduce the waste and lives a eco -friendly environment.
M1
In the competitive market, there are different types of entrepreneurial ventures that are
present whether it is in the public or private sector. In every business, entrepreneur has to use
appropriate skills as well as knowledge (Singer, Amoros and Arreola, 2015). Along with this,
they have to take more risk so that they can generate higher profit and by that, they can attain
their targets. In market, to improve the business, entrepreneur has to perform proper research so
that they can make the changes. Along with this, proper innovation as well as creativity should
be used so that they can create the best and qualitative products.
D1
As state by Carland and Carland, (2015), it was observed that in small business,
entrepreneur has to develop the ideas which will help in making the changes accordingly. In
developing the small businesses, they do not need to take loan for the development. They can
take only funds from their friends as well as family members so that they can attain the targets.
They have to use proper sources along with effectual utilization of resources so that they can not
face any problem in improving and expanding the growth in economy. Every entrepreneurial
business member have to take more risk which will help in generating the maximum profits.
TASK 2
Covered in PPT

TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs
To become successful, every entrepreneur have a special skills as well as attributes which
helps in attaining success (Carraher and Paridon, 2015). Some are:
Innovative: It refers to use the new ideas along with the methods and creativity to innovate
existing products or services. By using innovative ideas they can grasp opportunities and earn
more revenue. For example, Elizabeth Gooch is the owner of EG Solutions and also she is the
seventh successful entrepreneur in UK. She started their carrier with the working in HSBC and
left the job after 12 months and grab the opportunity and launched her operational software and
become successful. On the other hand, Tom Mercer is a student of Cambridge university and he
decided to open food stalls at common stations that is crowded area (Glaeser, Kerr and Kerr,
2015).

Perseverance: In this entrepreneur have to face difficulties and know that how they have to
overcome from these difficulties. For example, Elizabeth Gooch started business with £1,000
and to gather the information she face so many challenges to improve efficiency. After sometime
she met Rodney Baker-Bates, then CEO of Prudential Financial Services and things changed
which helps in attaining profitability (Fayolle and Gailly, 2015). Where as Tom Mercer also face
some challenges in choosing best healthy breakfast.
Elizabeth was the co founder of EG solutions which is engaged in selling of an operation
management software which helps in improving operational efficiency. His professional life
starts when he was of 18 years started working with HSBC and left after 12 months working
there.After8 years he started working of his own by getting a finance of1000rupess by his friend.
In 1993 his own software launched by production software named. Her creative and innovation
thinking for the business ideas lead to make an successful entrepreneur Her strategies for proper
financing and proper money management leads to become an successful entrepreneur.
Tom Mercer was a graduate pass out from the Cambridge university and was a management
consultant. He establishes his MOMA a food company in 2006. His passion towards the work
and determination .His innovative ideas helps him in developing and expansion of businesses.
All these factors combinedly leads Tom mercer to become an successful entrepreneur.
Difference between entrepreneur and business manager:
Entrepreneur is a person who creates enterprise by taking risk and mainly focuses on the
start up of business and entrepreneur is a owner of the company and his reward is considered as
its profit.(Burton and et.al.2015).
Business manager is an individual person who take the responsibility of controlling as
well as the managing organisation. Business manager is a employee of business entity and his
reward his salary.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.
Entrepreneur having a ability to operate its business in a particular and efficient manner.
Along with this they have to risk which assist in providing a chance to enhance their position of
enterprise in the market and also market share. There are many characteristics which make
entrepreneur unique in the world among all (Davidsson, 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 and start 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 having a skills and
characteristics of innovating the products and grab the opportunities. Elizabeth Gooch started a
new venture to sell operational software which assist in improving the performance as well as
efficiency. But on the other hand, 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 (Terjesen, Hessels and Li, 2016). They both face so many
challenges and by putting more efforts Elizabeth Gooch and Tom Mercer become successful
person and generate more profits. Both the business person are innovative and creative by that
they provide best software and healthy breakfast. 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.
Elizabeth- Her risk taking factor and proper money management helps in becoming her an
successful entrepreneur .
Tom Mercer -Self determination for the work and generating new ideas innovation in the
working leads to do expansion in business. His self determination for doing his own businesses
leads to become an successful entrepreneur.
M3
Elizabeth Gooch is the owner of EG solutions and she grab the opportunities and
launched her operational software and by that she become seventh successful entrepreneur in UK
(Zucchella and Magnani, 2016). Where as Tom Mercer is a student and he decided to prepare
healthy breakfast and also open a food stalls at common stations that is crowded area.
D3
According to Carland Jr, Carland and Carland III, (2015) , it was inferred that both the
entrepreneur are innovative and perseverance and they face so many challenges and after
completing the challenges they become 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.

TASK 4
P7 Impact of the background and experience on the entrepreneurship
Background as well as experience is the essential and important factor which having a
impact on entrepreneurship as it affects the image along with the profits of business entity in the
market (Entrepreneurship MSc, 2017). Elizabeth Gooch is the founder of EG solutions which is a
small company selling the operations management software which helps clients to generate
improvements in the performance as well as efficiency. At the age of 26, she started a business
by borrowing £1,000 from family and friends and also a credit card. In 1993, she sell their first
operational software and become seventh successful entrepreneur. On the other hand, 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 (Program in Entrepreneurship, 2017). 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. Without
the confidence and capability along with the knowledge no entrepreneur become successful inn
the market.
Elizabeth started working at age of 18 working with a HSBC bank. Later after eight years she
started her own venture. In 1993 she launched her own software. Later on the company reaches
to a great success.
Tom Mercer created her company MOMA in 2006 .He started his opening mainly in train,tube
and bus stations in London. After receiving a positive feedback he expands his business to a big
level. He develops new ideas and creativity for their business and reaches to a successful level.
M4
Elizabeth Gooch faces some barriers in launching the new ventures and she is having
some knowledge about the market as well as 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. Without any confidence entrepreneur can not stand in the
market and also can loose the business ideas.
Challenges faced by Elizabeth- She mainly faced the problem of finance. As she has to do
borrowings from family and friends for starting up her business. She challenged to set their
software in different sectors.
Challenges faced by Tom Mercer- He had to face different problems for selling his food. He
went to different places for selling and need to do work all day night. He challenged lots of
difficulties in working .He need to do lots of efforts for preparation of food.
D4
According to Shepherd, (2015) , it was depicted that if Donald Trump (The Trump
Organisation) and Jack Ma (Alibaba Group) face some financial crisis as well as poverty in their
history then it having a influence in their financial considering. Along with this both the
entrepreneurs having a positive thinking for the below poverty levels person or those 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
After summing up the assignment it has been inferred that small as well as medium sized
business of UK have beneficial for the expansion of growth. Along with this they have to
maintain the relationship with the country in the overall economy. Moreover, small and business
enterprise make a great contribution in improving the economy. Entrepreneur having all the
knowledge and skills of all fields which helps in making correct decisions and they can make the
changes also. Entrepreneur have to take more risk and rewards which aid them in generating
more revenue. Further, it helps in reaping the goals and 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 March 2017].
Program in Entrepreneurship. 2017. [Online]. Available through:
<http://kellercenter.princeton.edu/learn/program-in-entrepreneurship>. [Accessed on
24th March 2017].