Entrepreneurship Theory and Practice

This assignment delves into the theoretical underpinnings of entrepreneurship. It examines key concepts such as the role of personality in entrepreneurial success, ethical considerations in business ventures, and the impact of innovation on economic growth. The exploration encompasses different perspectives on entrepreneurship, including traditional models and social entrepreneurship.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Various kinds of entrepreneurial ventures and their relation with typology.....................1
P2 Differences and similarities between entrepreneurial ventures.........................................2
TASK 2............................................................................................................................................4
P3 Relevant data to understand influence of small enterprise on economy...........................4
P4 Contribution of small businesses and start ups on social growth......................................5
TASK 3............................................................................................................................................7
P5 Traits and skills of successful entrepreneurs.....................................................................7
P6 Aspects of Entrepreneurial Personality.............................................................................8
TASK 4..........................................................................................................................................10
P7 Ways in which background and experience hinder and foster entrepreneurship............10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is a person with different ideas is an corporate entity as well as
entrepreneur which they are operating is to be known as business. Procedure of running a
enterprise by an entrepreneur is called as entrepreneurship. Their are various ways in which
different ideas can be used in the process of production, process of sales and distribution etc.
Important benefits of entrepreneurship is that it allows enterprise personnel for meeting
competitors advantages which help in making a marketplace stronger than rivals in business.
This assignment is based on Wiser Co. which is a recruitment and creative company as well as
give dynamic and young persons to a platform where they can dream higher to achieve all
achievements which they can meet in their lifetime (Ács, Autio and Szerb, 2014). In this report
they have also discussed about various kinds of typologies along with that similarities and
differences within entrepreneurs ventures.
TASK 1
P1 Various kinds of entrepreneurial ventures and their relation with typology
Major entrepreneurs anxiety is to have a proper numbers of workers who able to work all
tasks efficiency as well as various employees should be perfect mean that it should not be so less
whom they will not able to achieve all benefits along with that not so large which may increase
price within a limited period of time. Fixed numbers of workers are help in achieving all benefits
by doing all tasks in a very profitable way. Some of ventures is related to sole proprietorship are
as follows:
 Small business enterprise: These ventures begins by a particular peoples for satisfying
requirements of family members as well as himself. Companies examples are plumbers,
owners of grocery shops, painters etc. these persons operate their industry for fulfilling
their requirements. Small scale business are interrelated with others typologies of
enterprise (Bae and et. al., 2014). They are those personnels who give their efforts in this
business for achieving a better advantages of financial and higher market share. The
activities which makes an business successful by satisfying the requirements of
customers by providing them quality of products and services along with that its main
reason behind it is manufacturing a different items as well as facilities for achieving
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buyers satisfaction at a higher level. Either profits or loss to a business will be of
entrepreneur itself.
 Scalable Start-Ups Entrepreneurship: These business take a growth as per time goes.
When a people run these kind of companies then it means entrepreneur will able to earn
money from different sources. Most important concern of these business are to improve
society level by providing extraordinary quality of services and goods. All the activities
of enterprise are depend on financial resources as well as it is needed from businessman
that he have to arrange proper amount of finance for organising all activities in a perfect
way due to having a lots of risk in these types of ventures which is not bearable by
everyone.
 Social Entrepreneurship: Important purpose of these kind of business are to provide
good quality of services and goods to society as well as these business also have to
facilitate the members of society in increasing their standards of living by giving
opportunity of employments to dynamic and young personnels from total population.
Facilities can be anything like as education to those peoples who are not having proper
resources of finance.
Types of Topology - The different kinds of Entrepreneurial typologies are :-
 Lifestyle Ventures – These kind of enterprise provide immediate profits to industry. They
mainly likes to work alone (Baum, Frese and Baron, 2014).
 Survival Ventures – These are kinds of enterprise which is began just to earn a livelihood
for family. It is mainly a small enterprise which can be in a form of internet cafe, Grocery
store, barber store etc.
 Managed Growth Ventures: These are the enterprises that is operated by a smart
enterprise man as they knows how to generate money. The person who invest in company
knows that there finance will not waste as well as they will generate profits.
P2 Differences and similarities between entrepreneurial ventures
There are different kinds of entrepreneurial business that are operating within society . All these
are efficient and effective way. They all are having some similarities along with that they are
very different from one another. So, the differences and similarities are represent between the
kinds of entrepreneurial business are as follows:
SIMILARITIES Lifestyle Ventures Social Entrepreneurs
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 Such venture main aim
is to not earning he
amount of income and
profits.
 This venture is begin
with small business.
 Such type of ventures
are started for gaining
benefits fro society not
for themselves.
 This type of business are
beginning as small
business and doing work
for the desired people.
DIFFERENCES Lifestyle Ventures Serial Entrepreneurs
 They are those who are
regulated and operated
their business operations
along with their
personal funds
(Brenkert, 2017).
 The lifestyle venture
does not have any
strategy by which they
can smoothly run the
business in better
manner.
 They does have specific
region and location so
they had regulated their
business.
 The main aim is to earn
huge profit and income
 Such are that type of
venture which
developing usage of
investors so they will get
funds to beginning the
business effectively.
 They required to
developing and
preparing their business
strategy which can be
executed in their
business.
 This venture has
appropriate location in
which they regulate and
operate their effective
business.
 The main aim of this
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according to their people
lifestyle.
venture is to earn huge
amount of profitability
and therefore they are
doing work in better
manner.
SIMILARITIES Female Entrepreneurs Male Entrepreneurs
Females are normally being
considered as very much
focussed towards the work
they do it in their office or
at home place.
They do their work with so
much creativity and
innovative techniques that
it is always a success.
Men are generaly considered as
focussed towards the work
being done by them.
They use their mind in a
complete manner while
doing theor business
activities and that is why it
is always done with
perfection.
DIFFERENCES Female Entrepreneurs Male Entrepreneurs
 There is a perception
that female
entrepreneurs normally
takes long time to take
their decisions (Bridge
and O'Neill, 2012).
 They make sure that
their products are of
good quality and is liked
by the customers as
well.
 Their decisions are
being taken in an easy
manner.
 They make sure that
they are improving the
economy of the products
and makes sure that the
cost of production is
reduced as well.
 They believe in taking
more financial risk as
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 They think a lot before
taking any kind of
financial decisions.
 They make sure that the
are having good
relationship with their
customers.
they believe that if risk
will be high then profits
will also be high.
TASK 2
P3 Relevant data to understand influence of small enterprise on economy
Contributing in small enterprises are having a very large units due to this it is having a
higher amount of collecting profits within a market place which gives some economy stability.
As discussed in assignment of that is published in United Kingdom. Their are having more than
6 millions of enterprise entities which are organising their activities at small level. Moderate and
small kind of business are those business which have 87% share in success and growth of
country. These actions aid in enhancing business profits as well as nation.
Important purpose of these companies are gaining financial resources for satisfying
requirements of families as well as to provide quality of goods and services to society. These
industries are having duties for enhancing facilities of development to those who are efficient in
organising the operations of enterprise as well as able to make profits and living standards will
raised through high profits.
Out of over all public, there are 68% of persons who are operating their industry in
medium ans small scale. As per above study is showing that small size companies are high
beneficial than other organisations (Burns, 2016).
In present times, these business entities are representing prominent and rapid rate of
growth. Small level of organisation is having a share of 6% in growth and stability of economy.
Approx turnover of small size is around 2.2 trillion which is similar as private industry.
Above evaluating information show cast certainty as well as growth of countries
economy relies on small scale business due to these business are contributing higher profits in
the income of countries. Their are certain acts and laws which are evaluated by governments for
giving certain assistance to small scale companies due to these industries are having better role in
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economic situations successfully within nation. Their are moderate business entities which have
to enhance the opportunity of employment as well as these raised income options which bring
high living standards within society. Action of increasing alternative earnings of income rate are
able to diminish the economics laws.
P4 Contribution of small businesses and start ups on social growth
Brexit
It is a team denotes the withdrawal in United Kingdom which form EU. There are
different kinds of issues which affect on various kinds of business as well as certain advantages
with its demerits are faced by United Kingdom after Brexit.
After UK Brexit are having main problems with currency as it modified after that
countries are not having proper employment opportunities with that they are not able to get a job.
Through this trade of UK is also get affected. On another side, EU is leaving is a decision by
United Kingdom does not require to provide their contribution in European Union budget so that
higher cost can save. Investments are made by UK only, nation will not able to invest in EU.
Society success depends on increasing their standard of living of a people instead of
enhancing their financial status of nation along with that enlarge level of living scale relies
within small business (Dees, 2017). It is needed from all persons that they have to involve all
aspects which are related with these business. Important advantages of these companies enlarge
in the rate of employment due to these hiked opportunities will help in decreasing the line of
poverty along with that it aid in changing nation status by enhancing development within
country.
As outcomes, persons can promote their standards of living by giving better quality of
goods and services which are given by medium and small scale of business. With this,
improvement in quality facilities and items help in attracting buyers towards firms along with
that make a customer base stronger. When organisations deals with large numbers of buyers then
it tries to produce good quality products due to their actions would not happen then conditions
will help in decreasing profits and customers. Their are few advantages which are directly related
with moderate and small business are as follows: Employment: Peoples can easily start up their business at a small scale in their areas as
well as when they begin their firm then he will not able to organise all types of activities.
According to research, it is stated that approx 89% persons are involved in medium type
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of company as well as hiked rate of employment help in declining health problems of
persons due to spending money on healthy food, increment in income and its action
promotes financial stability opportunity. Living Standards of Society: It is clear that moderate and small business are help in
promoting income and earning opportunities. In monetary options, it is a reason to
increase standards of living due to previous gap as well as present earning is to be spend
in luxurious life which shows high standards of living. Exports: These activities are based on proper enhancing of enterprise due to publicity is
a techniques of promotion which attract buyers towards firms. Main objective of
exporting products is to earn higher profits by catering requirements of various peoples
who are having effective power of purchasing (Drucker, 2014).
 Community Development: Every as well as each type of enterprise are able to achieve
customers demands by providing quality goods and services. Main concern of
entrepreneur is to give quality products due to various buyers who are utilizing various
goods and services to achieve their necessities.
TASK 3
P5 Traits and skills of successful entrepreneurs
Their are various elements which makes comparison within entrepreneurs and managers.
In each way there are having two personalities which are vary in their activities, work etc. These
characteristics and traits of successful entrepreneurship which are named as Bill gates and Steve
jobs.
Bill Gates
He is a richest and successful entrepreneur. He is a founder of Microsoft enterprise as
well as it is largest Software of PC in oversees. In present time his total value is approx around
$79 billion. He has started their business at a small scale along with that it is a world largest
company. Some of characteristics and skills of Bill gates are as follows: Self starter: They began their venture and manage all functions by themselves. They
think that some thing require to be accomplished. They set parameters or benchmarks for
meeting objectives and tasks along with that ensure that activities or projects follow the
path which mainly managers should not do within their companies.
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 Confidence: Entrepreneurs are very confident while doing their business as they know
that operating a enterprise and ability of companies success. In any of company managers
are not confident about their plans and techniques which can enhance their enterprise. Disciplined and hard work: Individual is concentrating only in their company success as
they try to overcome with all distractions and hurdles which are raised at a time of
meeting goals and outcomes. Making a proper outlines, strategies and plans the methods
to finish them (Fisher, 2012). Risk taker: People having a capacity or ability to take a business risk where some
managers do not take risk along with that entrepreneur quality to bear any type of hazards
and risks to be in market place. Sharp and open minded: Latest innovations and ideas adopted within a work efficiency
and productivity, particular person knowledge or skills along with enterprise potential.
They concentrate to meet objectives and goals.
Stave Jobs
This person is a founder of Apple incorporation. He starts their business with lots of
issues and struggles. He is having a successful story which is very inspiring as well as powerful
to everyone. Therefore, it can be analysed that certain characteristics and skills should be needed
for operating a business and they require to have certain skills and quality which are discussed
below: More creative: Mainly they are more curious and creative than others while doing a
work. They bring out with various solutions for a specific issues within a market. Their
aim is to make a new market as well as provide strong competition. Communication skills: They are having a very strong skills of communication. They
stimulate workers and effective communication within peoples regarding any issues,
making a decision or many others information that aid in making a proper relation with
workers. Strong work ethics: They are very honest towards their tasks because they have to come
first in office and at last they leave to ensure about result and activities for meeting
expectations so that work ethics is much stronger mind in their task either when they are
out of working environment.
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 Passions: Entrepreneur are very dedicated towards their work as they love their work or
job as well. They do their work by enjoying which goes very far from money.
P6 Aspects of Entrepreneurial Personality
Each particular person is having some of characteristics but entrepreneurs are having
some of rare traits which are found on them. Not each people are born with it as this is a level of
creativity and intelligence which are having ability to modify the whole world. These personality
involve different aspects which stimulate others and mindsets are changed. It involve traits such
as which give shapes to their experience, actions, motives, values, attitudes, abilities and human
characteristics (Kirzner, 2015). Personality of entrepreneurs reflects their level of motivation and
mindsets. Two famous entrepreneur are bill gates and Steve jobs as well as entrepreneurs
successfully. Various persons are got impact by their lifestyles. At a time when organisation is
not famous they face various challenges linked with finance, developing a business plan, issues
and motivational factors. Both are actively dealing with problems sue to their personality. Some
of traits are vary from other peoples. Their positive set of mind as well as their determination
towards their tasks are the important pillars for their enterprise successfully.
Mainly, persons get very much frustrated from failure as well as stops the business
continuity. But entrepreneurs accept the failure in a very positive way. Their personality made
them as a role model for various persons. They have to stimulate different various persons to
began their own business with full dedication and confidence. Certain main aspects of
personality need for them are as given below:
 Openness- It is a very important to be transparent and open . They have to search for
innovative and new way of working instead of following old practice.
 Conscientiousness- They are very conscious and hard-working about their task as well
as they tries to accomplish their work on given span of time rather than delaying of task.
 Extraversion- In order to become successful entrepreneur it is very important to be
extrovert as well as they have to interact with everyone in a very proper way.
 Agreeableness- It means that they are cooperative with each others. It is needed to be
helpful and trustful within nature (Parker, 2018).
 Neuroticism- They have to be curious and dedicated for their jobs along with that they
have to accept each thing in a positive and active way.
Some of main traits of entrepreneurs are given below:
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 They are having a strong confident on themselves. While beginning a new enterprise they
are very concentrating and manage each thing in a proper way.
 Taking a risk is also a main traits for popular entrepreneurs. They are not afraid while
doing a new thing as they are always ready to deal as well as their outcomes of factors
whether having a loss or profit.
These personality of entrepreneurial impact on people mindset and stimulate them to
began their business. Some of successful enterprise owners are a role models for a person who
have to became a entrepreneur (Kuratko, 2016).
TASK 4
P7 Ways in which background and experience hinder and foster entrepreneurship
Experience and background are important variables that can be barrier for proper
entrepreneurship. According to various experts, personal factors, previous experience and
educational levels can affect their skills and abilities. Some of are as follows:
 First place is a family where peoples are socialized. Their lifestyles and social values of
family members impact their behaviour at a very higher level. Their thinking and
perception are also shaped through family backgrounds. Environment of family impact of
their actions too. If they analysed a negativity within their family it seems by their
mindsets. It is an serious hindrance when it comes to entrepreneur.
 Another area of social is where they are taking their education. Colleges and schools are a
important institutions from where persons learn lifelong lessons. This information and
knowledge remain in their entire life. Teachers teaches their views and thoughts are
different from those bookish education as they play a very main role in shaping student
mindsets (Martin, McNally and Kay, 2013). Therefore, background of education is for a
lifelong learnings. These skills of communication help in enhancing schools if there are
not having a effective communication sessions as it reflects their communication skills.
 Experiences get from personal life is a another important factor that can be
entrepreneurship barriers. If not having a good past experiences it gave impact on their
entire life. Any past financial loss will always have a fear in loosing finance and not able
to bear risk. For entrepreneurs, it is very main to bear a risk but some of experiences
impact their abilities of facing challenges. Some of factors lead to lack of motivation and
confidence which are very important to be in entrepreneurs. Lack of traints will impact
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on enterprise success (Miller and et. al., 2012). Hence it has been analysed as well as
their experiences can be hindrance sometimes.
CONCLUSION
As per above report it has been concluded that entrepreneurship are having their own
importance as well as having a higher mark on nation economy. A people creates innovation to
take a risk and serve market. It also discussed about various typologies of apprenticeship which
set up for assisting employment and customer generation. A small level of companies aid in
generating economy within a economy. Abilities and skills of entrepreneurship covers which
make a border within entrepreneurs and managers like as flexibility of them, their willingness,
duty, passion towards work and confidence. This report discuss about traits of two entrepreneurs
who are very successfully in their life as well as their are role models for a person who wants to
became a entrepreneurs.
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REFERENCES
Books & Journals
Ács, Z. J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
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Bae, T. J. and et. al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
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Baum, J. R., Frese, M. and Baron, R. A., 2014. Born to be an entrepreneur? Revisiting the
personality approach to entrepreneurship. In The psychology of entrepreneurship. (pp.
73-98). Psychology Press.
Brenkert, G. G., 2017. Entrepreneurship, ethics, and the good society. In Entrepreneurship. (pp.
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Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
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Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
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Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
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Parker, S. C., 2018. The economics of entrepreneurship. Cambridge University Press.
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