Entrepreneurship Research Landscape Analysis

This assignment involves a comprehensive review of influential papers in the field of entrepreneurship, focusing on domains such as sustainable entrepreneurship, institutional theory, effectuation, and entrepreneurial education. By examining these key works published between 2009 and 2014, you will gain insights into various theories, methods, and interactions within the broader context of entrepreneurship research. Additionally, consider the economic importance of small businesses to provide a contemporary perspective on the topic.

ENTREPRENEURSHIP
AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their relation to typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between various entrepreneur's type.........................................2
TASK 2............................................................................................................................................4
P3 Impact of micro and small business on economy..................................................................4
P4 Importance of start-up's and small businesses on growth of the social economy..................5
TASK 3............................................................................................................................................6
P5 Characteristic and traits of successful entrepreneurs.............................................................6
P6 Personality that reflects entrepreneurial motivating and mindset..........................................9
TASK 4..........................................................................................................................................10
P7 Factors that fosters or hinders entrepreneurship traits.........................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
In the modern days there are large number of small and medium sized company that are
coming up. It is known as the willingness and ability of creating, organising and managing a
business ventures. Entrepreneurship is the process of designing, launching and running a new
business. It is done after checking all the risks that could possible act as an barrier in the process.
In the present times when there are many small businesses that have succeeded is just because
they have a totally different idea (Mariotti and Glackin, 2014). Since these firms have limited
resources hence they have to manage its resources in a more sustainable manner so as to ensure
long term growth. Management of such firms depends on the approach taken by the
entrepreneurs. This report highlights the different kinds of typologies that are present in the
industries. It also illustrates about the socio-economic growth that these firms produces at
regional and national levels. It also describes the behaviour of the individuals that have
succeeded as an entrepreneur.
TASK 1
P1 Different types of entrepreneurial ventures and their relation to typology of entrepreneurship.
In the modern UK and all around the world there are many stories of entrepreneurial
successful ventures. It always depends on the quality and capability of the individual how
successful a business will be. The willingness of the entrepreneur to carry on with its business
always foster the growth of a new firm. Various kinds of entrepreneurship are:
 Small business entrepreneurship: These are the start-ups that are lead by any person.
Mostly they generally hire local workers and somehow they manage to make profits
(Drucker, 2014). They have incompetency in providing the scale for attracting venture
capitals and hence funding is done by family wealth or by some friends.
 Scalable entrepreneurship: Entrepreneur starts a business underlining that there idea
may change the world. In general cases they pulls investors that are equally crazy and
they finance them after seeing the profit scope in their ideas. There duty is to find
business models which is scalable and hires the best with the motive on expanding
rapidly.
 Large company entrepreneurship: These type of firms can grow through long term
innovation, developing products that are some how different from the primary product.
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Any type of external alterations in the atmosphere of the firm can produce disruption in
innovation. Existing firms generally hires innovative enterprises.
 Social entrepreneurship: They are the innovators who focuses on creating new products
and services which will help in fulfilling social demands and solve the problems being
faced (Kirzner, 2015). Their main aim is to make world a better place to live while not
making any kind of extravagant incomes.
Types of entrepreneurial typology:
 Accomplished entrepreneurs: These are firms that understands time as a most valuable
asset and hence they manage time smartly. There main aim is to leave legacy on every
operations of business.
 Research entrepreneur: These business ventures carry out their several activities that
are related with the research so as to collect informations which is relevant. Such kind of
informations can be utilised for later business decision making.
 Copy cat entrepreneur: Such type of firms have emerged using someone else ideas who
became successful. It looks to be an easier way of bringing a start to any firm since they
ave the model and hence reduces the chances of business failures (Barringer, 2012).
 Determined entrepreneurs: Such kind of entrepreneurs are those who are determined
about their ideas and believes that it would make larger profits if used in business. They
do not believe in copying any data.
 Skeptical entrepreneur: These are the types of Entrepreneur which is rare to find and
does a research on getting answers related to success of other ventures of business.
Above mentioned kinds of entrepreneurship is made by implementing any of these
typologies. It depends on the ability and willingness of entrepreneurs to choose one. Typology
effects the whole process of entrepreneurship. The relation can also be determined through the
facts that decision and activities taken by the enterprise which may affect the type of
entrepreneur (Welter, 2011).
There are different typologies are:
Serial entrepreneur- This kind of person comes with new and different ideas to begins
new business. This individual have an ability to run the multiple business in a successful manner.
After starting business and at later stage, they sell that to another person and start a other new
business.
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Social entrepreneur- Its main focus on resolving all issues of society as comparison to
earn profit. They are more conscious towards society.
Female entrepreneur- Those females which whole run business in a successful manner is
known as female entrepreneur. It has total share capital in an organisation is 51%.
P2 Similarities and differences between various entrepreneur's type
There are several kind of similarities and differences that are present within various
entrepreneur's type. It is listed down below in the table:'
Types of firm Similarities Difference
Large and small business
enterprises
Both type of firms conducts
their processes in order to
satisfy the demand of the
customers.
Both type of firms makes a
larger revenue every year.
Both these kinds of firms have
objective of making profits
through their business (George
and Bock, 2011).
Small companies operate their
business in local markets. Very
little amount of fund is
available with smaller firms
whereas larger firms have huge
amount of financial resources
which they can invest in their
expansion policy.
In larger firms role of leaders
are complex whereas in
smaller firms there roles are
clearly known to them.
In larger firm the amount of
resources that is needed is
larger as compared to the
smaller firms.
Scalable and social firms Both these types of firms have
an motive of becoming
innovative and hence featuring
products and services to larger
set of consumers.
Research activities are being
Scalable companies have a role
of generating higher amount of
profit in limited time scale
whereas social ventures aims
to resolve issues associated
with the society.
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done for understanding the
demands of consumers in the
market.
Scalable ventures aims to
capture larger section of the
market while social ventures
are destined to make world a
better pace to live.
There are differences and similarities among entrepreneurs:
SIMILARITIES Lifestyle Ventures Social Entrepreneurs
 They start their business
at small scale.
 They do not have
motive to earn more
profit.
 They work for society
not earning profit.
 They also start their
business at small skill
and work for people.
DIFFERENCES Lifestyle Ventures Social Entrepreneurs
 These types of venture
start their business with
own finance or money.
 They earn money for
making their lifestyle
better.
 At the time of starting
business, they take
funds from investors.
 They work for welfare
of society and resolve
all problems of people
in better way.
SIMILARITIES Female Entrepreneurs Male Entrepreneurs
 They make their
business very innovative
as well as creative.
 They are very focused
 They do many creative
activities in its business
and making business
more profitable.
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towards their work.  Their main focus on do
business in better
manner.
DIFFERENCES Female Entrepreneurs Male Entrepreneurs
 At the time of taking
decision, they take more
time.
 Their main focus on
making better and
harmonious relationship
with consumers.
 These persons take
decision more quickly
and in an easy manner.
 They like to deal with
financial risks.
There are two more categorisation of business ventures and there features are as follows:
Public ventures: It is a venture that is monitored and controlled by the government. They have a
motive to serve people by sharing profits with them. Mostly they conduct less research in such
type of projects and hence face business failures often times or the generation of profit is lesser.
These ventures are accountable to general public (Santos, 2012). Their decision making process
is slower and includes a lot of members. Their responsibilities towards the society is much larger
as compared to that of private organisations.
Private ventures: these are generally done by any individual and they are only responsible for
making decisions of it. They are generally not so much accountable to public. Before starting
their venture they generally does a huge amount of research about the market needs as well as
the condition of the industry. Their profits are totally gone to their owners. Private venturer's
decision making process is faster since they include lesser people in such processes.
TASK 2
P3 Impact of micro and small business on economy
There are many kinds of small business enterprise that are coming up in the UK hence
these firms plays a crucial role in shaping the economy (Neck and Greene, 2011). They have an
undeniable contribution to the GDP of the nation. In the developing countries their role becomes
further significant. Their influence can be understood by the given points:
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 They act as a backbone of the economy like UK as they contribute to the GDP of the
nation on a greater extent.
 They creates new markets for others to follow.
 They develop new opportunities for job. Larger part of the working population are some
how engaged in the smaller or micro business firms as compared to larger firms.
 They act as a seedbed for innovation and hence enhancing competition in the market.
 Post Brexit since the economy of UK becomes independent and hence the role of such
kind of enterprises increases. This is the reason why the government is promoting such
smaller kind of enterprises.
 Such type of enterprises converges whole economy to become independent and hence
external investors becomes less effective in shivering internal economy (Jones, Coviello
and Tang, 2011). In case of rising economy this is greater factor.
 It also raises the livelihood standards of local people. It increases there purchasing power
hence they can buy some goods and services of other types.
 There is an issues attached with such kind of firm is that around half the percentage of
total small business firms do not survive for more than five years in UK. Report by
business standards Institution suggests that smaller firms feels that their business is not
operating in effective manner and making economy of UK more unpredictable
(Schaltegger and Wagner, 2011).
Some of the stats in this regard which helps to understand the impact is as follows:
 In the beginning of 2016 number of private sector businesses was around 5.5 million.
 Small business accounted for around 99.3% of all private sector firms in the beginning of
2016.
 Total workforce that is employed in small and medium sized enterprise is around 15.7
million which is around 60% of all the employment in private sector of the nation.
 Combined annual turnover of SME is estimated to be around 1.8 trillion pounds which is
47% of UK's private sector turn over.
 There is around 2.5 million small sized company which is registered for VAT or PAYE.
Apart from these data it also to be understood that such type of companies have higher impact on
the economy by understanding below mentioned facts:
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 These companies generally supplies raw materials as well as many other required items
to the larger firm for their operations.
 They promote many kind of traditional business like in the tourism industry products
such as paintings, embroideries etc.
 They reduces the socio-economic gaps by providing jobs to weaker sections of the
society who otherwise would have unable to get employment.
 Many of such types of firms are run by women hence they are empowering the other half
of the society which is important for their economic growth.
CLASSIFICATION OF BUSIENSS
Micro Business- This type of business has one owner. In micro business there are almost
0-9 staff members are working in which owner includes. The chances of these kind of business is
less and owner has capability to conduct business through contributing capabilities and skills. In
UK, there are around 5.3 million micro firms are running.
Small Business- The main motive of these businesses to earn profit and under this
almost 0- 500 employees are working. In United Kingdom country, there are around 6 million
business are currently working.
Medium Size Business- These type of businesses are nor categorized under small
business and large size organisations. In this the employees are working between 250 to 500.
There are nature of these types of businesses:
Sole proprietorship- These types of firms are run through a single person. The cost which
spend in starting new business is less. Some characters are given below:
 Individual person to bear risk.
 Easy to begin new business.
 No requirement to sharing profit.
 Single person can set up new business.
Private organisation- Its main motive to earn more profit. In these type of businesses,
there is no role of government and person run their business independently. Some features are
given below:
 Government has no role in private organisation.
 Aim to earn more profit.
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Partnership- Under this, two or more than two people are working together on specific
project. There are some characteristics are given below:
 It is based on contract.
 Two persons or business organisations are working together.
P4 Importance of start-up's and small businesses on growth of the social economy
Brexit- It is British concept and it is used to consult regarding prospective withdrawal of
United Kingdom from EU. This procedure was started from 29 march, 2017. under this Britain
people voted for British Exit but the British Chairman was not in its favour. It is regarded as
datable concept because after that new Prime Minister is trying to break stereotype in negotiation
of European Union after the Brussels.
Difference among start-ups and small business
Small-business Start – ups
 Less fund needed in small scale business.
 It is minimum scalable as comparison to
start ups.
 There is a need to develop new ideas to
earn profit.
 There will be need of more funds in
starting a new business venture.
 It is more scalable.
 In order tos start business, more creative
idea will required.
Small business enterprises and start-up's has not only have influence on the overall
economy of the nation rather it has undeniable influence on the social economy. The relationship
between economy and he society is known as Social Economy (Tracey, Phillips and Jarvis,
2011). These small enterprises have impact on the life standards of the local communities and
society. They help in bringing larger capital to the local area market in which it is operational. It
leads to the upliftment and development of several weaker sections of the society. It enhances the
wealth of the Nations economy. It helps government in giving subsidies and plan developmental
for the individuals living inside the nation.
It impact can be influenced through following points:
Many of the bigger firms gets their raw materials from the smaller enterprises which is
necessary for conducting their activities. Society shapes the market and hence it has its influence
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on the operations of the firm (Sarasvathy and Venkataraman, 2011). Such kind of firms always
promotes innovation as they understand that this is the only way they can attract customers in the
present higher competition. This firm supports innovation that is necessary for upliftment of the
society by fulfilling their requirements. Such kind of firm provides employment to local people.
 They provides jobs to many individuals which helps in eliminating poverty from the
society.
 Such type of firms produces products at lower cost and hence reducing the inflation in te
country.
 They provide support to rural economy where large business firm fails to provide
assistance which become one of the most important reasons for uplifting rural
infrastructure.
 They produce products that are convenient for the society and hence reducing the
problems related with the society.
 Start-up's provides job to totally new kind of employees based on their skills and hence
they promote talented employees irrespective of the qualification they have.
TASK 3
P5 Characteristic and traits of successful entrepreneurs
Becoming a entrepreneur is not a glamorous thing, rather its is described by the idea that
made them successful. It is not just about having guts to achieve glory or not associated with
hopes and dreams. It is further not about innovations and certainty neither about fame and future.
All these are just a part of the entrepreneurship (Hitt and et. al., 2011). On the broader prospect it
is an attrition game. On providing an answer to what things makes an entrepreneur a successful
individual some of the facts has to be understood:
 Successful entrepreneur always has a greater determination and dream.
 They have dire faith on their ideas even when others believes in their ideas.
 They have an mature confidence in themselves which helps them in staying firm when
any issue arises and hence they can overcome all the obstacles (Wiklund and et. al.,
2011).
 They always have the secondary plan for the situations when their primary and basic plan
fails. This assist them in ensuring that there is no long term loss to the venture.
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 They always have an extraordinary master plan and blue prints which helps them in
moving towards the path of success.
All the entrepreneurs have their own set of qualities and characteristics which helps them
in achieving success in the future. Characteristics and traits of two successful entrepreneur Steve
jobs and Larry page has been illustrated below which helps them in understanding requirements
to be successful entrepreneurs:
Larry Page: Co-founder of Google Inc.
 Highly motivated and passionate: In order to finish the task an entrepreneur requires to
be passionate about his job and hence has to be motivated for the things he has to
achieve. Larry page in his early years of business need to be highly motivated towards
working so as to organise world's information. His passion for technology assisted him in
making his venture a successful one.
 Hard Working and Dedication: Without hard work no idea can be successful and
generally remains only on paper. It is the dedication of the entrepreneur towards the
utilisation of resources what makes them successful and helps them in growing in the
industry (Shepherd and Patzelt, 2011). For example In both the cases of Larry page and
Steve Jobs they have started from the garage. This illustrated their dedication.
 Self Confidence: For any organisation to reach to new heights when the leader of the
company have large amount of confidence. Larry page has a confidence on his idea even
when others believed that the business is going to fail or may not earn higher profits.
Today it has become one of the five biggest firms in the world.
Steve jobs: Co-founder of Apple Inc.
 Vision: Every successful firm needs a leader who has a great vision while opening a
company. Steve Jobs had a vision of making computers available to every day use of
individuals with a tag line computer for rest of us. This has portrait him as the icon in the
American business especially the hero of the IT industry.
 Risk taking: Entrepreneurs is believed to be an excellent risk takers. They always
understand the potential behind taking risk for achieving higher profits (Naudé, 2013).
This can be understood by the example like when he was developing Apple I, he wanted
$ 1350 capital for which he sold his Volkswagen microbus.
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 Flexibility: Every successful entrepreneur must have flexibility in the approach i.e.
making considerable changes in the product range as per the alterations in the market
environment. As the requirements of people changes shapes at faster rate hence also have
to change it accordingly. This trait was present with Steve Jobs which helped them in
developing new series of Apple personal computers.
There are different kinds of skills that is present with successful entrepreneurs:
 Communication skills: It is one of the basic skill that must be present with every
successful entrepreneur. It helps them in motivating their employees as well as
communicating the mission and vision of the company to all its stake holders. Steve Jobs
was an excellent speaker which helped him in aligning all the employees and consumers
with the plans of the company (Fisher, 2012). Consumers want to hear from the leaders
of the firm about their business ideas.
 Strategy planners: An entrepreneur must be able to plan effective strategies that helps
them in having competitive edge over the other. As well as it helps them in tackling all
the situations tat comes in front of them. Both Larry page and Steve Job were understood
to be as fore runners of the market in term of planning a strategy.
 Finance managers: Any idea cannot become a successful business until they do not
properly manage their finance. Any lack of funding can lead research project to fail or
can generate disruption in the processes. Management of financial funds is one of the
most important thing that ensures long term sustainable growth of the firm. Proper
funding sources has to be arranged by the entrepreneurs.
It is to be understood that not all the entrepreneurs by birth have the talent of becoming
an entrepreneur, some develop it in due coarse of their time. Some characteristic were present in
them by birth like self belief, flexibility and the things tat they learned in due coarse of their life
is communication skills, strategy planning ability, dedication, passion etc.
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P6 Personality that reflects entrepreneurial motivating and mindset
Entrepreneurs has very different kind of personality from that of masses. There levels of
motivation assist organisations in accomplishing the business goals in a better way. Larry page
and Steve Jobs had such kind of characteristic which assisted company in capturing biggest
market share in the industry. Positive mindset helps entrepreneurs in handling their decision
which has a higher risk content. It also helps in encountering the problem faced by the firm on
regular basis. In absence of higher motivational level their capability of thinking gets reduced. It
also helps in developing these entrepreneurial abilities. Some of them are as follows:
 Family Upbringing: One of the most crucial role in creating a personality having the
qualities of entrepreneurial motivation and mindset. As the values of family are mirrored
in the personal thoughts of any entrepreneur (Bae and et. al., 2014). It is their upbringing
in the family that shapes the passion. In the personal portfolio of entrepreneur family
qualities are reflected.
 Lifestyle: It has been understood that generally successful leaders are living the lifestyle
that makes them dedicated towards their work. Lifestyle of entrepreneurs has a flavours
of their passion. From the starting phase of their life they lead simple life where they
focused on innovating their idea so that they can achieve monetary benefits out of it.
 Cultural differences: These personalities are from different societies where they saw the
requirements of the society and developed product accordingly. They derived their idea
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Source 1: Underlining entrepreneurship, 2017

from the desires of the firm. There cultural difference helped in creating positive image in
the minds of the people which helped them in leading their firms.
 Personal motivation: It is important factor which shapes the mindset. Personal
motivation creates the belief inside the minds of entrepreneur while creating a positive
image.
In context to evaluate traits, there is a OCEAN theory given below:
Openness to experience – This reflects creativity degree, intellectual and also the
innovative thinking an individual is having. Under this, it is necessary that represent should be
open minded.
Conscientiousness- In this, it is essential that an entrepreneur should be effective in its
work and should be very conscious towards accomplishing set goals.
Extraversion – This factor depicts that an entrepreneur is very energetic and be social.
Agreeableness- It should be harmonious and better in nature and should be cooperative
with the staff members.
Emotional stability –It said that entrepreneur should be more focussed and also calm to
finish work on time.
TASK 4
P7 Factors that fosters or hinders entrepreneurship traits
We have seen in the above section of the report that there are many kinds of traits that is
present in the portfolio of the entrepreneur (Brandstätter, 2011). Not every trait is by birth and
some are developed from the life experience. Their life mistakes and background fostered or
hindered entrepreneurship in them. Some of the factors that shapes personality are as follows:
 Type and level of education: More than type and level of education its the passion that
acted as the driving force for developing their products. It just gives the direction to what
they want to achieve.
 Nation culture: It is one of the important factor. If the culture inside the nation that
supports the entrepreneurship. If the culture supports research then new business can be
started.
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 Economic circumstances: Every entrepreneur faces many kinds of economic challenges.
If the economic circumstances in the environment is not favourable then success of
business cannot be possible.
There are several other things that fosters and hinders entrepreneurship:
 Past experience: Failures and many other kind of experiences helps person to learn and
hence shapes the entrepreneur ability.
 Background of the person: In both cases of Larry page as well as Steve Jobs it can be
seen that background of the individuals helped in developing skills. Steve jobs under
Hewlett Packard and Larry page from the family education developed the skills that is
required for their business idea.
 Risk and Rewards: Its the risk that helps entrepreneurs to develop ideas beyond all
barriers and its the reward for which they generally work hard (The economic importance
of small businesses. 2017). Most of the business fails because there is very early
estimation of start-up's which can be dangerous.
CONCLUSION
From the above based report it can be concluded that in modern day business large
amount of people who have came up with their start-up's. In the beginning they start with lesser
amount of financial resources. There business enterprises have higher impact on the society and
the economy in which it is operating. It helps in elimination of poverty and generation of new
jobs. Apart from this there are many other kinds of benefits of this kind of firm. There are
diverse variety of traits that needs to be present with entrepreneurs. It makes them successful. Its
their confidence and visionary idea that ensures sustainable growth of the firm. Background, past
experiences and family upbringing are some of the things that fosters or hinders the
entrepreneurial mindset and levels of motivation.
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REFERENCES
Books and Journals
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Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
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Santos, F.M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
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frontiers. Journal of Small Business Management. 49(1). pp. 55-70.
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