Entrepreneurship Project

This project explores various aspects of entrepreneurship, including different types of ventures, their impact on the economy, the characteristics of successful entrepreneurs, and the factors that foster entrepreneurship. It analyzes the role of small businesses in economic growth, particularly in the context of Brexit, and examines the skills and traits that contribute to entrepreneurial success.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Different type of entrepreneurial project and their relation with typology...........................1
P2 Similarities and differences between various entrepreneurial venture..................................3
TASK 2............................................................................................................................................5
P3. Assessment and interpretation of data to analyse micro and small business impact on
economy .....................................................................................................................................5
P4. Importance of small business or start-ups in social economy after Brexit...........................6
TASK 3............................................................................................................................................7
P5. Determination of characteristics, traits and skills of successful entrepreneur......................7
P6. Identify various aspects of entrepreneurial personality........................................................9
TASK 4..........................................................................................................................................10
P7. Background and experience that can foster entrepreneurship............................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship refers to the process of setting up a business with an unique and
innovative idea in order to earn maximum profit and expanding business by bearing all the
financial and operational risk. Entrepreneurial ventures are very essential for economical growth
of a country as their main aim is maximization of production at minimum cost. Entrepreneurship
is a process of establishing a venture which starts from generating a new business ideas,
resourcing, creating and managing the company to achieve a market place as well as maximum
revenue (Ahlstrom and Ding, 2014). This report contain various types of entrepreneurial venture
and their relation with typologies. Further this project discuss about the impact of Brexit over
economy and the how the small & micro firms help country in achieving economical stability. In
addition to this it also discuss about various factor that either hinder or foster the entrepreneurs
and which are very essential components to build-up a successful entrepreneur.
TASK 1
P1: Different type of entrepreneurial project and their relation with typology
An entrepreneur is an individual who is a pioneer in nurturing an idea, processing it into a
concept and form a business venture out of it by grasping the prevailing market opportunities.
They are risk taker who willing put their financial and career security on verge to introduce
change in society by bringing new and innovative ideas for fulfilling present and future
requirements of customers (The Four Types of Entrepreneurship, 2018). For optimum and
efficient utilization of its limited resources, an entrepreneur is requisite to identify and analysing
various types of entrepreneurial business and evaluate the most suitable and profitable one in
context to project.
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Source : The Entrepreneurial process, 2018
This picture shows the process of starting up a new venture, which generally starts from
create a business idea and after setting up a business the main aim of entrepreneur is to create
value among customer and earn higher revenue.
Mentioned below are four different types of ventures that are the present in business
environment: Large scale Corporation: These type of ventures requires huge capital investment along
with large amount of physical, human and other resources. They have a infinite life
cycle and are always prone to high level of competition and risk from constantly
changing market dynamics (Audretsch, 2017). In order to attain growth and
sustainability, these organisations synthesize innovative goods and services. Also in order
to maintain their market share and to get an edge over their rivals; these ventures keeps
on modifying their existing products as per taste, preferences , market trends and other
business factors Small Scale Business: UK has immense potential for small start ups who are also the
major contributors in providing large number of employment opportunities for the nation.
One of the major benefit associated with these ventures is that they require limited money
investment and resources and are also subject to low risk. It includes start ups such as
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Illustration 1: The Entrepreneurial process

electricians, grocery stores, consultants etc. that are generally self managed or managed
by a single owner. Scalable Business: These ventures mainly focuses on quality and innovation rather than
manufacturing in bulk (Boh, De-Haan and Strom, 2016). Entrepreneurs indulged in this
business are confident about their ideas, vision and concept and seeks out opportunities to
capture attention of investors who shares same vision to invest in their project and hire
professionals for carrying out their activities. Social Entrepreneurs: These ventures are set up with objective to provide products and
services as per the requirement of the society and its people with view to improve their
living standards. These enterprises work with no profit basis and are concerned about
solving social problems of people in order to make world a better place to live in.
Types of entrepreneurial typology: Serial entrepreneur: These ventures often introduce new ideas and take up challenges
repetitively so that they can create several different aims in the world (Branstetter and et.
al., 2014). These entrepreneurs establishes a venture, initiates its operations and delegated
responsibility of managing its activities to proficient team and move to next more
challenging business.
 Female Entrepreneur: Although society has remain partial in providing opportunities
and treating women equal to men, However there are many women in society that have
taken initiative to stand aside and have successfully proved their capabilities to the
society. These female running up their own ventures are the female entrepreneurs hat
posses immense potential and skills to bring out change in the society.
P2 Similarities and differences between various entrepreneurial venture
Entrepreneurial venture refers to a firm which is operated and own by single individual.
There are different types of entrepreneurial venture which are different in terms of their
objectives but also poses certain similarities between them which are explained below:
Similarities:-
Similarities between small business enterprise and scale start ups:- Both small business
enterprise and scale start-ups requires huge investment at initial stage of their business for setting
their business (Brown, 2016). They get fund from sources like loan from bank, friends, family
etc.
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Similarities between scale start-ups and large scale enterprise:- Main aim of large scale
and scale start-ups is to earn maximum profit and to expand their business.
Similarities between large scale and social enterprise:- These both organisations work
toward producing and delivering of high quality goods & services in order to satisfy customers
need and want.
Differences:-
Along with these similarities, enterprise also poses certain differences in terms of their
size, scope and operations which can be better understand using following table:-
Scale start-ups Social enterprise
 Scale start-ups focuses more on earning
maximum profit so that they can use it
for expanding business further.
 Entrepreneurs of scale start-ups do not
plan exit strategies as they carry their
business with passion and try to recover
firm from the situation of liquidation
(Copeland and James, 2014).
 These companies try to attract and
influence investor to invest in business.
 Main objective of social enterprise is to
operate business for the betterment of
people, environment and society.
 These organisations always have an exit
plans in order to overcome from
liquidation problem.
 These organisations put more emphases
on providing high quality services in
order to satisfy customers need.
Small-business enterprises Large scale enterprises
 Small businesses are easier to set up as
it require very low cost and also have
little government intervention.
 Major sources for small business
enterprises to raise fund are friends,
family, personal investments.
 Their main objective is to generate
revenue in order to satisfy the need of
their family.
 Large scale businesses generally
require huge investment for setting up
their business and are not easier to set
up. Further they also have to follow
certain legal formalities and
governmental law for establishing their
businesses.
 There are number of options available
for large scale enterprise for raising
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fund such as venture capital,
shareholders, bank loan, commercial
paper etc.
 Main aim of these organisations to earn
goodwill as well as revenue and to
expand their business over larger
geographical area (Elam, 2014).
TASK 2
P3. Assessment and interpretation of data to analyse micro and small business impact on
economy
Small business enterprises are very essential for an healthy economic condition of a
country as they contribute toward growth, opening new market and creating employment. Hence,
they are considered as a backbone of country. Micro and small business have not more than 50
employees and as they doesn't generate much profit still assist nation in achieving economical
stability (Giné and Mansuri, 2014). These business provide an opportunity to individuals for
chasing their dreams by converting their ideas into reality. Small businesses support economy in
three ways that is they encourage innovation, create employment opportunities and provide
financial independence.
The process of establishing a small business enterprise begins from an innovative idea
which have an ability to fulfil the requirements of persons by offering unique product and
services. These business generally put emphases on attracting individuals who have potentials to
either enhance the existing product & services or who can bring new commodity to market.
Large scale organisations are also dependent upon small enterprises for outsourcing their
business operations.
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Illustration 2: Micro and small business employment
(Source: Effects on different location, 2013)
Above given image shows the contribution of small and micro business in improving the
employment rate of country. This picture describes the proportion of small businesses in
employment out of total employment of country.
Small businesses are considered as engines for growth which help citizens as well as
government to use the product and services of their choice in order to fulfil their needs. This kind
of organisations are more customer oriented and smaller in size so having an ability to adopt the
dynamic environment and bring changes to their businesses accordingly. This feature help them
in maximizing the number of loyal customers during economical crises and also help them in
maintaining their productivity which in turn will contribute toward economical growth of
country. For instance, at the time of Brexit economy of UK get disturbed as majority of MNC or
large organisation get closed which in turn has increased the unemployment rate. At that time
small businesses support toward the growth of UK economy by providing employment,
exporting products or by providing product or services by fulfilling the need of people.
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Hence, small and micro businesses creates large number of job opportunities which
provides an economical advantage to country as these firms are more labour intensive rather then
machine for their productivity hence require large number of employees (Karimi and et. al.,
2016). This leads to increase in employment opportunity which in turn will increase the standard
of living for the citizens. SME firms provide chances to individuals who are freshers, having no
working experience and are less skilled so that they can enhance their skills and potential to work
better. This help nation in maximizing the employment ratio which directly have an positive
impact over the economy. These practices are beneficial for economy in following ways:-
 These firms provide jobs to candidates who have ability but is facing difficulties in
finding job. This will help in reducing the unemployment from nation.
 SME provides employment to unskilled workers and provide training to them for
developing their skills as much they needed. This help in maximizing the productivity
with the help low paid employees that is high production at relatively low price.
 These organisations provide quality and unique products at affordable price hence
improve the standard of living of nation.
P4. Importance of small business or start-ups in social economy after Brexit
Small scale enterprises refers to the business limited in term of its size and profit earn
and which is managed as well as control by the individuals or group of individuals. These
organisations generally contains not more than 50 employees and its sale volume is also low
(Kickul and Lyons, 2016). Various issues and difficulties are faced by economy of country after
Brexit which refers to the decision taken by UK to get exit from European Union. This event has
ruined the global market, British currency has been fallen down which affected the economy of
country to large extent. Following points shows the impact of Brexit:
 After Brexit, new rules and legislations are being formulated by the government of UK
for small and micro businesses so that they can contribute toward bringing the country up
from economical crises.
 SME contribute toward increasing the GDP rate of nation as it is the main factor for
growth of country by providing goods and services at relatively low price as compared to
large scale enterprises.
 Brexit increases the unemployment rate of country which results in greater downfall of
UK's economy and in this situation small and micro enterprises come up with larger
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number of employment opportunities (Link, Siegel and Wright, eds., 2015). This
increases the employability in country and appoint candidates which failed to get job at
large organisations.
 Small scale businesses provides product and services at relatively low price which in turn
has improved the standard of living.
Therefore from the above points, it is clear that small and micro business has a great
contribution toward the growth and development of country's economy. After Brexit
multinational companies get affected to large extend and faces heavy looses as well as finding
difficulties in adopting the changes. This have an huge impact over UK's economy and bring it
down to the lowest level as well its GDP rate is also decreases.
On the other hand after Brexit small scale enterprises started growing faster and bring
numerous employment opportunity with themselves and provides product & services at
relatively low price. This help in improving the economical condition of country. These firms
have flexible organisational structure, hence easily get adopted to environmental change
(Lofstrom, Bates and Parker, 2014). Hence these enterprises help in improving the standard of
living as well as in bringing the economy of country in positive direction. Following are the
point which shows the contribution of micro and small industries in economical growth of
nation:
 Small businesses and start-ups help in improving the employment rate by providing
various job opportunities to large number of candidates.
 These organisation also contribute toward the growth of UK economy by performing
better for bringing more revenue and income after Brexit.
TASK 3
P5. Determination of characteristics, traits and skills of successful entrepreneur
Entrepreneur is a person who come up with unique and innovative idea to start a business
and bears all the financial as well as operational risk by own with the hope of earning higher
revenue in future. They bring new ideas or innovation and start a business by bearing all the risk
and reward for achieving the fame, growth and profit in marketplace. A successful entrepreneur
have certain skills and ability which makes them different from others and also motivate them to
create more innovative business processes for performing business activities more effectively
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(Michael, Storey and Thomas, 2017). These skills or potential can either be adopted through
training, learning, education, experience or it can be inborn. There are some famous personalities
who became successful entrepreneurs which are as follows: Bill Gates:- William Henry Gates III, is the principal founder of Microsoft and successful
entrepreneur of personal computer revolution. Bill gates and his partner Paul Allen
founded and started the software business which is world's largest company named as
Microsoft. In this process Gates became most wealthiest person of world through
technological innovation, keen business strategy and aggressive business tactics.
 Walt Disney:- Walt stated as a farm boy and draw cartoon sketches at his spare time.
After that he started his job in an art studio where they create newspaper and magazine
ads . After some years he started his own animation company and launches his first
cartoon character name mickey mouse which took the Disney's organisation to new
heights and he experience higher growth as well as success.
For becoming a successful entrepreneur, it is very essential for an individual to have
certain traits, skills and talent so that one can operate its business in most efficient manner and
can take it to new heights (Qualities of a Successful Entrepreneur, 2018). Following are the
skills, traits and characteristic of successful entrepreneur: Passion:- For becoming a successful entrepreneur ,an individual must be passionate
about work. They should put extra efforts and are willing to work for extra hours in order
to make their business grow. Apart from this passion that an entrepreneur have toward its
work will allow them to bring innovation in their business practices that support in
achieving competitive advantage at marketplace. Walt Disney was passionate about their
work and also put extra effort to perform their task which is main reason behind his
success. Adaptable and flexible:- Entrepreneur must be of flexible and adaptable nature which
turn will assists them to tackle all the situations and risk factors which affects the
business. These attributes also contribute toward bringing efficiency and in growth of
economy. Both the factors assist businessman in getting easily adapted with changing
environment. As being flexible in nature help an entrepreneur to operate its business
effectively in dynamic environment. This further support them to easily adopt the
changes and bring more innovational approach to improvise their product to satisfy the
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need of customers. Bill Gates is more flexible and adoptable who always try to improve
product or services provided by them either by adding some new technique or by
acquiring another company to jointly provide a better product.
 Good Communication:- An entrepreneur must be a good communicator as this feature
assist them in communicating their goals and expectations to workforce more effectively
as well as in removing conflicts and confusion among them. A good communication skill
is very essential for an entrepreneur as well as leader which help them in motivating their
employees to work toward the achievement of organisational objective and in building
the good relations among them. In addition to this it also support an entrepreneur to
convey all the relevant information as well as work to be perform by employees
effectively. As good communication skill help in reducing the chance of
misunderstanding that may sometime leads to failure in project. Bill gates is a good
communicator who always inspire their employees by communicating with them and
motivating them to work toward the accomplishment of goals.
P6. Identify various aspects of entrepreneurial personality
Personality is the combinations of various traits and characteristics present within an
individual and which make it different from others (Neck, Greene and Brush, eds., 2014).
Entrepreneurial qualities have an huge impact over the performance of an individual as they take
higher risk in order to get succeed. Each person is different and have different traits, skills which
can be better understood using following big five trait model:- Agreeableness:- This dimension includes trait such as kindness, trust and affection,
persons which stand high at this scale tend to be more corporative and one with low
agreeableness tend to be manipulative and competitive. Entrepreneur having this feature
have an ability to handle their workforce more effectively and can motivate them to
perform better. Extraversion:- The person who stand high on this tend to be out spoken, assertive,
sociable, emotional expressiveness and are open to share their opinion with others.
Entrepreneurs with this feature have an ability to communicate their expectation with
their workforces and are also good at building relation and motivating other to work more
appropriately.
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 Conscientiousness:- This personality trait includes high level of thoughtfulness, goal-
directed behaviour and having good impulse control (Sandri, 2014). High conscientious
entrepreneur tend to be mindful of detail and organized, hence put more emphases over
finding all the require data & information before taking an action. Openness to experience:- This factor includes traits like insightfulness and imagination.
Entrepreneur who are high at this trait tend to have various hobbies, interest and are more
curious about learning new things. They are not afraid of experiencing new things and
always find new and innovative way to perform their business operations.
 Neuroticism:- This personality trait characterized by moodiness, emotional instability
and sadness. Person who stands higher at this generally experience anxiety, mood swing,
irritableness and who are at low tend to be emotionally stable. Entrepreneur who stand
low at this trait will be able achieve all its goal and objective.
These all are the trait that affects the performance of an entrepreneur and make them
successful as each person is different in term of their skills and personality traits. For becoming a
successful entrepreneur like Walt Disney and Bill Gates; a person must have certain traits and
characteristics (Skoggard, 2016). These features can either be in born or can be learnt from
training, learning and education. There are certain personality traits of Entrepreneur which
affects the mindset of employees and motivate them to perform better, which includes hard
worker, good communication skill, outspoken etc.
TASK 4
P7. Background and experience that can foster entrepreneurship
While performing and establishing the business operations, there are numerous issues and
difficulties that are faced by an entrepreneur which creates barriers to organisational growth as
well as functioning of these operations. These issues have an huge impact over the an individual
which either foster or hinder an entrepreneur (Thai and Turkina, 2014). It is believed that are not
made they are born with some trait and qualities which foster them to move ahead. But these
skills can also be learned through education, training or some past experience. It is very essential
for a person to learn from his past activities in order to eliminate the chance of repeating the
mistake that leads to failure and it also support in finding the correct measure to solve the issues.
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As past experience help in dealing with upcoming difficulties and also contribute toward one's
success.
Walt Disney and Bill Gates are two famous personality who finds various difficulties but
learn from their past work and became successful entrepreneurs who are the motivational factor
for others. Walt Disney who was a farm boy started sketching cartoon characters for fun and
afterwards joined an art studio and work to create ads for magazines and newspapers. He works
hard and started his own animation company where he create a character named Mickey Mouse,
which proves to be lucky for Walt as it take his company to new heights.
On the other hand Bill Gates was a person who founded the world's largest software
company named 'Microsoft', which has changed the way in which computer operates. He
experience a greatest success and becomes a world's richest person. From the above two cases it
can be interpreted that there are certain characteristics that are present within an individual or its
surrounding which foster them to accomplish goal and achieve success in their life. These
components have direct impact over the thinking style, action and decision making which are as
follows: Education:- This is a most essential factor which greatly influence the decision making
and thinking style of a person, it shape up the personality of an individual. Education is a
key element through which a person learn how to behave in particular situation
(Zucchella and Magnani, 2016). All these have a great impact over the decision making
process of an entrepreneur. Personal trait:- This factor include certain characteristics which is either inborn or are
developed through learning and past experience. Personal traits that assist a person in
becoming successful are leadership skills, time management, communication and
interpersonal skills.
 Background:- This factor is related to the family and environment of an individual,
which also has an huge impact over one's action. Sometimes the background of a person
hinder them to perform some actions. But in case of Bill Gates their family background is
main cause which foster him to move ahead.
CONCLUSION
From the above report it has been summarized that an entrepreneur is a person with some
unique ideas and skills who have ability to set up a new business which also contribute toward
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the development of social as well as economical factor of a country. As it encourage people to
bring their innovational ideas to improve current product or services and bring new in market
with aim to satisfy customer needs. Small business plays an essential role in growth of economy
by providing employment opportunity and improving living standard of society. But in order to
achieve success in market, entrepreneur must posses certain skills and characteristics that make
them different from others and foster them to move ahead.
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REFERENCES
Books & Journals
Ahlstrom, D. and Ding, Z., 2014. Entrepreneurship in China: an overview. International Small
Business Journal. 32(6). pp.610-618.
Audretsch, D., 2017. Entrepreneurship in Germany. The Blackwell Handbook of
Entrepreneurship, pp.107-127.
Boh, W. F., De-Haan, U. and Strom, R., 2016. University technology transfer through
entrepreneurship: faculty and students in spinoffs. The Journal of Technology Transfer.
41(4). pp.661-669.
Branstetter, L., and et. al., 2014. Do entry regulations deter entrepreneurship and job creation?
Evidence from recent reforms in Portugal. The Economic Journal. 124(577). pp.805-
832.
Brown, R. A., 2016. Capital and entrepreneurship in South-east Asia. Springer.
Copeland, P. and James, S., 2014. Policy windows, ambiguity and Commission entrepreneurship:
explaining the relaunch of the European Union's economic reform agenda. Journal of
European Public Policy. 21(1). pp.1-19.
Elam, A. B., 2014. Gender and entrepreneurship. Edward Elgar Publishing.
Giné, X. and Mansuri, G., 2014. Money or ideas? A field experiment on constraints to
entrepreneurship in rural Pakistan. The World Bank.
Karimi, S., and et. al., 2016. The impact of entrepreneurship education: A study of Iranian
students' entrepreneurial intentions and opportunity identification. Journal of Small
Business Management. 54(1). pp.187-209.
Kickul, J. and Lyons, T. S., 2016. Understanding social entrepreneurship: The relentless pursuit
of mission in an ever changing world. Routledge.
Link, A. N., Siegel, D. S. and Wright, M. eds., 2015. The Chicago handbook of university
technology transfer and academic entrepreneurship. University of Chicago Press.
Lofstrom, M., Bates, T. and Parker, S. C., 2014. Why are some people more likely to become
small-businesses owners than others: Entrepreneurship entry and industry-specific
barriers. Journal of Business Venturing. 29(2). pp.232-251.
Michael, S., Storey, D. and Thomas, H., 2017. Discovery and coordination in strategic
management and entrepreneurship. Strategic entrepreneurship: Creating a new mindset,
pp.45-65.
Neck, H. M., Greene, P. G. and Brush, C. G. eds., 2014. Teaching entrepreneurship: A practice-
based approach. Edward Elgar Publishing.
Sandri, D., 2014. Growth and capital flows with risky entrepreneurship. American Economic
Journal: Macroeconomics. 6(3). pp.102-23.
Skoggard, I., 2016. The Indigenous Dynamic in Taiwan's Postwar Development: Religious and
Historical Roots of Entrepreneurship: Religious and Historical Roots of
Entrepreneurship. Routledge.
Thai, M. T. T. and Turkina, E., 2014. Macro-level determinants of formal entrepreneurship
versus informal entrepreneurship. Journal of Business Venturing. 29(4). pp.490-510.
Zucchella, A. and Magnani, G., 2016. International entrepreneurship: theoretical foundations
and practices. Springer.
Online
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The Four Types of Entrepreneurship. 2018. [Online] Available through
<http://casnocha.com/2011/02/the-four-types-of-entrepreneurship.html>./
Qualities of a Successful Entrepreneur. 2018. [Online] Available through
<http://under30ceo.com/10-qualities-of-a-successful-entrepreneur/>./
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