A Critical Review and Research Agenda on Entrepreneurship

The provided document is a literature review that aims to critically analyze and synthesize existing research on entrepreneurship. It covers topics such as entrepreneurship education, social entrepreneurship, youth unemployment, institutional theory, small business performance, and entrepreneurship financing. The review provides an overview of the current state of knowledge in these areas and suggests future research directions. This literature review is essential for students, researchers, and professionals interested in entrepreneurship studies.

ENTREPRENEURSHIP

Table of Contents
ENTREPRENEURSHIP..................................................................................................................1
INTRODUCTION ..........................................................................................................................1
PROJECT 1......................................................................................................................................1
P1 Different types of entrepreneurial ventures and their relation with typology........................1
P2 Similarities and differences between entrepreneurial ventures.............................................2
P3 Impact of macro and small business have on economy.........................................................4
P4 Significance of small business and business start-ups in economy development.................6
PROJECT - 2 ..................................................................................................................................7
P5 Characteristic traits and skills of successful entrepreneurs....................................................7
P6 Aspects of entrepreneurial personality reflecting entrepreneurial motivation and mindset.. 9
P7 Impact of personal background and experience to particular successful entrepreneurs......10
CONCLUSION .............................................................................................................................11

INTRODUCTION
Entrepreneur are those person who starts up their own business and are generally known
as job giver. They create and establish their business by implementing their innovative and
creative ideas in practical. It involves numerous risks, challenges, unpredictable situations in
developing a business as there are thousands of entrepreneurs already available in the market. It
is their capacity and willingness to develop, organise and manage a business venture by facing
risks in order to make profits. This is known as entrepreneurship. They play important role in
economy development of the country as they provide job opportunities to millions of individuals.
This assignment is divided into two projects (Desai, 2013). In which first project will cover
different types of entrepreneurial ventures and their relation with typology and similarities and
difference between them. In addition to that, impact of small business on economy of country
and their importance in growth of social economy. In project two, it covers characteristics traits
of successful entrepreneurs and how they reflect entrepreneurial motivation and mindset. How
background and experiences can hinder entrepreneurship is also given.
PROJECT 1
P1 Different types of entrepreneurial ventures and their relation with typology
Entrepreneurship – This is the procedure which help in preparing, designing and
smoothly running a new business, which is initially a small business.
Starting up a venture is not a simple task, it requires great efforts and patience to make it
successful. In order to start a business, entrepreneur should be aware about major types of
entrepreneurship venture which are mentioned below:
Simple Business Entrepreneurship: This is a small business which is mainly owned and
run be an individual. They establish business in order to make maximum profits. They mainly
employ their family members or local people who can carry out their business operations. As
business of small organisation run at small scale, they barely earn profits as compared to others
(Djankov and et. al., 2010). Their main aim is to pay all the bills and loans taken for the business
and earn some profits over than these payments. Business like grocery stores, departmental
stores, travel agents, salon, etc. are some types.
Scalable Start up Entrepreneurship: Online business is one of the best platform to
expand business and make customer aware about the products and services. It provides
1

entrepreneurs which offers automation that allows flexible start ups. Anyone can easily start their
business online and sell their products.
Large Company Entrepreneurship: These are the corporate firms leads to development
of new ideas and opportunities within large or established businesses. It help in improving the
profitability of company and achieve competitive position.
Social Entrepreneurship: They are the change agents and work in the direction to solve
social problems and needs. They also identify existing programs which are working in this
scenario and help in bringing positive change. They are innovators who are focused in
transforming the status quo of the world.
Following are some kind of typologies on which different kinds of ventures depends that
are given as follow-
Survival Ventures: Small business operate as survival ventures which provide basic
support to entrepreneurs and their family. There is no compulsion on registration and does not
require a premise where they can establish a business.
P2 Similarities and differences between entrepreneurial ventures
Following are some differences and similarities of entrepreneurial ventures:
2

Lifestyle venture Serial venture
Similarities Similarities
 Entrepreneurs give tough competition
and run their business in order to get
maximum benefits. They are always
ready to invest money for maximising
their business revenues (Hlady‐Rispal
and Jouison‐Laffitte, 2014).
 They have confident personality and
implement innovative ideas in order to
produce creative goods and services
which have the capacity to fulfil
customer's demand.
 This type of entrepreneur keep on
adding unique features in their produce
so that they can attract large number of
customers towards their products.
 They also believe that they can achieve
all their set goals and can build good
reputation in the market.
 In this venture, entrepreneur focuses on
generating unique and innovative ideas
and implement those ideas in order to
manufacture effective products.
 This type of entrepreneurs are always
involved in producing something which
is totally new for everyone.
 They also focuses on adding more
value to their existing products in order
to enhance its quality and to increase its
sales.
 They manufacture unique products with
the aim to maximise their productivity
and profitability and also uses effective
promotional tools which can attract
customers towards their products.
Differences Differences
They have several similarities but also differ
from each other. Major difference is that,
lifestyle entrepreneur invest huge amount of
funds in their business in order to maximise
their revenues and build good image in the
market place.
Entrepreneur perform each and every task and
activities with perfection. They analyse
different opportunities in order to show their
talents to the world (Kiss, Danis and Cavusgil,
2012). Serial entrepreneurs analyse the market
as well as customer needs and according to
that, they try to produce innovative products
and services. By this, they try to satisfy their
3

customer's needs.
Male entrepreneurs Female entrepreneurs
Similarities Similarities
 Entrepreneurs are focused towards their
business and carry out their work with
efficiency and in right manner.
 They try to maximise their business in
new markets in order to cover large
market share.
 They have the capability to handle their
business and also guide and direct their
staff members.
 Male entrepreneurs have bold and
confident personality and that is the
reason they can tackle any type of
contingency and threats.
 Female entrepreneurs are becoming
more successful in today's scenario.
 they exhibits strong personality and are
highly capable in performing their
activities.
 They are multitalented and can handle
different tasks at one time with
efficiency.
 They are strong as they handle office as
well as their home efficiently.
Differences Differences
 They are more ambitious and are
technically based.
 More focused towards self promotion.
 They are less patient and can be mess
up their situations.
 They are more hard-working and
careful than men entrepreneurs.
 They are more likely to listen to
another's advice.
 They are better in dealing with their
clients and other people.
 They are more multitasking than male
entrepreneur.
Above are some difference and similarities between different entrepreneurship venture
and entrepreneurs (Alsos, Carter and Ljunggren, 2011). Both of them have unique features and
qualities and have set aims and goals with their life.
4

P3 Impact of macro and small business have on economy
There are thousands small scale businesses which are running in United Kingdom and are
playing a great role in strengthening economic situation of the country. Private sector mainly
provides great assistance in the country's economy. As they are running at small scale, they have
to face critical challenges in different situation. There are various macro factors that can impact
the economy of country. Following are some ways which can manage and control business
activities and also affecting economy of country:
 Business : By increasing and expanding business into different areas and markets can
lead to generation of large number of employment opportunities which are beneficial for
individuals of country (Audretsch, Falck and Heblich, 2011). This will improve economic
condition of the nation and also enhance the living standards of people.
 Turnover : This has direct impact on economy of the country. High turnover rates will
lead to weakening of economic situation and vice – versa. Turnover rates of organisation
impact annual revenue of country. It reflects the actual position of company.
 Development: With continuous development, company can expand their business and
also enhance the effectiveness of their operations. This will help them to maximise their
profitability and enhancing productivity. It is necessary for companies to focus towards
customer's needs and demands and for satisfying them they try to keep on implementing
innovative and creative ideas in their procedures. By developing unique products, they
can seek the attention of customers towards their goods and services.
Following are some impact caused by different factors on economy:
Local impact : Small business and privately owned companies have the most effect on
the economy of United Kingdom. There are almost 90% small business organisation across the
nation. As these companies are generating high rates of employment within nation, they are
directly impacting positive effect on economy. With these high rates, they are also decreasing
rates of unemployment in local areas.
National and International impact : Small and new start ups also play crucial role in
international as well as in domestic market. They will help in providing millions of job
opportunities to unemployed people. Companies can analyse their effect of an event on economic
situation of country by using economic impact analysis. This help in measuring changes of
different factors like business revenue, profits, personal wages, jobs, etc (Drucker, 2014). By
5

becoming one of the strongest economic country in the world, they can give tough competition to
other nations in every aspects.
Small business owners and entrepreneurs have been receiving greater recognition as they
are drivers of economic growth. They are playing great roles and with this current scenario, in
future United Kingdom can become the country having strongest economy. With the increase in
number of industries and job opportunities, individuals are getting aware about the importance of
working and now they are motivated to start up their own venture. Start ups rate are now
increasing day by day and thus making economy strong.
P4 Significance of small business and business start-ups in economy development
Small business and start ups are great players who are playing major roles in economic
development of country. With their assistance, large number of employments and jobs have been
development and individuals are getting employment and are easily leading their life with
satisfaction. As initial phase of new venture, entrepreneur can think about his profits, but
indirectly it is affecting the economy of country (Fayolle, 2013). As large number of
individualise are becoming aware and have many innovative ideas to implement which can
change the current market scenario, they are entering markets and helping country with
development of economy. Every business whether it is small, micro, medium or large, they all
work for the welfare of society as well as for the country. Following are some importance of
small business and start ups:
Creation of jobs : With increase in small business and start ups, number of job rates has
been increased. Entrepreneurs are those person who generally give jobs to another individuals, in
other words they are job givers. If any company is establishes, it requires employees and labour
to perform business operations, so that company can achieve its desired success. For this, they
hire people and thus candidates get employment. With jobs, they can improve their standard of
living and can easily plan their future. They can also become entrepreneurs in future and can
provide jobs to other candidates. By this, jobs are increasing with high pace in the country.
Regional development: Starting business or establishing unit in less developed or poor
areas can enhance their development and provide job opportunities for local people. This is great
opportunity for them to earn money and live their life without any problems. Growth of these
businesses and start ups leads to development of better roads, railway lines, airports, electricity
and water supply, schools, hospitals, shopping malls and other public and private services.
6

By creating direct and indirect jobs in less developed areas will help in lifting the
economies in regional economies. For this development, state and central government provide
their assistance to these business so that they can successfully establish their business in such
areas.
Improvement in standard of living : By establishing business in an area, it improves
standard of living of people living of nearby areas. This is another key factor which help in
economic development of country. Entrepreneurs also give their assistance in increasing living
standards. They do this by developing large number of job opportunities and also by creating
innovative products and services which ultimately lead to improvement in the quality of life for
their employees, customers and their stakeholders.
Exports : Every business have the aim to expand their business in different parts of the
worlds and by exporting their materials and goods to other nations, they can achieve this aim.
This is an very crucial ingredient for development of economy of country as it provides greater
access to global markets, inflow of foreign currency, access to latest cutting edge technologies,
etc (Ziegler, 2011). This benefit leads to greater expansion of business and leads to better
stability of business. It also increases revenue of the company as well as country and helps in
strengthening of economic condition.
Development of community: It is not necessary that economic development always
translate into community development. It requires development of infrastructure for education
and training, healthcare and other public services (Cowling, Liu and Ledger, 2012). For example:
highly efficient candidates are required in a community to attract new business and start
something of their own. For that, they will be requiring good schools with better facilities
training centres, internship opportunities. This will help them in building their skills and improve
their knowledge area.
PROJECT - 2
P5 Characteristic traits and skills of successful entrepreneurs.
Entrepreneur is a person who take initiative for business to earn profit and success. It's an
innovator,visionary, a source of new ideas, with goods and services for business. An individual
who rather work as an employee starts their own small business by considering all risk and
rewards of the undertaking (Awogbenle and Iwuamadi, 2010). Successful entrepreneur is a
7

person who always remain focused about current venture not on starting new venture after every
few days.
Booming entrepreneur have following traits-
 Effective planning make capable of dealing with unforeseen possibilities.
 Self belief, that they have some different qualities from other person.
 Maintain long term relationship means believe in the long term success of the business.
 Passion which make people not to sleep at night and motivate to work continuously.
 Vision refer to act or power of eyes to see future.
Mark Zuckerberg and Henry Ford are two flourishing entrepreneurs who carry above traits and
many more.
Henry ford is most renowned entrepreneurs in history. A person founded ford motor co in
1903 when he was almost 40. His carrier starts as an engineer for Edison illuminating company
in 1891 which he leave in 1899 and joined Detroit auto mobile company till 1901. He has the
innovative vision of mass manufacturing ,which make first reliable,affordable, auto mobile for
the masses. Person is famous for bringing a modern industrial revolution. His dream was to make
an auto mobile that every individual could afford.
As an successful entrepreneur he took multiple risk and gave much times to fulfil his
dreams. Apart from this have several characteristics, traits and skills which separate them from
others
 Vision- Ford has a complete different vision. He doesn't want to produce luxury-laden
auto mobiles like other manufacture, he want to make an auto mobile that everyone can
afford.
 Accept failures- Ford always used his lesson of failures to build his future success as an
inventor and a businessman (Chittithaworn and et. al., 2011). He get failures in first two
ventures but that not able to stop him.
 Risk taker- Big risk gave big rewards, make business to achieve success. Henry ford
never hesitate to take risk otherwise not able to launch affordable cars. They take
multiple risks and able to make successful business out of it.
 Knowledge about market- Its about knowing about what customer want along with
what they didn't they want. With the informed market they are able to know behaviour
8

pattern of individual. With this ford knew about the large market of buyers, which
featured about who would buy at what charges.
 Learning – Learning should be on a continuous basis it would never be stop. Fords learn
from the failures happen in the initial production of his first auto mobile to make best out
of it.
Mark Zuckerberg is among the youngest self made billionaire. He is co founder of
Facebook. Mark launched the Facebook from his university by convincing fellow Harvard
students to enter their own information and photos into it. There mission is to make world more
open and connected for people (Bruton, Ahlstrom and Li, 2010). Zuckerberg and his room-
mates make it more user friendly by adding advance features in it. Later on he leave Harvard to
concentrate on his fledging company to make it his big business. Facebook is among the world
largest social network. Some skills are presented below which make him successful
 Passionate- Person should passionate about what they do. That same passion help mark
to innovate continuously and overcome every obstacles of their way.
 Set long term goals- People should thing big but start from small. Mark always set long
term goals for organisation which make able to provide better experience and innovations
to users.
 Surrounded with the right people- Individual surround with highly successful and
motivate people help to get perform the task which they not able to done. Organisation
should look for people who can excel in the areas in which you are weak and less
experienced.
 Vision- Every entrepreneur has a common trait like vision. It the thing which help them
to grow. Mark make Facebook with the vision that it will make world more open and
connect.
Learning mode- Learning of new things help to create new things. Mark made Zucknet at age of
11 to connect his fathers home and office computers and later age made games out of his friends
drawings and learn more different languages. This process of learning is continuing till now.
P6 Aspects of entrepreneurial personality reflecting entrepreneurial motivation and mindset.
Great entrepreneurial personalities have established a strong message world wide that if
you want to achieve something, you have to pull up your socks and go for it. Successful
entrepreneurs like Mark Zuckerberg and Henry Ford have become a role models for youth across
9

the globe. With their vision and ideology, they are motivating millions of people and individuals
to do great with their lives. It is necessary to have motivation in life, without that, no one can
achieve life goals. With inspiration, individual are not taking step and starting up their ventures
to implement their innovative ideas in practical ad serve their nation and people. Every
individual have hidden talents inside and require a push to activate it and this is done by
successful entrepreneurs which inspires them in right direction and give motivation for their life.
Successful entrepreneurs have faced lots of challenge with confidence and know how to
manage typical and critical situation easily. Some writer have published various biographies,
articles, etc. and covered all their struggles and success of life. These books works as a great
source of motivation to people and they try to implement different solution suggested by
entrepreneurs in their lifestyle (Ackermann, 2012). They totally modify or change the mindset of
candidates and they start thinking from their point of view.
There are some entrepreneurs who have great abilities to motivate and inspire others with
their words and tell them about their stories and struggles. This help others to take risks and face
challenge in their lives and implement their ideas into practical (Burns, 2010). The take effective
decisions and take advice from experts before establishing their start ups. Motivate individual
have higher opportunities to get succeed in his life and after sometime, they become role models
for other individuals.
P7 Impact of personal background and experience to particular successful entrepreneurs
Personal backgrounds and past experiences have great effects on the entrepreneur's
success. There are numerous factors that effect their mindset, nature, motivation, confidence
level and their life. This factors also effect their skills, qualities and talents which are present
inside them. Following are some factors which affect the abilities of a person:
Family background : It is an important factor that have great impact on person's nature
and capabilities. It is directly related to the family members and siblings living together. The way
family thinks and in what situation the person was living have great efforts. An individual mainly
learns many things from his / her family and experiences with them. Family background
basically provides a base to an individual and is associated with schools, colleges,
neighbourhoods, family friends, etc. It is a great place to build different skills and talents and
develop innovative thinking (Blackburn, Hart and Wainwright, 2013). It gives a huge platform
where a person can clarifies all his / her doubts and can think of something new which in future
10

can be implemented as a business. If any one in family member is a great entrepreneur, than it
pose positive impact on the individual if he / she is interested in becoming entrepreneur in future.
They can counsel, motivate and tell them about different ideas and how to manage difficult
situations in life. With proper guidance and direction, person can easily achieve success in life
and establish a successful venture.
Education : It is another great factor that help in building mindset and enhance hidden
skills and talents of a person. Education provide assistance to the person to know about variety of
things and factors which are existing in the world. It also provides a platform to increase
knowledge area and enhance confidence and motivation level in individual. Person can pursue
different degrees and educational qualification in order to enhance knowledge and skills and with
this they can lead a better life and can establish successful business in future.
Money stability: Sometime, due to lack of money, person could not study and pursue
his / her degrees in future and with this, they become less aware about things that are happening
in the world. Some families can't afford high fees of schools and universities and cannot support
their children financially. Without education, they become helpless and cannot achieve their
dreams.
If any person lacks money or fund at the time of business establishment, in that case, he
won't be able to start up his new venture and will not be able to pursue his targets. Money is a
great factor when it comes to starting up a business as without it, nobody can carry out their
activities (Bruton, Ahlstrom and Li, 2010). In order to remove money situations, government of
the nations provide necessary assistance to those who really wants to become an entrepreneur
and have great ideas. They support them financially and also provide other needs to them. With
the assistance, person can smoothly run his business and achieve his goals.
Above are some factors which plays great role in the life of entrepreneurs. Some of them
become successful in life but some has to drop their ideas due to lack of money and other
resources. But with zeal and motivation, any person can achieve their targets because becoming
an entrepreneur is not an easy task and it requires great dedication and efforts to pursue dreams.
Success journey of great entrepreneurs was not smooth, it was filled with tough struggles,
sleepless nights, challenges, depression, demotivation, etc (Bridge and O'Neill, 2012). But apart
from all these factors, they have one thing clear in their mind and that was to become successful
in life and this was enough to make them great and successful.
11

CONCLUSION
From the above report, it can be concluded that, entrepreneur play crucial role in
strengthening economic condition of the nation. Entrepreneur establish their business in order to
serve their nations and for the welfare of society. Initially they think about making profits but
indirectly they are contributing to economic development. When an entrepreneur start their
business, they also provide job opportunities to large number of candidates. With this, they help
in improving their standard of living and also provide employment to unemployed people. There
are small business which are established in poor or less developed areas, which help local people
to improve their financial condition. It directly leads to improvement in economic condition and
leads to strengthening of economy of country. Becoming a successful entrepreneur require great
effort and dedication as it is not an easy path and have to face numerous challenges and risks.
With proper eduction, motivation, inspiration and support, any individual can become a great
entrepreneur.
12

REFERENCES
Books and journals
Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning for
Future Sustainable Growth. Himalayan Books.
Djankov, S., and et. al., 2010. The effect of corporate taxes on investment and entrepreneurship.
American Economic Journal: Macroeconomics. 2(3). pp. 31-64.
Hlady‐Rispal, M. and Jouison‐Laffitte, E., 2014. Qualitative research methods and
epistemological frameworks: A review of publication trends in entrepreneurship.
Journal of Small Business Management. 52(4). pp. 594-614.
Kiss, A. N., Danis, W. M. and Cavusgil, S. T., 2012. International entrepreneurship research in
emerging economies: A critical review and research agenda. Journal of Business
Venturing. 27(2). pp. 266-290.
Alsos, G. A., Carter, S. and Ljunggren, E. eds., 2011. The handbook of research on
entrepreneurship in agriculture and rural development. Edward Elgar Publishing.
Audretsch, D. B., Falck, O. and Heblich, S. eds., 2011. Handbook of research on innovation and
entrepreneurship. Edward Elgar Publishing.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp. 692-701.
Ziegler, R., 2011. An introduction to social entrepreneurship. Edward Elgar Publishing.
Awogbenle, A. C. and Iwuamadi, K. C., 2010. Youth unemployment: Entrepreneurship
development programme as an intervention mechanism. African Journal of Business
Management. 4(6). p. 831.
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp. 421-440.
Ackermann, S.J. ed., 2012. Are small firms important? Their role and impact. Springer Science
& Business Media.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp. 8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Bruton, G.D., Ahlstrom, D. and Li, H.L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp. 421-440.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Chittithaworn, C., and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p. 180.
Cowling, M., Liu, W. and Ledger, A., 2012. Small business financing in the UK before and
during the current financial crisis. International Small Business Journal. 30(7). pp. 778-
800.
13

Online
Different types of entrepreneurship: What’s best for your business?. 2013. [Online]. Available
through:<https://www.marsdd.com/news-and-insights/different-types-of-entrepreneurship-whats-
best-for-your-business/>.
14