Entrepreneurship Theory and Practice

This assignment examines contemporary theories and practices in entrepreneurship. It encourages critical analysis of diverse perspectives, including institutional entrepreneurship, social capital, and the role of information technology. Students are tasked with researching and synthesizing insights from a selection of academic papers that delve into different facets of entrepreneurial behavior and its influence on innovation, economic development, and societal impact.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their typology.............................................1
P2 Similarities and differences between different entrepreneurial venture................................3
TASK 2............................................................................................................................................5
P3 Assess and interpret the statistics data...................................................................................5
P4 Importance of start-up business that contributes growth of social economy.........................6
TASK 3............................................................................................................................................7
P5 Characteristics, traits and skills of two successful entrepreneurs..........................................7
P6 Reflect of successful entrepreneurs with innovations and mindset.......................................9
TASK 4............................................................................................................................................9
P7 Background and experience to foster hinder entrepreneurship..............................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is the important activity that assists to grow performances of economy
and increase effective results in the country. In this regard, entrepreneurs perform their functions
and operations to develop functions to cater relevant information at workplace. Further, it also
creates enhancement in the standard of living people at workplace to develop their functions and
operations in the enterprise (Gedajlovic, Honig and Wright, 2013). This is because, it enhances
employment opportunity at workplace to ascertain effective results. In order to focus on the
present report, it is based on the Talon Outdoor which is the small sector enterprise of the UK.
They are providing different kinds of activities and development in business activities to
ascertain effective functions at workplace (Webb, Bruton and Ireland, 2013). In this regard,
present report covers different ventures that are entrepreneurship business and possess effective
quality to develop effective results. Furthermore, it also includes assessment and interpretation of
the data that assists to accomplish desires results at workplace. In addition to this, it also includes
characteristics, traits and skills to ascertain effective functioning at workplace to cater relevant
information at workplace.
TASK 1
P1 Different types of entrepreneurial ventures and their typology
Entrepreneurship is the creative activity which assists to develop and carry several things
with individual participation. In this regard, planning also ascertain that assists to meet with high
profits and revenue at workplace (Henrekson and Sanandaji, 2014). These individuals are known
as the entrepreneurs and business known as the entrepreneurial venture. In this context,
following are different kinds of ventures exist that assists to perform several functions and
operations in the business environment:
 Small business entrepreneurship: Entrepreneurship is defined as the activities in which
creative and innovations functions will be performed at workplace. In this way,
individual determines plan for starting the new venture at workplace. It is the systematic
perspective that assists to meet with effective results at workplace (Stephan, Uhlaner and
Stride, 2015). Therefore, small business entrepreneurship termed as unique and
innovative entrepreneurial ventures which could be influence to the organisation. Hence,
it is important for the firm to make plan and start new venture to assess the competition
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of the company with other enterprises. For example, it includes barber shop, travelling
businesses, grocery shops, etc. These kinds of businesses are highly skilled so that
innovative ideas could be made at workplace that assists to accomplish desired results at
workplace. In the UK, small business ventures carrying government policies and
opportunities to provide fund to launch new products in the market (Acs, Audretsch and
Lehmann, 2013). It encourages to the entrepreneurs to stated their goals and objectives in
creative aspect. In this regard, typology includes as the earning high profits and revenue
to feed themselves and family as well.
 Sealable start-up entrepreneurship: In addition to this, such types of entrepreneurial
ventures determine innovations and functions to attract more candidates at workplace.
Several investors are also taking important part to create favourable ideas that provide
different opportunity to increase brand image as well (Garud, Hardy and Maguire, 2013).
On the other hand, ideas also need to make unique results so that more number of pitches
also develops to launch the products and services. Therefore, these ventures possess
typology to determines innovations with products and services to attract people at
workplace.
 Social entrepreneurship: Further, social entrepreneurs also assist to develop social
services in the community to create welfare and development in effective aspect. These
types of ventures also carried to attain and maintain high amount of profits at workplace
through benefits of the society (Alvarez and Barney, 2013). Typology also involve in this
aspect to categories activities for protect society protection in systematic manner.
 Serial entrepreneurs: These types of entrepreneurs also develop their functions and
operations as the future oriented to look for new venture. Therefore, unique products and
services will be provided to customers. Typology included creates innovative features for
the development of the organisation (Al-Atabi and DeBoer, 2014).
 Female entrepreneurs: These kinds of entrepreneurs have focus on the expansion of
operations and functions in international areas. Therefore, they possesses effective
management skills for development of the enterprise (Arend, Sarooghi and Burkemper,
2015).
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 Lifestyle entrepreneurs: These kinds of entrepreneurs have focus on the development of
future for ascertain effective functioning at workplace. They possess risk handling
capacity for developing effective results at workplace.
P2 Similarities and differences between different entrepreneurial venture
In respect to deal with different types of entrepreneurial ventures, there are several
differences and similarities will be ascertained at workplace. They are as follows:
Size and structure: In this way, it has been assessed that small businesses considered as the
crucial aspect which assists to develop functions of the enterprise to attract several people in the
business. It is the essential element in front of the organisation to meet with goals and objectives
(Chen, Benitez-Amado and Kou, 2015). As compare to the large organisation, SME provide
unique quality in their goods to more number of people that is essential to attract people at
workplace. For example, planning of the entrepreneurs also started with the retail venture so that
they need to understand concept that is adopted by large businesses such as Morrison, Asda,
Tesco, etc. In respect to identify the concept of these businesses, SME sector enterprise has
opportunity to make successful results at workplace. In addition to this, sealable businesses are
also target to develop their effective functions and operations but there is no matter of size and
scope at initial stages.
Aims and objectives: There is another difference which lies to ascertain aims and
objectives at workplace. Social entrepreneurship possess quality and opportunities to create
better life performances at workplace (Read, Dew and Wiltbank, 2016). In this way,
performances will be improves to create more revenue at workplace. Beside this, sealable start-
up organisation also providing innovative opinion and ideas that assists to meet with high
earning and profits of the company. As results, market share price of the business also enhancing
at workplace that ascertain effective functioning in business.
Sources of finance: It is the another crucial difference that assists to signifies results from
obtaining fund to carry several activities in the entrepreneurship. As results, it is important to
arrange high amount of the fund that assists to carry more effective results at workplace. For
social entrepreneurs, this amount carry to maintain welfare of the society to ascertain effective
functions in the market. Main similarity exists that is unique ideas which make desired results at
workplace (Giné and Mansuri, 2014).
Lifestyle venture Serial entrepreneurship
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In this way, the company need to recruit skilled
employees so that they can easily increase
profits and revenue in different areas of the
world.
In this aspect, also require create effective
management team through recruit skilled
employees in the business.
Possesses innovative features for developing
innovations at workplace (Garud, Hardy and
Maguire, 2013).
In this aspect, also creative and innovative
ideas ascertain that assists to make creative
functions and operations in the business
environment.
With the help of risk handling capacity, this
entrepreneur working very effectively in the
large market.
They also possess risk handling capacity
through creative performances will be develops
that make proper functions and operations at
workplace (Welter, Audretsch and Gartner,
2017).
Differences
Lifestyle entrepreneurs have focus on the
business objectives and goals that assists to
meet with effective results at workplace. With
the help of reward, they are motivated towards
the business objectives and goals (Shartrand,
Duval-Couetil and Reed, 2016).
Serial entrepreneurs mainly focuses on the
ideas and strategy through development could
be made to ascertain effective functions at
workplace.
For operating functions in the lifestyle
entrepreneurship, entrepreneurs need to
implement activities with several people
participation.
Entrepreneurs have quality to start new
business through focus on ideas and strategy.
As results, they are highly pay attention to
develop effective results at workplace.
Female entrepreneurs Male entrepreneurs
Female entrepreneurs have high quality of Male entrepreneurs also determines their
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management skills and outcomes. They are
looking towards the international market
expansion for develop effective results at
workplace.
objectives and goals to enhance functions in
foreign areas.
Some female like to create something new
characteristics in the operations and functions.
Male entrepreneurs also determines outcomes
to create effective results and operations in the
business environment (Chen, Benitez-Amado
and Kou, 2015).
TASK 2
P3 Assess and interpret the statistics data
In the small business enterprise, it has been assessed that micro and small enterprise create
huge impact on the economy. It creates effective growth that makes effective results to make
creative results. On the other hand, it also contributes effectiveness in the economic conditions.
In addition to this, it is also essential to obtain clear vision to attain desired objectives at
workplace (Fritsch and Wyrwich, 2014). Larger enterprise contributes effective economy to
develop target market. There are different businesses also classified in term of micro, small and
medium enterprise as per the basis of employment structure. They are also determines large
operations and functions to create high profits and revenue at workplace. Private businesses
possess effective nature that helps to increase high profits where as sole proprietorship also
obtain nature from the help of single owner to obtain effective financial statement which could
be evaluated in further manner (Chen, Benitez-Amado and Kou, 2015). On the other hand,
partnership businesses also have several partners that assist to work to earn high profits and
revenue at workplace. In addition to this, each partner consist equal part and right that create
responsibility to create high profits at workplace. Because of the declination of UK economy, it
could be create impact on SME so that main reason to obtain functions and operations that are
affected by the enterprise. There are different impact has been seen of SME on the economy
performances of UK market.
Contribute participation in the employment: It is the major aspect and strength of the
SME sector that assists to enhance large number of employees at workplace. In this regard,
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people will get more employment opportunity due to small businesses are operating at
workplace. On the other hand, large enterprises are also provided more employment
opportunities as compare to SME. This is because, in the small sector business only 250 workers
could be ascertain and employed (Gedajlovic, Honig and Wright, 2013). On the other hand, in
the large sector businesses, there are no limit to recruit the members. In the micro sector
businesses, there are less that employment from SME so that it create effective impact on the
functions and operations of the businesses. In addition to this, such employment also determines
significant impact on the economic performances of the country to increase GDP of the nation.
For example, in 2014 year UK have large amount of SME businesses such as more than 6
million.
Economic impact: Further, it has been assessed that SME determines creative and
significant impact on the business operations and functions. Therefore, it is very important to
improve economic growth for the country. On the other hand, innovations also bring at
workplace that increase performances to create growth of the nation to compete with the other
businesses. In addition to this, these firms also create effectiveness to provide employment to
several members at workplace (Acs, Audretsch and Lehmann, 2013). With the help of innovative
and creative ideas, large businesses also impact on the economy to provide large number of
employment. Similarly, large businesses also pertain to develop UK economy faster. For
example, recession in the 2008 also create impact to overcome the problem to provide growth
and development of the country.
Flexibility with changing scenario: In addition to this, it also assessed that economic
stability of UK also fluctuating which also creates impact on the business environment. In order
to create rapid changes in the organisation, desired results will be carrying at workplace that
assists to meet with effective results (Garud, Hardy and Maguire, 2013). There are also assessed
that SME also taking certain change to take alteration for the environment to make changes in
the needs. Large enterprises also possess creative results and outcomes at workplace. In this type
of businesses high investment required in the firm. Hereafter, in the recessioGedajlovic, E.,
Honig, B. and Wright, M., 2013n time SME obtain capabilities to create effective results. As
results, performances will be stable within the economy.
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P4 Importance of start-up business that contributes growth of social economy
BREXIT is the effective element which assists to develop UK market in different areas of
the world. In this context, UK leaving EU so that it influence to the organisation and country
economy as well. In addition to this, it has been assessed that BREXIT reduces difficulties to
small sector business to operate their functions and operations in the large market. This is
because, there are various issues take placing with BREXIT that impact on the trade of the
country. With this regard, several policies and rules are take place in the market that creates
impact on the firm operations. Without EU permission, the business cannot create their
operations and functions with other nations (Arend, Sarooghi and Burkemper, 2015). Therefore,
it become difficult to the organisation to operate their functions and in new areas. Main
difference between the small business and start-up is only that small business already working so
that it require less amount to grow up effectively.
On the other hand, start-up business recently started so that it require high amount of fund
to grow up functions and operations in the different areas of the world. BREXIT assists to
improve the performances of country to develop target market and create effectiveness at
workplace. It assists to reduce poverty, increase wealth distribution, society benefits and
employment opportunities in the business environment (Chen, Benitez-Amado and Kou, 2015).
In addition to this, it also increase effectiveness at workplace to provide revenue to the small
sector business in significant manner. In this way, the country will gain foreign exchange, taxes,
new customers, etc. which assists to enhance income of the country. In this regard, UK economy
grows their functions and operations to achieve high growth within the market. Beside this, it
also assessed that more than half market of UK depends on the SME sector businesses so that it
is the profitable function to create several opportunities for every individual at workplace. In
addition to this, start-up enterprises also possess greater efficiency for undertake different
activities at workplace.
TASK 3
P5 Characteristics, traits and skills of two successful entrepreneurs
In this regard, there are different skills and characteristics of entrepreneurs included that
assists to manage functions and operations in the business. These skills, traits and characteristics
assists to ascertain effective functions and operations at workplace. However, each person has
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different skills and characteristics that assists to develop effective functions and operations in the
business environment. In addition to this, there are several entrepreneurs exists that possess
innovative ideas that helps to ascertain more effective results at workplace. These capabilities
assist to improve thinking capacity of people towards the goals and objectives. There are two
successful entrepreneurs exists such as Mark Zuckerberg and Steve Jobs. Both possess effective
skills and characteristics that assists to develop effective functioning at workplace (Gedajlovic,
Honig and Wright, 2013). Therefore, following are different skills and traits has been explained
that performed by entrepreneurs are as follows:
Characteristics and traits:
 Planing of the activities: In respect to work in the significant manner, there are different
skills has been obtained by entrepreneurs to work in significant aspect. In this regard,
Zuckerberg and Jobs need to plan activities through they will easily develop their
outcomes at workplace. In addition to this, they are also work as leaders so that effective
leadership qualities create ability to lead with big brand and make business globally. In
respect to compare these skills with ordinary manager, they are not possessed such types
of skills so that plan has been carried to attain desired results to make effective functions
and operations (Acs, Audretsch and Lehmann, 2013).
 Develop competitive advantages: These characteristics assists to each individual to
determines unique characteristics in the enterprise. With the help of unique and
innovative ideas, entrepreneurs can stay in different areas of the world. As results, it
assists to develop functions and operations at workplace. These skills assist to develop
outcomes and performances (Garud, Hardy and Maguire, 2013). As results, Zuckerberg
and Jobs have effective participation towards the goals and objectives at workplace.
Skills:
 Risk taking skills: Zuckerberg and Jobs both have effective quality to take risk in the
business through perform several activities at workplace. In this regard, they are easily
obtains different activities at workplace. Further, it also assists to develop effective
performances to obtain successful results at workplace. When they are unable to take
risk, effective outcomes never ascertain in the business. Therefore, it is the systematic
aspect of the organisation (Chen, Benitez-Amado and Kou, 2015).
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 Multi task skills: Both entrepreneurs have quality to work with different activities
together at workplace. It is the best way to perform several functions and operations at
workplace. Furthermore, it assists to carry different outcomes that assists to manage
different things at workplace. In this regard, Zuckerberg and Jobs both require
concentration on the several activities that assists to perform activities in the market. It is
the systematic process that assists to meet with goals and objectives (Arend, Sarooghi and
Burkemper, 2015).
P6 Reflect of successful entrepreneurs with innovations and mindset
Personality is the important aspect which assists to enhance entrepreneurs performance so
that it is essential to perceive effective results at workplace. There are different skills and
characteristics exists that assists to cater relevant aspect at workplace. In addition to this,
personality also bring characteristics on the basis of lifestyle, culture and up bringing activities
for developing mindset and innovation at workplace to set the objectives. Entrepreneurship also
need to obtain effective personality so that it could be influence to the organisation to attain
targets and overall profits (Chen, Benitez-Amado and Kou, 2015). In respect to set the target,
following are different dimension has been ascertained at workplace of small business:
 Openness: In respect to ascertain effective results, there are several aspects can be
involve such as culture, originality, etc. These elements assists to create effective
experience among the individual.
 Consolidation: It consists main aim that ascertain effective operations and functions at
workplace. Therefore, it includes aims that need to achieve for developing tendency and
attain positive aspects at workplace.
 Extroversion: In this element, positive energy emotions included that assists to
accomplish desired results in systematic manner.
 Accommodation: In addition to this, it includes tendency that compassionate instead of
suspicious.
 Neuroticism: This aspect helps to develop experience and reduce unpleasant emotions
for developing effective performances.
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TASK 4
P7 Background and experience to foster hinder entrepreneurship
In order to grow the business and its performances, there are different entrepreneurs has
taking important part to accomplish their desired results at workplace. In this context, reward and
drawbacks both aspect determines crucial aspect at business to enhance performance of
employees. Further, lack of capabilities reduce capabilities of the organisation to compete with
other organisation. Therefore, it creates negative impact on the business performances. In
addition to this, different factors are exists that could be impact on the performances and
outcomes of the organisation to develop skills and ability to perform the task (Chen, Benitez-
Amado and Kou, 2015). In this way, education, family and experience helps to foster the
entrepreneurship. Therefore, desired results will be attain at workplace which assists to manager
functions and operations.
For example, entrepreneurs has past background and education history which could be
create impact on the entrepreneurship. As results, Zuckerberg has past experience in which it has
been shows that skills and capabilities of him assists to create effective functioning at workplace.
Therefore, business started in the systematic and efficient way to undertake several activities in
it. In addition to this, Steve Jobs also possess risk taking experience which assists to foster
entrepreneurship and increase opportunities at workplace for development (Acs, Audretsch and
Lehmann, 2013).
CONCLUSION
From the above report, it can be concluded that entrepreneurship is the effective element
that assists to create high growth at workplace and attract several candidates and customers in the
business environment. With this regard, the chosen organisation Talon Outdoor determines
several activities through they can accomplish desired results at workplace. In this context, report
summarized about the different types of entrepreneurial ventures that assists to develop
employment opportunities to attract people in the business. Furthermore, it articulated about the
similarities and differences between different entrepreneurs and ventures that create effective
functioning at workplace. Moreover, it concluded about the activities that are performed by the
organisation to develop skills and attributes for gather relevant information at workplace. In
addition to this, report also carry several functions that assists to meet with targets and goals of
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small business enterprise. At last, successful entrepreneurs ascertain their functions that create
effectiveness within the business unit.
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REFERENCES
Books and Journals
Acs, Z.J., Audretsch, D.B. and Lehmann, E.E., 2013. The knowledge spillover theory of
entrepreneurship. Small Business Economics, 41(4), pp.757-774.
Al-Atabi, M. and DeBoer, J., 2014. Teaching entrepreneurship using massive open online course
(MOOC). Technovation, 34(4), pp.261-264.
Alvarez, S.A. and Barney, J.B., 2013. Epistemology, opportunities, and entrepreneurship:
Comments on Venkataraman et al.(2012) and Shane (2012). Academy of Management
Review, 38(1), pp.154-157.
Arend, R.J., Sarooghi, H. and Burkemper, A., 2015. Effectuation as ineffectual? Applying the 3E
theory-assessment framework to a proposed new theory of entrepreneurship. Academy of
Management Review, 40(4), pp.630-651.
Chen, Y., Benitez-Amado, J. and Kou, G., 2015. IT capabilities and product innovation
performance: The roles of corporate entrepreneurship and competitive intensity.
Information & Management, 52(6), pp.643-657.
Fritsch, M. and Wyrwich, M., 2014. The long persistence of regional levels of entrepreneurship:
Germany, 1925–2005. Regional Studies, 48(6), pp.955-973.
Garud, R., Hardy, C. and Maguire, S., 2013. Institutional entrepreneurship. In Encyclopedia of
Creativity, Invention, Innovation and Entrepreneurship (pp. 1069-1074). Springer New
York.
Gedajlovic, E., Honig, B. and Wright, M., 2013. Social capital and entrepreneurship: A schema
and research agenda. Entrepreneurship Theory and Practice, 37(3), pp.455-478.
Giné, X. and Mansuri, G., 2014. Money or ideas? A field experiment on constraints to
entrepreneurship in rural Pakistan.
Henrekson, M. and Sanandaji, T., 2014. Small business activity does not measure
entrepreneurship. Proceedings of the National Academy of Sciences, 111(5), pp.1760-
1765.
Read, S., Dew, N. and Wiltbank, R., 2016. Response to Arend, Sarooghi, and Burkemper (2015):
Cocreating effectual entrepreneurship research. Academy of management Review, 41(3),
pp.528-536.
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