The Role of Entrepreneurship in Competitive Marketplaces

This assignment delves into the significance of entrepreneurship in competitive marketplaces. It highlights the role of entrepreneurs in coming up with new ideas and ventures, which helps them survive and sustain themselves for longer durations. The government supports entrepreneurial units, enhancing standard of living and economy. A proper study of the marketplace is crucial for entrepreneurs to serve their best quality products and services as per customer needs and demands. However, entrepreneurs face various issues or problems that directly impact their work, making it essential to conduct evaluations and analyses of markets to identify potential customers and their requirements. The assignment also discusses different types of entrepreneurial businesses and the skills, knowledge, and abilities required to operate them effectively.

Entrepreneurship
and
Small Business

Contents
INTRODUCTION.......................................................................................................................................4
TASK 1.......................................................................................................................................................4
P1. Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship......................................................................................................................................4
P2 Explore the similarities and differences between entrepreneurial ventures.........................................5
TASK 2.......................................................................................................................................................7
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact
on the economy.......................................................................................................................................7
P4 Explain the importance of small businesses and business start-ups to the growth of the social
economy..................................................................................................................................................8
TASK 3.....................................................................................................................................................10
P5 Characteristics traits and skills of successful entrepreneurs that are different from other business. .10
TASK 4.....................................................................................................................................................11
P6 Assessing key aspect of entrepreneur personality reflect entrepreneurial motivation and mindset...11
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship....................................................................................................................................12
CONCLUSION.........................................................................................................................................13
REFRENCES............................................................................................................................................14

INTRODUCTION
Entrepreneurship consider as a term which is related to a situation when an individual
opens a business venture by conducting analyses and evaluation of various risks that are
associated with starting up a venture such as financial and managerial risk. Entrepreneurial
business unit is established by an entrepreneur who generally having ability and skills which
encourage them for taking risk in order to establishing their own venture (Chi, Tansuhaj and Sun,
2016). There are various types of ownership structures that help an entrepreneur in establishing
as well as running their business properly. Along with this there are some specific skills and
ability required in an entrepreneur that will help them in developing as well as managing
business unit properly so that it will leads to enhancement of goal and objective. There is also a
diverse impact of experience as well as personal background of an entrepreneur which help them
in conducting producer properly and attainment of goal. Moreover, skills and ability of an
individual can be determined as two factors such as god gifted through birth or it can be
developed by joining classes or sessions according to requirement. Topics which are covered in
respective report are numerous types of entrepreneurial ventures as well as its impact on
economy of country. Apart from this, this report will explain about various skills and mindset
that are required by an entrepreneur so that they established a business entity which helps them
in earning profitability. Along with this it will also analysis different factors which will impact
on new venture or business.
TASK 1
P1. Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
Entrepreneurial venture is consider as a business venture that will established by an
individual in order to fulfill need and requirement of its target potential audiences or customers.
There is various type of entrepreneurial venture, some major of them are mentioned below:-
Small business entrepreneurship: It is a startup businesses venture that is run by its owners and
it has very less number of employees i.e. approx 5 staffs (DAILY, KIEFF and WILMARTH ,
2014). Along with this, their revenue generation is also not too high but they try to attract more

numbers if customers through their attractive designs of products and services. Generally this
type of business venture is established in several ways such as with family members or with
friends as partnership. In this situation both the partner give their full efforts in order to grow
their business with innovative products as well as services.
Scalable startup entrepreneurship: It refers to that business venture whose main motive is to
serve innovative and creative products to their customers from the beginning so that they can
attract number of customers and able to retain them for a long term basis (Davidsson, 2015).
Generally entrepreneur or an individual who are going to develop respective kind of business
venture consider that their plan can change the world, due to this they start arranging funds or
capital from numerous of investors in order to begin their activities or operations effectively.
Large company entrepreneurship: It refers to entrepreneurial business venture that are
generally having limited life cycle. Along with this, their aim is to serve new as well as
innovative products or services to its potential customers so that they sustain with company for a
long duration at a specific marketplace. But when entrepreneur conducts its business in
respective sector they may face various barriers or issues such as need and demand of customers,
changing legalizations, policies and many more factors which are changing on regular basis.
Moreover, due to this an entrepreneur need to conduct continuous market analysis and then
develop strategies and polices accordingly.
Social entrepreneurship: It refers entrepreneurial business unit that will basically focus on
solving problems or issues of its potential customers and this can be done by offering products or
services according to demand and need. The main aim or objective of respective type venture is
to create a better world for community or customers. Social entrepreneurship venture can be
created in several ways such as for profit motive, non-profit motive or hybrid.
P2 Explore the similarities and differences between entrepreneurial ventures
Entrepreneurial venture is of various types which provide their contribution in
development of economy in different ways (Decker, Haltiwanger and Miranda, 2014). There are
some similarities and some difference in these ventures. That is explained below in respect of
few business entrepreneurs:

Similarity among Small business entrepreneurship and Scalable startup
entrepreneurship:-
Innovation: It is one of the essential factors which help an organization in attain their goal and
objective. By adopting innovation an organization or business venture able to attract their
customers (Dees, 2017). This is so because customers get attracted through new as well as
innovative products and services. Moreover, if a company offers new, creative and innovative
products and services they able to generate more market share and increase profitability ratio. In
context of small and Scalable business enterprise, it is essential for both of them to adopt
effective innovation in order to attract more and more customer as well as generate high
profitability ratio.
Capital Required: Through this factor company able to conduct it’s all its work in
proper way. Along with this it is consider as most essential part because this will help an
organization in conducting their production process properly with all necessary resources. If
capital requirement of a company is fulfilled then they also able to fulfill need as well as
requirement of customers properly. In respect of both entrepreneurial ventures they need specific
and appropriate capital because by it they able to conduct their working process in appropriate
way.
Difference among Social entrepreneurship and large company entrepreneurship
Basis Large Company
Entrepreneurship
Social
Entrepreneurship
Goals and objectives Main aim and objective of this
type of venture is so sustain in
marketplace for a long term for
which they develop or
manufacture new as well as
innovative products and services
on regular basis.
Whereas goal and objective of
social entrepreneurship venture
is to serve society and fulfill
their need and requirement
(Demil, Lecocq and Zott, 2015).
Risks In respective type of
entrepreneurial venture risk is
In this venture risks are not too
high because these types of

medium because these
companies manage to sale their
huge number of products and
services due to their brand image
and name.
business units are generally
supported by government and
public that will help them in
achieving their goal and
objective properly.
Numbers of employees There are approx 1000 or more
number of employees working in
respective sector.
Whereas in this venture number
of working employees is totally
depends upon size of a
company.
TASK 2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy
In today’s scenario development of micro as well as small business enterprise get
increase which directly and indirectly impact on country economy. These type of business are
also get supported by government due to various reasons such as it generate employment, grow
economy and so on. In order to prove this there are various articles or report are based on this
that will determine how a small and micro business enterprise positively impact on business unit
(Drucker, 2014). Such as on the basis of some article, establishment of small business venture
generally required less amount of capital or investment but it generate huge number employment
for peoples. According to articles there are some small businesses ventures which are not
supported by state or local government this is so because it will generate less ratio of revenue.
Due to which there are very less investors who want to invest in respective type of
entrepreneurship unit.
As per the view point of Daily, Kieff and WilmarthJr (2014), small businesses units are
considered as a source which grow economy of country as well as generate employment. It is
also consider as driving force which generate capitalism for country that will leads to
enhancement of living standard of population. But after some point of time, situation arise
according to which founder of a small business unit want to become owner for big venture after

getting succession in small business. This motive will encourage them so that they will push their
boundaries that will strongly impact on worldwide economy in positive manner.
Economic Growth in 2018 in US
Small Business
Medium Size Business
Large Business
Fig: Economic Growth in United States
(Source: Economic Growth in United States, 2018)
From above given chart it can be evaluate that in today’s time market of small and micro
business enterprises getting increased in respect of middle and large business units. But
establishment of new business venture is not easy because before establishing a venture an owner
of a company needs to conduct various activities such as market analysis, determining potential
customers and location, developing budget, and design products and services and many more.
Through this an entrepreneur able to establish a successful entrepreneurial venture which
enhance economy of country and generate employment at huge ratio.
P4 Explain the importance of small businesses and business start-ups to the growth of the social
economy
Social economy is a term which is related to a wealthy diversity that is founded through
various enterprises and organisations like cooperative, relatives, common,
foundations, social enterprises, institutions and many more. Mentioned economies can be of
three type i.e. large, medium and small size that will directly or indirectly affect society so it is
necessary for a company to develop products and services according to requirement of customers
(Fernhaber, Gilbert and McDougall, 2014). The main goal aim and objective of new business
ventures is to serve offer appropriate products and services which are based on need of

customers and this will help them attracting more and more customers. Along with this, there are
various positive impact of small venture and business start ups which help society in conducting
and attain their work, some major of them are explain below:-
Financial Independence: According to this factor financial independency is generated by small
business in every country which also helps in enhancing economy of a country. This is possible
because through development of small business entity generates employment for local, national
and international peoples as well as through this a person also increase their standard of living
(Glaeser, Kerr and Kerr, 2015). Along with this small and medium business enterprise develops
employment for both the peoples i.e. male and female that leads to creation of equality and
financial independency among the population. Moreover through financial indecencies of an
individual or country also able to increase stability of life which help them in leaving their life
more accurate way.
Innovation: Innovation plays an essential role in growing business because through innovative
products and services customers get attracted. Along with this when there is high number of
competition among small business unit it will generate innovation so that they can attract
customers. It is also necessary for every business unit because through this they able to increase
opportunities which will leads to growth of business or venture. Moreover, through innovation
small and medium business enterprise able to fulfill need and requirement of customers properly
and effectively. This will also leads to attainment of goal as well as objective more effective and
appropriate ways.
Job Opportunities: By establishing small business an entrepreneur able to generate
employment in country for local, state, national as well as international level candidates and
through this they also able to improve their leaving (Gupta, Chiles and McMulle, 2016). This is
so because when there is development of more job opportunities it means mode of income
generation will increased for country that will directly and indirectly impact on growth of
economy. That will show improvement in standard of living of peoples.
Above mentioned are some essential benefits or significances of small and medium
business venture that leads to development of society and its peoples. Along with this it will also

help in economy growth of a country effectively as well as properly that will leads to
enhancement opportunities for society or populations.
TASK 3
P5 Characteristics traits and skills of successful entrepreneurs that are different from other
business
There are various skills and traits of an entrepreneur which make different from other
business managers. From such instance there are some of the skills from birth which can be also
be enhanced through session and learning. There are various characteristics, traits and skills
which are important for an entrepreneur in order to establish a successful as well as increase
growth (Jaskiewicz, Combs and Rau, 2015). In order to establish a new venture an entrepreneur
needs to consider various procedures that will help them to accomplish with different activities
and function. Herein, some of the personal characteristics of an entrepreneur are described
below:
 They must have ability and skills to grow and develop business as well as come up with
new and innovative idea in competitive marketplace.
 An entrepreneur must have the ability to take risk so that they can face any kind of
situation whenever they needs.
 Apart from this they must have clear vision and goals so that they can perform their
function accordingly.
 They must have full motivation so that they can work according to taste and need of
customers.
 Additionally, an entrepreneur should have proper good management skills so that they
can manage each and every situation and control all resources in proper and effective
manner (Naudé, 2014).
 Entrepreneur must have effective communication skill so that they can interact with range
of people in proper manner such as suppliers, distributors, clients, employees and many
more.
 Apart from this they have leadership skills so that they able to show path to their
employees for attaining goals.

TASK 4
P6 Assessing key aspect of entrepreneur personality reflect entrepreneurial motivation and
mindset
Entrepreneurial personality of a person which is very important for establishing of a
business as well as become motivated so that they can perform their role an responsibility in an
effective manner. Such as entrepreneurial is a personality that an individual need to have while
performing different rules of performing goals and objectives in an effective manner. Moreover,
different ideas or activities must meet need as well as demand of potential or target customs.
That will ultimately will help an entrepreneur to acquire highest number of market shares well as
attain sustainability in competitive marketplace. For which it is essential to conduct evaluation
and constantly develop new and innovative ideas for sustainability at a market place for a long
time. Moreover they also need to have ability to take risks as well as use or utilize resources in
effective ways by reducing wastage (Davidsson, 2015). For such instance they need to have
proper and keen goals and objectives which will help them in developing strategies, plans and
procedures in order to achieve them in an appropriate manner. Thus, it is also necessary for an
entrepreneur to identify opportunities so that they can develop strategies which leads to increase
in sales and generate revenue.
In today’s context entrepreneur business starts with a mindset of the entrepreneurs. It is
his mindset that motivates to follow the dreams and to become self-employed. Apart from this
there are different mindsets of an entrepreneur that are discussed below.
Curiosity: Entrepreneurs need to be curious enough to experience the leadership, start
anything new and to see the world in a new frame. It is considered as the most common traits of
an entrepreneur. It will help an entrepreneur to try out new things and different every now and
then as it motivates them to have different taste in their life in order to set examples in front of
society (Decker, Haltiwanger and Miranda, 2014).
Commitment: Commitment is the key trait that ties an entrepreneur with his dreams.
Without immense commitment towards the goal, it is not possible for a person to take every risk

associated with the business venture, or to work hard while facing massive losses. For such
instance they need to have a unique passion skills and talent which is very much necessary in to
come up with new business idea in competitive marketplace.
Flexibility: An entrepreneur needs to be flexible so that they can reach their goals and
objectives in an effective manner. Herein, they must be such flexible that they can perform their
role and responsibility in competitive marketplace (Dees, 2017). In this manner they can survive
in competitive marketplace as well as attain sustainability for longer period of time.
Risk Taking Capacity: Risk is considered as an integral part of entrepreneurship. It is
core role they need to face various kinds of risks every now and then in the workplace although,
entrepreneurs do not have anyone to answer for their activities, they need to tackle all the risks
by their own.
Leadership: Entrepreneurs need to preserve leadership capacity, as they need to lead the
entire organization. At the same time, they need to guide the organizational members properly,
so they can work hard to lead the organization towards its final goal. As it is very necessary to
have leadership so that each and every situation can be handle in an appropriate manner.
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship
Personal background and experience of a person is highly impact on a business and its
activities as well as it will also promote business entrepreneurship or venture. Personal
background of an individual includes support from friends and family which help them by
providing support in various ways such as motivation, financial background and others.
According to this process, if a person gets appropriate support from its friends and family then
they get motivated and encourage conducting business activities in correct manner (Demil,
Lecocq and Zott, 2015). Support of family as well as friends can increase motivation and ability
to take risk which can promote entrepreneurship activities. Along with this, financial background
of an individual also impact on risk-taking ability of a person and help them in starting a
business. Moreover if a person not able to get support from family and friends then they may feel
demotivates which directly impact on its entrepreneurship activities in negative manner.

For Example:-Ms Rana Harvey who is a chemist and established a business with the
name of Monster Group. During this process, she plans her business, conduct recruitment of
employees and develop strategies as well as plans in order to do marketing and dealing with risks
for attaining its goal. She is self-motivated woman who used her office as a chemistry lab in
order to conduct work properly without getting bored from work. Moreover she have some other
skills or abilities such as she is self-motivated as well as she also take participation in business
programs in order to gain experiences so that she can do her work in proper way (Drucker,
2014). Along with this she also do future planning which focuses on various activities such as
financial management, works hard to run operations, motivate employees and many more so that
she can achieve its goals and objectives in an appropriate manner.
Thus it has been determined that personal experience also increases various opportunities
so that an entrepreneur can continue its business for longer period of time. But whereas if an
experience and support of a person in not proper then it will directly impact on its entrepreneurial
activities due to which they may face loss or decline situation. Thus, it can be said that it is
necessary for an entrepreneur in order to establish as successful business venture with innovative
product and services in order to survive in competitive marketplace.
CONCLUSION
From the above discussion it has been concluded that an entrepreneur plays an effective
role in competitive marketplace by coming up with new ideas and venture in order to survive and
attain sustainability for longer duration of time. Along with this governments are also supporting
those individuals who want to established an entrepreneurial unit because by it country able to
enhance their standard of living as well as economy. With the help of proper study of
marketplace an entrepreneur will able to serve out their best quality of product and services as
per their needs and demand. Moreover, while establishing a successful entrepreneurial unit an
entrepreneur faces various issues or problems which directly impact on their working. So in
order to avoid barriers an entrepreneur must conduct evaluation as well as analysis of market
which help them in identifying their potential customer and their needs, demand and
requirement. A person have various options related to which type of entrepreneurial business
they want to established in order to attract customers. Hence, with this, they also required various

skills, knowledge and ability so that they can conduct or operate their business in appropriate
manner.
REFRENCES
Books and journals
Chi, T., Tansuhaj, P. and Sun, Y., 2016. International Entrepreneurship Activities and Business
Performance: An Empirical Study of Chinese Textile and Apparel SMEs.
DAILY, J.E., KIEFF, F.S. and WILMARTH JR, A.E., 2014. Introduction. In Perspectives on
Financing Innovation (pp. 13-16). Routledge.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing, 30(5), pp.674-695.
Decker, R., Haltiwanger, J., Jarmin, R. and Miranda, J., 2014. The role of entrepreneurship in US
job creation and economic dynamism. Journal of Economic Perspectives, 28(3), pp.3-
24.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Demil, B., Lecocq, X., Ricart, J.E. and Zott, C., 2015. Introduction to the SEJ special issue on
business models: business models within the domain of strategic
entrepreneurship. Strategic Entrepreneurship Journal, 9(1), pp.1-11.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fernhaber, S.A., Gilbert, B.A. and McDougall, P.P., 2014. International entrepreneurship and
geographic location: an empirical examination of new venture internationalization.
In Location of International Business Activities (pp. 94-136). Palgrave Macmillan,
London.
Glaeser, E.L., Kerr, S.P. and Kerr, W.R., 2015. Entrepreneurship and urban growth: An
empirical assessment with historical mines. Review of Economics and Statistics, 97(2),
pp.498-520.
Gupta, V.K., Chiles, T.H. and McMullen, J.S., 2016. A process perspective on evaluating and
conducting effectual entrepreneurship research. Academy of Management
Review, 41(3), pp.540-544.
Jaskiewicz, P., Combs, J.G. and Rau, S.B., 2015. Entrepreneurial legacy: Toward a theory of
how some family firms nurture transgenerational entrepreneurship. Journal of Business
Venturing. 30(1). pp.29-49.
Naudé, W., 2014. Entrepreneurship and economic development. International Development.
Ideas, Experiences and Prospects.