Entrepreneurship: Past, Present, and Future

This assignment delves into the multifaceted world of entrepreneurship. It examines historical developments in entrepreneurial thought and practices, providing context for understanding contemporary trends. The analysis explores various facets of entrepreneurship, including social entrepreneurship, corporate entrepreneurship, the role of clusters, and the impact of taxation policies on innovation and new venture creation. The assignment also considers the influence of education on fostering entrepreneurial skills and motivation. Finally, it probes into future directions for entrepreneurship, highlighting emerging challenges and opportunities.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1 Different types of entrepreneurial venture and their relationship with typology..............3
P2. Similarities and differences between entrepreneurial ventures........................................5
TASK 2............................................................................................................................................6
P3 Discuss the impact of small and micro businesses on economy.......................................6
P4 Explain the importance of start-ups and small business towards the economy................9
TASK 3..........................................................................................................................................11
P5 Determine skills, traits and characteristics of successful entrepreneur...........................11
P6 Evaluate how different aspect of entrepreneurial personality reflects motivation in them12
TASK 4..........................................................................................................................................13
P7 Explain how background and mini research can foster entrepreneurship.......................13
CONCLUSION..............................................................................................................................14
REFRENCES.................................................................................................................................15
.......................................................................................................................................................16

INTRODUCTION
Entrepreneurship is define as process in which an individual generate an innovative idea
which is beneficial for society and support in generating profit as well. Entrepreneur is such
person who generate such idea and perform an activity which stated as entrepreneurship and end
results enterprise which support in establishing such idea properly (Barringer, 2012). There are
various new and innovative person are determine in society whom encourage and motivate many
young generation person of society as well. This project includes description about two famous
personalities whom establish their idea properly and become as a idol for many people - “ Jeff
Bezoz and Bill gates”. Along with this it will also constitutes about various types of
entrepreneurial ventures with typologies as well as differences and similarities. They started with
a small idea and made vast impact on economy as well. This concept also get elaborated in this
investigation properly. A positive or negative mindset always support or hinder an individual
personality which get understand by taking example of these two stated persons.
TASK 1
P1 Different types of entrepreneurial venture and their relationship with typology
P1. Different types of entrepreneurial ventures and their relationship with typology
An entrepreneur is that person who set ups his own business and is able to take risk and
generate new as well as innovative ideas in desire of profit. He searches for opportunities,
exploits them and quickly responds towards change. There are different types of entrepreneurial
ventures which are as follows:
Small business enterprise: Every firm starts with small ventures. Generally new start-ups
are referred as small business enterprises. These businesses are started at local level so that basic
needs of the individuals will get fulfilled. In United Kingdom, many small enterprises are
running effectively and earning profits by providing quality products to its customers. The main
objective of every firm is to generate profits and gain sustainability. They have limited financial
resources and so, it is difficult for them to expand their business. This is a security typology of
entrepreneurship which assists in getting secured and fulfil the basic needs.
Scalable entrepreneurship: These are the new start-up ventures that operate with
different motives. The main purpose behind scalable entrepreneurial enterprise is to bring change
in economy and administer change elements. These businesses require high funds and therefore,

investors need to have vision like entrepreneurs. If financial need is fulfilled then skilled workers
are required to work on that and attain targets. Angel investors and skilled workers increase the
morale and confidence level of entrepreneur (Baum, 2014).
Large scale entrepreneurship: These businesses start with high investments and include
multinational companies. These enterprises focus on innovation and operate for the purpose to
earn profit as well as contribute in the welfare of society. These ventures are engaged with
corporate social responsibility. Large scale enterprises emphasis on the quality improvement in
its products and services in order to gain higher profitability and competitive advantage from the
market.
Social entrepreneurship: These kinds of enterprises are established and operated for the
purpose of development and welfare of society. Social entrepreneurial firms administer healthy
and value added products to its customers. They work for the social development and serve
society in order to provide benefits and improve their living standard. They fulfil basic needs and
wants of society. These are non-profit organisations and engaged in social services. The typology
of this type of entrepreneurial style is social development.
Female entrepreneur: These are the women who innovate and initiate business actively.
Female entrepreneurship is based on the participation of women in employment and equity of
business venture. These organisations are owned, operated and controlled by females as well as
they have minimum 51% stake of company.
Serial entrepreneur: These are the people who constantly come up with noble and
innovative ideas and start new business. These entrepreneurs take challenges and once a business
is properly established, they delegate responsibilities of performing its operations & moves on to
another venture.

P2. Similarities and differences between entrepreneurial ventures
Lifestyle ventures or business
Similarities
 The basic element of these businesses is
innovative idea through which
enterprise can start and objectives are
attained ( Bruton and Li, 2010).
 For achieving expected outcomes, it is
necessary to recruit highly skilled
workforce that is able to complete its
activities and duties in an effective
manner.
 By acquiring a large number of
customers from the market, growth and
success is obtained by business.
Serial entrepreneurs ventures
Similarities
 Serial entrepreneurs continuously come
up with innovative ideas and start
business with appropriate vision so that
objectives can be attained.
 Employees need to be skilled and
experienced so that objectives can be
attained and targets are fulfilled.
 By capturing a large number of
customers, accomplishing goals and
targets are said to be a similarity
between them.
Differences
 These start-ups are established in
market with an aim of developing
lifestyle and develop economic as well
as social factors.
 Sustainability for longer period of time
and improving profitability ratio is the
main aim and it can be done efficiently
by centralisation of power, i.e. power is
in single hands.
Differences
 These organisations are running with
different purposes and aims that leads
the company towards growth and
sustainability and power is not
centralised, i.e., it is transferred to
another person.
 Duties and responsibilities are
delegated to another hands as these are
not being handled by a single person
for longer time period especially after
success and growth of business and the
individual moves on to other business
after delegating their responsibilities.
Female entrepreneur business Male entrepreneur business

Similarities
 Women entrepreneurs emphasize on
attaining success and growth along with
higher profitability ratio while starting a
business.
 According to the demand of customers
and trends of market, goods and
services are provided in order to satisfy
them.
 Attracting a large number of customers
and gain competitive advantage from
market is the focus area of female
entrepreneurs.
Differences
 They have less capabilities and
confidence in comparison to male
entrepreneurs while establishing
business.
 Their decision making ability is good
because of their experience of life and
they make decisions more effectively.
 Their communication skills are good as
compared to male entrepreneurs.
Similarities
 Start-up is established with common
purpose of attaining higher profits as
well as growth and sustainability of the
firm (Dacin and Matear, 2010).
 Analysing and determining actual needs
of development of product so that it
assists in improving product to satisfy
existing customers and attract new one.
 Their desires are same as women
entrepreneurs to capture a large market
share.
Differences
 While starting new venture, their
capabilities and confidence level is high
than female entrepreneurs.
 At the time off resolving issues and
make decisions, sometimes they are not
able to take appropriate decisions.
 Communication skills are not as good
as women entrepreneurs (Defourny and
Nyssens, 2010).
TASK 2
P3 Discuss the impact of small and micro businesses on economy
Being a small and micro business owner is quite challenging in this competitive world.
They often have to take decision by their own which may or may nit results in their favour

depending upon the skills and knowledge they put in their decision. Mostly they operate
independently but yet they do have lesser number of employees. Both small and medium do not
yield as much revenue as large firms do but still they're essential to the growth and success of
economy.
Business enterprise differ in many ways and the most obvious is on the basis of Size. We
have known that there are various big, small, medium organisation who contributes in generating
revenues for the entire nation and for them as well (Delgado and Porter, 2014). Classification of
business entity on the basis of size is described below:
Small: It can be defined as those enterprise who employs lesser number of personnel and does
not have high sales volume. They normally operate in local economies. Such types of entity
survive in almost every particular sector or industry. Such firms can generate revenue allowance
up-to 21.5$ per year, lower than that can serve as a disadvantage for them in terms of lower
profitability. Being a small firm, itself comes out as an advantage for them because they more
critically analyse the customer requirement and can make product according to that (Stern,
2010). In the modern area where choices of consumer is changing so rapidly, it becomes easier
for small business to adapt all the updated technology in their functions and operations which
gives them the benefit of higher competitiveness level. Such businesses can not operate wholly
by one single person, this means such firm can be operate by doing partnership of two or more
person.
Micro: These can be defined as those firms who are categorized as self-operated by the owner,
having five or less employees and generating sales and revenue less than $250,000 per year.
Their main interest is to make profits for their survival and to support family members. Owners
open such micro entity in order to fulfil their basic needs. Sole-Proprietor operates micro-level
business as it not requires much capital as compared to other business. Their legal structure is
flexible as it requires less paper work and adhere to certain business restriction. They are solely
liable for its bad-debt, expenses, profit, income etc. It is easiest and quickest business structure to
create.

Illustration 1: Proportion of SME's
(Source: Impacts on Various Area, 2017)
Medium: These are often consider as those enterprises which comparatively operates their
business activities on larger scale than the small and micro one. Generally they employs
personnel between 250-500 depending upon the region in which they are establishing their
business. Their business structure is quite flexible and dynamic in nature which means they
make change in their product or services as per the consumer requirement. Such kind of
enterprises are operated by partnership because it gives the benefit to mutually share
profit&loses. In this liability is shared collectively by all partners (Djankov, 2015).
Following are the areas of economy that impact SME's:
Employment: SME's plays an essential role in generating employment opportunities for those
who possess lesser skill and knowledge but considered as the part of the economy. They hire
personnel on the basis of their capabilities, potential which enables to put their best in specified
job. According to the census report, it has been found that SME's generate 20% job
opportunities which ultimately serve to benefit the entire economy (Ganser and McLiesh, 2014).

Foreign Direct Investment: FDI invites the foreign country to come in home country to expand
their business operation which help in generating revenue for overall economy.
Backward areas: SME's creates job opportunities for such people who live in backward areas or
rural areas. This means that they are contributing towards society by raising the standards of
living and giving equal opportunity to all section of the society.
P4 Explain the importance of start-ups and small business towards the economy
Brexit can be defined as the withdrawal of UK from European union. On 23rd June, 2016
51.9% of the people voted in favour to leave UK. It has been found out that Brexit is likely to
lower the overall GDP and per capita income of UK which results in severe loss faced by them.
They have been come up on final date which is 29th March, 2019 when UK will finally exit from
European Union.
Post UK Brexit intense pressure put on British Government to support the SME's. They
are require to undertake certain measures inn the form of retaining tax-free access to UK market
and also enable them to develop their existence in Non-European Union Country. Post Brexit
Business Investment of UK is likely to increase by 1.6% in 2018 and 1.7% in 2019. But still
there are certain threats which are possessed with Brexit are as follows:
 Financial Insatiability
 Turmoil in the economy.
 Economy may suffer from long-term damage
 Political instability
 Less hold on market share
 Level of unemployment increases.
Differences between start-up and small business are described below:
Basis Start-Up Small-Business
Definition These are the temporary
business firm which are
configured to look for scalable
business-model (Ramalho and
Shleifer, 2010).
These are independently
operated and owned by one or
two owner. Such firm are
Purpose Their intent is to grow on large Their main purpose is to

scale and cover the share of
new market.
financially secure themselves
in the local market.
Funding They seek funding through the
source of debt and equity.
They are running, controlling
and managing their business
fund on their own.
Growth Rate They are using latest
technology in their business
function which help them in
growing rapidly which is
necessary for them at their
initial stage.
They are growing their
business at moderate rate
which given the better
understanding in respect of
consumer, supplier etc.
Following are the importance of SME's and Start-Up towards the economy are described as:
1. Encourages Team Spirit: In order to achieve both short and long term organizational
goal effectively, companies are require encourage team spirit in the workplace. There are
large number of people working in a firm which do often meet with each other but still
when work together, they share their knowledge, skill with co-worker so as to accomplish
business goal in a systematic way.
2. SME's Direct Involvement: It has been believed that SME's has an effective control
over their consumer and output which results in achieving higher profitability for them.
For instance, owner can modify their product specification as per the client requirement.
This gives them advantage of higher competitiveness level over their rivals. They
possess direct contact with the consumer. Also SME's are having great creative and
catchy ideas (Drucker, 2014).
3. Employment Generation: SME's create more employment opportunities for the people
who lives in rural areas and possess lesser skill and knowledge. SME's gave them the
chance to prove themselves in the workplace which helps them to grow personally and
professionally. They promote open opportunity in terms of grabbing learning through
other department.

TASK 3
P5 Determine skills, traits and characteristics of successful entrepreneur
An Entrepreneur is the one who takes the initiative to sets up their business and take
financial risk at their own. Emergence of small idea and often their success make them the
successful entrepreneur (George and Bock, 2011). They are the one who perform their business
operation and function with right attitude and which results in often their favour. They follow
their passion which is the first step they take for longer run success. Steve Jobs and Jeff Bezoz
are two most famous entrepreneur who have created history by following their dream or passion.
Both posses different skills, traits and qualities which gives them the appellation of successful
entrepreneur.
Jeff Bezoz : He is the founder and chairman of Amazon.com which is the world's largest online
shopping website. He has began the company as an Internet merchant of books and journals. But
with his strong determination and passion he take the organisation to higher level. Below
mentioned is the list of few traits of Jeff Bezoz that makes him the man he is:
1. Knack for innovation: In his childhood days, he developed sound alarm clock in order
to save themselves from their annoying sibling. During his free time, he use to provide
books to consumer which gives them the idea to provide books online. His innovative
skill creates online portal for the customer which provide almost everything that
individual is looking for.
2. Hardcore Realistic: He is the one looks into all probabilities and possibilities before the
final implementation of his plan. It is important for an entrepreneur to cover every aspect
which has a great influence on the operations and functions of company.
3. He believes in Regret Minimization Theory: This theory states that whenever a person
takes decision in dilemma it will always result in regretting. No matter at what time but
the person will surely regret. Jeff was clear with his objectives which became the major
reason for him to leave their current job for setting up his online venture.
Bill Gates: He is the successful drop-out from the university which serve as an opportunity for
him as he build the Microsoft Empire (Kelley and Herrington, 2012). He believes that if you
strongly believes in something, one or other day you will grab it with your hard work or efforts.
Following are the list of traits that makes him different from others which are described below:

1. He is Philanthropist: He believes in serving other or the one who needs help. This
nature gives them the recognition worldwide. For instance, $1 billion of his money
sponsor the education programme for the children, $40 million serves for vaccination of
small children etc (Kirzner, 2015).
2. Voracious Reader: He believes that reading is the only platform through which one can
learn new things and enhance their knowledge. He always says that reading gives their
knowledge a broader area which often will help in future. He reads around 50 books per
year which means that he has the solution for every problem.
3. Smart Worker: Bill Gates works smartly which gives him the opportunity among their
rivals. He is daring and smart enough to know how to use the resources effectively and
efficiently.
P6 Evaluate how different aspect of entrepreneurial personality reflects motivation in them
Five Factor Model(FFM) is a framework which is based on five famous personality traits
which include new exposure to openness, extraversion, neuroticism agreeableness and
conscientiousness. Each trait is classified into sub-trait and assist in tracking and standardised
personalities that different people possess. Below mentioned is detailed classification of each
factor of FFM:
1. Openness to experience: Openness depicts how much the person is imaginative, creative
and possess intellectual curiosity in order to learn new things. People with high openness
are often considered as the as more outspoken . It has been believed people who possess
low openness tends to achieve their goal more effectively.
2. Conscientiousness: This factor says that in order to achieve long term goal in a
systematic way it is better to pre-plan them rather than accomplishing them with
spontaneous planning. Individuals are required to perform their work in an organised way
which helps in attaining long term goal easily.
3. Extraversion: It is important for a person to posses certain traits such as energy,
optimistic, sociability, assertiveness which helps in developing overall personality of
individual. People with high extraversion are often recognized as domineering and
attention-seeking (Morris and Kuratko, 2014).
4. Agreeableness: This shows the tendency of people to be co-operative with their co-
workers. This means that such people are helpful by nature, who always ready to help

their other partners. People with high agreeableness are often considers as submissive.
Image of such people lasts positive impression on the other which somehow motivate
them to deal with each other friendly and politely.
5. Neuroticism: There are different ways in which people deal with unpleasant emotion
such as anger, depression, vulnerability etc. The way they manage such emotions depicts
their personality. Their behaviour motivates other and guide them with the direction to
deal with such unpleasant emotion (Covin, 2010).
TASK 4
P7 Explain how background and mini research can foster entrepreneurship
The journey of successful entrepreneur is not easy as it sees. It is generally compromises
of various hurdles or hindrance that they must have been face in order to follow his passion or
dream. Even if you are motivated enough to follow your passion, there are certain factors that
tries to reduce the morale of such employees. Both Bill Gates and Jeff Bezoz possess different
traits, qualities which became the reason for its success. They both are renowned and successful
entrepreneur who sets example for others to follow their passion and work hard for that.
Bill Gate was the university drop-out student which set themselves as an example for
younger generation. He left his college just to follow his dreams or passion. He believes that if a
person wants to achieve something and he has believe in that, then one or the other day he will
end up with having that thing. The one thing which is constant here is the determination factor
towards their goal. He has the habit of reading which makes him to fall in the category of most
knowledgeable man. Apart from this, he often denotes different portion of their income to serve
the society such as they have donated $1 billion for providing scholarship program to children,
50$ million for malaria vaccination, thus serving the society at vast level (Neck and Greene,
2011).
On the other Jeff Bezoz started their journey from the garage and end up by providing
online platform to people where they can purchase everything they desire. Though their success
journey was not so easy but still he end up with pursuing his dream. Initially he started with
providing online books to consumers and then later he creates an online forum for the vast
people which provides every basic necessity which consumer is looking for.

CONCLUSION
It get concluded from the project that there are various types of entrepreneurial ventures
are running which support and encourage economy of a country. These ventures started
operating their work as a small association and once the new idea get implemented properly they
started to deal at vast level. Various typologies are also stated with these ventures which have to
understand in an appropriate manner like scalable, social female etc. Traits and characteristics of
various entrepreneurs differentiate them from business managers as entrepreneurs are always be
a risk taker where business managers never take risk and avoid uncertainty. Thus, entrepreneurial
mindset reflect on their personality as well which depicts what kind of mind set they really have
when dealing at a keen competitive world.

REFRENCES
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