Entrepreneurship and Success Factors

This assignment discusses the key factors that contribute to entrepreneurial success, including personal traits, cultural influences, and strategic decision-making. The report draws on various studies and examples from the field of entrepreneurship, including the story of Mark Zuckerberg's rise to success with Facebook.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Executive Summary
The report is all about the entrepreneurship and entrepreneurial challenges. It defines the terms
and the responsibilities of the entities. It also includes the traits of different person’s employing
the tasks and the enterprises. It defines the success of Mark Zuckerberg. It also defines the
ventures and the different types of the ventures. The report defines about the various types of the
entrepreneurship. It also defines the scope and development of the enterprise. It also defines the
growth of the enterprise. It defines the importance of the enterprise. It also defines the SME’s
and their scope.

Contents
P1- Introduction LO1..................................................................................................................................4
Survival...................................................................................................................................................5
Lifestyle...................................................................................................................................................5
Managed Growth.....................................................................................................................................5
Aggressive Growth..................................................................................................................................6
P2- Difference between different types of Entrepreneurial Ventures- M1, D1............................................6
Examples of Ventures and difference of them.............................................................................................7
P3- Scope, Development and Growth of Entrepreneurship Ventures..........................................................7
Effect of SME’s...........................................................................................................................................8
P4- Importance of SME’s LO2...................................................................................................................9
SME’s Contribution to Economy- M2, LO2..............................................................................................10
Critical Analysis of SME’s impact- D2, LO2............................................................................................10
P5- Example of a successful Entrepreneur M3 & LO3..............................................................................11
P6- Traits of a Successful Entrepreneur D3 & LO3...................................................................................12
P7- Entrepreneur Upbringing M4 & LO 4.................................................................................................13
Entrepreneurial upbringing of Mark Zuckerberg-D4 & LO 4...................................................................14
Conclusion.................................................................................................................................................14
References.................................................................................................................................................15

P1- Introduction LO1
Entrepreneurship refers to the situation or willingness of a person that will develop, manage or
organize a business venture (Thurik A.R., 2010). This situation includes risks too. The base of
this process is to earn some profit for the business venture. The example of this process can be
termed as starting of a new venture.
Entrepreneur can be termed as the person who develops his own business with the use of a new
idea or a new concept.
There is another term called as intrapreneur. It refers to an employee of a given organization
which innovate the product, service or any process of an organization. The intrapreneur is
financed by the company whereas entrepreneur financed for his business himself.
Difference of Entrepreneur and Intrapreneur:
Both parts seems as similar. But there are some differences that we can find in comparison of these
two terms. The comparison is given as follows:
Basis of Comparison Entrepreneur Intrapreneur
Meaning It may be refer as person who
has his own business.
It is termed as employee
working in an organization
who has charge of taking
innovation of production or
process.
Capital Entrepreneur raised capital of
firm himself.
Capital is raised by
organization in this term.
Dependency It is newly established
organization
This may be part of an
existing organization.

Risk Entrepreneus has be bear all
risk occurred.
Intrapreneue has not any
relation with risk.
The resources used in the business of entrepreneur must be of himself only. The intrapreneur can
use the resources of the company. There are four types of entrepreneurship which can be termed
as small business entrepreneurship, scalable startup entrepreneurship, Large company
entrepreneurship and social entrepreneurship. The business of an entrepreneurial can be of
various typology. The entrepreneurial ventures describes four types of typology in the business
context (Ocasio, W., 1997). These four types can be defined on the basis of stages of the
business context. It may be termed as the survival, life style, managed growth and the one last
aggressive growth of business. It has various types of properties which be explored.
These factors are described below:
Survival
As the name described the survival of entrepreneurship is a situation where the only possible
profit is equal to survival of business. At this level, business can only survive. This situation does
not earn much profit. It is the starting level of management growth (Miles, R.E., 2011).
Lifestyle
This is next level of growth. At this point. The enterprise may have adequate profit for the
lifestyle of the members. It may give enough profits for the lifestyle./ The return at this level may
indicate better to live.
Managed Growth
This level implies where the entrepreneur is able to manage the growth of its business. It
becomes easy for the manager to make growth for profit of the business. He can use different
types of ways and methods for growth (Walker, 2014). It also includes the technical methods
used by entrepreneur and manager of the company or business.

Aggressive Growth
It refers to situation of degree of aggressiveness. It assess on the basis of aggressiveness. It
includes strategies of marketing assertiveness, leverages, product innovation and risk property. It
includes different types of factors like prospector, analyzer, and reactor.
P2- Difference between different types of Entrepreneurial Ventures- M1,
D1
The entrepreneurial ventures can be of different types and sized. These different types include
the private, public and social enterprise. These types of enterprise have different types of features
and similarities between each other. The public sector entrepreneurial venture can be described
as the ventures that generate the economic prosperity by transforming a status quo economic
activities that describes various facilities of the public services. The public sector entrepreneurial
ventures increase the economy of the company. It helps the organizations of public sector to
achieve the highest levels. Private entrepreneuriale of the ventures refer to that enterprises that
relates to the business by a person for his own profit only. It refers to the self related business by
a person. The both type of entrepreneurial ventures have the similarity of earning profit. These
enterprises are established to earn profit for the company itself. They earn the profit and give this
to the owners. The difference between the two is that the profit is divided into many parts in
public entrepreneurial ventures. In private ventures, the profit remains with limited persons only.
The social enterprises refer to the organizations that works for the social welfare and health of
society. It works only for the well being of the society. The difference of this venture with others
is that it does not aim to earn profits. These ventures can also differentiate on the basis of size of
the enterprise.

Examples of Ventures and difference of them
There are many ventures in the world which can be of anyone that is public, private or social.
The public sector entrepreneurial ventures includes the ventures named entrepreneur’s
organization, the Founder’s card, the young Entrepreneur Council. Private entrepreneur includes
the ventures started y named Andrew Caenegie, Thomas Alva Edison and William all
entrepreneur’s businesses. The business started by the various types of business address them
about the address of their office. The objectives of all types of enterprises are to earn profit for
their companies. The structure of these enterprises or businesses refers to the structure of the
organization’s related place. The privates entities have more space and facilities that are provided
by these enterprises. These entities includes the difference of the size of the enterprises. The
enterprise will be different according to the members of the enterprises and their facilities. The
growth describes the size of an enterprise. It can be macro, micro or medium. These enterprises
affect the types of the enterprises. The investors of the business pr ventures also get affected by
the size. They prefer to invest in the big size enterprises. The activities of the organizations or
venture can’t remain the same if it has the opportunity of the big organizations.
P3- Scope, Development and Growth of Entrepreneurship Ventures
The scope of entrepreneurship can be changed with the efforts of an entrepreneur. The scope of
the entrepreneurship has effect on the scope of the business due to its effect of self employed
entrepreneurs. It is the innovation scope of management. There is also the scope of income
generated activities of the business by the ventures that defines the level of income generated by
the company or enterprises. It is the initial growth that reflects or act as it encourages the growth

of people that helps in self employed. The development of an economy depends upon the growth
of enterprises of a country. The most important method for the growth in entrepreneurship can be
termed as the employee commitment. It is the most important factor for the growth of business.
The entrepreneur of venture is the main lead for the responsibility of the enterprise (McDougall,
P. P., Oviatt, B. M., &Shrader, R. C. , 2003). He is responsible to apply the legal rules and
applicable laws in the enterprise. The scope of enterprise is not upto a limit. It can extend with
the time passed and with the efforts of the organizations. The entrepreneur has the interest of
understanding the better management of the enterprise. He is responsible for the venture creation
process and the factors of research on the person of the entrepreneur is also important factor of
the growth of the organization. For the growth and development of the entrepreneurship, it is
important to identify the reason of establishment of the enterprises.
Effect of SME’s
SME’s can be termed as Small and Medium scale Enterprises that has occurred a great role in the
world economy. Now, most of the businesses are registering under the law of small and medium
scale enterprises. The term has different meaning in different countries. If we talk about the
Europe, then we can say that the term used for the firm or company which has employees
between fifty and two hundred and fifty. It describes that annual turnover must remain between
seven million Euro to forty million Euro. In Canada the employee numbers are five hundred.
Above this ratio, we can’t say that it is a company with no longer registered in small and medium
scale enterprise (Kirzner, I. M. , 1997). It has some reasonable opportunity for the companies
under this act to be a specific of company related activities. The number of the registered
enterprises under this act is 42.50 million. The units have great impact in the social economy
which can be describe as the worldwide importance. It affects the globalization and the industrial
changes in the environment. It dismissed the problems of businesses of lack funding, problems in
the utilization of technology factors. It contribute in the form of provision of output of goods and
services. It helps the economy to reduce the disparity of income due to differentiate between the
skilled and semi skilled employees of the company. It helps in funding of the organization.

In staring of 2016, a survey shows that small and medium businesses has taken 99.3% of all
private sectors. In all these business, total employment was 15.7 Million and it release turnover
of 1.8 trillion pounds.
Particulars Small Medium Large
Employment 48% 12% 40%
Turnover 33% 14% 53%
Population 99.3% 0.6% 0.1%
P4- Importance of SME’s LO2
The SME’s have great importance in the level of economy. The SME’s helps in the generation in
the income of lower areas and the lower ventures. It helps to introduce the activities of
developing the societies and cultures. It specially refers to the activities of agriculture, services
and trading of the activities. It relates to the various cities and different incomes. It was
discovered that the small and medium scale enterprise refers to the opportunities that helps to
invest in the project of net present value and the activities of the undergoing things
(Dennis, W. J., 2014). These firms don’t usually have the power to the public funds. These
enterprises depend upon the banks for the activities of finance. The SME’s present strong
position in the case of financial activities and provides social gain. It helps to adapt to change the
new environment and demands of the country. It needs to increase the entrepreneurism of this
level. It helps in the change of innovation. It helps the climate to invest in the activation of the

firm creation of fundaments of the worldwide. It helps to present the activities of the social life
on the small level. It provides the 60 to 70 % of the total employment of the country. The level
presents the great economy level in the way of employment. It helps in the industrial change.
SME’s Contribution to Economy- M2, LO2
The SME’s occupy the place that provides pride to the economy of the country. It helps the
business in the long run. It provides the ability of sharing the data in the long term business
context and the data for the business return. It has significant role in the growth and development
of the enterprise. The enterprises can be termed as the engine for the growth of the vehicle that
want the socio economy change and the change in the country (Eriksson, K., &Chetty, S. , 2003).
It provides the facility of an alleviation and the generation of employment at the low level
income of the country. It also provides the facility and ability of providing the data to the
infrastructure facility. It helps in the return of the data to be provided for the evaluation of the
poverty evaluation and the different entrepreneurs. It helps in the supply of data provided for the
things of economic activities. The establishment of new SME’s provides the opportunity for the
new jobs of the country. It provides the ability to work for the enterprise for the benefit of the
society (Gagliardi, P. , 1986). It utilizes the resources of the local purchases due to the small
business level. It promote the ability of using the raw material in the local level. It helps in the
increment or the development of the country.
Critical Analysis of SME’s impact- D2, LO2
The Small and Medium scale Enterprises reflect on the different levels of the economy. It may
reflect on the levels of local, regional, national and international context of the enterprise. These
different levels of the enterprise affect the level of authority of the organization. In the local
level, it reflect the idea of transforming and use of the local purchases and the local business
effects. The SME’s attract to the local customers towards their small business. It may reflect the
position of the business by different context of the levels. The local government is also

responsible for the current issues in the business context of the development of the local level.
The regional level get affected due to the regions of the enterprise. There are different types of
persons of different regions (Colbert, A. E., & Witt, L. A., 2009). It affects the company at the
big level. The national level get affected by the services of the SME’s at the local level. It
reduces the economy at the national level and the effect of such reduction is the increment at the
local level. It also affect the level of international context by improving the ratio of SME’s at the
global level. It is the international level for boosting the cooperation of cross border region of the
economy.
On point of justification of SME’s impact on economy, we may find that small and medium
scale enterprises impact on economy is justified. There are a lot of entrepreneurs who prefer
small and medium business rather than large scale business. On collecting data for all these
Small and Medium Scale Enterprises, we find that they have more economy impact in
comparison to large one. Numbers of small scale businesses are greater than large scale business.
So, it is obvious that it will have great impact on country’s economy.
Part-2
P5- Example of a successful Entrepreneur M3 & LO3
There are many entrepreneurs who have achieved the level of big heights. These entrepreneur’s
have different traits with which they achieved the level of achievement. One of the famous
entrepreneur includes the name of Mark Zuckerberg. He is an American technology
entrepreneur. He invented the Facebook and the level where one cannot easily go. He has the
trait of making the ideas into reality. It makes him famous due to the idea of innovation of the
Facebook. The next trait of Mark Zuckerberg is that he believes in his own team (Malone,
Jasmine, 2010). The trust or believe in the team is the best source for the achievement of big
heights. He believes in the continue growth and innovation in the level of the research. There are
many more skills of the Mark Zuckerberg which helps him to achieve great level of success in
life.

Another example of successful entrepreneurs includes name of Steve Jobs. He is founder of
Apple products. He is a famous entrepreneur as he achieved great position in business of his
own. He helped society for using personal computer revolution. He worked on sharpherding
computer animation. He also launched Smartphone revolution. Steve also helps in kicking of
table trend. He increased sale of Apple mobile phones.
P6- Traits of a Successful Entrepreneur D3 & LO3
There are many entrepreneurs, who have shared their traits and upbringing with society. It helps
to inspire society related to their motives and goals. We have shared traits of two important
entrepreneurs’ here. i.e. Steve Jobs and Mark Zuckerberg.
An entrepreneur must have some traits which will make them successful. These traits helps the
person to achieve the level of success. The most important trait is passion with the entrepreneur.
The person doing the venture business must have passion to see the things going slowly and
achieving the level with short achievements. The next trait that a person must have for the
successful business is to have resilience. The person must have to see the failures also. It is the
base for the success of a business or venture. Bill Gates, Donald Trump, Steve Jobs etc. are the
examples of resilience. Another trait of an entrepreneur is to have the strong sense of humor.
There are many problems in the enterprise that an entrepreneur must need to solve with the
effective sense. The person doing the business must be flexible in his decision. He is very down
to earth man. If a person want to achieve something, the person must be down to earth for the
achievements of the different levels of the business. The down to earth man can achieve success
easily. There are other traits like vision of an enterprise. The vison of an entrepreneur affects the
nature of the business also. These traits helps an entrepreneur to achieve success of an
entrepreneur. The traits of entrepreneur describe the level of success of an enterprise. The
entrepreneur must have the trust on the team for achieving the success of the organization.

If we give a look on traits of Steve Jobs, it is found that he was abrasive in nature. His mind was
innovative. It keeps him busy in finding out more ways of innovation to his products. Even he
faced so many failures, but his courage keeps him busy in doing more research and helps him to
achieve highest level success. Another trait of his profession was that he was serious about
perfection of production.
P7- Entrepreneur Upbringing M4 & LO 4
The upbringing of an enterprise can be termed as the achievements from the starting of the
factors. The first point of the upbringing includes the selection of the projects that will be the
group projects. This factor reflects the point of achieving the leadership from the starting level.
The leadership project from the childhood helps a person to take the effect of upbringing the text
of the enterprise. The entrepreneurial upbringing must be come with the factor of GPA must be
very effective for the achievement of the levels of the company. The GPA of the company must
be effective in the every year of the achievement of the company. The entrepreneurial upbringing
also covers the factor of selling the product of the enterprise (Domurath, A., 2011). The
enterprise has the opportunity of receiving the value of the creative allowance. The entrepreneur
must take the initiative of this level. They must take care about the benefit of the level of
allowance description and the submission of such allowances.
The educational, national culture and economic circumstances affects the level of an
entrepreneur. It affects the achievement of an enterprise due to these factors. The education of an
entrepreneur affects the level of achievement. It makes the person responsible for the qualified
achievement where degrees are must for achievement.
The culture of a nation also affects the achievement of the organization due to the difference in
culture. The culture may be different of different enterprise. It reflects the level of achievement
in the organization due to the service level. The economic circumstances of the entrepreneur also
effect the achievements of an organization or enterprise. An entrepreneur can use the resources
upto the financial condition of the enterprise. Thus it affects the achievement of the enterprise.

Entrepreneurial upbringing of Mark Zuckerberg-D4 & LO 4
It reflect that the upbringing of an enterprise affects the level of the success of an entrepreneur.
The famous enterprises also go through the various levels of entrepreneurial upbringings. It
reflects the various types of factors that the persons had to face during the entrepreneurial
upbringing. For explaining the factors we are taking the example of Mark Zuckerberg for the
effective success during the entrepreneurial upbringing and the factors of national culture and
economic circumstances that affect the success of Mark Zuckerberg (Zuckerberg, Mark, 2017).
He was a partner with his friend in making the social site calling Facebook. It becomes one of
the famous social media site which was able to give profits to the company. It helps the person to
achieve the level of success. Mark Zuckerberg was not a rich person before the invention of the
Facebook. After the success of Facebook, he becomes the person with billions in his hands. He
was responsible for the level of success due to his own efforts. The national culture also affect
the success of Mark Zuckerberg. He invented the Facebook and make it for worldwide. There are
different cultures in different nations which has their own rules. But the efforts of Mark
Zuckerberg make it effective and useful for the society. It helps him to achieve great success for
the life time.
Conclusion
The above report is all about the entrepreneurship and the success of an enterprise. It concludes
the responsibility if the person doing the business. It concludes that the person must have some
traits that will help him to achieve the level of success and the achievements in the organization.
It helps to achieve the level of success equal to the successful enterprises of the world. The report
concludes that the difference of successful entrepreneurs with the upbringing. It concludes that
the upbringings are must for the achievement of the success in the organization. The report at the

end concludes that the person eligible for the report of entrepreneurial success must take the
effective steps for the traits and other things that will help in the success of the organization.
References
1. Colbert, A. E., & Witt, L. A., 2009, “The role of goal-focused leadership in enabling the
expression of conscientiousness”, Journal of Applied Psychology, 94(3), 790-79
2. Dennis, W. J., 2014, “Profile of American Small Businesses and Their Owners”,
Washington, DC: National Federation of Independent Businesses Research Foundation
3. Domurath, A., 2011, “Entrepreneurs’ expertise and venture internationalization”,
Working paper, Technische University München, München, Germany.
4. Eriksson, K., &Chetty, S. , 2003, “The effect of experience and absorptive capacity on
foreign market knowledge”, International Business Review,
5. Gagliardi, P. , 1986, “The Creation and Change of Organizational Cultures: A Conceptual
Framework”, Organization Studies
6. Kirzner, I. M. , 1997, Entrepreneurial discovery and the competitive market process: An
Australian approach, Journal of Economic Literature,
7. McDougall, P. P., Oviatt, B. M., &Shrader, R. C. , 2003, “A comparison of international
and domestic new ventures”, Journal of International Entrepreneurship
8. Malone, Jasmine, 2010, "Mark Zuckerberg wins Time person of the year: profile". The
Daily Telegraph. London, UK.
9. Miles R.E., 2011, “Organizational Startegy: Structure & Process”, new York, Mc Grow
Hils.

10. Ocasio, W., 1997, “Towards an attention-based view of the firm”, Strategic
Management Journal.
11. Thurik A.R., 2010, “The Impact of Entrepreneurship on economic growth”, Handbook of
Entrepreneurship research, Berlin.
12. Walker, 2014, “Marketing’s role in the implementation of business strategies’, Journal of
Marketing.
13. Zuckerberg, Mark, 2017, "My great grandparents came from Germany, Austria, and
Poland", Facebook. PaloAlto.