Macro vs Micro Business Opportunities

This assignment delves into the disparities between macro- and micro-scale business openings, drawing insights from various entrepreneurship studies (Aziz et al., 2017; Bhave & Zahra, 2017). Students are tasked with analyzing why larger businesses tend to have more opportunities than smaller ones. Topics for analysis include entrepreneurial self-efficacy (Aziz et al.), social networks, environmental dynamism, and new venture success.

ENTREPRENEURSHIP
AND SMALL BUSINESS

TABLE OF CONTENT
Table of Contents
Introduction........................................................................................................3
LO1: Different range of venture type that might be considered entrepreneurial3
P1: Research in order to examine different ranges of entrepreneurial venture
and how they relate to typology of entrepreneurial............................................3
P2: Similarity and dissimilarity between range of entrepreneurial venture........4
M1: Entrepreneurship in public and private sector.............................................6
D1: Along with the scope growth and development of the different
entrepreneurial venture discuss the entrepreneurship.......................................7
P3: Impact of small and micro business upon the economy of UK....................7
P4: Importance of small business and start-up organization upon the growth
UK......................................................................................................................8
M2: What is the impact of large, small and medium business of the UK
economy............................................................................................................9
D2: In context of local, religion nation and international region the impact of
small business...................................................................................................9
Part3: P5: Important characteristic that a successful entrepreneur must
possess............................................................................................................10
P6: Impact of mind set and motivation upon the entrepreneur........................10
M3: Difference in between entrepreneurial characteristic................................11
D3: Examine the characteristic, motivational derived, traits and skill of the
successful entrepreneur supported with example............................................11
P7: Experience and background of the successful entrepreneur....................12
M4: Link between entrepreneurial characteristic and personal experience and
background influence to be successful entrepreneurs....................................12
D4: Positive and negative impact of the background upon successful
entrepreneur....................................................................................................13
Conclusion.......................................................................................................13
Reference .......................................................................................................14
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Introduction
One of the most important engines for the growth of the economy of a country is the
entrepreneurial venture. With the aims to enhance the objective and aims an identical
entrepreneur tackles all the risk in systematic and synchronized manner. Entrepreneur changes
the way of working, it brings innovation and improves living standard as well as play viral roiled
to maximise the economy of the country. In short, it can be said that along with raising the
wealth for the entrepreneurial venture they created job opportunity and condition for the society
prosperity. Brexit started the effective opportunity for the UK small business organization. In
support of this, it can be said that as soon as the Brexit was announced the small business owner
experience the effective opportunity coming towards them. Brexit mainly maximises the export
business, the growth in an export product is experience in the UK. Robert Hattrell said that
small bring are very agile, and have the capability to reconfigure, redevelop and respond the
macro economic challenges effectively and at enormous speed. As a result of Brexit during
going the period when business experience uncertainty business tends to opt for flexibility and it
is the good news for the contractor and freelancers as well? However, disruption of Brexit might
provide the advantage to some of the big business as well those suffered the most (Aziz et al.
2017).
LO1: Different range of venture type that might be considered
entrepreneurial
P1: Research in order to examine different ranges of entrepreneurial venture
and how they relate to typology of entrepreneurial
An entrepreneur is a person who starts and runs the business with limited planning and resources.
They all take account of the entire reward and risk of their business venture. Rather than the
existing business model, the idea usually comprises of new products, services and innovation. In
short, it can be said that an entrepreneurial venture is an individual’s attempt to make profit from
a business. It is important for an entrepreneur to address basic social and personal benefits of
entrepreneurship and also it must involve national and local entrepreneur. Entrepreneurship is
referred to be a procedure of actions taken by an entrepreneur who is an individual seeking
something innovative to exploit newer set of ideas into profitable prospects. It is however
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required to be done by accepting risks and uncertainty in a newly established venture. The
typology of entrepreneurship usually involves serial, social and female entrepreneur.
A serial entrepreneur is the one who comes up with newer set of ideas to firstly initiate
doing new things by later assigning the responsibility to someone else. This is instance to specify
about Richard Branson. A social entrepreneur on other hand is the one who focuses beyond the
generation of profits onto the business and evaluates the performance of the business in terms of
benefiting the society. Bill Drayton is a vital example of social entrepreneur. Lastly, a female
entrepreneur is the one who is investing into the business for staring up a new venture. Also
known as women entrepreneurship, it is a procedure in which the women are seen organising all
related factors of production by themselves undertaking risks and providing employment
opportunity to others. Lucy Peng is the finest example of female entrepreneur who is a co-
founder of China’s largest e-commerce enterprise named Alibaba Group and is currently heading
its group of Small and Micro Financial Services.
According to Steve Blank, their different range is venture is divided into four categories such as:
scalable start-up entrepreneurship, small business entrepreneurship, social entrepreneurship and
large company entrepreneurship. The key venture in which the entrepreneur will involve is small
business entrepreneurship. Small business is hairdresser, consultant, internet commerce, grocery
and so on. They either hire employees or family members or are barely profitable (Carter and
Tamayo, 2017).
The name of the venture ate very clear, hence it is the responsibility of the entrepreneur to it the
serial entrepreneur topology to bring innovation to the existing business and establish new open.
Often the entrepreneur buys the small business and implementing the talent and skill turn it into
large business enterprises.
P2: Similarity and dissimilarity between range of entrepreneurial venture
Lifestyle venture is the venture that is set up by the founder of the venture to run with the aims to
enhance the effective income from it. The lifestyle entrepreneur emphasizes more on the life
reward provided to the people those are having passion and enjoy their doings. However, there
is the possibility of the success of this venture as an individual is passionate and enjoy what they
are doing. In addition to it, serial entrepreneurship venture is an entrepreneur who comes up with
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the new Indian and runs the business. After the certain point, the serial entrepreneur passes on
the responsibility to someone else and move forward to start something new.
Both ventures belong to small business but opt different approach to run the business. Lifestyle
venture entrepreneur enjoys their venture and continues the venture throughout. However serial
venture starts up the venture set it up effectively and after few days move towards something
new.
There are many successful male and female entrepreneurs that in their business effectively
around the world, however, they are similar to each other in some ascot and different in other
(Dimov and Dimov, 2017).
Both male and female entrepreneur aims to be successful and enhance the effective profit from
their venture.
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Difference
Male entrepreneur Female entrepreneur
Business plan is focused on
cost and economy
Business plans are
focused on making
quality and social
contribution
Easy in making decision Complex in decision
making
Always ready to take financial
risk
Conservative which
taking financial risk
Always task oriented Good relation with the
employees is priority
Construction and
manufacturing business
Business small retail and
service oriented
M1: Entrepreneurship in public and private sector
Public sector entrepreneurship: it is controlled, managed and owned by a local authority or
central government. It is well known to provide the service to the public. It is established for the
achievement of the defined set of the public purpose which might be multidimensional in nature.
Private sector entrepreneurship: according to the study it can be said that the term
entrepreneurial; is not the exact phenomenon of the private sector but somehow it is associated
with the private sector business activity. The private sector of UK develops the ample amount of
the job opportunity for the national and local population. This type of business form can either be
of the small scale that might be ruled or controlled by an individual or can be of the large scale
that runs globally effectively. In case of the large business sector, the number of owners might be
grated and the goals are to enhance the effective profit margin.
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D1: Along with the scope growth and development of the different
entrepreneurial venture discuss the entrepreneurship
In the expanding comparative market, the entrepreneurship venture promoted the ample amount
of job opportunity for the local and national population. In addition to it, it also plays the
significant role to maximise the economy of the country. The optimum amount opportunity
creates the effective benefits for the society to maximise and improve the living standard. After
the announcement of Brexit, the government of UK experiences the effective opportunity and
growth in the economy for the small-scale business sector. Furthermore, it also plays the
relevant role to keep the secret united and being efficient prosperity for the UK population.
However, at some point it is quite precise to identify the impact of Brexit on the economy of UK.
Still some points clear that the value of the pound has plummeted and the price of a house, might
fall. Someone from the tourism industry said that the vote will have the profession result for
tourism throughout the UK. The weaker value of the pound will make it affordable for the
tourism industry to plan holiday destination for the tourist. Hence it will support the UK to stand
effectively and keratin the core position in the business environment. In addition to it, for getting
the gradual growth the various ranges of business platform, different entrepreneurial; venture
play the effective role (Rawhouser et al. 2017).
Part 2:
P3: Impact of small and micro business upon the economy of UK
The SMEs are thriving says in the market of UK, and hence every small and medium business
venture are aware of the fact. It can be said that the large part of the UK needs to internal support
of the small business to raise the economy of the country. In the year 2013-14, the effective
number of small and medium scale business flourished effectively and the effective survey was
carried to track the record. More than 5.1 million of the small business stated in the UK and act
as the key element for the maximisation of the UK economy. 97% of the UK market comprises
of the SMEs and play the significant role to build a healthy economy for the growth of the
country. A total area of employees that SMEs contain is around the range of 33% and each
business organization comprises of maximum 10 employees. Hence in other terms, it can be said
that SMEs plays the important role to raise the economy and created employment. Furthermore,
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the estimated turnover was around 19% in the year of 2015. Hence the entire process
significantly helps the UK to reduce the turnover rate of employment and bring modification to
the product and services in terms of innovation (Hornsby et al. 2017).
The above statistical data have presented a positive impact of micro and small businesses
on UK’s economic status. However, on categorising the difference between micro, small and
medium, it has been found that all of these three distinct businesses mostly varies in terms of
their size and revenues, etc. A micro business usually consists of less than 10 individuals with a
very little amount of capital and can be mostly seen in developing nations in the form of local
farms or small stories producing and supplying food, etc. Small business enterprises are
generally referred to privately owned organisations and are mostly established as sole proprietary
or partnerships businesses.
Its size therefore varies in terms of their chosen business structure. Out of which, the sole
proprietary business is the simplest form of running a business with legal formalities to be
followed by a single owner. Partnership businesses on another hand more number of legal
procedures to be abided by the owners considering to start their partnership business. Lastly, a
medium size business employs no more than 250 individuals, in and average and its growth
depends upon its success in terms of revenues that are being earned by them on yearly basis.
Herein, the capital is being saved from the profits generated by these companies.
P4: Importance of small business and start-up organization upon the growth
UK
In comparison to a large business organization, it is quite thought for the small business to
enhance the effective profit. In the pathway of regulation and prosperity, the small business
enterprises face the optimum and tough challenges. However, the small business enterprise act
as the backbone for the UK to maximise the economy of the county, it is very significant and
valuable for the UK. In addition to it, it drives the economy of the country, brings innovation,
new ideas, creates job and improves the living standard of the society. The SMEs mainly
focused on the local population to employ and hence it reduces the range of unemployment and
also the risk factor of unemployment. It also helps the UK to enhance reliability, sustainability,
maximise the idea and support to face the challenge and encourage competition. Hence it can be
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said that small and medium business of the UK has the significant contributions to reduce
unemployment, raise the standard and economy (McKeown, 2017).
Brexit is exit of law of Britain from European union. Previous the laws United Kingdom
especially human rights were completed based on the regulation of European union. The
separation led to major declined in economy of country due to which many individuals got
employees and there were huge financial crisis.
The difference between small business and start up is significant which is that the small
business enterprises are already into existence and have evidence of their and its goods and
services. However, start-up are the new plan and set up of entrepreneurial venture which has a
newly emerged. In this entrepreneurs come up with own innovation and products different from
existing market.
Small business organisation and star ups are important as it is focused on promoting
innovative products in market. The business offers products and services on minimal price and
provides choices to customers. Existence of small business and start ups all over globe is the
reflection of successful economy and favourable conditions of growth. It is important because it
demonstrates favourable returns and increasing contribution to economy.
Small business organisation and star ups are effective for economic and social
development because the increasing enterprises promotes employment opportunities and growth
option to unemployed individual who have been suffering with the effects of Brexit. Due to
Brexit there are millions of people who got employees and struggling through employment
opportunities.
Enables employment opportunities and therefore helps in reducing poverty which helps
in creating wealth and societal development.
Increasing Small business organisation and star ups enable taxes, revenue to government
and foreign exchange which increases contribution and promotes economic development.
Increasing products and services boosting trading activities of UK which is the best plan for
international development.
Increasing growth and job opportunities improves social security for the people
struggling for daily livelihood.
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M2: What is the impact of large, small and medium business of the UK
economy
The country of UK gets the identity stability and, maximization in the economy from the rise of
small and medium business venture. Hence it can also be said that it acts as a catalyst to raise the
developed the social and economic condition of the country. Furthermore, the small businesses
are overshadowing due to the financial strength of the large business venture in the UK market.
However, the medium scale business venture is classified into three categories and plays the vital
role to bring financial stability to the country. The UK's local resident gets the effective support
to set the financial independence from the flourishing of the small-medium ventures. In other
terms, it can also be said that it also encourages the process of innovation for the product and
service. In the competitive environment of the market, the small business venture plays the
sustainable role to enhance the profit and set position in the market. And being financially strong
the large-scale business can so method support the UK to expand the market and bring standards.
The financial support can be provided to establish the electronic market to attract the local crowd
can effective and flexible satisfy the wants and needs.
D2: In context of local, religion nation and international region the impact of
small business
It is very clear that the small business venture plays the significant role to bring innovation,
reliability, maximise the job opportunity and raise the economy of the country. In addition to it,
it also benefits the society to raise the standard and reduce the risk of unemployment. At the
regional level of the country, the small business organization initiates the process of innovation
and employs the local people to show their talent and skill for the growth of the country and
business. The innovation of the product and service activities as an effective platform and people
can grow and nourish the talent and flourish prosperity. Furthermore, from the innovation of the
product and service, the country also gets the opportunity to get across the national and
international region to expand the business and belief and satisfy the wants and needs of the
customers. The process of the product plays the more important role to attract the customers’
crowd hence the effective pricing strategy is maintained to meet the needs of the customers.
Hence it can be said that small business plays the significant role to attract a large number of
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customer and satisfy the needs of the customer by maintaining the pricing and innovation
strategy.
The two successful entrepreneurial ventures are Duncan Bannatyne (Net Worth: $645 million)
and J.K. Rowling (Net Worth: $1 billion) and the management style of both the manager is
completely different like the management of Duncan Bannatyne is focused on changing styles of
managing and work like first he was focused on selling ice cream than he entered into Bed &
Breakfast and nursing home industry and many more. Whereas management of J.K. Rowling
divided the work in series and is famous for popular film. Duncan Bannatyne is focused on
seizing business opportunities which reflects its dynamic nature whereas Duncan Bannatyne is
consistent and her mechanism is working on the same success to make its worth.
Part3: P5: Important characteristic that a successful entrepreneur must
possess
In terms to have a successful entrepreneur, there are some certain features one must have such
as:  Motivation: Entrepreneurs is a future-oriented program and motivation plays a vital role
in it. Motivation works in order to overcome the risk and add effectiveness in the
operations so that the organization reaches its aim and objectives. Creativeness and innovation: A successful entrepreneur must have good skills of
creativeness and innovative idea in order to make better changes and promote its business
along with finding new ways to provide a good and effective service. Risk tolerance: Promoting or establishing the entrepreneurial project is very risky. One
entrepreneur should have a good tolerance for the business. Eyesight: Good eyesight plays a vital role in terms of entrepreneurship in order to
decision making and achieving the aims and objectives of the organization. It also the
business to take it to the higher level when it comes to profit earning motive.
 Flexibility: An entrepreneur should be flexible to run an organization. An entrepreneur
should know where to perform when there is a change in the organization, no matter what
would be the situation the entrepreneur should know how to manage the situation and
work efficiently.
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In terms of ‘Brexit', these were some of the features that a successful entrepreneur should possess
(Lundy and White, 2017)
P6: Impact of mind set and motivation upon the entrepreneur
1. The positive attitude and mind set of the entrepreneur focus on the following things to
achieve by boosting the outcome. They are reach out the consumer first by addressing
their needs and wants.
2. New market is found by the entrepreneur o make the availability of existing products and
services.
3. The wide and expanded network is build by the entrepreneurs by performing efficiently.
4. Performed their activities by rendering service by meeting the demand s of the consumer
in terms of giving efficiently and sufficiently and expecting nothing in return. This allow
the entrepreneur to grab the knowledge of consumer and owns mindset are grown by
developing personalty towards successful.
The various motivation features play a vital role in terms to be a successful entrepreneur, one
must follow these features to be successful. Motivation helps the entrepreneur to have positive
and an effective mind set so that the person doesn't give up or lose all the hope. Motivation also
helps to encourage the people to work and know what the purpose of the work is. An
entrepreneur should get motivated and also provide motivation to its employees as well. This
will help the organization to lead a good production, effective and efficient employment, time
and cost-effectiveness and so on. On the other hand, it helps the organization to achieve its aims
and objectives by utilizing their resource and have a friendlier work environment. Motivation
and a proper mind set also provide stability in the workforce in order to minimise the defects and
the situation that enhance the problems of the organization. This helps the entrepreneur to build
up a better image in the business and grabs the attention of the qualified people into an
involvement in the work (Chaston, 2017).
M3: Difference in between entrepreneurial characteristic
In this survey, the difference in between the different entrepreneurial features and entrepreneurs
is considered to be effective. The chain of having a diligent attitude is the initial stage of being
an effective entrepreneur like Muhammad Yunus. Although, the factors that influenced being a
successful person are the family background, education, and culture of the person. The person
can enhance his/her practical knowledge and learning through its past experience. Muhammad
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Yunus and Sir Richard Branson are classified from two dissimilar cultural backgrounds. They
both have different aspects along with experience. Muhammad Yunus had a realistic nature and
follows the practical observation which helped him to recreate the economy of Bangladesh. In
addition to it, Sir Richard Branson had different aspects and perception which enhance the
economy of Great Britain although; they both had the dissimilar personal skill, experience,
knowledge which helped them to become an effective entrepreneur. In another way, an effective
entrepreneur must have the skills to minimise the risk and maximise the shares in the business.
Through this, they will be able to expand their business effectively. And achieve the aims and the
objective of the organization (Pollack et al. 2017).
D3: Examine the characteristic, motivational derived, traits and skill of the
successful entrepreneur supported with example
In the above discussion, it has been noticed that motivation plays a vital role in terms to be a
successful entrepreneur; however, it is the most crucial part of becoming a successful
entrepreneur. Although, motivation is not the only key that will help an entrepreneur to be
effective it also requires skills and a great mindset to perform and become successful in the
business. After failing consecutively of his two ventures Sir Richard Branson introduced his third
enterprise effectively. In the recent time, it has resulted that his enterprise is now giving a tough
competition to the other entrepreneurial ventures. On the other hand, Muhammed Yunus sets
examples of being an effective entrepreneur through enhancing the economy of Bangladesh.
Hence, the motive and work are on the right path and thus, motivation and the skills are well
organized to become an effective entrepreneur (Bhawe and Zahra, 2017).
P7: Experience and background of the successful entrepreneur
The practical experience provides many terms and aspects to become an effective entrepreneur.
It involves both the advantages and the disadvantages aspects of an entrepreneur. Underscoring
the life of Muhammad Yunus, he was from a well-respected family background along with it he
was also well educated. He was also known as the successful economist of Bangladesh. He also
discovered the similar loopholes. In addition to it, he rebuilds the loan repayment system which
led the economy of Bangladesh to increase (Blundel et al. 2017).
Therefore, in this entire report, it states that the practical life experience plays a vital role to
become a successful entrepreneur. On the other hand, this situation of Sir Richard Branson is
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also being considered. It is also the gives an applicable proof that after the infirmity of the two
enterprises the third one went with a huge success.
M4: Link between entrepreneurial characteristic and personal experience and
background influence to be successful entrepreneurs
The practical experience of an entrepreneur plays a vital role to organize their abilities, talents,
mind, and creativeness. The feature and the behaviour of the entrepreneur are related with the
practical experienced. The entrepreneur must know how to handle the financial factors of the
organization. For instance, if the entrepreneur is from a poor economic background he/she knows
the actual value for the money (McKeown, 2017). This helps the entrepreneur to develop the
knowledge about the finance and also to know where to invest the money in accurate place and
the accurate time. The entrepreneur who belongs from the educated family background is well
disciplined such as Muhammad Yunus. In addition to it, the most significant part is to be self-
motivated along with self-dependent to become an effective entrepreneur. This provides the
entrepreneur to reach the success without any guideline. Sir Richard Branson is the perfect
example as the self-motivated entrepreneur.
1. Risks: The following are the risks that are faced by every entrepreneurs in practical terms
of performing, by sacrificing the capital of personal in order to achieve the trust of the
consumer personal capital and profit is ignored. They also relay on the flow of the capital
in order to maintain effectively. Popular interest are estimated and maintain the trust of
the key employees.
2. Rewards: One of the major reward is job satisfaction. And successful startups are
unpredictable, they have to manage greater control. Start upo loans cannot be made
available easily.
D4: Positive and negative impact of the background upon successful
entrepreneur
There positive as well as the negative impacts to become a successful entrepreneur such as: Positive impacts: The major advantage is to improvise the methods and the operations of
an economy through maximising the competition by using the resources which results
from a minimisation of the cost-effectiveness in order to add value. It also motivates the
employees to make a work effective program in a sincere way. Although, by following
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this method the employee can develop many skills and come up with some innovative
ideas and reach its organizational goals (Chaston, 2017). On the other hand, an
entrepreneur also establishes a new market in terms to keep a good and a healthy
competition in the business. This practice is being done in order to make a positive image
in the business and pull up the economy. Hence, the entrepreneur plays a vital role in the
economy.
 Negative impacts: The only and major impact of an entrepreneur in the organization is
the misplacing of the resources, which leads to a downfall effect on the organization. The
negative impacts of a successful entrepreneur are reduced to some sort in terms of
improving the economy through the frauds in the organization. It also impacts if an
entrepreneur is either struggle failure or is in depression, this affects a lot in the
organization in terms of work effectiveness or motivating their employees, as a result, the
organization or the business faces loss or a downfall.
Conclusion
The entire assignment states that the role that needs to become a successful entrepreneur is
maximising the economy of the country along with the skills of motivating the employees. There
can up and down to become an effective entrepreneur but one should not lose hope of achieving
the organizational goals and overcome the challenge that the organization has faced. An effective
entrepreneur can more be developed if the individual self-motivate them or become self-
dependent. Hence, a successful entrepreneur needs the quality to demonstrate the report of the
organization in a term for long-term goals. Although, the macro scale business gets more
openings whereas, the micro scale business lacks behind.
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Reference
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Efficacy between Social Networks, Environmental Dynamism, and Entrepreneurial Self-
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Bhawe, N. and Zahra, S.A., 2017. Inducing heterogeneity in local entrepreneurial ecosystems:
the role of MNEs. Small Business Economics, pp.1-18.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. SAGE.
Carter, M. and Tamayo, A., 2017. Entrepreneurial and Intrapreneurial Skills of Managers as
Determinant of Organizational Performance of Small and Medium Enterprises in Davao Region,
Philippines.
Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship (pp. 1-24). Palgrave
Macmillan, Cham.
Dimov, D. and Dimov, D., 2017. Towards a qualitative understanding of human capital in
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Hornsby, J., Rutherford, M., Simmons, S. and Messersmith, J., 2017. Entrepreneurship
Everywhere... Across campus, Across communities and Across borders.
Lundy Jr, H.W. and White, M.M., 2017. OPPORTUNITY RECOGNITION AND FIRM
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