Understanding Entrepreneurship

This assignment delves into the multifaceted concept of entrepreneurship. It begins by defining entrepreneurship and outlining its diverse manifestations, encompassing everything from starting small businesses to venturing into technology-driven innovations. The assignment then examines the profound impact entrepreneurship exerts on various facets of society, including economic growth, job creation, community development, and technological advancement.

Entrepreneurship and Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Various types of entrepreneurial ventures & typologies of entrepreneurship.......................1
P2 Difference and similarities between different entrepreneurial ventures................................3
TASK 2............................................................................................................................................4
P3 Relevant data and statics related with effect on small-business on economy........................4
P4 Significant of small businesses and start ups to growth of social economy..........................6
TASK 3............................................................................................................................................7
P5 Traits and characteristic of successful entrepreneurs ............................................................7
P6 Entrepreneurial personality that impact entrepreneurial mindset and motivation.................8
TASK 4............................................................................................................................................9
P7 Experience and background can hinder and foster entrepreneurship....................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11
.......................................................................................................................................................12

INTRODUCTION
Entrepreneurship is define as the willingness and capacity in order to organize, manage
and develop a business venture without any risk (What is Entrepreneurship?, 2015). It is also
know as the process of launching, running and designing a new enterprise which is rarely a
small-business. The people who design innovative and unique products in order to attract large
number of the buyers as well as earn more profits (Mariotti and Glackin, 2014). There are mainly
four kind of organisation such as large, social, scalable and small. They play essential role in
social development and economic growth of a country.
This report is based on ALDI is a multinational and leading company which located in
United Kingdom. This assignment described about the different types of venture as well as
entrepreneurship typology. Further, main difference and similarities between certain organization
and how their activities and actions impacts by them. Two types of entrepreneur and their traits
& characteristic that effect their motivation and mindset.
TASK 1
P1 Various types of entrepreneurial ventures & typologies of entrepreneurship
Entrepreneurship: It is define as a process of conducting research, design a better
product, identify buyers needs, offer and launch the same in order to fulfil clients requirements
and earn more profits. Various organisation provides featured and unique services or facilities to
its buyers to capture large number of market share. Different kind of entrepreneurial venture
which can be determined under this:
Small-business entrepreneurship: In the UK, there are approx 90 % businesses are small scale.
Such kind of organization are manger as well as run be a person in a systematic manner. In this
way, enterprise owner take essential and effective judgement related to the business operations or
functions (Hatten, 2012). Main example of these is Hairdressers, electricians consultants, travel
agent, plumbers and grocer stores etc. These kind of company manager recruit their family and
relatives to handle.
Scalable start up entrepreneurship: It is another type which is important for the economy
success and growth. Who start and run business activities and functions with aim of achieving
impressive vision are known as scalable. Main focus of these is to modify the universe with
specific time duration. Various financial investors and venture capitalist are play important role
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in this, so they give high return. For the purpose of executing operations they can employ
knowledgable and bright candidates.
Large business entrepreneurship: These is also a part of organisation who can accomplish their
commercial or technical activities at large level. In this way, customer satisfaction and product
variety are more important part in business success and development (Neck and Greene, 2011).
Business operations could be impacted by certain factors which existence in the environment like
governments, competitors, policies, technology and other aspects.
Social Entrepreneurs: They are also main part of the enterprise which conduct research or
investigation as well as interpreted production procedure in order to offer innovative products
and unique services to target clients. Due to this, company can sort out issues and problems of
clients effectively.
Above all ventures are connected with different typologies which are determined under
this:
Survival ventures: Such kind of person start and run their business operations in regards to
achieve more amount of money for them or their relatives. They are never located at specific
locations and does not linked with banks. They mainly focus on earning revenues and sales for
surviving themselves.
Serial entrepreneur: They are research innovative approach of looking new concepts and
business in marketplace. They play essential role in order to identify market trends and help in
scheduling entire activities of company. These persons are very supportive for the enterprise
because they inform regarding essential practices systematically.
Lifestyle ventures: Who are keeps modifying their structure, objectives and strategies according
to market environment and trends (Fassin and et. al., 2011). Such type of enterprise mainly
includes lesser growth & expansion, accurate areas, workers and premises of company.
Female entrepreneur: These type of person work with development and betterment of female
workers in the community. They can cater all variation in the method through transpiring all
informations and essential aspects. One of the main purpose of these is to maximise living
standard of female and bring justices and equality for them in society.
Male entrepreneur: They are also main part of the business start-up's which play essential role
in its success and growth. Male sole proprietors generate larger revenue as compare to women.
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P2 Difference and similarities between different entrepreneurial ventures
There are different entrepreneurial on which differences and similarities will be official
that are described under this:
Lifestyle venture and their similarities with
business
Serial entrepreneur and their similarities
 They start and run its business
operations with a new plan and focus
on their development & achievement.
 They recruit knowledgable and talented
employees who will attain the assigned
task and projects effectively (Preuss,
2011).
 They also start-up's with a new vision
and objectives. Due to this they
primarily focus achieving long term
goals and targets.
 They hire effective and knowledgable
persons who can assist in attaining
desired objectives in short time
period.
Difference Difference
 Thy start their business with the aim of
developing and improving lifestyles
economically and socially (Differences
between enterprises, 2013).
 They mainly open it with purpose of
opening that start-up's for long duration
by holding manpower.
 They open new business with the
motive of expressing an innovative
plan. Due to this success and growth
mainly shift its enterprise to another.
 Such type of entrepreneurship never
tackle the responsibilities and duties for
long duration as they can displacement
those to other person (Blackburn and et.
al 2013). Apart from this, they move
on other essential and innovative ideas.
Female entrepreneur or business similarities Male entrepreneur and business similarities
 Main motive and purpose of starting
new business is to gaining business
success and growth as well generating
 Main aim and motive of these person is
to attaining desired and long term
objectives. Due to this, they can
increase their sales and revenues
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large revenues.
 Female entrepreneur evaluate the better
place where they can set its services
and products as per buyers needs and
demands.
efficiently.
 They are similar with female
entrepreneur because they want and
need to capture large number of the
market share.
Difference Difference
 Female entrepreneur have less
confidence and ability while
formulating start-up's.
 In order to generating better
communication knowledge, such
entrepreneur has more ability for
effective judgement making process.
 They also has more confidence and
capability in order to launching new
business efficiently.
 In the process of decision making, such
person is impressive and obtainable
some location which they are not
confident in solving all problems
TASK 2
P3 Relevant data and statics related with effect on small-business on economy
In today market, small business organisation play essential role in development and
success of country (Welter, 2011). They will capture larger market share and main concern in
this UK government. In this environment that impact negatively and positively in the country
such as unemployment, Export and import, gross domestic product rate.
In modern scenario, there are no accurate index in this SME divided but there are certain
suctions which are followed in respect to get accurate business indexation. There are several
business which are determined under this:
Micro Business: In nature, it is small as well as function on micro business to acquire financial
safety. It mainly consists 10 to 15 workers and its turnover is $ 2 million. One of the main
motive is to gain large sales so that they success and grow systematically. Such kind of
enterprise organised of sole ownership because they never needs more capital and funding that
can be organized by individual taking or saving loan from financial institutions such as bank.
Small business: In nature, it is also a small scale but in equivalence to micro enterprise, it is
more large (McGowan and et. al., 2012). Therefore, it is main difference which characteristic
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small and micro scale. They mainly includes less than fifty staffs and their annual turnover is $10
million. Main aim and purpose of such organisation is to attract large number of the customers as
well as capture larger market share.
Medium business: In nature, it is a large organisation as equate to small company. In this
partnership more needed in order to invest much fund so they can launch its business effectively
(Wiklund and et. al., 2011). Such enterprise includes less than two hundred fifty members and
their yearly turnover is $50 million. They mainly emphasis on creating more revenue along with
giving in social welfare.
Illustration 1: Different Impact on Areas
(Source: Different Impact on Areas, 2017)
There are several areas or locations of the economy that will influence SME'S are
determine under this:
Employment: Small- Medium organisation mainly holds of 90% share in marketplace. Due to
this, they can gives 60 % of the lawfulness members job opportunities. That in move and
provides best employment to person who are not employed (Karlan and Valdivia, 2011). Apart
from this, they can decrease the contributions and unemployment rates towards society
developments.
Foreign direct investment: These is a type of investment which is made by business entity and
personal into certain area with the purpose of launching new business and grabbing company
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assets. This will provides large contribution and involvement towards the country economy with
aim of gaining more revenues.
P4 Significant of small businesses and start ups to growth of social economy
Brexit: It is known as term which is famous and linked to the individual and withdrawal
from the EU. On 23 June 2016, In United Kingdom, there are approx 52 % person are
contributing which citizenry voted. British Government raise articles fifty of the accord on the
EU on 29 march (Akehurst and et. al., 2012). Due to this, UK made in order to leave European
union on 29 march 2019. there are certain aspects which are identify as a threats of all EU are
determine under this:
 Different funding and capital will be non-existent
 Modification of emerging knowledge and skills gap
 In collaborative nature, it is never believe and trust on limits.
 Scientists basically distrust on cross European Union legislation.
 Non partisanship that will be identify as large uncertainty.
 Transferring of headquarters
Importance of small-business and start-up's
Basis start-up's Small-business
Expectation as well as growth
rate
Main focus of these business is
to growing very fast. Motive
of launching such enterprise is
to scaling advanced
technology (The economic
importance of small
businesses, 2015.
It is also very important part of
the organisation because it can
be determined low charge of
growing as well as gaining
more success or development.
Finance They are mainly considering
external sources of funding in
regards to growing very
quickly and smoothly (George
and Bock, 2011). With the
They start and run without
boosting any capitals. They
basically arrange their funding
sources from friends, family,
relatives etc. they are known
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help of effective factors in
generative more revenue.
as bank loan. Main aim of
there is gaining more sales but
some time they face risk and
lower rate issue.
Nature of the plan or idea Such business is very essential
for the new persons who are
interested in launching
innovative enterprise. They are
mainly supply fresh products
and creative services to the
customers. Due to this, they
can not present and changing
them at quick or rapid speed.
They are focus on giving
traditional services and
products to the target clients.
There are certain business such
as travel agents, grocery
stores, barber shops etc.
TASK 3
P5 Traits and characteristic of successful entrepreneurs
In this chosen entrepreneurs such as Steve Jobs and Bill gates, both are successful
persons in during the time (Martin and et. al., 2013). They mainly saw different opportunities as
well as acquired in order to dealing as a form of leading opposition in marketplace. Both
entrepreneur have certain traits, skills and characteristic which are determined under this:
Hard worker: Steve Jobs and Bill gates are known as hard workers which is essential quality in
its growth and success. For purpose of achieving objectives, vision, and long term objectives, it
is highly required in business development.
Risk taker: It is another quality which support both persons in order to facing difficult problems
in any time. They mainly took future uncertainty by providing their funds and career into
business organisation at the period of organising start-up's. Both are emphasis the risks as well as
included them by different approaches and tools which is important for attaining more profits
and revenues by the operations of business.
Money management: Steve Jobs and Bill gates are capable in order to managed and handled
their all resources as well utilise them in essential manner (Onetti and et. al., 2012). Due to this,
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it is more important for development, growth and success of the new business. In this working
capital which is made related with the control entire aspects.
Successful planner: It is also essential quality because in this strategies and plans are worked
out effectively. Therefore, both are able to achieve business profitability, productivity and
growth in an effective manner. They were also capable in regrades to promise the coming and
hence that will made them with respects to plan in effective way.
Traits and Skills:
Determination: Steve Jobs and Bill gates are never judged according the business entity. Such
kind of skills and traits which can said that they emphasis different issues in their own life. Apart
from this, they broken on leaving so they are known as leading entrepreneur in respective area.
So that, it is define as both had grate determination for attaining their mission and vision.
Communication skills: One of the main and essential skill is communication. Both persons are
successful in their filed, so it is highly required in order to communication with its subordinates
effectively (Schaper, 2016). Both entrepreneurs are managing with different types of difficult
situation in systematic manner. This will enables in regrades to encourage workers whenever
they emphasis certain problems. Therefore, it will move that will support to attain the desired
objectives and targets effectively.
P6 Entrepreneurial personality that impact entrepreneurial mindset and motivation
In order to transferring or placing employees, human resource manager follow OCEAN
method which assist to assign all tasks and workers as per their capabilities and knowledge
which enhance an individual behaviours and increase professional development in a systematic
manner. Such kind of approach includes five dimensions such as extroversion,
conscientiousness, agreeableness, neuroticism and openness etc.
Openness: It is one of the main part of the entrepreneur life, due to this, they have peculiarity in
regards to get innovative things as well as enjoy its innovative experience or occurrences which
let to great advanced in openness. Such kind of aspects generate comfortable and healthy
environment which assist them to attain the long term objectives and targets of the company.
Conscientiousness: It is mainly essential and focused part of the individual because in this they
can be active and alert mind. Due to this, it will assist to grab certain opportunity and generate
effective atmospheres.
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Extroversion: This changes a person to forecast for the upcoming before planning and thinking
so that better results can be attained (Berglund and et. al., 2012). It will considers certain aspects
such as assertive and talkative.
Agreeableness: With the help of these aspects, an individual can generate friendly atmospheres
and to be united with the workers. This will considering affectionate, kind and sympathetic.
Neuroticism: It is also define as emotional and affectionate stability which can lets a successful
entrepreneur in order to keep health connection among the staff members. This will considers
tensed and moody behaviour.
TASK 4
P7 Experience and background can hinder and foster entrepreneurship
Entrepreneur journey is does not simple because in during the journey they face different
issues in daily life. Apart from this, they always motivated and encouraged from different things
variety which are placing in their own life (Hatten, 2012). Therefore, background of both
entrepreneur that will assist in foster as well as hinder their working. Output of these is to
managed their own sustainability.
An investigation in United Kingdom that stated entrepreneur background which always
encourage and motivates them. In this they going in respect to ascertain desired targets and goals
effectively and efficiently. Rewards and other benefits of entrepreneurship that are successful in
business operations, competitive benefits and good profitability etc.
But disadvantage in this, they can hinder the success and growth of business entity. With
the use of different varieties of thins all issues and problems are decrease in an effective or
efficient manner. Entrepreneurship drawbacks that are not formulating all ideas appropriately,
exploitation and discriminate by community.
Both entrepreneur such as Steve Jobs and Bill Gates are popular in all around the world.
Bill Gates, he is a google founder that faced different challenges and difficulties in their life. Due
to this, they can achieve tag as a College Individualist but its pessimistic background never
hinder and obstruct them to developed as well grow (Mariotti and Glackin, 2014). Such persons
are formulate innovative plan in proper manner and build the google, it is most and popular
business in all around the world.
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Steve Jobs is also famous and successful entrepreneur , Apple group is a popular business
organisation which is founded by Steve Jobs. They mainly belongs to Muslim Society but they
are adopted by American family. Such kind of factors, that may be impacted on his mind and
personality. But such person has innovative idea, so in this they work and function as a promoter
and motivator.
CONCLUSION
As per the above mentioned report, it can be determined about the entrepreneurship is
vital part of the business organisation. In this different persons are workers with each other with
the aim of achieving business success and development in an effective manner. Different types
of entrepreneur that play essential role in achieving higher productivity and profitability. All
these have similarities and differences in regrades to attain large number of the marker share.
Start-up's and small-business are important part of the economy and individual life because they
give better job opportunities to personal. In the modern world, there are certain entrepreneur but
two such as Steve Jobs and Bill Gates are successful entrepreneur. All these are have certain
skills, traits and characteristic in gaining competitive benefits. Both personality and background
hinder their mindset in an effective or efficient manner.
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REFERENCES
Books and journals
Mariotti, S. and Glackin, C., 2014. Entrepreneurship and small business management. Pearson
Higher Ed.
Hatten, T. S., 2012. Small business management: Entrepreneurship and beyond. Cengage
Learning.
Neck, H. M. and Greene, P.G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and Practice. 35(1). pp.165-184.
McGowan, P. and et. al., 2012. Female entrepreneurship and the management of business and
domestic roles: Motivations, expectations and realities. Entrepreneurship & Regional
Development. 24(1-2). pp.53-72.
Wiklund, J. and et. al., 2011. The future of entrepreneurship research. Entrepreneurship Theory
and Practice. 35(1). pp.1-9.
Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
microfinance clients and institutions. Review of Economics and statistics. 93(2). pp.510-
527.
Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women entrepreneurship in small service
firms: motivations, barriers and performance. The Service Industries Journal. 32(15).
pp.2489-2505.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Martin, B. C., McNally, J. J. and Kay, M. J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing. 28(2). pp.211-224.
Onetti, A. and et. al., 2012. Internationalization, innovation and entrepreneurship: business
models for new technology-based firms. Journal of Management & Governance. 16(3).
pp.337-368.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Berglund, K., Johannisson, B. and Schwartz, B. eds., 2012. Societal entrepreneurship:
positioning, penetrating, promoting. Edward Elgar Publishing.
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