InTRODUCTION 3: Entrepreneurship and Small Business Management

Conclusions that are drawn from comparing and contrasting the different entrepreneurs, their backgrounds and experience.6 CONCLUSION 6 REFERENCES 7 INTRODUCTION Entrepreneurship is the business that studies aboutthehow businesses created and the actual process should be started for a new business. An entrepreneur is an individual who has new idea and focus on create a new product or service that helps in satisfy emerging needs and wants of people to support their sales. There are various kinds of entrepreneurs that are as follows: Local entrepreneurs

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Specific examples of entrepreneurs to illustrate the scope of entrepreneurship.....................3
2. Exploration of their situational factors, similarities and differences......................................4
3. Discussion on their shared entrepreneurial traits and characteristics......................................5
4. Analysis of how background and experiences can either hinder or foster entrepreneurship..5
5. Conclusions that are drawn from comparing and contrasting the different entrepreneurs,
their backgrounds and experience...............................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is the business that studies about the how businesses created and the
actual process should be started for a new business. An entrepreneur is an individual who has
new idea and focus on create a new product or service that helps in satisfy emerging needs and
wants of people to support their sales. This report is based on scope of entrepreneurship,
situational factors with their similarities and differences. It also includes the shared
characteristics and traits of entrepreneurs with their background that helps in foster or hinder
them. At last by comparing and contrasting kinds of entrepreneur and their experience with
background that influence them.
MAIN BODY
1. Specific examples of entrepreneurs to illustrate the scope of entrepreneurship.
Entrepreneurship Has an broad scope to stimulate the economy and enables to bring great
societal change (Anderson, Drakopoulou Dodd and Jack, 2012). It beyond fulfilling needs and
build revenue, provides employment for society and develops communities. An entrepreneur
have vast opportunity to selling services instead of manufacturing products. The entrepreneurial

scope is very much vast in economic development by finding out emerging needs and wants of
consumer base.
There are various kinds of entrepreneurs that are as follows:
Local entrepreneurs:
Local entrepreneur are one who start their new business by observing needs and wants of
the near by consumers and initially operates at small scale. The example of local entrepreneur is
Bruce Bratley who is co founder of first Mile.
Global entrepreneur:
Global entrepreneur is an experience related to internship within a start up where mostly
young people can explore, contribute and learn in that entrepreneurial world. The example of
global entrepreneur is Peter Jones is a famous business tycoon.
Social enterprise:
Social enterprise is an organizational strategy that helps in established commercial
strategies to gain maximum financial advantages by social and environmental well being (Baum,
Frese and Baron, 2014..). In it consist of maximise social impact with profits for the external
stakeholders. The example of social enterprise that is Here which deals in deliver health services
with their partners. There main goal is to Care unbound and create more possibilities for care.
2. Exploration of their situational factors, similarities and differences.
Situational factors that also known as external factors that not occur from within
individual but elsewhere such as environmental (Brush, 2013.). There are many factors that
differentiate and apply similarities that are creativity and accumulation of ideas, risk factor and
taking advantage of opportunity, responsiveness to the opportunity and Leadership and trait to
inspire others are major factor that creates different situations.
Similarities:
In that scenario the all the three entrepreneurs have similarities in their nature that they all
are risk taking and challenging in nature within business environment. Peter Jones is one of the
most risk taking and challenging personality and from that trait they become an successful
entrepreneur in the whole world.
Differences:
There are some differences in situational factors that are difference in leadership style,
working patterns (Cerrato and Piva, 2012). In case of Peter Jones use situational leadership style

that helps in taking important decisions as per the situation. On other hand Bruce Bratley they
use system leadership style that is very important while deal in difficult situation. On other hand
Peter Jones in childhood was very poor but always ambitious to do something innovative and a
well known personality.
There are various kinds of situations arise in case of an individual and there are various kinds of
tactics that helps in resolve these problems in better way. Situational factors are very much
important to draw out important insights about an individual and their working behaviour.
3. Discussion on their shared entrepreneurial traits and characteristics.
There are some shared traits and characteristics that helps in achieve organisational goals
and objectives in better way that are:
Motivated:
The entrepreneurs not only self motivated but also possess the characteristics to motivate
other people. In case of above mentioned entrepreneurs they have the ability to motivate their
staff members so that they can majorly contributes in organisational development and
enhancement.
Creative:
Creativity is one of the important attribute for an entrepreneur that helps in bring new
things and attributes in an organisation (Chaston and Scott, 2012.). In case of Peter Jones he
majorly focus on bring creative ideas that helps in distinguish from their major competitors and
helps in gain competitive advantage.
These are the most important traits and characteristics that helps in get success to lead in market
by finding out hidden opportunities in emerging needs and wants in proper way.
Integrity:
Integrity is one of most important factor that give guidance to an individual to move on
ethical path that helps in reap benefits by taking care of interest of individual. The above
mentioned entrepreneurs follow an ethical path so that they can sustain for long period of time.
4. Analysis of how background and experiences can either hinder or foster entrepreneurship.
Background and experiences are very much important for an entrepreneur to become
successful in their career ( Fayolle, Liñán and Moriano, 2014.). In case of Peter Jones who are
poor in their earlier days but always passionate to do something good for people and for own.
His father has an office and he always feel pleasant to sit on it and always pretend to charge of a

big company. It is an important factor that foster to become an successful entrepreneur. On other
hand Bruce Bratley he always start a business sideline related to when he was young producing
their own vegetables and sell it at end of road and rearing livestock. So all these traits helps to
foster their business in proper way. By analysing each and every aspect it has been summarised
that background and experience are very much important for an individual which always
inspires to take important decision in respect individual as well as an organisation.
5. Conclusions that are drawn from comparing and contrasting the different entrepreneurs, their
backgrounds and experience.
Backgrounds and experience are very much important for an individual to lead in market
and every individual vary in that case (Karadag, 2015). In case of co founder of Here Zoe
Nicholson who are very much educated and a professional teacher and opened the magic speller
book store so there background inspire them to become an successful entrepreneur and also
distinguish from others also. On other hand Peter Jones whose father commence business and
from their initial days he always want to become an successful businessman and grab large
market share. In case of local entrepreneurs that by identifying kinds of opportunities in a limited
areas and aimed to give in best way, in case of Bruce Bratley they also belong from the business
background and always believe on coordinating others and start their own business so they
always contributes a lot to start their own business. It should be evaluated that background and
experience are very much crucial for an individual and organisation to deal in different
situations.
CONCLUSION
From the above report it has been summarised that entrepreneurship is one of the most
important attribute for individual as well as organizational development. It helps in raising
standard of people by anticipating their emerging needs in marketplace. There are various traits
and skills that differ an individual from other and distinguish from others in positive way.

REFERENCES
Books and journals:
Anderson, A.R., Drakopoulou Dodd, S. and Jack, S.L., 2012. Entrepreneurship as connecting: some
implications for theorising and practice. Management Decision. 50(5). pp.958-971.
Baum, J.R., Frese, M. and Baron, R.A., 2014. Entrepreneurship as an area of psychology study: An
introduction. In The psychology of entrepreneurship (pp. 33-50). Psychology Press.
Brush, C., 2013. International entrepreneurship (RLE International Business): the effect of firm age on
motives for internationalization. Routledge.
Cerrato, D. and Piva, M., 2012. The internationalization of small and medium-sized enterprises: the effect
of family management, human capital and foreign ownership. Journal of Management &
Governance. 16(4). pp.617-644.
Chaston, I. and Scott, G.J., 2012. Entrepreneurship and open innovation in an emerging economy.
Management Decision. 50(7). pp.1161-1177.
Fayolle, A., Liñán, F. and Moriano, J.A., 2014. Beyond entrepreneurial intentions: values and motivations
in entrepreneurship. International Entrepreneurship and Management Journal. 10(4). pp.679-
689.
Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A
strategic management approach. EMAJ: Emerging Markets Journal. 5(1). pp.26-40.