Entrepreneurship and Small Business Management

This document provides information about various kinds of entrepreneurial ventures, their relation to typology of entrepreneurship, and the differences and similarities between entrepreneurs. It also discusses the importance of small businesses and business start-ups to the growth of the social economy.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Various kinds of entrepreneurial ventures along with their relation to typology of
entrepreneurship...........................................................................................................................1
P2: Differences and Similarities between entrepreneurs.............................................................5
P3: Interpretation and assessment of the relevant data and statistics...........................................8
P4: Importance of small businesses and business start-ups to the growth of social economy. .10
PART B..........................................................................................................................................11
TASK 3..........................................................................................................................................11
P5: Characteristic skills and traits of successful entrepreneurs.................................................12
P6: Impact of aspects of entrepreneurial personality.................................................................13
TASK 4..........................................................................................................................................15
P7: Background and Experience of Entrepreneurs....................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneur is a term which alludes to an individual who is able for making interesting
thought just as effectively actualizes strategic policies (Anderson and Gaddefors, 2016). There
are different assignments and exercises performed by entrepreneur to effectively and adequately
leading business task. Entrepreneur incorporates various practices which are critical for
compelling and productive running of a business. Entrepreneur is liable for starting, planning just
as dispatching new and exceptional business with the help of inventive thoughts. The principal
intention of this kind of business is to give innovative items and administrations to clients to
address with their issues and needs. Entrepreneur is performing strategic policies to procure more
benefits and upgrade business exercises. Entrepreneurship organizations have immense
commitment in by and large development and improvement of public financial framework just as
increasing of GDP rates. This report will incorporate data in regards to various endeavors of
business alongside their typology. In this similitudes and contrasts among various entrepreneurial
endeavors have been resolved. This report comprises of significant information to decide effect
of miniature and independent venture on economy. It incorporates meaning of independent
venture and start up in development of social economy. In this different qualities, characteristics
and abilities of effectively entrepreneur have been distinguished. Various parts of entrepreneurial
character which reflect entrepreneurial inspiration or outlook is dissected. Aside from this, effect
of foundation an encounter on hinder or foster entrepreneurship has been identified.
Scenario- A seminar will be held on Entrepreneurship & Small Business Management. It
will be attended by the different types of companies. Therefore, it is quite essential that the
managers of these companies are able to learn about the various types of ways which can be used
so that a higher-level of efficiency and effectiveness can be maintained in the right manner while
managing their organizations so that the overall level of profitability can be enhanced. The
session was attended by different types of enterprises in various categories. Some of these
enterprises are-
 Airdri
 Generosity
 Alcove
 Bonane Bistro
 UnLtd
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 Connect Catering Ltd
PART A
TASK 1
P1 Various kinds of entrepreneurial ventures along with their relation to typology of
entrepreneurship
Entrepreneurial endeavor can be portrayed as the firm which is created through the help
of interesting and development to give great items and administrations to clients (Botha and
Bignotti, 2016). This sort of business is critical for setting advantage in its business cycle with
the rationale of improving financial and social qualities. In this various practices and assignments
are performed with the intention of accomplishing shared objective and expanding the exhibition
of association. Business person adventure extreme target is to effectively performing business
exercises and improve its deals and incomes altogether. Business visionary is the individual who
is obligated to take all the misfortunes or dangers that happen while directing and performing
strategic approaches. Business person reserve the privilege to appreciate most the advantages and
benefits that are acquired by effectively execution of the business. It is fundamental for
individual to consider new and imaginative procedures for effectively and successfully directing
strategic approaches. This will help business person to viably complete hierarchical errands just
as address with the issue of clients. There are different types of ventures and all of these will
have various thought processes and methods of performing business errands. Business visionary
endeavors can be significantly ordered into four unique parts, for example, huge, little, adaptable
and social business person adventures. These endeavors have diverse typology. Business
visionary endeavors alongside its typology is referenced underneath in detail.
Small company business – This sort of business visionary endeavor can be portrayed as the
business which is working its exercises in little market zone (Burch and et.al., 2016). Private
company business venture is in like manner considered as neighborhood association that is
working its business close by market zone. There are number of autonomous organizations and
they work subtly. In this type of business, there are less than 50 workers who work for the
enterprise which makes it a Small company business. Thus, In this manner it can be said that this
enterprise can aim for enhancing its profits by adopting the right techniques and methods. For
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example- Airdri is a small business venture which provides hand dryers to its different types of
customers in the market.
Large business venture – such a business is offering its things and organizations to overall area
and tending to with the necessities of different customers (Dana, 2018). Enormous business
visionary organizations have in excess of 50 representatives and are completing business tasks in
worldwide market region. Tremendous or multination affiliation contain various delegates that
are working effectively in order to achieve objectives of affiliation. There are different
organizations which are performing business exercises as huge business, for example, Marks and
Spencer, Tesco and so on
Scalable business – This sort of association has more development rate when contrasted with
other association in the business (Fayolle, 2018). Versatile business is coordinating business
practices in order to give new and create organizations to customers. Adaptable start up
undertaking has mission or vision to change world or necessities to customers by offering
particular kind of creative things. This undertaking is thinking about new and inventive
innovation or methods while giving special items to clients. This is huge for addressing their
requirements and needs. Instances of adaptable business are Microsoft, Amazon and numerous
others.
Social business venture – This kind of association is performing various capacities and
exercises to give advantages to society and its residents (Hosseininia and Ramezani, 2016).
There are assorted social affiliation that is coordinating business action in order to decide the
issues or issue of society. The commitment or aftereffects of social business will assist with
tending to with the necessities and requirements of residents and society similarly as aiding
people who needs. Generosity is the case of social business venture and it is offering various
types of assistance for society benefits.
Various kinds of Entrepreneurial ventures
Scalable Business Start-ups:
These organizations are completely centered around the innovative piece of the business
(Ismoilov and et.al., 2020). The enduring model is powerfully changed by these endeavors. They
focus on employing productive staff in their labor to accomplish their targets. They depend on
investment reserves and monetary interests to develop. The organization Alcove which gives
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customized bundles of assistive innovation for more seasoned as well as debilitated grown-ups
who need to live at home, is a versatile Business Startup.
Small ventures:
These kinds of organizations are generally possessed freely and are very restricted in size, for
instance, bistros, auto-portable retailers, and so forth Yet in addition, the incomes from these
organizations is additionally restricted (Kunaka and Moos, 2019). Right now, UK is
encountering a lift in these organizations which are additionally assisting the country with
expanding its general business level. The Bonane bistro is Small Business found in the UK.
Large Corporations:
These are the organizations which offer a huge scope of items and administrations for huge
scope. Their income is enormous for its partners to obtain and furthermore the quantity of
individuals related with these organizations are additionally gigantic (Kuratko and Morris, 2018).
They primary center is maintainability and development by contracting new items and
administrations. The degree of rivalry in these organizations is extremely high. They should
ceaselessly build up their procedure alongside revisions in their items and administrations as per
market needs. HSBC Holdings is enormous financial organization working their items and
administrations all over UK.
Social Entrepreneurship:
Society's advancement and advantages for individuals are the primary motivation behind this sort
of business venture which points towards the improvement of administrations and items to
achieve its degree (Lambert, 2019). The principal plan is to offer social types of assistance by
executing the association's items and administrations to benefit the populace just as to build the
effectiveness in the general public. UnLtd likewise has programs for understudies and late
alumni of UK colleges and individuals living in denied networks.
Topologies of entrepreneurship
Typology can be portrayed as the grouping of various business visionary in different parts, for
example, development, endurance and way of life of the business. Diverse typology of business
is referenced underneath with the business visionary endeavor.
Survival firms – The primary intention of endurance firm is to acquire fundamental measure of
benefits that is critical for effectively running of business (Leitch and Volery, 2017). These
organizations are basically new or little undertakings that are essentially zeroing in on growing
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the liberality or image of affiliation in order to make due for the more drawn-out time in market
area. Independent company is considered as endurance firm as it is leading distinctive business
exercises to support in market territory. Private company significant methodologies are identified
with more endurance in individual market territory just as giving great items.
Growth Firms- Large association is considered as development firm as this sort of association
primary intention is to upgrade strategic policies and accomplish wanted objectives (Loarne-
Lemaire, Maalaoui and Dana, 2017). These associations are zeroing in on giving its
administrations and offering what is important to address with the issues of customers. Alongside
this intention is to create market zone similarly as overhaul customer base by satisfying
necessities of anticipated customers. Adaptable business and huge business are considered as
development firm. This kind of association is performing various capacities and exercises to
achieve development in business just as upgrade its market zone.
Lifestyles – Lifestyle ventures are the business which are zeroing in on full filling or addressing
with the requirements of clients (Mahadea and Kaseeram, 2018). This sort of association jogging
in growing the standard of lifestyle of society or occupant. Way of life undertaking firms are
driving business practices to extend the differentiation, status similarly as view of individual in
order to continue with a prevalent life. This sort of business is distinguishing the need and need
of clients with the thought process of improving it's just as giving top notch item and
administrations.
Accordingly, it has been investigated that there are various sorts of associations in market zone
that are leading strategic approaches with various rationale and plan. These associations fall
under various entrepreneurial endeavors, for example, little, enormous, social and adaptable.
These associations are leading strategic policies in more critical and compelling way just as
identified with various typology. Business person typology will prompt affect generally speaking
execution and working of business. This kind of association can be additionally characterized
into various typology that is development, endurance and way of life firms. This typology is
huge for understanding the intention and reason for business for playing out its practices in
market zone. Every single business endeavor as typology and its working is significantly needy
of the typology of the business.
P2: Differences and Similarities between entrepreneurs
Similarities and difference between various entrepreneurs
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There are different sort of entrepreneurial endeavors and business that are leading various kinds
of business activities (Mamabolo, Kerrin and Kele, 2017). These entrepreneurial endeavors will
have a few likenesses and contrasts which will prompt effect on its strategic approaches. There
are number of elements that will help with deciding contrasts and similitudes between business
visionary endeavors. Examination between different sorts of business person firms is notice
beneath.
Basis Small business Large business Scalable
business
Social business
Scope The principal
extension or
intention of
private venture is
to give its items
to clients to
acquire more
benefits. This sort
of association is
zeroing in on
critical measure
of benefits which
is adequate for
the endurance of
the firm.
Huge business is
leading its
practices with the
extent of
improving
association in
various market
zone.
development and
improvement of
association in
overall region is
extreme objective
of enormous
business. This
association is
creating
distinctive solid
methodologies to
acquire serious
edge over other
adversary
organizations.
The significant
extent of
adaptable
business is to
offer excellent
items and
administrations
to clients
which is huge
for addressing
with the
requirements
and need of
clients. This
sort of
association
needs to
present new
and inventive
items in market
region.
The significant
intention of
social business is
to give
government
assistance to
society just as
address with the
issue and need of
residents. It is
leading various
practices to
defeat the issues
of society and
climate.
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Size or scale Size of
independent
company is nearly
less as this is
directing strategic
policies in little
market zone.
This sort of
business has
bigger scope as it
is giving its items
and
administrations to
enormous market
territory.
It is offering
imaginative
and innovative
items in market
territory. It has
limited scope
as it is focusing
on specialty
market region.
Social business
has little to
medium size of
business as it is
completing
association
rehearses
specifically
market region.
Development Independent
company
development and
advancement rate
is low as contrast
with other
entrepreneurial
endeavors
This kind of
business has
higher
development and
creates rates that
are huge for
expanding its
general
exhibition.
Scale business
have higher
development
rate the normal
of industry
development
rate.
This kind of
business isn't
leading strategic
policies to
achieve
development and
advancement.
Similarities
Basis Small
business
Large
business
Scalable
business
Social
business
Creating
brand picture
Independent
company is
performing
business
exercises
compelling to
make solid
brand picture
in market
Creating solid
brand picture
is quite
possibly the
main
intentions of
bigger
business and it
is doing
This sort of
business is
presenting new
and
imaginative
items and
administration
s to upgrade
business brand
This sort of
association is
zeroing in on
creating brand
picture to
assist
individuals
with welling
give
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territory. it is
zeroing in on
creating solid
brand picture
with the
rationale of
improving
brand picture.
various
practices and
undertaking to
upgrade its
image picture
in market
zone.
picture just as
give top notch
items to
clients.
government
assistance to
society and its
residents.
Addressing
with the need
of clients
Little
association is
creating items
and
administrations
which are
critical for
addressing
with the need
and need of
clients. This
kind of
association is
useful for
effectively full
filling client’s
needs.
This sort of
business is
performing
different
practices and
assignment
which are
critical for
decide the
need of clients
so association
is make items
and meet with
client
necessities.
Scalable
business in
making and
growing
excellent
remarkable
and innovative
items which
are useful for
full filling the
need of clients
just as upgrade
their general
encounters.
Social
business
extreme
rationale is to
full fill the
requirements
and need of
clients by
giving
government
assistance to
society and its
residents.
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P3: Interpretation and assessment of the relevant data and statistics
Interpretation- From the above graph, it can be interpreted that there is a strong impact
which is created by the Micro and Small Businesses on the economy of a country (Maziriri,
Mapuranga and Madinga, 2018). Therefore, In this way it can be stated that in the UK economy
also these particular businesses create a lot of impact effectively and efficiently. The Small
Businesses have a share of 48% in the overall employment, Medium Businesses have a share of
12% in the overall employment and the Large Businesses have a share of 40% in the overall
employment level.
Small Businesses share 33% share in the Turnover, Medium Businesses share 14% share
in the Turnover and the Large Businesses share 53% share in the Turnover.
Small Businesses have 99.3% share in the overall businesses, Medium Businesses have a
0.6% share in the overall businesses and Large Businesses have a 0.1% share in the overall
businesses (Essential Facts You Should Know about SMEs in the UK, 2019).
Therefore it can be stated that the Micro and Small Businesses create a lot of impact on
the economy in a highly effective manner. They are also important for the growth of the UK
economy because in this way they are able to make sure that they can contribute towards the
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overall development of the economy in the right manner. The impact which is created by these
businesses is explained in the following manner-
 Boost to creativity- The Micro and Small Businesses can provide a boost to the overall
level of creativity in a highly effective manner (Ratten, 2016). Therefore, In this manner
these businesses can make sure that the use of creativity can be made in the right manner
so that the customers are provided with good products and services which will help in
meeting out their needs and requirements.
 Boost to innovation- The Micro and Small Businesses can provide a boost to the
innovation level in a highly effective manner. Thus, In this manner it can be said that
these particular businesses are able to provide a boost to the innovation in the market and
thus are able to make sure that they can provide such products and services to the people
which will help in raising the overall efficiency and effectiveness level.
 Contribution to the GDP- The Micro and Small Businesses can ensure that they make a
lot of contribution to the overall GDP growth of the country. Therefore, In this manner it
can be said that these businesses are able to ensure that they can effectively and
efficiently contribute to the GDP growth and thus can help in raising the National
Income.
 Employment Generation- The Micro and Small Businesses can make sure that they can
generate a lot of employment in the market. Thus, In this manner it can be said that these
particular businesses are able to make sure that they are able to contribute in a right
manner towards the enhancement of the employment rate in the country quite effectively
and efficiently.
P4: Importance of small businesses and business start-ups to the growth of social economy
Social economy- Social economy is formed through a network of rick diversity of
enterprises and organizations like cooperatives, mutuals, associations, foundations, social
enterprises and paritarian institutions which share common values and features i.e. Primacy of
the individual and the social objective over capital (Runyan and Covin, 2019).
There is a particular importance which is brought by the small businesses and business
start-ups to the growth of social economy effectively and efficiently. This importance is
discussed in the following manner-
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 Providing of different types of products and services- The Small Businesses and
Business Start-Ups can make sure that they are able to provide different types of products
and services to the people in the market quite effectively and efficiently. Thus in this way
they can make sure that the identification of the various types of social needs and
requirements of people can be done so that the right products and services can be
provided to them.
 Creativity and Innovation- The Small Businesses and Business Start-Ups make sure
that they are able to give a boost to the overall level of creativity and innovation in the
market. Thus in this way they are able to make sure that a wide range of products and
services can be provided to the people as per their wide range of needs and requirements
effectively and efficiently.
 Social contribution- The Small Businesses and Business Start-Ups can make sure that
they are able to provide a good social contribution to the overall growth rate quite
effectively and efficiently. Therefore, In this way it can be said that this particular social
contribution can help a lot in ensuring that the overall social goals and objectives can be
attained in a proper manner.
 Contribution to the overall development- The Small Businesses and Business Start-
Ups can make sure that they are able to contribute towards the overall development in the
right manner. Thus, In this way it can be said that this can help the businesses to be able
to make sure that the determination of a wide range of social goals and objectives can be
made and the right techniques and methods can be used for the purpose of their
attainment.
 Boost to new ideas- The Small Businesses and Business Start-Ups make sure that they
provide the required boost to the generation of new ideas. Therefore, In this manner it can
be said that they are able to ensure that they can effectively and efficiently identify the
different types of new ideas in the market and apply them practically.
 Boost to employment rate in the economy- The Small Businesses and Business Start-
Ups can make sure that they provide the required boost to the overall employment rate in
the economy. Thus, In this manner it can be said that the overall employment rate in the
country can be identified and the use of appropriate measures and techniques can be
11

made so that this rate can be enhanced in the right manner quite effectively and
efficiently (Saleem, 2017).
Scenario- Connect Catering Ltd. Is an enterprise which provides a wide variety of
catering services to its customers. Thus, it is quite important for the enterprise that its managers
are able to learn from the examples of the successful entrepreneurs so that it is able to ensure that
the right actions can be taken by it for the future in a proper manner.
PART B
TASK 3
Connect Catering Ltd is an emerging enterprise which deals in the wide variety of
catering services to be provided to the different types of customers. Thus this enterprise makes
sure that the different types of needs and requirements of the customers in relation to catering
can be met out in the right manner. This will help in ensuring that the overall goals and
objectives can be attained highly effectively and efficiently. Thus in this particular section the
focus will be made made on the way the enterprise can learn from the examples of successful
entrepreneurs to be able to grow its business effectively and efficiently in a proper manner.
P5: Characteristic skills and traits of successful entrepreneurs
The are different types of characteristic skills and traits of the successful entrepreneurs.
An explanation of characteristic skills and traits of successful entrepreneurs is as follows-
 Creativity- Successful entrepreneurs are the ones who make use of a creative approach
and apply their skills of creativity in the right manner (Sethibe and Steyn, 2016). This
quality is essential in the entrepreneurs because they will be able to make sure that by
making the use of different types of creative approaches they can produce the desired
products and services to be provided to the people in the market to fulfil their wide range
of needs and requirements in a highly effective manner. Bill Gates and Jeff Bezos are
entrepreneurs who have this skill which have ensured that they have made their business
highly successful in the market.
 Innovation- Successful entrepreneurs also have the skill of Innovation which helps them
in ensuring that they are able to effectively and efficiently ensure that they can identify
their wide range of needs and requirements of the customers and meet them out in a
proper manner without facing problems and issues. It is an essential quality in the
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entrepreneurs because by becoming innovative they are able to make sure that the they
can provide new products and services to the people which can be highly helpful for the
purpose of meeting out their new needs and requirements effectively and efficiently. Both
Bill Gates and Jeff Bezos are quite innovative in nature which has given them the idea to
start Microsoft and Amazon thereby helping in serving a wide range of needs and
requirements of the customers.
 Persuasiveness- Successful entrepreneurs are quite persuasive in nature and thus are able
to make sure that they can chase their goals and objectives effectively and efficiently
(Van Vuuren and Alemayehu, 2018). It is an essential quality in the entrepreneurs
because it helps them to be able to remain persuasive towards the attainment of their
particular goals and objectives and use appropriate methods and techniques for the
purpose of their attainment. Therefore in this manner it can be said that the entrepreneurs
are able to effectively and efficiently ensure that they can manage their wide range of
needs and requirements in a proper manner. Both Bill Gates and Jeff Bezos are quite
persuasive towards their goals and objectives which therefore allows them to be able to
effectively and efficiently serve the wide range of customers in the right manner.
 Vision- Successful entrepreneurs set up a vision which helps them a lot in ensuring that
they are able to frame out a proper strategy in order to be able to effectively and
efficiently manage the different types of needs and requirements (Venkataraman, 2019).
Both these entrepreneurs are thus able to make sure that they can effectively set up a
vision for themselves and therefore apply particular techniques and methods so that the
vision can be attained. Thus both Bill Gates and Jeff Bezos had set a particular vision for
their respective enterprises which helped them a lot to be able to ensure that their
enterprises were able to attract the customers.
Thus, it can be said that both Bill Gates and Jeff Bezos have all the required characteristics
which help in making their enterprises highly successful. Thus, John Herrings who is the founder
of Connect Catering Ltd. needs to make sure that he also has all these qualities which will help a
lot in taking his enterprise to new heights of success.
P6: Impact of aspects of entrepreneurial personality
The impact of aspects of entrepreneurial personality can be judged by making the use of
OCEAN model. The explanation of this model is as follows-
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Openness- This trait is a measurement of the level of imagination and insight which is
present in the different types of people (Shadibekova, 2020). It is required in the entrepreneurs
because it will help them a lot in ensuring that they can have open conversations with people
which thereby leads towards the generation of new ideas in a highly effective manner. Bill Gates
and Jeff Bezos are people who have the right imagination power and insight which is therefore
quite helpful for them to be able to communicate more with people and thus effectively and
efficiently run their business in a proper manner.
Conscientiousness- It means thoughtfulness, good impulse control and goal-directed
behaviours. Thus it is quite useful for the different types of people which can help them a lot to
be able to plan for the future. It is essential in the entrepreneurs because it helps in the setting of
the goals and objectives to be attained in the future in the right manner which helps in
developing the essential skills and competencies which are required for running the enterprise.
Both Bill Gates and Jeff Bezos are people who have high-level of Conscientiousness and thus are
able to make sure that they are able to plan for the better future of their enterprises in the right
manner.
Extraversion- It refers to assertiveness and higher-level of emotional expressiveness.
Thus this is an important quality which is required in the entrepreneurs (Staniewski, 2016). This
is so because they should be able to have more control on their different types of emotions which
can help them a lot to be able to have great self-control. Both Bill Gates and Jeff Bezos are able
to make sure that they can use this particular quality in order to be able to ensure that they can
effectively and efficiently manage their wide range of business needs and requirements.
Agreeableness- It refers to attributes like trust, kindness, affection and other prosocial
behaviours. It is required in the entrepreneurs because they are required to ensure that they can
listen to the viewpoints of the different types of people and agree with those views of the people
which they find good (Struwig and Lillah, 2017). Both Bill Gates and Jeff Bezos have this
quality which allows them to be able to agree with the different types of views which are
presented by people and adjust accordingly. This will help them to be able to make sure that the
wide range of needs and requirements of the people can be met in a proper manner.
Neuroticism- It refers to characteristics like sadness, moodiness and emotional stability.
It is required in the entrepreneurs because they should display the emotional stability in order to
be able to run an enterprise effectively and efficiently. Both Bill Gates and Jeff Bezos have this
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particular quality which helps them in making sure that they are able to effectively and
efficiently manage the needs and requirements of entrepreneurship and take their business
towards new heights of success. In this way they will be able to make sure that they can help it in
becoming successful.
Thus, by learning from the examples of both Bill Gates and Jeff Bezos it can be said that
John Herrings is required to make sure that these qualities are present in him which will enable
him to take Connect Catering Ltd. Towards new heights of success. The presence of these
qualities will ensure that his entrepreneurial development is complete. This model is useful in
ensuring that the entrepreneurs are able to develop all the above-mentioned traits which can lead
them towards becoming highly successful in their respective fields and also attaining the desired
level of success in life in the future in the right manner.
TASK 4
P7: Background and Experience of Entrepreneurs
Bill Gates-
Name- Bill Gates
Date of Birth- 28/10/1955
Educational Qualifications- Bill Gates joined Harvard University for his Education but
dropped out later on because he did not want to study further.
Background- Bill Gates had an entrepreneurial background because his father William
was one of the co-chairs of Bill & Melinda Gates Foundation. His late mother Mary Gates was a
schoolteacher and chairwoman of United Way International. Thus due to his father's experience
in business it can be said that Bill Gates had an Entrepreneurial Background.
Experience- Prior to dropping out of Harvard University to start something of his own
Bill Gates had no specific and prior experience in Entrepreneurship.
Thus it can be said that the Background and Experience of Bill Gates has helped him a lot
in ensuring that he is fostered towards entrepreneurship. In this way it can be said that this has
helped him in ensuring that he becomes highly successful in this particular field effectively and
efficiently.
Jeff Bezos-
Name- Jeff Bezos
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Date of Birth- 12/01/1964
Educational Qualifications- Jeff Bezos studied in Princeton University from the years
1982-1986. He holds a degree in electrical engineering and computer science.
Background- Jeff Bezos was not born in a rich family. Thus he lived the life like middle-
class people and therefore had to make the use of his skills and competencies to become
successful in life.
Experience- Prior to starting Amazon, Jeff Bezos worked at different companies where
he gained a lot of experience of the way business runs and functions.
Thus it can be said that Background and Experience of Jeff Bezos has helped him a lot in
ensuring that he is fostered towards entrepreneurship. Therefore, it can be said that this has led
towards development of the different types of skills and competencies within him for
Entrepreneurship thereby leading him towards the attainment of the various types of short-term,
medium-term and long-term goals and objectives quite effectively and efficiently in the right
manner.
Like Bill Gates and Jeff Bezos, John Herrings was also fostered towards
Entrepreneurship because of the presence of Background and Experience which was quite
helpful for him to ensure that he achieves the desired level of success in the management of the
enterprise in the right manner. Thus, In this way it can be said that this has allowed John
Herrings to ensure that he was able to successfully start Connect Catering Services.
Thus, it can be said that the Background and Experience of a person can foster him/her
towards choosing Entrepreneurship as a career option (Struwig, Krüger and Nuwagaba, 2019).
Therefore it can be said that John Herrings has been fostered towards Entrepreneurship because
of presence of a strong family background and experience. In this way, it can be said that this has
led towards him starting out Connect Catering Services after analysing the various needs and
requirements of the people in the market. Therefore it is quite important that the Background and
Experience fosters a person towards Entrepreneurship to help in making of new Entrepreneurs
thereby providing boost to Entrepreneurship and the creation of various new enterprises in the
country.
CONCLUSION
From the above report, it can be concluded that Entrepreneurship and Small Business
Management is a field in which the entrepreneurs are able to make sure that they can use their
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skills and qualities in a better manner to lead their enterprises towards new heights of success.
They are required to make sure that they start the business by taking risk and can make it
successful in the future thereby leading towards attainment of a higher-level of profitability in
the future effectively and efficiently in the right manner in the future. Thus it is required that the
Creativity and Innovation is present within a person along with several other qualities to make
him successful as an entrepreneur. Also it is essential that small businesses are able to contribute
towards the growth and development of an economy which can help a lot in ensuring that the
overall economic development of a particular country can be enhanced.
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