Entrepreneurship Literature Review

This assignment tasks students with conducting a literature review on the topic of sector-based entrepreneurial capabilities and the significance of sector studies in the field of entrepreneurship. The provided list of references covers various aspects of entrepreneurship, including firm dynamics, financial management challenges in SMEs, the role of failure in identifying business opportunities, and the power of arguments used by entrepreneurs to convince stakeholders. Students are expected to synthesize this information and present a comprehensive overview of the current understanding of sector-based entrepreneurial capabilities.

ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
Lo1. Illustrating the range of venture types.....................................................................................1
P1 Examining different types of entrepreneurial ventures and with the concept of how they
related with typology of entrepreneurship..................................................................................1
P2 Exploring the similarities and differences between entrepreneurial ventures.......................3
Task 2...............................................................................................................................................4
Lo2. Impact of small business on economy.....................................................................................4
P3 Illustrating impact of micro and small business on the economy..........................................4
P4 importance of contribution to small business and business start-ups on growth of social
economy......................................................................................................................................4
Task 3...............................................................................................................................................5
Lo3. Key aspects of an entrepreneurial mindset..............................................................................5
P5 Determining the traits, skills, characteristics of successful entrepreneurs.............................5
P6 Aspects of entrepreneurial personality reflect on entrepreneurial mindset and motivation. .7
Task 4...............................................................................................................................................9
Lo4. Different environments that can hinder or foster entrepreneurship.........................................9
P7 Examining how background and experience can hinder entrepreneurship...........................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
APPENDIXES...............................................................................................................................13

INTRODUCTION
Entrepreneurship is a feature of companies that work on the design, development and
management of a small business. Further, it should be mentioned that entrepreneurship plays an
important function in the development of the 21st century. The introduction of entrepreneurship
aims to discuss the importance and role of entrepreneurs in our society. Many countries have
supported entrepreneurship so that they can reduce sustainable poverty and show the results of
being effectively recipients of economic growth (Autio et al. 2014).
In this context of a discussion, there is all about the summary for discussing the scope of
entrepreneurship and also illustrate the obstacles for start-ups. This task will further discuss the
risk/return ratio for starting a new company. It should further be concluded that all discussions
are based on NUJIs (a well-known online company related to daily fashion and lifestyle goods
manufacturing) entrepreneur’s thought.
Task 1
Lo1. Illustrating the range of venture types
P1 Examining different types of entrepreneurial ventures and with the concept of how they
related with typology of entrepreneurship
There are mainly four categories of entrepreneurial venture which includes
Types of Entrepreneurship Related various aspects of respective entrepreneurship model
Social entrepreneurship: This kind of entrepreneurship mainly deals with the thoughts of
providing good services to the people for world's better. In this entrepreneurship model or
respected organization mainly works with global health organization for a philanthropic mission
in countries development. Basically, in this context of entrepreneurship model, entrepreneurs
make a decision for both public's health and organization development. For examples: The
Cawthorne children centre is considered in social entrepreneurship in which they provide high
quality low-cost childcare for localised employed household.
Small business entrepreneurship: Small business entrepreneurship related to the small business
organization mainly looks like an independently owned and independently conducted for making
the earnings. It should always be remembered that the main objectives of the small business are
to make more money and able to facilitate sustainable business performances compared to MNC
or big companies. As there is a sufficient number of members are involved in the small business
environment, for expanding the existing small business the organization may face a lot of trouble
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for sustainable business performances. For getting information point of view the capitals or
assets of this small business organization are families, bank balance and friends support and
involvement (Autio et al. 2014). For examples: For example Facebook, amazon. These are the
venture can enhance the revenue without the extra large costs.
Large company entrepreneurship: In case of the large business organization, the company must
go through some long time finite process cycles which give additional attachment for getting the
sustainable business environment as well as for increasing in encouragement in business
entrepreneurship decision making (Ibrahim and Lucky, 2014). As large companies deal with
large amounts of products and related customers, it is always recommended for effective
business entrepreneurship decision.
Scalable start-up entrepreneurship: This kind of entrepreneurship is like the small business
entrepreneurship only differences in the concept of that this kind of entrepreneur mainly invest
their money and makes their decision on the brightest candidate of organization for researching
on the scalable and repeatable business plan (Choi and Majumdar, 2014). For examples:
Accredible is the new scalable start up entrepreneurship which is an education technology based
business with the aim of giving accreditation to online courses.
Women entrepreneur: ladies business visionary is the another case of business person who
builds up their business at their own particular level. In which they contract females and give
them the best chance to improve the future development.
Serial entrepreneur: serial business visionaries are those business people who takes challenges
on steady premise. Ones they open the organizations they centre around alternate endeavours.
Once in a while they pitch their prior organizations and moves to the another ones. Like Sir
Richard Branson is the individual who is the serial business person.
Typology of business visionary is distinguishes the connection between the diverse
viewpoints. With the assistance of this they help to deal with the work in legitimate way. There
are numerous business people who contribute their part in the development of economy, for
example, social business visionary, female business person. These every single diverse kind of
business person take help of typology to execute the capacities.
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P2 Exploring the similarities and differences between entrepreneurial ventures
Similarities
Each and every association takes a shot at the premise to develop and give imaginative
items and administrations to their clients. Innovativeness and advancement both are the
fundamental piece of a wide range of entrepreneurial endeavours. Benefits are earned by each
firm which are again reused in encourage advancement of the organization. They all utilization
development as weapon to increase upper hands among their rivals. Idea of influencing the
business to develop in the market is same for every one of the endeavours. With now of these
characteristics a business is nothing.
Dissimilarities
Large company entrepreneurship: These types of entrepreneurship Operated by
Corporation and well-trained management team all over the world (Karadag, 2015). The main
risk factor is Corporate risk. The involvement of Large numbers of employers are required for
this type of company (More than 5000 employees). Privacy and Safety is involvement of many
an employee so there is a high tendency of secret exposing. The main Aims and objectives of
these of large company entrepreneurship is to Make more profit and expanding business assets.
For Example: Wal-Mart
Small business entrepreneurship: These Kinds of entrepreneurship Operated by Small local
groups and The Extreme individual person risks risk factor in which the Involvement of
Required comparatively less number of employees (less than 2000 employees). Comparatively,
lesser tendency for secret exposing is the Privacy and safety for them. The main Aims and
objectives of such enterpriser is For making profit and actively sustainable business environment
making. For Example:Birch box
Social entrepreneurship: These Kinds of entrepreneurship Operated by Global healthcare
organizations. Factor of High personal risk and Involvement which is Depends on how big the
social entrepreneur platform is. It may be local or international. As all steps and activities are
organized publicly there are very little issues of the third party knowing profit are the Privacy
and safety (Kuratko et al. 2015). The main Aims and objectives is to Fulfil philanthropic
mission. For Example: Fazle Hasan Abed
Scalable start up entrepreneurship: These Kinds of entrepreneurship Operated by Less than
three-person firm. The Less personal risk factor and Relatively small numbers of employees are
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required for this kind of entrepreneurship model involvement in it. The Privacy and security
priority comparatively high. The main Aims and objectives is Researching on the scalable and
repeatable business plan. For example: Concordia
Task 2
Lo2. Impact of small business on economy
P3 Illustrating impact of micro and small business on the economy.
There are several impacts of micro and small business organization in economy of U.K.,
those are summarized as-
Impact on Industries: The impact of small and micro business organization takes a very
significant role in U.K.'s industrial growth. It has come to know from research studies that
around 48 percent of total revenue mainly comes from small business organization. Besides from
further studies it has come to know that small and medium-sized organization facilitates around
36 percent of industrial employment (Blundel et al. 2017).
Enhances U.K.’s growth: There is an important feature for small and medium business
organization is that: they are charged with newly innovative ideas for client reliability and
satisfaction. Besides various strategic plans also help the companies to gain more revenue and
cash flow. It is studied from research paper that U.K. economy is blessed with the birth of 49
percent of start-up companies in between the year of 2010 to 2014.
Impact on Turnover: For economic consideration in U.K. overall business turnover always
matters in terms of saving of economic supports. From research studies, it has come to know that
there is a contribution of around 2.3 trillion after the ending of the financial year 2016.
Increasing in employment: From previous discussion it is come to consideration that: there is
around 36 percent contribution of small and medium industries in industrial employment
activity, which helps for employment-friendly business environment making. Besides from
current studies it has come to know that small business offers job over 26 million people in U.K.
moreover from further research studies it has also come to consider that small startup business
organizations provide around 65 percent of people employed in public sectors (Kuratko, 2016). .
P4 importance of contribution to small business and business start-ups on growth of social
economy
There are several contributions of small business and business start-up for economic
growth of U.K., such as:
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Firstly, Small businesses also try to grow their businesses, so they can participate in local and
international markets. Small business organizations are expanded to take on their tasks.
Entrepreneurs plan new models and plans for the company. Employees are planning to work in
their corporate environment. Organizations in small businesses try to use the same city, even if
they do not settle in large companies. Grow in a large commercial company to offer more
opportunities to employers (Siegel, 2015).
Secondly, Small business organizations respond quickly to economic changes. Being a small
company that mainly targets and operates under the responsibility of the customer, it is easy for
them to use economic change. Customers tend to be honest with the newly established company,
even if the company is experiencing a critical economic crisis. Money produced by small
companies does not have a larger organization, consequently, less financially (Autio et al. 2014).
Thirdly, the small business organizations that are right are an integral part of the growth of the
British economy. Companies are small, established organizations that help us grow
economically. It should also be concluded that small organizations offer repetitive continuous
vacancies. Difficult as this competition is the ability to work on the principle: companies to help
the attracted commercial companies from customers who created new products and new ideas to
implement their business plan. Most large companies rely on the start of the business, but not on
their business.
Task 3
Lo3. Key aspects of an entrepreneurial mindset
P5 Determining the traits, skills, characteristics of successful entrepreneurs.
There are various types of traits, skill and characteristics with its Related various aspects
of respective successful entrepreneurs are discussed such as follows:
Traits:
A competitive attitude: It is always desirable that a new contractor has a competitive
attitude with much encouragement. In today's world, there is a continuous growth of commercial
competition. To make stable and feasible business decisions, there must be continuous growth in
the spirit of the boot (Ibrahim and Lucky, 2014). Not only a challenge but also a challenge for
the company personally must have good knowledge and market research for the new large
company of the organization and entrepreneurs who make decisions that are new people.
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The desire to fail:It should also be noted that risk managers have effective businessmen,
who have all achieved more than one important goal. In short, they are not afraid of failing. In
addition to winning entrepreneurs or entrepreneurs often because they can count on the best
conclusion, even in the most terrible cases. On the other hand, with good research and a good
market, there may be some cases, after all the process fails and it is not a state near a failure. So,
to be an effective and successful entrepreneur, the newly born small business organization needs
to consider the previous discussion.
Powerful leadership quality: This is an important characteristic of the entrepreneurs. A
leader who gives these homers the goal of all the work they need to get what is interesting. The
leader not only can motivate the team but also has good communication possibilities, so that
employees can also perform management functions (Mueller and Shepherd, 2016).A leader who
appreciates trust and respect for his team shows positive qualities and trust and promotes an
environment that is transmitted by the team.
Serial innovator:In order to satisfy customer demand and to be credible for all
employees, the new contractor has an innovative and effective business with additional
considerations.
On the other hand, it must also remember that successful entrepreneurs accept changes and often
receive a second innovation initiative for entrepreneurs (Mueller and Shepherd, 2016).
Lots of self-motivated: It must be clear some famous employers in history that
managers are generally rather difficult personalities. Nobody waits for the person who met.
People who come from a successful world tour have usually changed because of their actions. In
general, leaders must challenge and tackle the problems they face untiringly. They also turn to
different situations without getting rid of them and are usually used by their teams to turn them
into motivations against opportunities and new goals. It is assumed that it is often taught that
winning entrepreneurs are guided by a goal or a dream rather than a task that should be anything
but universal. They are also often very enthusiastic about the fact that thinking and planning to
achieve their ultimate goal is extremely difficult to control naturally.
Skills
There are various entrepreneurs’ skills which are shown in below-
Capacity to calm the pressure: it is the another abilities of a decent business visionary
is to assuage the worry to make things decidedly. Walt Disney and JK Rowling make fun in the
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business so representatives' measurement not feel weight and pressure about their work. And
furthermore make itself glad and blissful. These aptitudes help organization to achieve their
destinations inside era. Walt Disney is the viable and very much carried on person which has the
nature of serenity through which they deal with the work in more amazing way.
Capacity to be profitable: It is the another aptitude of good business visionary that they
ought to be beneficial and make them all as well. Walt Disney and JK Rowling are dependably
gainfully taken an interest in the exercises and offers inspiration to their representatives for better
execution (Ao and Yin 2014). With the assistance of this expertise of Walt Disney embrace new
gainful thoughts and get new open doors for its own particular business.
Capacity to fund-raise: It is the main aptitude which is essential to extend the business
development. With the assistance of this abilities Walt Disney and JK Rowling accomplish the
best business person position in UK advertise. It is critical to put their cash into perfect place.
This propelled aptitudes of Walt Disney and JK Rowling causes him to get stores for its new
development and meet the costs. This is the best aptitudes of them two with the assistance of that
they take their own particular best thoughts. For example, Steve Job was known to have high
level of technological expertise and JK Rowling have ability to raise the fund.
Characteristics
Related risks, motivation and passion: Risk Taking is the most essential characteristics of
a good entrepreneur. Walt Disney and JK Rowling always ready to take risk and make the best
solution to beat them. It helps to learn new trends and challenging factors involve in the
environment. Risk taker always achieve the best output in effective amener
P6 Aspects of entrepreneurial personality reflect on entrepreneurial mindset and motivation
 Flexible behavioural: The above functions of successful entrepreneur suggest the
concepts of open-minded flexible behaviour. In addition to networking abilities, a power
to relieve stress, innovative thoughts makes entrepreneurs more professional and flexible
(Li and Rama, 2015).
 Stress handling capabilities: Successful entrepreneur having excessive stress handling
capability as they know how to meet the solution of a dynamic adverse market situation
very quickly. It should be mentioned that hard decision comes from hard work and that's
why successful entrepreneur has muscular stress handling capability.
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 Motivate: This is one of the key impacts of entrepreneur for motivating others
entrepreneur partners. While for effective decision making for investment issues and
talking about the critical market environment motivation is the most for overall
organizational growth.
 Basic reasoning and issues settling: it is a manner by which the entrepreneurial identity
will propel and min set for the business visionary for the basic reasoning and tackle the
different issues which are emerged before them. Check Zuckerberg nourished up when he
can't show signs of improvement results in their business however compelling initiative
will take care of their issues (Hardy, and Maguire, , 2017). Then again charge doors
centrer around their work to show signs of improvement results for business bring the
high inspiration for entrepreneurial to rouse them for basic reasoning and issue
comprehend by overabundance learning propensity to actualize in the thoughts at the
different troublesome circumstance.
 Activity and self headings: this can be the most vital personalty have been reflected
shape both the business person which is spur for entrepreneurial outlook. As the activity
in the life will be the most vital perspective to change better thought execute as plan. Be
that as it may, without activity more spotlight ought to be on the self bearing which will
expedite the viable results the premise of self course made by them (Sarasvathy, and et.al
2014). It is critical to clear way of the objectives previously taking any choice. Fruitful
business visionary will never alarm for disappointment because of activity and self course
identity reflect by the high effective business person which will spur and mentality to end
up business person.
 Inventive and imaginative: This can be the most imperative identity reflects
entrepreneurial inspiration and outlook is to bring the inventiveness and advancement
which will end up effective business person to for each person. Advancement gives the
chance to build up the business to give separated products and administration to client.
While the imagination will offer favourable position to the business visionary which help
to bring the more compelling administration help to expand the consumer loyalty (Hardy,
.what's more, Maguire, 2017). As the mentality of the business visionary is to develop
business with the high inventiveness and advancement in their work fabricate the fruitful
wander.
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Task 4
Lo4. Different environments that can hinder or foster entrepreneurship
P7 Examining how background and experience can hinder entrepreneurship
The Background and experience both are vital for the achievement business visionaries
and their endeavours. These two can influence them to develop or can influence them to lose in
advertise among their rivals. Fruitful business visionary just originated from boldly battling with
the negative effects of foundation and experience. They have significant part in the excursion of
a business visionary. A man ought to be overcome and brave for viably expelling the grasp of
these two components which can block enterprise. Business visionaries accompany the thought
which can be censured by the general population of society or family. Foundation assumes the
real part in assessing the feedback. Considering individuals is old which makes them to revolt for
the possibility of business activity(De Massis, 2018). Business people can get demotivated by
these antagonistic circumstances which will make lose and will ruin their enterprise. Family
bolster likewise influences the business activities in the event that they don't bolster then a man
can get disheartened. There are numerous open doors which comes in their direction can be
loosed by them. Walt Disney and JK Rowling both had confronted numerous issues in their
whole adventure of business due to foundation and experience.
Moreover, the background and experience can encourage the business enterprise as well in the
event that they are taken care of legitimately and viably. Business people ought not get anxious
by the awful circumstances which emerges because of their thought. They ought not get
dispirited and constantly work toward their vision. Their prosperity will stop the mouths of each
individual who had passed negative remarks on them. Each business person is judged in the
beginning of their business. Be that as it may, a man ought not quit working and never tune in to
individuals with negative outlook. They ought not get apprehensive from committing errors.
Committing errors is the indication of getting the hang of something which is new for them. Walt
Disney and JK Rowling both had courageously adapted to every one of the allegations which
were made on them as a result of their business thought and their working style(Hatten, T.S.,
2015). They both have support of family however society had censured them which made their
relatives to restrict them. Be that as it may, they never tuned in to anybody and proceeded with
their work toward executing their thought in the down to earth life. They both buckled down
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with daring conduct and got fruitful in the market. It expresses that new business visionaries
ought not get apprehensive of anything and ought not stop till they achieve their objective.
CONCLUSION
It should be concluded that entrepreneurship aims to discuss the importance and role of
entrepreneurs in U.K. Many countries have supported entrepreneurship so that they can reduce
sustainable poverty and show the results of being effectively recipients of economic growth. This
Project provides concepts of entrepreneurship, the different venture of entrepreneurs,
determination to illustrate the skills, and mindset for business plan designing. In brief start up
companies are very much essential for the economic, physical growth of a nation, no doubt.
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REFERENCES
Books and Journals
Autio, E., Kenney, M., Mustar, P., Siegel, D. and Wright, M., 2014. Entrepreneurial innovation:
The importance of context. Research Policy, 43(7), pp.1097-1108.
Bae, T.J and et.al 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
practice, 38(2), pp.217-254.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. SAGE.
Choi, N. and Majumdar, S., 2014. Social entrepreneurship as an essentially contested concept:
Opening a new avenue for systematic future research. Journal of Business
Venturing, 29(3), pp.363-376.
De Massis and et.al 2018. Sector-Based Entrepreneurial Capabilities and the Promise of Sector
Studies in Entrepreneurship.
Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Ibrahim, N.A. and Lucky, E.O.I., 2014. Relationship between entrepreneurial orientation,
entrepreneurial skills, environmental factor and entrepreneurial intention among Nigerian
students in UUM. Entrepreneurship and Innovation Management Journal, 2(4), pp.203-
213.
Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A
strategic management approach. Emerging Markets Journal, 5(1), p.26.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Kuratko, D.F., Morris, M.H. and Schindehutte, M., 2015. Understanding the dynamics of
entrepreneurship through framework approaches. Small Business Economics, 45(1), pp.1-
13.
Li, Y. and Rama, M., 2015. Firm Dynamics, Productivity Growth, and Job Creation in
Developing Countries: The Role of Micro-and Small Enterprises. The World Bank
Research Observer, 30(1), pp.3-38.
Mathias, B.D., Williams, D.W. and Smith, A.R., 2015. Entrepreneurial inception: The role of
imprinting in entrepreneurial action. Journal of Business Venturing, 30(1), pp.11-28.
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Mueller, B.A. and Shepherd, D.A., 2016. Making the most of failure experiences: Exploring the
relationship between business failure and the identification of business
opportunities. Entrepreneurship Theory and Practice, 40(3), pp.457-487.
Siegel, D., 2015. Leaders in the shadows: the leadership qualities of municipal chief
administrative officers. University of Toronto Press.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
van Werven, R., Bouwmeester, O. and Cornelissen, J.P., 2015. The power of arguments: How
entrepreneurs convince stakeholders of the legitimate distinctiveness of their
ventures. Journal of Business Venturing, 30(4), pp.616-631.
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APPENDIXES
Appendix 1
(Source: Siegel, 2015)
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Appendix 2
(Source: Siegel, 2015)
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