The Role of Motivation and Past Experience in Entrepreneurial Success

This assignment delves into the crucial aspects of entrepreneurship, including the types of entrepreneurial ventures, the differences between small, large, lifestyle, and social entrepreneurship. It also emphasizes the significance of micro and social businesses in government economies and highlights the essential factors for entrepreneurial success. Furthermore, it discusses the importance of motivation schemes, employee past experience, and knowledge in business.

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

INTRODUCTION
Entrepreneurship is that type of business which is started by the creative idea of a person.
That person is an entrepreneur who have the qualities of making innovative and creative ideas in
their business operations. Creating something in in the activities help in ensuring that all the
issues that are generated in the business are sort out. Present report includes about mini research
with the aim of examining different kind of entrepreneurial ventures and their relationship to
typologies of entrepreneurship. Various differences and similarities within varied entrepreneurial
ventures are explored. Impact of small and micro trades on the economy is assessed. The report
also discusses regarding importance of small businesses and business start -ups are explained in
which way they contribution to the growth of social economy after Brexit. Traits, skills and
characteristics of two entrepreneurs are determined. Entrepreneurial personality reflects
entrepreneurial motivation and mindset. It is also examined regarding hinderance of experience
and background foster entrepreneurship.
TASK 1
P 1- Examining different types of entrepreneurial ventures and analysing their relation with the
typology of entrepreneurship.
Entrepreneur is an individual who is responsible for starting and running small units with
limited resources. He also to take every type of risk and reward to his venture. Entrepreneur
ventures are kind of business that can be run by a single person or group of people. Key projects
are ventures in which administrators engage in local and global enterprises. There are many
entrepreneurial ventures which are related with the typologies of entrepreneurship. All the
ventures are started by one person by using their innovative and creative ideas. Those different
entrepreneurial ventures are described below:
Types of venture Relationship with typology
Small ventures These ventures have very small amount of
capital which can be invested in their business
operations. They operate their business at a
very low level. They only want to meet their

own as well as family’s needs and wants.
These small entrepreneurial ventures are small
and does not need the recruitment of too many
employees. Small entrepreneurs can take the
help of their families and friends for investing
money. They work very hard and use creative
ideas in their business operations to fulfil all
their needs.
Large ventures Large ventures have large amount of capital
which can be invested in the business
operations of company. They use many new
creative and innovative ideas in their business
which help them to make higher profits. These
profits are again reused in making innovation
in their working style. They are profitable
organisations who want to make maximum
profits and grow in the market. They always
aim to increase their market share. These
ventures have many employees who work for
them and help in achieving business objectives
which are desired and targeted by them.
Social ventures These ventures work for the social cause and
welfare of public. They do not run their
business for earning profits. They work in the
direction of protecting rights of public. They
are started by people who want to serve the
public. They solve many social problems
which are faced by the people of country.
Social ventures work in the direction of
creating and maintaining safe and secured

environment.
 Scalable start-ups ventures  These ventures always bring innovative
and creative methods in their business
operations. These ventures aim to grow
through their innovation. They desire to
increase their market share which will
make them have some competitive
advantages. They use their own mind to
bring innovation in business operations.
Scalable business operations have the
vision to get developed and to grow
more.
Relation of these ventures with various typologies
 Serial entrepreneur: People involved in these businesses keep indulging new ventures and
delegate the responsibilities to other people and then switch to some other venture. A direct
link of these type of business is with scalable start-up ventures.
 Social entrepreneur: These types of ventures work for the welfare and betterment of the
society. It can be in the form of social or voluntary organizations which are successfully
operating in UK with the same set of aims and objectives.
 Female entrepreneur: These types of entrepreneurs can be originated at every scale, that is
small, medium and large scale of business.
P2 Exploring similarities and differences between entrepreneurial ventures.
There are some difference and similarities between different types of entrepreneurial
ventures. These are used in developing the functioning.
Size and structure: small business focuses on the crucial element because it is important to meet
with customer needs and requirements. On other hand to compare with large enterprise they
focus on the product quality and services to attract the customers. So large enterprise are able to
increase there productivity and benefits by increasing the number of customers(Collis and Hussey.,
2013). To understand the need, concept of competitors entrepreneur start the planning. With the

help of identifying concept any organisation can follow advanced idea to make success in the
business. For example SME have to determine the performance and concept of TESCO, ASDA
etc. because they are the largest company of retail market. To increase the business productivity
and margin SME can use the innovative ideas. In addition to this size and structure never matter
at initial stage.
Similarities between life style venture and serial entrepreneur
 HR. MANAGER: Both life style and serial entrepreneur required human resource
management team to appoint the best employees. Workers are the main element of any
organisation. Highly qualified and skilled employees help the corporation to achieve the
goals(Ferenhof.,2014.). So, both required human resource management team for recruiting
skilled employees.
 Innovative feature: to develop the business growth both entrepreneur have advanced
features. Innovative features are the tools which helps to increase the growth of business.
Both mentioned entrepreneur following the advanced feature to increase the productivity of
products.
Difference between life style venture and serial entrepreneur:
Life style venture offers the reward system to their employees to motivate them and
appreciate their extra efforts. So workers get motivated by the reward system and try to perform
at high level to increase the productivity and business of corporation. Whereas to start new
enterprise serial entrepreneur focus on the ideas and strategies.
Differences between small venture and large entrepreneur:
Small venture receives the money from their personal savings, bank loan, loan from
family and friends whereas large venture can raise the money by selling the shares of stock to the
public.
Another difference between small and large venture is that large venture always tries new
technology to launch the new products. Large venture mainly focusses on the quality of product.
On the other hand, in small venture due to lack of employee they are only able to selling a single
product in the specific market. Small venture appoints limited employee, small business does not
need more employee to achieve their target. Whereas large business needs highly qualified and
skilled employees to achieve their business target. Large business focuses on the management.

Difference between male and female entrepreneurs: The major difference between both of
them is that women take more time to make decisions whereas, males take less time in it and
make quick decisions. Moreover, it is more difficult to take risks for female entrepreneurs than
male. Also, men focus on making cost effective business plan. On the other hand women make
these plans in relation to contribute for social causes.
Similarities between small venture and large entrepreneur:
Both venture focus on the customer satisfaction. Small and large both entrepreneur trying
to increase the customer's loyalty. Because customer satisfaction is most important for the
success of any business.
P3 Impact of Micro and small businesses on the economy
A business is considered to be small, micro and medium in the following format:
 Small Business: A business is considered to be small, if >50 employees & turnover > £10
million
 Micro business: A business is said to micro if > 10 employees & turnover > £2 million
 Medium business: A business is said to be medium if > 250 employees & turnover > £50
million.
A business is said to be qualified under three types of businesses. These are: Sole proprietary: There is a single owner in sole proprietary business who is involved in
decision making for the business. He is the owner of all the liabilities and assets as well. Partnership: It is an agreement between two or more than two people who decides to share
their profits as well as losses at specific ratio. It is generally governed by the partners who
has got involved in signing of partnership deed. Private company: It is a privately-owned organization where there is no interference from
the side of the government. A limited liability is present for the members and shareholders of
the company.
In this context, macro and small business tend to have large impact on economy so to
initiate appropriate growth in the country it is important for the enterprise to contribute. It plays
an important role to better their economic conditions in the country. To obtain the target and
object it is necessary for organisation to clear the vision and set the target. Small businesses have
large impacts on UK economy. The main issue is that it is hard to witness its impacts as

compared to large organisations. It can be seen at the time of recession or other financial crises
like Brexit.
To set the target large business contributes the high economy which attained in
systematic way. To earn the high profit private organisation also follow the effective nature.
Business are classified in micro, mini and medium size on the basis of employee structure.
Private organisation is easily achieved their target. On the other hand, in partnership business
there are two or more than 2 partners who work for earning profits and divide them as per their
sharing ratio. Due to adequate decline in UK economy, there is a high amount of business on
SMEs. Impact on SME business can be described as follows:
Various impact on SME Measurement
Economic Impact: SME plays important role on the
business which is quite an important aspect in
improving economic growth of country. It is
very important for corporation to grow their
economy so that business can easily compete
with other organisations. SME provides the
higher employment opportunities in the
country. Large economy also provides higher
amount of employment so that it improves the
economy very fast. In the UK there was
recession so that SME help to overcome
financial condition from nation to supply
growth and development. By providing the
employment corporation prove that it is highly
effective.
Flexibility with changing the
scenario:
economy stability of UK fluctuate with
changes in the environment. Therefore,
bringing fast changes in the corporation assist
to accomplish desired outcome. As outcome, it

could be identifying that differences has been
asses in micro, small and the large enterprise.
According to customers needs and
requirements SME also determines changes.
For small business customers' satisfaction is
very important so they always try to satisfy the
customer in order to achieve their business
target. As number of customers increase the
profit will also increase. Where as large
business also focuses on the customer;s
satisfaction. Large enterprises provides the best
quality to increaser the number of customers.
They provide the products according to
customers needs and requirements. This
process has effective impact on the economy
P4 Small businesses and business start –ups will contribute to the growth of the social economy
Small business and start -ups have a main role to increase the growth of social economy
within the nation. To increase the growth of social economy small business and start-up
determines the effective functions and operations. Today small business is playing a leading role
in local economic development across the nation. It is so easy and simple to attract and start the
small business. Small business has a main role to improve the community's economic growth.
Small business provides jobs, they participate in community activities and support the local
charity so all these factors helps to grow the social economy. Small business is started to gain
profits and revenues from day 1 whereas start ups are small plants which may or may not provide
profits at initial stage
 Enhanced employment opportunity: as small business provides the jobs to the people
so the qualified and skilled people can get opportunities to prove themselves. This
process of employment plays a big role to remove the poverty and improve the social
economy. To remove the poverty it assists to provide employment opportunities to
various people. As small business get good employee who can increase their productivity.

By this process small enterprise are able to provide more revenue to the government in
terms of taxes. As outcome the performance of the corporation increasing in the market
and it helps to increase the growth of social economy.
 Improvement in the society: as mentioned enterprise provides the jobs to the people, so
the living standard of people is developed. So start-up and small enterprises plays major
role to make improvement in the society. Small business providing the financial
resources to the people so people are able to increasing their living standard. And all
these factors are the sign of social improvement.
 Increase the GDP of nation: small business also determines effective outcome in the
nation through raise GDP of the country. It is the best way to bring changes in the
economy of nation. Small business provides more opportunities to people to develop the
economy of country.
TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs
To improve the performance and to achieve the task there are several skills and
characteristics followed by the entrepreneur that is different from each other. There are several
entrepreneurs who posses the different and innovative ideas to operate effective functions and
operations. Following are the characteristics which are the success key of entrepreneur:
 Disciplined: successful enterprises are disciplined to take the step every day towards
achieve the goal and target. Disciplined is playing a main role in the success of business
because when there is discipline in the environment than all the workers will come on
regular basis and complete the task regularly(Daghbashyan and Hårsman., 2014). By this
process the productivity of business can increase in effective manner. For instance, by
implementing quality of discipline Richard Branson has been reach to a level of success
which is very difficult to achieve for other entrepreneurs.
 Creativity: the most and different trait of successful entrepreneur is that they have
different creativity skill. They are so innovative and brings the new skills and ideas for
the new products. Here, Mark Zuckerberg can be mentioned for example. Because of his
hard work and creativity, he earned huge profits and market shares and made his
application number one social site among people.

 Planning for everything: in this process the manager of successful enterprise makes the
effective plan to complete the target. They manage their whole business environment in
positive way. They make unique and different plan before launching the new products.
They get all the informations and then make effective plans to complete the objects.
Leaders also posses the effective leadership. In respect to the common business their
leadership is not effective as compare to the successful entrepreneur.
 Development of competing edge: these characteristics aid to individual to obtain unique
and different ideas therefore entrepreneur are able to stay different from other ventures.
Lack of new skills and innovative ideas ordinary managers are not able to make
competitive edge as compare to the successful enterprise.
 Passions: passion is most important trait of the successful entrepreneur. They are willing
to put extra efforts to make the business success(Fayolle and Liñán.,2014). Successful
entrepreneur always research ways to make the business better.
 Risk taking: successful entrepreneur do not believe that something can not be done.
They always take a risk and gives their efforts to complete their functions in effective
manner. To achieve the success organisation have to take risk if they are not taking risk
they will unable to gain the success in good manner.
 Confident: successful enterprise are applied their knowledge and skills with confidence.
They exude their confidence in everything they do. They are confident with their ideas
and skills that they will make their business succeed.
 Determination: when they find any opportunities in the market they determined and
collect the information about the chance and try to get that opportunities to increase their
image in the market.
 Strong people skills: successful enterprises has a strong communication skill to sell their
products(Teece.,2014). They motivate their employee whereas another manager just uses
the strategies they are unable to motivate their workers. Motivate employee perform at
high level and that increases the benefits of organisation.
 Trainings : some manager are unable to provide the development trainings to their
employees. On other hand successful enterprise offers the development trainings for their
employees so the employee can get motivate and try to achieve the task in effective
manner.

The traits and behaviour mentioned above may differ from individual to individual.
However, appropriate utilization of the same is important. It helps in addressing the role of
characteristics possessed by them in their overall successful career in the particular field they
chose for themselves. Being passionate and risk taker help the organization is taking major
decisions for the business where the best can be adopted by them for better outputs.
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.
Entrepreneur has different personality and mind set that contributes to their success.
Personality of individual has characterised on the basis of lifestyle, culture and bringing up.
Entrepreneur needs to obtain their own personality with different skills to achieve the goal.
Personality considered as important element among all entrepreneurs so that it is totally different
form skills and characteristics (Sullivan and Ford., 2014). Entrepreneur should have great sense of
personal control over outcomes. They should have strongly motivated to remove the obstacles.
Motivated person can achieve his goal in effective manner.
 Neuroticism: entrepreneur have quality of remove the negative trait such as hostility,
depression etc. if businessperson suffers from all these negative traits than he/she can not
perform well. Entrepreneur who is low on this negative trait than he is considered as
emotionally stable and are characterised as self-confident and calm (Zhao, 2016.). To
achieve the target entrepreneur have to be calm and confident. Businessperson have to be
carry positive attitude in the face of stress. Self-confident is very useful to complete the
function and to increase the productivity of business. So this personality of entrepreneur
make them different from normal people.
 Extraversion: entrepreneur have to be attractive, talkative, assertive, and social. To
develop growth entrepreneur have to be energetic. When entrepreneur is talkative and
attractive than he can satisfy the customers and gain the benefits of business. By the
positive attitude he can manage his business environment and staff members. By keeping
the positive attitude entrepreneur can get customer's loyalty.
 Openness: in this to improve the business growth and to develop the profitability in
business unit SME need to include culture, originality and experience among the
individual. the main factors to improve the business strategy. When business include
culture, experience in their business environment than all workers get motivate. Business
persona have to be creative, curious and imaginative to improve the business growth.

 Agreeableness: some traits like believing, forgiving, caring and cooperative are positive
traits and help the business person to manage the relation with staff members and clients.
While those are low on mentioned positive traits are manipulated, self- centred,
mistrustful and ruthless. When entrepreneur are carrying negative traits there is tough
survive for the business person.
 Conscientiousness: this indicates an individual's degree of corporation, hard work and
motivation to achieve the goal in systematic manner. It has aim to carry out and develop
the attitude so that main target can complete.
 Accommodation: it is effective strategy that tends to caring instead of suspicious.
So personality of entrepreneur is playing main role in the success of business. Personality of
entrepreneur helps to increase the growth of business in good manner.
TASK 4
P7 Background and experience hinder or foster entrepreneurship
In this context, reward and drawback of entrepreneurship plays major role. Therefore, it
helps to compete with other corporation in effective feature. There are so many factors that helps
the organisation to achieve the desire outcome. Different factors could be impact to bringing up
the entrepreneurship to attain best result. Business person's experience, skills and education
impact on their performance in entrepreneurship. Moreover, to increase the business in effective
manner entrepreneur have experience about the business his past knowledge plays a main role in
the success of business. They can perform at high level if they have past experience and different
skills. In this we are taking the example of Zukerberg, he is co founder of Facebook and
currently operates as its chairman and chief executive officer (Sankar and Sutha, 2016.).
Zukerberg possess effective past background that shows his skills and capabilities help to foster
effective past background. As he is co-founder of Facebook, which is used by everyone in the
world to communicate with each others. He got the success in very young age. He increased h is
skills with the help of motivation (Bae,2014). He got continuous motivation from his family. His
father was successful businessman who faces several problems with communicating the clients at
global level. Therefore, Zuckerberg got an idea to utilize the application in which people can talk
with each other in every area of the world.

His parents were motivated him to implement this application. This process was niot easy
for Zuckerberg he faced several problems and risks to launch this application. Many kinds of
traits he takes such as risk, innovator, motivation and confidence etc. therefore, it helps to
support as successful business man in all over the world(Mazzucato.,2015). So there is a big role of
motivation and background to achieve the success in any field. If a person uses his personal
skills with effective manner than he can do anything. Motivation is also required for business
person to achieve the target. Past background gives the motivation and set the goal for person.
All the positive traits such as confidence, trust and knowledge etc. must required for the
entrepreneur. If a person is low on those traits than can not get the success in life.
Adequate role is played by education being gained by the individual, family background
and support, experience, gender they belong to and nationality when it comes to their successful
career with respect to business. Hence, it can be stated not having support can make things a bit
difficult for the entrepreneur in the pathway of success.
CONCLUSION:
From above report, it can be summing up that entrepreneurship is very important factor which
make successful results in the society. This report focused on the entrepreneurial venture and
typologies of entrepreneurship. This report explained the small, large, life style and social
entrepreneurship. This report also described the difference and similarities between the different
entrepreneur venture. This report focused on the role of micro and social business in the
economy of government. Moreover, report also explained the factors of successful entrepreneur.
Above report also explained the skills and personality of business person. This report also
focused on the importance of motivation scheme in the enterprise. Moreover, this report also
described the importance of employee's past experience and knowledge.

Online
Entrepreneur Mindset: EU vs USA, 2017. [Online] Available through:
<https://rudinahp.wordpress.com/2014/10/13/entrepreneur-mindset-eu-vs-usa/>. [Accessed on
10th October 2017].