Entrepreneurship and Business Models

This assignment delves into the fascinating realm of entrepreneurship, examining various types of ventures and influential figures like Bill Gates and Henry Ford. Students are tasked with analyzing relevant research papers on topics such as family entrepreneurship, gender disparities, and the role of culture in entrepreneurial intentions. The assignment emphasizes the significance of business model innovation and encourages critical reflection on the contextual factors shaping entrepreneurial endeavors.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1 Several categories of entrepreneurial ventures and their relation to typologies of
entrepreneurship...........................................................................................................................1
P2 Sameness and differentiation between entrepreneurial ventures............................................3
P3 Evaluating and interpreting the effects over micro and small business on economy.............4
P4 Examining the contribution of Small and start-ups towards growth of social economy after
......................................................................................................................................................6
TASK 2 ...........................................................................................................................................7
P5 Examining the Qualities as well as traits of idol entrepreneurs and differentiation with
business manager.........................................................................................................................7
P6 Assess entrepreneurial personality reflect their motivation and mindset...............................8
P7: Examining the relevant examples of persons history of becoming entrepreneurs..............10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
In recent time entrepreneurship is defined as the activity related to establishing a new
firm or an organisation and basically performed by the individual named entrepreneur with the
main motive of generating the revenues and ready to bear the associated risks. Generally, the
entrepreneur identifies the unmet or unsatisfied needs or wants of people and take advantage of
that deficiency and render the services or products to satisfy that unmet needs with the main
motive earning revenues and profits . Furthermore, the entrepreneurs are the individual who
converts the entrepreneurial idea into the entrepreneurial business opportunity and bears risks
only with an aim of generating income or profit. It is crucial for the incorporation of the venture.
This report examines the several entrepreneurial ventures and classifications with the help of a
consultancy firm “Make it work” which helps the individual entrepreneur by advising them
potential methods for becoming successful their venturers. Besides this, impact over medium
companies on social and economic growth within UK the important feature of businessperson
attribute consideration over their mind-set and examines motivation. Along with this, motivation
and background foster or hinder entrepreneurship also examined.
TASK1
Covered in Booklet
TASK 2
P5 Examining the Qualities as well as traits of idol entrepreneurs and differentiation with
business manager
Entrepreneurs termed as the individual who launch a new business venture by converting
the entrepreneurial ideas into the entrepreneurial business opportunity and bears risks only with
an aim of generating income or profit (Hlady‐Rispal and Jouison‐Laffitte, 2014). It is crucial for
the incorporation of the venture. It is also essential that they have abstractions of directing and
coordinating their employees for working as a team the two idol entrepreneurs are “Bill Gates”
or William Henry Gates III is an American business magnate, investor, author, philanthropist,
and humanitarian. He is best known as the principal founder of Microsoft Corporation is the
founder and owner of the Microsoft Corporation (USA) and “Henry Ford” Henry Ford was an
American captain of industry and a business magnate, the founder of the Ford Motor Company,
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and the sponsor of the development of the assembly line technique of mass production. There are
some traits or qualities of these entrepreneurs which are mentioned underneath.
 Hard working and pertain dedications: It is necessary attribute which are essential for
individual entrepreneurs to perform the functions and accomplishing the goals of
entrepreneurial venture. Bill Gates and Henry Ford were truly hard workers and they
perform their activities with full potentials which promote the business to next level. This
also benefited for focusing on the performing the innovations in business.
 Flexible: It can be termed as another trait and it is crucial for entrepreneur in order to
managing entity to attain the good repo in market. It is needful to encourage them to
helps accept uncertain and contingent situations which arises because of dynamic nature
of business environment. Bill gates and Henry Ford have the quality of flexible
entrepreneur because they implement the changes in functioning and launch the new
innovation.
 Passionate: Passion is also crucial for becoming an idol entrepreneur. It leads to
accomplishment of desired target and goals. Henry ford and Bill Gates becomes
successful or idol entrepreneur as due to they work with passion not formerly. It renders
capability to face all challenges and acts as inspirational and motivational force
performing the jobs in critical situations.
There are some traits which are crucial for becoming an idol entrepreneur or to form an
enterprise profitable. They are as follows.
Basis Entrepreneur Business manager
Definition The businessperson is an
individual entrepreneur who
have innovational business
opinion and they convert that
in business opportunities and
develop a new entity (Welter
and Gartner, 2016). Capital,
land and labour are several
source, essential for
Business manager refers to the
person who has the
responsibilities regarding
framing plans and strategies
provides directions to
employees to perform the
functioning effectively.
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performing operations.
Risk taking Entrepreneur require to bears
risks solely associated with the
operations of business and that
is financial loss or failure of
plan.
Manager bears less risk than an
entrepreneur, as their duty is to
control and coordinate the
employees for completion of
work within defined time.
Status The businessperson or
entrepreneur refers to the
proprietor of entrepreneurial
venture which incorporated the
venture to create wealth or
profits. Thus, they can be
treated as the individual who
perform decisioning
independently and effectively.
Business manager is given
authority by top personnel to
manage team to function
effectively. They assist seniors
in execution of operations and
delivery of quality products
and services to buyers.
P6 Assess entrepreneurial personality reflect their motivation and mindset
Entrepreneurship have different trait quality that are as follows-
Openness to experience -
Entrepreneurs are basically most innovative person that are ready to make changes in the
system which can help in decision making. Those entrepreneurs who have high traits can show
more interest towards work and have more curiosity for learning new things. The entrepreneurs
are the persons who engages with the implementing the innovative in real business opportunities
for more betterment of the organisation. There was a common thing in both Bill gates and henry
ford which is to bears the risks associated with in the organisation. it also helps them in facing
the future competition as well as required for the long survival of the business.
Conscientiousness-
Gates and ford both are goal-oriented person who completes task on time and can spend
time on making plans and policies Those who do not have conscientiousness trait quality they
will fail to accomplish every planned task and do not like to work in a scheduled structure.
Extroversion-
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Those persons who are extrovert they are social, talkative and can express their views in
all over the world. However, Bill Gates was introvert nature personality but slowly and
gradually, he worked on it and generated the leadership skills more proficiently. Ford was
extrovert personality and straightforward person to implement and connect the man power in
more strategic manner. They have different kind of ideas that they can express in front of
everybody. They are fully energetic and can make conversation with everybody. Those who are
introvert they always think before they speak and they are not able to express their views with
everybody, they do not show any kind of kin interest.
Agreeableness-
These entrepreneurs are like to work in a team and can maintain a friendly relation with
every team members (Trimi and Berbegal-Mirabent, 2012). They are selfless, trustworthy and
can make sentiments with everybody. Entrepreneurs who have high quality can make work to be
good so that work can be appreciated by others.
Neuroticism-
These persons are basically make different actions and decisions that can make emotional
uncertainty of person. Those who have this quality are always in stress condition, panic for so
many things and their mood is also swings day by day. Those who do not have this quality are
free with stress and have an emotional stability to make them feel relaxed from every type of
work.
P7: Examining the applicable illustration of persons history of becoming entrepreneurs
Entrepreneur keeps on focusing to the factors and the past cases that help in making useful
decision so that future can be better for their business. In recent time, it has been observed that
entrepreneur use to analyse the past data available in present that support them to develop a
personality, which is effective for the betterment of business operations. As Bill gates used
knowledge to invent new ideas and concepts to emphasise the computer technology in 21st
century. Experience and background of Henry ford from also motivates towards keep trying at
every stage and levels. All this process support them to get motivated and work better for the
growth and development of new business and run them in effective manner.
There are number of factors that are consider by larger number of businessperson that are
linked with the background of an organisation. The above-discussed entrepreneur as Bill Gates
and Henry Ford do not have the right education as at their early life they use to work and manage
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their life. Maths was the favourite of gates in college and his mind was set to be a maths teacher.
Academic discipline is was the main skill that helped Gates a lot in creating Microsoft. His
analytical skills helps to make complex equitation of the software. As Bill gates overcome his
fear of launching Microsoft in late nineties. Gates was an introvert and antisocial personality.
This is because they have to face many difficulties while doing business. The reason they are
able to manage their business for such a long time is just because they have national background.
It has been observed that an entrepreneur having detail knowledge about business and operation
and have capability to handle them in significant manner this help them to develop new
enterprise.
A simple but powerful quote form Henry ford is “Failure is simply the opportunity to
begin again, this time more intelligently” that itself generate motivation to do the task again
with more passivity. In general characterised traits of an individual support to acquire various
kind of information that could be applied within own business for growth and development. I
have learnt different things from the background and past experience of other that support me
deal with different problems. I faces complex situation while developing new business such as
shortage of raw material, lack of employees attention, risk factors etc. Thus I applied different
concepts and theories to overcome these issues.
CONCLUSION
From the above report it has been concluded that the entrepreneurship comprises crucial
role in developing the economic growth of nation. Small, social, scalable- start-up and large are
differentiated entrepreneurial categories which operates in UK and contributes to UK's national
income. In UK, small and micro entities are large in numbers and are benefited for government
as they lead to increment in employment opportunities, creation of wealth and amend
infrastructure. An enterpriser requires to be hard-worker, flexible and passionate in nature for
facing the tough condition and ensure smooth running of business. Besides this, the enterpriser
must pertain the experience, conscientiousness, extraversion, agreeableness, neuroticism are
several personality traits which are crucial for successful business and its long survival.
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REFERENCES
Books and Journals:
Bettinelli, C., Fayolle, A. and Randerson, K., 2014. Family entrepreneurship: a developing field.
Foundations and Trends® in Entrepreneurship, 10(3), pp.161-236.
Ascher, J., 2012. Female entrepreneurship–An appropriate response to gender discrimination.
Maritz, A. and Brown, C.R., 2013. Illuminating the black box of entrepreneurship education
programs. Education+ Training, 55(3), pp.234-252.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
Solesvik, M., Westhead, P. and Matlay, H., 2014. Cultural factors and entrepreneurial intention:
The role of entrepreneurship education. Education+ Training, 56(8/9), pp.680-696.
Dahalan, N., Jaafar, M. and Rosdi, S.A.M., 2013. Local community readiness in
entrepreneurship: do gender differ in searching business opportunity. Procedia-social
and behavioral sciences,c 91, pp.403-410.
Emami, M. and Nazari, K., 2012. Entrepreneurship, religion, and business ethics.
Welter, F., Brush, C. and De Bruin, A., 2014. The gendering of entrepreneurship context.
Coad, A., 2014. Death is not a success: Reflections on business exit. International Small
Business Journal, 32(7), pp.721-732.
Hlady‐Rispal, M. and Jouison‐Laffitte, E., 2014. Qualitative research methods and
epistemological frameworks: A review of publication trends in entrepreneurship.
Journal of Small Business Management, 52(4), pp.594-614.
Welter, F. and Gartner, W.B. Eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.
Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in entrepreneurship.
International Entrepreneurship and Management Journal, 8(4), pp.449-465.
Online :
Different types of entrepreneurial ventures, 2018. [online]. Available through:
<http://casnocha.com/2011/02/the-four-types-of-entrepreneurship.html>.
Bill Gates. 2019. [Online]. Available through:
<https://www.biographyonline.net/business/bill-gates.html>.
Henry ford. 2019. [Online]. Available through:
<https://www.biography.com/people/henry-ford-9298747>.
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