Factors Affecting Entrepreneurial Success

This assignment examines the key factors that influence entrepreneurship, including cultural and personality traits. The report presents two case studies: Infosys, a public sector firm, and Dalian Wanda group, a private sector company. It highlights the importance of understanding these factors in fostering or hindering business performance. The discussion also emphasizes the role of government policies and regulations in shaping entrepreneurial success.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Different type of entrepreneurial ventures and their relation with typology .......................3
P2. Similarities and Differences between social and lifestyle entrepreneurship.........................4
TASK 2............................................................................................................................................5
P3. Assess Data and statistics to illustrate impact of SME's on UK economy...........................5
P4. Importance of SME's and Start-ups to the growth of social economy in UK.......................6
TASK 3............................................................................................................................................7
P5. Characteristic traits and skills of entrepreneurs ...................................................................7
P6. Entrepreneurial personality that reflect motivation and mindset..........................................8
TASK 4............................................................................................................................................9
P7. Personal background, skills and experiences, personality that can hinder or foster
entrepreneurship success or failure.............................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is a process that focus on running business entity in order to gain final
results in conducive and profitable mode. It is characterised by working with invention and
modern process so that final set targets can be accomplished in effective and efficient way. This
report include different type of entrepreneurial ventures that are present in business environment.
There is another category which is known as small scale business which is known as important
part of society that aids in enhancing economy and increasing productivity. This assignment
throws light on case of Dalian Wanda group, which is the world's largest movie theatre operator .
Another is Infosys, which is a well established technology organisation. Both are unrelated with
each other on number of grounds. Report consists of importance of business organisations and
skills that should be present in entrepreneur in order to stand apart from others. There are several
factors that either foster or hinder growth and performance.
TASK 1
P1. Different type of entrepreneurial ventures and their relation with typology
Entrepreneurial ventures refers to institution which is set up in the society to achieve
certain aims and objectives in particular time period. Their basic motive is to earn significant
financial gains and remarkable market growth (Bridge, and O'Neill, 2012). These establishments
are carried out by successful business man who function with innovative ideas and work process.
There are number of resources that are needed to run business that are land, capital, resources,
finance etc. All these are coordinated together towards single direction. Different types of
Entrepreneurial Ventures are discussed below: Private organisation: It is that entity that are run by group of people who have their
own rules and policies which are followed by them. They only work to earn maximum
profits and revenues. Dalian Wanda group is a privately owned and is operating in
numerous sectors that are media, entertainment, construction etc. Public Organisation: Its main motive is to serve quality services to maximum number
of people. Infosys is among top IT sector that supply its services and operations in
accordance to set government policies. They have single goal and purpose that is to be
attained by delivering high quality services effectively.

 Social Entrepreneurs: This type of business organisations are run to deliver services to
people living in society for increasing their level of standard living. The important
characteristic is that work on the concept of no profit no loss. Examples are non
cooperative society that have some intention (Hatten, 2012).
There are certain relationship that exist between typology and entrepreneurship that are discussed
below: Female Entrepreneurs: In society, there are female also who operate in business
environment and are performing well along with male business people. They carry out
work process in proper condition and face all challenges confidently that arise in
between.
 Serial Entrepreneurs: This type of business entity is run by single individual and draw
policies, regulations to work towards achieving their set mission and vision.
P2. Similarities and Differences between social and lifestyle entrepreneurship
Each and every entrepreneur which is present in business environment have specific
features and nature associated with it. These are formed for attaining specific objective and
goals. There are similarities and differences attached to it which is mentioned below:
Lifestyle Entrepreneur Social Entrepreneur
Similarities Similarities
 They basic motive is to come up with
modern and new products or services in
order to pull large number of customers
in market place so that their needs and
wants get satisfied.
 They perform market research before
creating any goods or services so that
they can able to produce such things
that lead to meeting their demands
coherently (Alsos, Carter, and
Ljunggren, 2011).
 It is also constructed to deliver high
quality services to public so that they
can enjoy high market share growth.
 Their primary objective is to find out
needs of people and than work in order
to satisfy it in effectual and expeditious
manner.
 There are number of groups that exist
in society and have diverse nature, roles
and obligations that has to be met out in
correct time period.

Differences Differences
 This type of organisations can be
different from each other on various
number of points for instance Dalian
Wanda group offers divergent type of
products in several sectors that are
sports, health care, hospitality etc.
 They have to operate in dynamic
business environment which keeps on
changing with time and has to be
operated in accordance to it.
 Their basic work is to render products
or services so that improvements can be
done in current business environment
and proper results can be attained.
 There are number of issues that need
proper attention and have
disadvantages associated with it. For
example poverty eradication, supplying
quality education to people and many
more.
 Infosys is accustomed with a purpose
of grating IT based services to people
that are spread all over world.
Company concentrates on fulfilling the
wants of people in IT sector.
TASK 2
P3. Assess Data and statistics to illustrate impact of SME's on UK economy
Every organisation have different nature, size, objectives that has to be completed in
particular time period. Small business firm is constituted for playing certain roles that result in to
increasing economic growth at momentous level. They play very essential functions and
purposes at place where they are implanted (Dennis, 2011). They always assist in earning high
share in GDP and growth so that economy grows in significant mode. They have unique features
associated with it like, they have limited amount of capital that has to be allocated at various key
areas that are present in business organisational system. Several financial institutions are there
that provide aid in carrying out their operations in achievable way. They are roles that are
associated with it that are enhancing quality of living and creating number of employment
opportunities for people living in society. It will help them to earn their basic necessities of life

and create a high quality of living standards. There are number of dimensions that possess direct
impact on performance of small scale business institution. Some elements are illustrated below: Changes introduced in local society: Businesses are located in society that functions to
meet desires and wants of people by rendering them services and goods of their demand.
Hence, if there is any modifications or alterations that take place will result in moulding
decision process. Changes in Overall Economy: Business system is largely impacted due to any
modifications that occur in economy where it is operating. Therefore, it should be
properly examined before conducting any process. For instance any change in tax
structure, import-export duties will lead to modifications in company structure in various
ways (Blackburn, Hart, and Wainwright, 2013).
 Local Changes: It include all those procedures that is directly linked with strengthening
status of people efficiently. Thus, it is required to find out important areas that need
regular alterations with time. These can be favourable or non favourable depending on
the situation.
P4. Importance of SME's and Start-ups to the growth of social economy in UK
Every business organisation that is established, contribute number of things in the
society. Government plays a very important role in this regard by providing them help in all
means and make them grow continuously at higher level. They have formulated various duties
and obligations that has to be incorporated by these business organisations. Therefore, work
process can be conducted in conducive way.
UK government have framed sustainable amount of rules and regulations that is targetted
in accomplishing in set goals. They coordinate their efforts with these institutions so that they
together produce high outcomes and results (Preuss, 2011). Their primary intent is to develop
small scale business or start ups so that they can contribute best of their level. Thus, it is
mandatory for business establishment to follow all steps and suggestions in order to run towards
particular set direction or way.
Methods that are constituted by business firm that lead in growing economy are described below:
 All rules that are developed by government sector is always focused in developing
society in several ways so that final results can be earned.

 Small scale business is constructed for accelerating health and quality of life of people.
They have to face number of challenges in the form of opportunities or threats, all
these have to be properly scrutinized by them so that concluding mission can be
attained.
 Government also propel in minimizing wastes so that there all resources can be
managed and allocated in decorous and correct place so that all business can be
successfully run.
 Equal opportunity is created for male and female entrepreneurs to carry out business
process. They are encouraged to face all obstacles that are present in business life so
that work process can be conducted. Thus, government always promote equality factor
in society so that there is no discrimination on basis of gender or caste (Akehurst,
Simarro, and Mas‐Tur, 2012).
TASK 3
P5. Characteristic traits and skills of entrepreneurs
Every person cannot be entrepreneur by birth, there are certain skills and attributes that
must be present in individual in order to become a successful businessman. Hence, it is necessary
to locate specific characteristics in person so that they can able to perform well in their business.
From the case study which is there, owners of Infosys and Dalian Wanda group have consist of
number of traits that are discussed below:
 Tackle risks or challenges: Risks are unfavourable events that are faced by entrepreneur
in their working operations. Hence, it is important to study all aspects and factors that are
affecting business organisations in respective ways.
 Bring change into the system: As business entities have to be operated in environment
which changes from time to time. Managers have to conduct environmental scanning so
that all elements can be correctly focused and than, conduct in smooth way (Sampaio,
Thomas, and Font, 2012).
 Communication Skills: It refers to transferring of ideas, thoughts with each other so that
correct message can be transmitted in the system. Hence, entrepreneur must possess
excellent communication skills.

 Innovation: It refers to coming up with new ideas, thoughts and process so that they can
able to stand firmly in competitive business world. There are several changes that take
place frequently and hence, it is a very essential characteristic that must be present in
entrepreneur.
In reference to case study the two owners have certain qualities that are:
 Nandan Nilekani who is the owner of Infosys, get succeeded in business life by bringing
changes that are happening in current scenario so that they can able to keep in pace with
these modifications. He strictly believe in creating strong teams and carry out their
business operations correctly and sincerely.
 Wang Jialin who is the owner of Dalian Wanda group who is among the top successful
business man with focused aim and desire. It is a well constituted group which is doing
well in their sector.
P6. Entrepreneurial personality that reflect motivation and mindset
Owners of Infosys and Dalian Wanda Group have set benchmarks for several
entrepreneurs due to presence of outstanding personality which make them different from other
in various ways. It is crucial to show mindset and motivation in entrepreneurial characteristics.
There are other features that must be procured by entrepreneur that are listed below:
 Must learn from past experience: There are several and diverse conditions that have
been faced by entrepreneur in their business life. This able them to learn from these
things and hence, execute operations effectively.
 Always focus on objectives: Every company or business firm has certain mission and
vision that has to be completed in set time period (Fayolle, and Gailly, 2015). Thus, it is
necessary to work according to these rules so that final target can be achieved.
 Must contain influential behaviour: Business exist to influence consumer's mind so that
they can able to buy products of company. They have diverse demands that keep on
changing with time and therefore have to be correctly examined before conducting any
work process.
 Conducting work according to current market situation: Market is a place which is not
stable and keep on changing with time. Therefore, there are strategies that are framed by

entrepreneurs to implement change management model with time (Bernhard, and
O'Driscoll, 2011).
TASK 4
P7. Personal background, skills and experiences, personality that can hinder or foster
entrepreneurship success or failure
Entrepreneur's success or failure is largely depended on number of grounds that has to be
consider while developing successful business firm. There are number of obstacles that are
present in way and has to be examined decently that hugely ensure success or failure of business
organisation. This is the duty of business man to study all factors and elements that are beneficial
or not. Thus, considering all these aspects it become mandatory to concentrate on background,
experiences, skills that are illustrated below:
 Personal Experience: It include learning that has been experienced from past experiences.
Entrepreneurs have to examine these situations in proper manner so that present work
process must not be hinder due to several reasons. Experiences can be good or bad, both
has to be adopted in running business firm.
 Personal Skills: Entrepreneurs should be smart and must have influential skills so that
they can succeed in working according to customer's need and wants. Their demand keep
on changing with time and that has to be adopted for yielding maximum revenue.
 Personal Background: This plays a very prospective role in carrying out business
organisation. It involve belief, customs, traditions, culture that are attached with every
entrepreneur. It directly contribute in fostering or hindering business performance. For
instance, if background is strong than business man will not face problem related to
funds, capital, and other resources.
 Personality Factor: Personality refers to attribute, characteristics that are present in
individual. It directly related to increase in profit and productivity of business entity.
There are respective capabilities that are there in individual and hence, able to foster
overall performance in attainable mode.

CONCLUSION
From the above report it has been concluded that entrepreneurship is a important process
that is conducted by entrepreneur in significant manner. There are number of ventures that are
present in business environment and having diverse nature, characteristics and responsibilities.
Report also put emphasis on two case study of Infosys, a public sector firm and Dalian Wanda
group, which is a private sector. These can be differentiated from each other on number of
dimensions. UK Government also play a momentous role in framing number of policies and
regulations that has to be followed by every business institution.

REFERENCES
Books and Journals
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Palgrave Macmillan.
Hatten, T.S., 2012. Small business management: Entrepreneurship and beyond. Cengage
Learning.
Alsos, G. A., Carter, S. and Ljunggren, E. eds., 2011. The handbook of research on
entrepreneurship in agriculture and rural development. Edward Elgar Publishing.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women entrepreneurship in small service
firms: motivations, barriers and performance. The Service Industries Journal.. 32(15).
pp.2489-2505.
Sampaio, A. R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management. 53(1). pp.75-93.
Bernhard, F. and O'Driscoll, M. P., 2011. Psychological ownership in small family-owned
businesses: Leadership style and nonfamily-employees’ work attitudes and behaviors.
Group & Organization Management. 36(3). pp.345-384.