Entrepreneurship and Small Business Management

This document provides an overview of entrepreneurship and small business management. It discusses the various types of entrepreneurial ventures, their similarities and differences, and their impact on the economy. It also explores the traits and skills of successful entrepreneurs and how background and experience can hinder or foster entrepreneurship. Additionally, it highlights the importance of small businesses and business start-ups to the growth of the social economy. The document is suitable for students studying entrepreneurship and small business management.

Entrepreneurship and Small
Business Management

EXECUTIVE SUMMARY
Entrepreneurship is one who design and operate a new venture in the global market.
Similarities and differences among entrepreneurial ventures are studied to understand their each
concepts. How micro and small business is influencing economy is determined in order to makes
necessary chances in the loop holes. On the other hand importance of small business and
business start-ups to growth of social economy are examined so more entrepreneurs can be
motivated to come up with innovative idea. The traits, skills and characteristic which differ
entrepreneur from manger are evaluated so that weak skills can be improved with the phase of
time. Tessa Clarke and Andrew Diprose are the two selected entrepreneur who background and
experience is deeply studied in order to foster entrepreneurship.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Explain Various types of entrepreneurial ventures................................................................1
Illustrate similarities and difference between entrepreneurial ventures.................................4
TASK 2............................................................................................................................................5
Interpret and assess applicable data and statistics to exemplify how micro and small
businesses effect on economy................................................................................................5
Importance of small businesses and business start ups to the growth of social economy......7
TASK 3............................................................................................................................................8
Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................8
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset...................................................................................................................................9
TASK 4..........................................................................................................................................11
Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship...................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is the process of launching, designing and running a new venture in the
global market. Whereas, entrepreneurs are those who are accountable in taking high risk for the
business growth and development. They are contributing more in the upliftment of the nation
economy because new and small businesses are generating huge job opportunity for the general
public. New venture is opened with innovative idea so they are able to create job opportunity for
people in various area. By this ratio of unemployment is reduced and living standards of the
people are raised as compare to earlier day. Government should support the entrepreneurs
financially so that more small businesses can be opened in the market place. LCC has invited to
Local Authority Business Conference. This conference is conducted once in a year to promote
entrepreneurship in the area. This assignment covers, various types of entrepreneurial ventures
and how they are interrelated with entrepreneurial typology. Similarities and differences among
entrepreneurial ventures are studied to understand their concepts. Statistical diagram is evaluated
to understand how micro and small businesses impact economy. Importance of small business
on growth of the social economy is determined. Two entrepreneurs are selected and study to
known how their background and experience hinder entrepreneurship.
TASK 1
Explain Various types of entrepreneurial ventures
Different typology of Entrepreneurship
Social entrepreneur typology- It consist those kind of entrepreneurs who are passionate to work
for the welfare of the society and dedicated to solve social issues in order to improve the living
standard and life style of specific community in an effective manner (Kunaka and Moos, 2019).
This type of entrepreneurship consist non governmental organisation, charity firm and trusts etc.
These firms are basically offer social services to resolve social problems.
Speaker notes:
Scalable entrepreneur typology- Within this typology, it involves scale start-up entrepreneurs
who makes their efforts to collect creative and effective ideas and thoughts in context of business
activities for accomplishing sustainable profit margins ratio. These kind of person impose time
management quality which directs them to gain effective outcomes in appropriate manner within
set time frame without any complexities.
1

Male entrepreneur typology- Under this type, it mention that male entrepreneurs are
more effective in making control and determining whole business operations and activities in
comparison to female. Moreover, small and large business are related with such typology
because these firms are competitive and challenging business atmosphere. Due to which, it help
in making their planning and critical thinking quality more strong for achieving effective level of
sales and profitability (Landström and Harirchi, 2019).
Female entrepreneur typology- This determinant of typology states that females have
more patients compare to male that direct them to apply effective decision in term of particular
issue and complexity. In context of it, social entrepreneurship has been advised which is
affiliated with this typology as they pointed as good decision maker that advantageous them in
devising effective relations in business assumptions.
Various types of entrepreneurial ventures
Entrepreneurs refers to as individual to open up a new venture is accountable to handle all profit
and loss incurred by the organization in the cut throat competitive world (Demirel and Tamvada,
2019). In the market entrepreneurs come up with those product and services which are demanded
by customers.
Speaker notes:
Many time they come with innovative idea and create demand for that goods and services so that
consumer are stimulated to purchase them. Profit maximization is the main motive of
entrepreneur who are opening their small business among rivalry.
Entrepreneurial venture are that type of organisation which are having varied scope and
sizes and are functioned by entrepreneurs in the internal market. This covers public and private
venture. In public venture government monitors the business activities and work for providing
services to the general public. Their main motive is not to earn profit. Whereas, private
organization is any corporation, person, agency or partnership which are functioned by public
body. In this type of business there is no government interference only business owner operate
their business. They are running the firm with the motive of generating huge profit by selling
their goods and serves in the global market. New venture are able to grow and develop business
in the market because their business and goods are completely innovative. In today's world
customers are more attracted towards those product and services which are unique in nature. The
various entrepreneurial ventures are discussed as under:
2

Small business entrepreneurship: They are independent and are conducting business
activities at small level in the market place (Julien, 2018). The size of the small entrepreneurship
is limited. There is no government interference and are running the business to earn their
livelihood. With less capital this type of venture in be opened in the market Example: TSB bank
in Barnet are serving their bank services to the local people to that their issues related to finance
can be resolved easily. The scope of TSB bank is to assist local people and community to expand
unitedly. By this raising issues related to cash, pension etc. can be solved easily. TSB bank has
growth opportunity in national and international level. They are coming with effective policies
related in car insurance, life insurance, home loan and many more. By this business of bank can
be expanded in the market easily and huge customer base can be raised for the service.
Scalable start up entrepreneurship: Here, innovative idea or thought is selected and
find out repeatable business model that can turn into profit and growth of the company. In the
open market place this type of entrepreneurs does not enter in the vast because they have no
certification of being implemented in the market. Example: Trouva provides online marketplace
for brick and mortar independent boutiques selling. This organization provide products in UK
and Europe. The scope of the business is to provide quality services to the customers. There is
growth opportunity for this business because in today's world people mostly prefer to deal
online (Kraus and Schüssler, 2018).
Large company entrepreneurship: To operate this type of business in the market
sufficient amount of fund is required. Large company entrepreneurship is running the business in
order to gain huge profit by selling their goods and services to their potential customers. There is
more government interference in this type of business. Example: Mark and Spencer is a large
company entrepreneurship which is British retailer and are serving their goods and services
across the globe. The scope of the company is to provide high quality clothing , food products
and home product to their targeted customers. By coming up innovative goods in the market
business can easily grow and develop in the international market. By scanning the global market
creative products should be launched in the market to make it successful.
Social entrepreneurship: This type of business mostly work for the betterment of the
society and community. Social entrepreneurial come up with those product and services which
are beneficial for the people living in the society. By this living stand of the general public can
be raised by solving their problem. Example: The Create foundation is a social firm which is
3

working for creating job in the nation. Along with this they train young mind to restart their life
again who are homeless and marginalised. The scope of the business is to reduce unemployment
from the country (Kunaka and Moos, 2019). This foundation has growth opportunity in the both
national and international level because they are training those young mind who are homeless by
this poverty can be reduced to a large extent.
Difference between entrepreneurial ventures
Basis Small business Scalable start up Large company Social
entrepreneurial
ship
Characteristic Low capital is
required to start
up the business in
the market. No
government
interference is
done in this type
of business.
Scalable business
concentrates more
on new start up
business so that
huge profit can be
maximized.
Goods are
produced in the
market according
to the taste and
demand of the
customers by
large company.
Their main
characteristic is to
serve the society
for the betterment
.
Continue...
Basis Small business Scalable start up Large company Social
entrepreneurial
ship
Objectives The objective is
to earn livelihood
(Brush and
Welter, 2019).
To invite free
enterprise and to
stimulate them to
invest in their
Their main
objective is to
come up with
innovative goods
Social
entrepreneurship
objective is to
uplift the
4

new business. and services in
the market.
community by
solving the issues
prevailing in the
open market place
(Mafundu and
Mafini, 2019).
Continue...
Basis Small business Scalable start up Large company Social
entrepreneurial
ship
Motive To satisfy the
needs of the
customer is the
main motive.
The motive of
this firm is to turn
their creative
thought or idea
into profitability.
Innovation in the
exiting goods and
services is the
main motive.
To uplift the
living stand of the
people towards
betterment is the
motive of social
entrepreneurship.
Continue...
Basis Small business Scalable start up Large company Social
entrepreneurial
ship
Growth and
development
Small business
has opportunity to
grow their
business in other
By identify
repeatable
business model
business can be
By expanding the
business in other
segment business
can be develop in
Firm can grow
and develop by
solving the
community issue
5

local area so that
revenue can be
maximized
developed by
turning them into
more profits and
growth of the
firm (Maziriri,
and Madinga,
2018).
the nation
successfully.
like, making
people aware
regarding cancer
and it's
symptoms,
education level,
awaring people
about their human
rights and so on.
Conclusion
From the above it can be concluded that there are various types of entrepreneurial ventures and
are related with typology of entrepreneurship. Brief explanation of the entrepreneurial ventures
such as, Small business entrepreneurship, large entrepreneurial, Scalable start up
entrepreneurship and Social entrepreneurship are done so that concepts regarding them can be
enhanced.
Speaker notes:
Moreover, various typologies are determined like, male typology, female typology and so on. So
that their interrelationship with ventures can be examined effectively. The similarities and
differences are between entrepreneurial venture is done in order to understand them much better
what are their positive and negative side. Diagram is used to illustrate how micro and small
business impact on the economy because images helps to evaluating the data more easily and
appropriately.
References
 Brush, C., Edelman, L. F., Manolova, T. and Welter, F., 2019. A gendered look at
entrepreneurship ecosystems. Small Business Economics. 53(2). pp.393-408.
 Demirel, P., Li, Q. C., Rentocchini, F. and Tamvada, J. P., 2019. Born to be green: new
insights into the economics and management of green entrepreneurship. Small Business
Economics. 52(4). pp.759-771.
 Julien, P. A., 2018. The state of the art in small business and entrepreneurship.
Routledge.
6

Entrepreneurs refers to as individual to open up a new venture is accountable to handle
all profit and loss incurred by the organization in the cut throat competitive world (Demirel, P.,
Li and Tamvada, 2019). In the market entrepreneurs come up with those product and services
which are demanded by customers. Many time they come with innovative idea and create
demand for that goods and services so that consumer are stimulated to purchase them. Profit
maximization is the main motive of entrepreneur who are opening their small business among
rivalry.
Entrepreneurial venture are that type of organisation which are having varied scope and
sizes and are functioned by entrepreneurs in the internal market. This covers public and private
venture. In public venture government monitors the business activities and work for providing
services to the general public. Their main motive is not to earn profit. Whereas, private
organization is any corporation, person, agency or partnership which are functioned by public
body. In this type of business there is no government interference only business owner operate
their business. They are running the firm with the motive of generating huge profit by selling
their goods and serves in the global market. New venture are able to grow and develop business
in the market because their business and goods are completely innovative. In today's world
customers are more attracted towards those product and services which are unique in nature. The
various entrepreneurial ventures are discussed as under:
Small business entrepreneurship: They are independent and are conducting business
activities at small level in the market place (Julien, 2018). The size of the small entrepreneurship
is limited. There is no government interference and are running the business to earn their
livelihood. With less capital this type of venture in be opened in the market Example: TSB bank
in Barnet are serving their bank services to the local people to that their issues related to finance
can be resolved easily. The scope of TSB bank is to assist local people and community to expand
unitedly. By this raising issues related to cash, pension etc. can be solved easily. TSB bank has
growth opportunity in national and international level. They are coming with effective policies
related in car insurance, life insurance, home loan and many more. By this business of bank can
be expanded in the market easily and huge customer base can be raised for the service.
7

Scalable start up entrepreneurship: Here, innovative idea or thought is selected and
find out repeatable business model that can turn into profit and growth of the company. In the
open market place this type of entrepreneurs does not enter in the vast because they have no
certification of being implemented in the market. Example: Trouva provides online marketplace
for brick and mortar independent boutiques selling. This organization provide products in UK
and Europe. The scope of the business is to provide quality services to the customers. There is
growth opportunity for this business because in today's world people mostly prefer to deal
online (Kraus and Schüssler, 2018).
Large company entrepreneurship: To operate this type of business in the market
sufficient amount of fund is required. Large company entrepreneurship is running the business in
order to gain huge profit by selling their goods and services to their potential customers. There is
more government interference in this type of business. Example: Mark and Spencer is a large
company entrepreneurship which is British retailer and are serving their goods and services
across the globe. The scope of the company is to provide high quality clothing , food products
and home product to their targeted customers. By coming up innovative goods in the market
business can easily grow and develop in the international market. By scanning the global market
creative products should be launched in the market to make it successful.
Social entrepreneurship: This type of business mostly work for the betterment of the
society and community. Social entrepreneurial come up with those product and services which
are beneficial for the people living in the society. By this living stand of the general public can
be raised by solving their problem. Example: The Create foundation is a social firm which is
working for creating job in the nation. Along with this they train young mind to restart their life
again who are homeless and marginalised. The scope of the business is to reduce unemployment
from the country (Kunaka and Moos, 2019). This foundation has growth opportunity in the both
national and international level because they are training those young mind who are homeless by
this poverty can be reduced to a large extent.
Different typology of Entrepreneurship
Social entrepreneur typology- It consist those kind of entrepreneurs who are passionate
to work for the welfare of the society and dedicated to solve social issues in order to improve the
living standard and life style of specific community in an effective manner. This type of
entrepreneurship consist non governmental organisation, charity firm and trusts etc. These firms
8

are basically offer social services to resolve social problems. Small scale entrepreneur is linked
with social typology of entrepreneurship because they are creating huge job opportunity for the
society people. As well as contributes in rising the living standards of the people.
Scalable entrepreneur typology- Within this typology, it involves scale start-up
entrepreneurs who makes their efforts to collect creative and effective ideas and thoughts in
context of business activities for accomplishing sustainable profit margins ratio. These kind of
person impose time management quality which directs them to gain effective outcomes in
appropriate manner within set time frame without any complexities. Large scale entrepreneurship
is directly linked with scalable typology because both are focusing on innovation so that huge
profit can be maximized in the global market.
Male entrepreneur typology- Under this type, it mention that male entrepreneurs are
more effective in making control and determining whole business operations and activities in
comparison to female. Moreover, small and large business are related with such typology
because these firms are competitive and challenging business atmosphere. Due to which, it help
in making their planning and critical thinking quality more strong for achieving effective level of
sales and profitability (Landström and Harirchi, 2019). It is associated with small scalable
businesses because both makes their efforts to collect creative and effective ideas and thoughts
in context of business activities for accomplishing sustainable profit margins ratio.
Female entrepreneur typology- This determinant of typology states that females have
more patients compare to male that direct them to apply effective decision in term of particular
issue and complexity. In context of it, social entrepreneurship has been advised which is
affiliated with this typology as they pointed as good decision maker that advantageous them in
devising effective relations in business assumptions. It is directly linked with scalable
entrepreneurship because they are independent and are conducting business activities at small
level in the market place while female typology also do the same. Both are working day and
night to meet the emerging needs of the customers in the set deadline.
Illustrate similarities and difference between entrepreneurial ventures
The distinguish types of Scalable start up, Large company and Social entrepreneurship
are illustrated as under:
The differences between entrepreneurial ventures are as follows:
Basis Small business Scalable start up Large company Social
9

entrepreneurship
Characteristic Low capital is
required to start
up the business in
the market. No
government
interference is
done in this type
of business.
Scalable business
concentrates more
on new start up
business so that
huge profit can be
maximized.
Goods are
produced in the
market according
to the taste and
demand of the
customers by
large company.
Their main
characteristic is to
serve the society
for the betterment
.
Objectives The objective is
to earn livelihood
(Brush and
Welter, 2019).
To invite free
enterprise and to
stimulate them to
invest in their
new business.
Their main
objective is to
come up with
innovative goods
and services in
the market.
Social
entrepreneurship
objective is to
uplift the
community by
solving the issues
prevailing in the
open market place
(Mafundu and
Mafini, 2019).
Critical evaluation
Small businesses: This type of business helps in creating large job opportunities for the
society people. As well as raise living standards if the people. There is less government
interferences because they are operating at low level. Small business is more focusing on
generating profit not on expansion.
Scalable start ups: In the open market place this type of entrepreneurs does not enter in
the vast because they have no certification of being implemented in the market. They are
operating business in the local area or within the home nation. They are more focusing on
innovation so that competitive advantages can be gained against rivalry.
10

Large company: Profit maximization is the main motive of large company they are
spending huge investment on research and development activities. There is more government
interference.
Social entrepreneurship: They are working for the welfare of the society. By doing so
better living standards can be given to the community people. Governing bodies need to support
them so that community standards can be improved accordingly.
Similarities of between entrepreneurial ventures are stated as under:
Basis Small business Scalable start up Large company Social
entrepreneurship
Motive To satisfy the
needs of the
customer is the
main motive.
The motive of
this firm is to turn
their creative
thought or idea
into profitability.
Innovation in the
exiting goods and
services is the
main motive.
To uplift the
living stand of the
people towards
betterment is the
motive of social
entrepreneurship.
Growth and
development
Small business
has opportunity to
grow their
business in other
local area so that
revenue can be
maximized
By identify
repeatable
business model
business can be
developed by
turning them into
more profits and
growth of the
firm (Maziriri,
and Madinga,
2018).
By expanding the
business in other
segment business
can be develop in
the nation
successfully.
Firm can grow
and develop by
solving the
community issue
like, making
people aware
regarding cancer
and it's
symptoms,
education level,
awaring people
about their human
rights and so on.
Examples TSB bank in Trouva provides Mark and Spencer The Create
11

Barnet are serving
their bank
services to the
local people to
that their issues
related to finance
can be resolved
easily. The scope
of TSB bank is to
assist local people
and community to
expand unitedly.
By this raising
issues related to
cash, pension etc.
can be solved
easily. TSB bank
has growth
opportunity in
national and
international
level. They are
coming with
effective policies
related in car
insurance, life
insurance, home
loan and many
more. By this
business of bank
can be expanded
online
marketplace for
brick and mortar
independent
boutiques selling.
This organization
provide products
in UK and
Europe. The
scope of the
business is to
provide quality
services to the
customers. There
is growth
opportunity for
this business
because in today's
world people
mostly prefer to
deal online
is a large
company
entrepreneurship
which is British
retailer and are
serving their
goods and
services across
the globe. The
scope of the
company is to
provide high
quality clothing ,
food products and
home product to
their targeted
customers. By
coming up
innovative goods
in the market
business can
easily grow and
develop in the
international
market. By
scanning the
global market
creative products
should be
launched in the
market to make it
foundation is a
social firm which
is working for
creating job in
the nation. Along
with this they
train young mind
to restart their life
again who are
homeless and
marginalised. The
scope of the
business is to
reduce
unemployment
from the country
(Kunaka and
Moos, 2019).
This foundation
has growth
opportunity in the
both national and
international level
because they are
training those
young mind who
are homeless by
this poverty can
be reduced to a
large extent.
12

in the market
easily and huge
customer base can
be raised for the
service.
successful.
TASK 2
Interpret and assess applicable data and statistics to exemplify how micro and small businesses
effect on economy
The Economy of the country is capable to increase at contentious rate just because the
micro and the small business are developing many job opportunity in the worldwide market
place. They play an important role to increasing the national income to large level. The Economy
of the nation can flourish when each and every type of business are moving smoothly.
SME affecting on national economy:
Employment generation: More job opportunities are created by small business in open
market. They gives work to those individuals who are not hired through the top organisations. In
their small and micro business, they hire capable and skilled staff members because their
requirement is for faculty member who could work with full dedication and work hard. By those
workers they help corporation that will be capable to gain long term sustainability. More
essential employment increases economy at fast scale level which indirectly rise the national
income by resolving the problems which is associated to unemployment in the nation. It is
important to difference among these various activities.
Moreover, recognizing that sustainability and the long term effect should be considered
in punctual way to implementing any work generation program. Economically, the employment
gives income to the poor people and their families, stimulates overall growth, revives domestic
demands for services and growth (Østergaard and Marinova, 2018).
High flow of cash: Because of small and micro businesses, This is possible in the
international market, flow of cash is raised that are operating in the world wide market places.
Whenever, a fresh project is opened , it directly help to ring more financially resources for the
13

country. The accumulated monetary amount which is used by governance bodies for the fortify
the economy of the nation.
SME affecting on international economy:
Infrastructure development: The economic state of the country is growing because, the
small and micro businesses contribute their work. The accumulated cost is utilised through the
authorities of UK for the creation and development. If infrastructure through roads, institutions,
schools, building bridges. The large scale infrastructure is generally produced through the
publicly regulated monopolies and the public sector. But at the point the small scale
infrastructure can rarely produced by private corporations or local collective actions.
Economic Development: This is the process where low income, simple national
economies are changed into modern industrial economies. But due the dawn of the industrial
modification and globalisation, contribution of SME increases their economies of scale declines.
It is the development in standard of living of a country persons from the low income means poor
economy and high means rich income economy.
By the help of diagram the effects of micro and small businesses can be easily
acquiring(Number of private sector business in UK . 2019). The explanation of the graph is
follow below:
From the above graph it is clearly identified that, the business of the nation is is increased
year by year (Radović-Marković and Tomas, 2019). From the above mentioned data it can be
14

understood that in 2000, 3.5 millions private sector increased. After that in 2005, it has raised 3.9
million private sector in UK for upgrading the employment. In 2019 there were 5.9 million
private companies has increased. By the increment of the private sector companies it enhance
GDP and has reduced poverty in a large extent.
The graph illustrates contribution of different sized businesses to total employment,
population and turnover. Small businesses is showcased by black colour and employment by
dark blue colour and grey depicts turnover ratio. Small scale businesses provide 47.8% of the
employment to the society people. While medium and large provide 12.6 and 39.5% of
employment to the people. The turnover is low in medium size organization which is 15.4%.
Whereas, it is more in large scale businesses that is 47.8%
Importance of small businesses and business start ups to the growth of social economy
Local level: Small business created huge job opportunity and provide employment
opportunity to large number of people. By this poverty is reduced from the country and better
live is given to the people. New ventures does not face government interference due to which
they are able to provide effective services to the customers. As employment is provided to the
15

people it has in raising the social economy of the nation. Examples: Hairdresser, carpenter, local
grocery store and so on.
National level: Small businesses are coming up with innovate idea due to which tough
challenges are cratered for rivalry prevailing in the global market. Creative product at low price
helps the new venture to capture huge market ratio (Torrès and Thurik, 2019). Example: LMR
recruitment firm etc.
TASK 3
Determine the characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers.
There are some skills, characteristic and traits of an entrepreneurs from which they can
gain higher success in their business. With these qualities, they are able to get profits by risking
their resources. They use their skills in an effective manner which help them to think more about
business from which they can increase their market share. They have high level of energy about
their work because it is related to their passion. Some of characteristic, skills and traits of
entrepreneur are describe below.
Skills needed by successful entrepreneur
 Time management:- This skills refers to way of organising and managing time on a
specific activities. With this skills, it is easier to handle project management on time. In
this, careful planning and execution is important to achieve success in business. Through
this Tessa Clarke And Andrew Diprose can reach their specific goals with in set duration
of time (Rezaei-Moghaddam, and Izadi, 2019)
 Communication:- it refers to sharing information about their services to all people
within or outside of company. It helps organisation to develop good relationship between
company and potential customers. This ability is needed by Tessa Clarke And Andrew
Diprose to overcome from barriers that are existing in a firm
Characteristic needed by successful entrepreneur
 Creative:- The entrepreneur refers to thinking of new ideas that are needed to be
successful of a business. In this, entrepreneur must have found innovative ideas that can
bring new solution in a business. This can be a ladder for both Tessa Clarke And Andrew
Diprose to gain success in market.
16

 Passionate:- The entrepreneur must have passionate about their work and business.
There are various comments occur at the time of business development so the
entrepreneur must need to take in an optimistic manner. The passionate skills of Tessa
Clarke And Andrew Diprose can help them in achieving the growth of their business.
Traits needed by successful entrepreneur
 Vision:- In order to gain success, entrepreneur must have vision about their business so
that they can take steps in front of the market. Through this Tessa Clarke And Andrew
Diprose are able to see the future of their business which help them in succeeding of their
business (Satar and John, 2019).
 Self-belief:- It is an important trait that are needed in an entrepreneur as lots of self-
confidence is required to attain specific goals of business. With this trait, the
entrepreneurs become capable to take further risks in their businesses. Through this trait
Tessa Clarke And Andrew Diprose can solve many problems and risks of their
entrepreneurship.
Differentiation of skills of successful entrepreneurs with business manager:
Skills Entrepreneur Business manager
Creative This skills of both Tessa
Clarke and Andrew Diprose
can help them to share their
ideas to employees and users
with an ease. The employees
can also share their ideas
easily with them.
The Jack Cohen adopted
formal communication skills to
his employees which develop
problems in front of employees
in sharing their ideas to them.
Time management The Tessa Clarke and Andrew
Diprose are expertise in time
management. By this skills,
these two are able to deliver
their services on time
The decision of Jack Cohen in
delivering services raise some
problems among employees.
As it increase the pressure on
lower level of employees
(Satar and John, 2019).
17

Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.
The entrepreneur must have such kind of personality that can help them in maintaining
communication so that they can achieve their specific goal in a fixed period of time. Their
personality affect their mindset and ideas on which their actions are depended. The direction of
such activities and actions can help them in becoming successful entrepreneur. They need to
have some of the other skills that can help them in raising profit of their business. The
entrepreneurs can use OCEAN model so that the traits of becoming a successful entrepreneur can
attain effectively (M and Jones, 2019). This model help entrepreneur in such way that they can
adapt some of other skills which are needed to achieve an acquired goals of business. The model
is described below.
 Openness:- This is an important trait in model which is related to entrepreneur
personality. As the entrepreneur must have an open mindset which help them in
progressive imagination, preferring variety, curiosity and inner feelings. These factors
must consider for an entrepreneur as with the help of these factors the individual can
open towards risk factors and can think innovative ideas that are being implemented. This
factor help both Tessa Clarke and Andrew Diprose as they accepted challenges which
help them in becoming a successful entrepreneur (Sebikari, 2019). With help of
openness, the entrepreneur are able to achieve more profits through their skills.
 Conscientiousness:- This factor is related to built the concentration on their work so that
they can achieve the required goal. This help both Tessa Clarke and Andrew Diprose as
they are not get distracted from other things that can reduce profit of their business. A
person with conscientiousness become disciplined and careful about the decision that
they take.
 Extraversion:- When the person is emotionally expressive about his ideas by sharing
with other people then they are more likely to attain more client. This will help the
entrepreneur in expanding their business profits. The Tessa Clarke and Andrew Diprose
are energetic, enthusiastic, talkative which help them in raising business expenditure by
making more base clients.
 Agreeableness:- This factor is related to nature of an individual which includes
trustworthy and cooperative among their employees. This can help them in achieving the
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positive work environment by promoting new ideas that come up with an effective
creative in the company (Sebikari, 2019). It helps Tessa Clarke and Andrew Diprose in
developing a optimistic environment so that the acquired goals can achieved in a proper
time duration.
 Neuroticism:- it is an important factor in traits of an entrepreneur. From this, the
entrepreneur needs to control their aggression, stress, anxiety among all employees. It can
increase some psychological problems which can reduce the profit of company. This trait
help entrepreneur in dealing and working well with staff members. The Tessa Clarke and
Andrew Diprose both can become a successful entrepreneur by controlling their anger in
front of staff members.
TASK 4
Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
Immigrants are natural entrepreneurs and are supported by UK governing bodies this is
because one out of five entrepreneurs in UK new start- ups is founded by immigrants. This is
because they are more visionary and knowledgeable. The various qualities which aid immigrants
to become successful entrepreneur are, frontier spirit, unique perspective on gaps in the market
and strong dose of grift. Immigrants entrepreneurs can be enhanced so that they can also assist
in global economy thrive. Migration is raising by 3% according to World Bank estimates by the
2025. Moreover, $356 billion will be generated by them. Additionally, 500 list were founded by
immigrants and Apple was the first organization in order to reach $1 trillion by child of a Syrian
immigrant.
The experience and background of an entrepreneur directly impact or motivate them to
think and bring up new ideas. In context of Tessa Clarke and Andrew Diprose are having good
past experiences which help them to initiate idea with proper execution of strategy. These
background and experiences of both entrepreneur are described below.
Background and experience of Tessa Clarke
The Tessa Clarke is a founder of olio app. She belongs from a poorer family in which her
father is a farmer. Her app is about sharing of food and to reduce wastage of food from people.
This idea of preventing waste food come up from lots of people who thrown away some food
19

that are not be eaten by them. She saw many men and women who are wasting food outside their
houses. She has motivated to take further steps in battling against food waste as she saw work
that goes in the production of food. So, she always consider the food that it should not be wasted.
When the entrepreneur shift her residence in new place then she found some challenges among
her in order to prevent food. The experience of entrepreneur includes that she worked in business
to consumer in various industry globally such as media, retail, events and others. She is
passionate about her mission and this has foster her to made a app that can help in preventing
food. In this app, the donation of food take place on a regular basis. This app connects
neighbours and various small businesses from which they can spread food around (Singh and
Gaur, 2018).
Background and experience of Andrew Diprose
The Andrew Diprose has lived in UK, France and USA. He was a consultant in previous
time. He worked in a financial market consulting company for 10 years where he learn the
strategies of finance and investment. This result in transformation from start-up to world's largest
management consultancy company. Now he become specialist of finance and strategy. The
entrepreneur come up with this idea by his father who was trying to out weeds by electrify them.
His methods became fail as it was not cheap either safe. The consumers and framers are not
much aware about the side effect of chemical weeding at the time of herbicides to plants. So the
entrepreneur made an advance technology system that can reduce the effect of harm pesticides.
In his technology, the electricity use as alternative to kill weeds. As the technology have advance
functions which can reduce soil erosion and spread of disease (Stirzaker and Potter, 2019).
CONCLUSION
From the above it can be concluded that there are various types of entrepreneurial
ventures and are related with typology of entrepreneurship. Brief explanation of the
entrepreneurial ventures such as, Small business entrepreneurship, large entrepreneurial,
Scalable start up entrepreneurship and Social entrepreneurship are done so that concepts
regarding them can be enhanced. Moreover, various typologies are determined like, male
typology, female typology and so on. So that their interrelationship with ventures can be
examined effectively. The similarities and differences are between entrepreneurial venture is
done in order to understand them much better what are their positive and negative side. Diagram
20

is used to illustrate how micro and small business impact on the economy because images helps
to evaluating the data more easily and appropriately.
21

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