Understanding Entrepreneurship

This assignment delves into the multifaceted world of entrepreneurship. It explores various factors that contribute to entrepreneurial activity, including individual motivations, social and economic conditions, and institutional support. The assignment analyzes relevant theories and research findings to shed light on the complexities of entrepreneurship. Furthermore, it examines the impact of entrepreneurship on societal development and economic growth.

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1. Examining different entrepreneurial ventures and their relation to typology..................1
P2. Similarities and differences between entrepreneurial ventures........................................2
P3. Relevant data to understand the impact of small business on economy..........................3
P4 Contribution of small businesses and start-ups on social growth.....................................4
PART 2............................................................................................................................................6
P5. Traits and skills of successful entrepreneurs....................................................................6
P6. Aspects of entrepreneurial personality.............................................................................7
P7. Ways in which background and experience hinder and foster entrepreneurship.............7
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is an activity which is performed by the entrepreneur which is an
individual whom have better and effective skills and ability to make change in an environment.
Enterprise is an end result which derive through performance of an individual (Burrows, 2015).
This project is based on entrepreneurship and small business management which enable and
foster economy of a country. In this report, various types of entrepreneurial ventures will be
discussed and they will lead to relate with various typologies as well. Along with this, it will also
discuss about similarities and differences between various entrepreneurial ventures with relevant
data on small business and its impact on global working. There are many kinds of similarities as
well as differences amongst entrepreneurial ventures. Background and experience of an
individual will provide impact to their career either in a direct or indirect manner. To be a
successful entrepreneur there are many traits which need to be obtain by them, is going to
describe in this assignment.
PART 1
P1. Examining different entrepreneurial ventures and their relation to typology
People will carry their business in many ways but there target is always same i.e. they
only want to gain maximum profits; so that, they will survive for long time at marketplace
(Schaper, 2016). It can be classified into several ways which are stated as beneath:
Small Business Entrepreneurship: This kind of business is basically run by an
individual. They start their firms; therefore, they will stable financially. There are certain
examples which are connected with this such as consultants, plumbers, carpenters and so forth.
In this kind of organisation, there is fundamental role of family as person needs to accomplish
the need of their members.
Small firms are associated with survival typology venture. As these types of firms require
high efforts; therefore, they will survive in the market for maximum time span and in addition,
take advantages from competitors. Nature of these organisations is independent. If any individual
wants to run small associations then, they must have sufficient finance and in addition, entire risk
is associated with him only.
Scalable start – entrepreneurship: This sort of organisation will be expand in upcoming
time. There are many companies who wants to spend their money in this type of business due to
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effective vision and in addition, they want to create a distinctive society. They are accomplishing
their tasks in various ways. Along these lines, they require most extreme cash so overall
activities will fulfil in a proficient manner. Aside from this, it contains maximum risk; therefore,
few individuals began this sort of firm in country (Fayolle and Gailly, 2015).
There is a typology which is related with it i.e. aggressive growth ventures. This will aid
people to regulate their firm in a creative manner. As a result, they can easily improve their
market share. It needs requisite funds and thus, they will regulate their business operations
properly.
Large company entrepreneurship: It is also called as corporate business enterprise. This
is difficult for any company to maintain stability at marketplace (Piperopoulos and Dimov,
2015). To maintain competitiveness in the market, it is necessary for firm to develop creative
products as well as services. To know the demands and desires of customers, manager will
conduct research. As a result, it will be easy for them to fulfil the needs of people within limited
period of time. It will help them to take benefits from their competitors at marketplace.
There is a typology which is connected with it i.e. managed growth venture. Basic motive
is to keep up stability at business environment; therefore, they will hold their business at market
for longer time.
Social entrepreneurship: It is important for them to provide adequate goods to people so
that, they will accomplish their requirements in an effective way. Along with this, they have to
resolve recent problems within certain time span. In the present scenario, people want to take
free medical assistance at home from a specialist.
Typology which is associated with this, named Lifestyle venture. Main purpose of them
is to fulfil requirements of people; so that, they will improve their profits. But if financial
condition of firm is not very much effective then, it will be typical for them to survive in
marketplace for a long time.
P2. Similarities and differences between entrepreneurial ventures
Many ventures which are discussed above contain numerous similarities and differences.
These can be described as below:
Objectives: Every enterprise has their own aim which they want to accomplish within
limited period of time. Basic aim of small firm is to maintain stability in financial term and thus,
they will hold their position in the market for long duration. Individuals who run this kind of
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organisation needs to fulfil the desires of family. Rather than this, corporate business enterprise
wants to maintain stability in the competitive world. Social entrepreneurship wants to prepare
society an appropriate place. Finance never matters for them as they want to make their image
positive in front of people.
Value creation: It is associated with venture of entrepreneur because there main focus is
to improve their value at marketplace. Corporate and along with social firms have to develop
their brand image in society. Their concentration is to increase individuals' standard of living.
Instead of this, there are some association who only want to gain higher profits (Bovée and Thill,
2015).
Mind-set: Every people are having their own mind set. Values, beliefs, perceptions,
attitude and so on, is overall different. It will influence working execution of persons either in a
direct or indirect manner. There are some entrepreneurs who only want to gain maximum money.
Channels of marketing: It is fundamental for each and every type of organisation to
conduct an effective marketing because this will assist them to pull attention of numerous
people. As a result, they will enhance their profits (Struwig and Lillah, 2017). Corporate and
scalable entrepreneurship use same sort of marketing tools like social media, ads, TV and many
more. Small firms utilize words of mouth, pamphlet etc.
Employment generation: In this context, in small or social enterprises only few
individuals acquire job. Instead of this, if company is operating their business on a large scale
then there is requirement of maximum workforce. Therefore, all activities will be accomplished
within certain period of time.
SIMILARITIES Lifestyle Ventures Social Entrepreneurs
 These ventures don't
pursuit for gaining
benefits and revenues.
 These initiate their
business activities as
small size venture.
 These ventures carried
out operation to serve
society with certain
purpose.
 Beside earning benefits,
they work for social
services and benefits.
DIFFERENCES Lifestyle Ventures Serial Entrepreneurs
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 These mainly invest
revenues through
managing funds.
 These are often more
and more passionate.
 These ventures look for
expansion and focus
over gaining revenues
along with better
lifestyle.
 It aims over investor
attraction and invest
funds on social
development.
 Such individual frames
strategies to execute
within the limit.
 Social entrepreneur
operate according
budget.
SIMILARITIES Female Entrepreneurs Male Entrepreneurs
 Female entrepreneur are
more loyal and
dedicated.
 These entrepreneur are
more creative and
visionary in business
context.
 Men are focused over
operations of business.
 They work wi8th
passion and perform
with creativeness and
innovation. They
DIFFERENCES Female Entrepreneurs Male Entrepreneurs
 Decision making among
female entrepreneur is
time consuming.
 Female focus over
quality services and
contribution in society.
 These are more
conservative and
conscious to spend
financial asset.
 Male entrepreneur
believes in easy decision
making.
 Focus on the
development of
economy and cost
reduction of enterprise.
 Male entrepreneur are
more risk-taking
whether financial or
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physical risk.
P3. Relevant data to understand the impact of small business on economy
There is fundamental role of small organisations in improvement of country's economy.
As stated through a report, in UK there is more than 5 million associations that are working on a
tiny duration. It has been evaluated that nation is earning more than 85% income with help of
small enterprises. Therefore, it will be said that they are providing success and growth to the
nation. Along with this, it will develop some opportunities related to job for individuals. Nearly
62% people are occupied in this kind of affiliation. Thus, it get concluded that small businesses
are more important for nation into their growth and development.
Small and medium-sized organisations are enhancing continuously. Development of
independently engaged business is examined that they are upgrading through almost 5% in UK.
On a very basic level, there ratio is right around 1.9 trillion euros and this is equal to private
companies share.
Hereafter, it has been understood from previously described information as well as data
that small and additionally medium kind of affiliations are important because this gives
development and in addition advancement to nation (Goss, 2015). They are considered as a
strength of country as their contribution is high in the national income. Administrative body will
build up a few acts and regulations; thus, they will improve enterprise position in state. Company
provides job to people which will assist them to keep up their living standard in an adequate
manner.
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P4 Contribution of small businesses and start-ups on social growth
If there is growth of an individual then, this will help in improvement of entire society.
They do not provide signifiant importance to financial outcomes which is attained by
organisation (Ghio and et. al., 2015). Fundamentally, small and medium kind of firms render
success and growth to nation. They provide job chances to persons and it will assist people to
maintain their standard of living. If company wants to hold their position at marketplace for
longer period of time then, it is required for them to give best and effective products as well as
services to customers (Chaston, 2017). They will modify their goods by implementing new and
unique methods into them. This will aid to improve goodwill of association at competitive world.
Along with this, they can compete their rivals at marketplace which help them in their profit
improvisation. Henceforth, some of pros and cons in relation to this, is mentioned as beneath:
Employment: With assistance if small firms, people will get job according to their
capabilities and knowledge (Lima and et. al., 2015). It will help to reduce poorness of country
because by getting occupation person will improve their standard of living. As per recent
research, this has been comprehended that more than 85% individuals are occupied in ting firms.
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Illustration 1: Employment in small business
(Source: Gilfillan, 2015)

Number of small and start up association is enhancing continuously which renders maximum job
opportunities for individuals.
Living standard of people: Main aim of small and medium enterprises and in addition
start up is to provide employment opportunities to people; so that, they will raise their standard
of living. If they are much stable in financial terms then, this will be easy for them to enlarge
their business. As per recent times, thinking of people is entirely different. They want to begin
firms to get hike into their career. This will assist them to develop their knowledge as well as
skills.
Regional development: Some organisations are set up in limited parts only which will
not providing equal advancement to nation. Various start-ups and in addition small firms are
situated on that area which are not developed in a proper way. Thus, it is needed for government
to render facilities over there, it will include universities, school and hospitals and so on. It has
been understood that small enterprises help in development of regional areas.
Exports: There are many type of affiliations who provide products and services to
persons who are residing out of home nation. As a result, they will attain development and
growth. This will help them to improve society in an appropriate manner. Along with this, if an
enterprise is exporting their items then, they can easily develop their image at international
marketplace. Therefore, they will become more financial stable and in addition get currency of
another country. This will aid them in enlargement of their business.
Community development: There are various activities which are lead by company as this
aids to provide advancement to people. It will consist numerous things, for example: hospitals,
university and in addition schools. In this type of firm they require much talented and skilled
workforce. It is essential for manager to run and regulate their business effectively and
efficiently; hence, they will accomplish desire of society in a better way.
PART 2
P5. Traits and skills of successful entrepreneurs
To be a successful entrepreneur, it is must for an individual to have some fundamental
traits and along with skills. Some of them are described as below:
Optimistic: Business person needs to be optimistic regarding views, opinions and
working. It is must for him to be positive in each and every kind of situation. As a result, he will
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resolve adverse circumstances in an adequate manner and attain coveted targets within limited
period of time (Hoogendoorn, 2016).
Confidence: Entrepreneur must have confident; so that, he will complete his task more
appropriately. But if he is over confident then, he will never acquire positive results. Therefore,
this will become hard for them to take benefits from rivals at competitive world.
Communication: to be a successful entrepreneur, it is must for them to know how to
communicate with each other (Williams and Vorley, 2015) . As a result, people will share their
opinions and thoughts with each other in an appropriate manner. To make conversation with
buyers, they will utilize some tools, such as social sites. By making proper communication entire
task will fulfil within time span.
Decision making: It is required for manager of firm to take an adequate decision.
Therefore, each objective will attain within desirable period of time. Entrepreneur needs to opt
best option for their business which is much beneficial for them. Like: investment of fund has to
be adequate; thus, they will get best return. Superior will prepare some policies or strategies for
their business which help them into their process of judgement making.
Leadership: It is considered as a most essential skill which must be present in business
person. He has to know that how he can lead a team in an effective manner. Along with this, it is
must for him to understand entire targets which need to be accomplish by them. Instead of all
this, leader has to develop loyalty and trust between all members.
Time management: An entrepreneur must have an ability to manage their time in an
effective manner. By doing this, entire task will accomplished within given time span. It will aid
organisation to increase their production and in addition profits.
P6. Aspects of entrepreneurial personality
An individual's personality is depend on their behaviour and along with qualities. This
will aid to identify that they are able to complete their task proficiently or not. Thus, it is must to
understand it (Cucculelli and Bettinelli, 2015). For above stated aim, there is a model which can
be embraced by business person and include some components. These will be stated as beneath:
Extraversion: Persons who involve in this, can easily share their views and opinions with
another individuals without any hesitation. They are considered as a most energetic people. It
will cater motivation to them; therefore, they can attain desired goals as well as objectives within
minimum time frame. They need to think wide; thus, it will be easy for them to maintain open
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communication at premises. As a result, employees will easily convey their messages to their
colleagues in an appropriate way.
Agreeableness: Business person needs to be possess this sort of ability because it will aid
him to maintain his good behaviour at premises. Nature of entrepreneur must have cooperative;
therefore, he can easily motivate employees. It is necessary for him to conduce entire exercises
appropriately to take benefits from competitors at competitive world.
Conscientiousness: To achieve desired objectives as well as targets more proficiently, an
entrepreneur must possess this sort of ability (Rey-Martí, Porcar and Mas-Tur, 2015). He needs
to be goal oriented; thus, he will accomplish it within requisite period of time. Along with this, it
is must to use accessible resources in an adequate manner.
Emotional stability: Individual has to be stable emotionally; therefore, he will
accomplish his entire activities effectively and efficiently. A calm entrepreneur will easily sort
out problems appropriately and along with they can motivate people to accomplish their targets
within certain time span.
Openness to experience: It is required for a business person to be ready to learn new
things as this will help them in their improvement and growth. It is fundamental for him to
implement unique methods into products as well as services. This will aid to enhance
appropriateness of goods. As a result, client base and in addition revenues get enhanced.
P7. Ways in which background and experience hinder and foster entrepreneurship
Experience and along with personal background will provide an impact to individual
directly and indirectly (Cowling and et. al., 2015). Both kind of environment i.e. internal and
external play an important part in development of entrepreneur. Along with this, there are many
components which will provide impact to them, like their families, school life and so on. From
school, a person will learn to provide respect to another individuals and it is most important part
of everyone's life. It is essential to develop thinking which is associated with business person in
the minds of people. If he is doing his job in any university then, it is required for him to
accomplish his task in a proficient manner.
Rather than this, an individual will gain some adequate knowledge with help of their
background. Therefore, they will easily complete their entire work in an appropriate and
adequate way. But if a person do not possess sufficient skills as well as abilities then, this will be
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hard for him to run their business and in addition firm will not be able to hold their position for
long duration at market.
For example: There is an enterprise named, Virgin Atlantic who's founder was Richard
Branson is a successful entrepreneur. He comes from a small background. Qualifications of
Richard was not much adequate but it never provide impact to his passion. As a result, he
achieved in life as per his desires. As per current era, there are almost 400 companies are
comprise in Virgin group.
Illustration 2: Factors that foster entrepreneurship
(Source: Factors that foster entrepreneurship, 2013)
Instead of this, if a person is experienced then he will accomplish his task with
motivation. It will work in entire ways, such as fostering and in addition hindering. An
experienced individual will possess requisite knowledge about the market. As a result, they can
easily grab opportunities which are accessible for them. But if person is not having an adequate
experience then, it will be difficult for him to formulate strategies for the firm. This will increase
their losses.
For example: An organisation i.e. Phone 4U is set by a person whose name was John
Caudwell. Primarily, he made many efforts to regulate his business but after sometime, his
struggles provided him positive outcomes. Now, turnover of company is more than 1 billion
euros.
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CONCLUSION
It can be concluded from the above report that entrepreneurs are such personality whom
play an effective role in order to maximise social growth of an economy of a country. There are
various entrepreneurial ventures are running like large, small etc. which are related with various
business typologies like social, lifestyle, female etc. Moreover, small business organisations
enable in fostering economic growth of a country. Every entrepreneur is risk taker and has a skill
to deal with dynamic business environment. Thus, their personality reflection get understand
through background and experience of an individual.
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REFERENCES
Books and Journals
Bovée, C. L. and Thill, J. V., 2015. Business in action. Pearson.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship. pp. 1-24. Palgrave
Macmillan, Cham.
Cowling, M. and et. al., 2015. What really happens to small and medium-sized enterprises in a
global economic recession? UK evidence on sales and job dynamics. International Small
Business Journal. 33(5). pp.488-513.
Cucculelli, M. and Bettinelli, C., 2015. Business models, intangibles and firm performance:
evidence on corporate entrepreneurship from Italian manufacturing SMEs. Small
Business Economics. 45(2). pp.329-350.
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.
Ghio, N. and et. al., 2015. The emergence of the knowledge spillover theory of
entrepreneurship. Small Business Economics. 44(1). pp.1-18.
Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
Hoogendoorn, B., 2016. The prevalence and determinants of social entrepreneurship at the macro
level. Journal of Small Business Management. 54(S1). pp.278-296.
Lima, E. and et. al., 2015. Opportunities to improve entrepreneurship education: Contributions
considering brazilian challenges. Journal of Small Business Management. 53(4).
pp.1033-1051.
Piperopoulos, P. and Dimov, D., 2015. Burst bubbles or build steam? Entrepreneurship
education, entrepreneurial self‐efficacy, and entrepreneurial intentions. Journal of Small
Business Management. 53(4). pp.970-985.
Rey-Martí, A., Porcar, A. T. and Mas-Tur, A., 2015. Linking female entrepreneurs' motivation to
business survival. Journal of business research. 68(4). pp.810-814.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
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Struwig, F. M. W. and Lillah, R., 2017. South African small and medium-sized enterprise
owners’ intention to implement an environmental management system. The Southern
African Journal of Entrepreneurship and Small Business Management. 9(1). pp.1-8.
Williams, N. and Vorley, T., 2015. Institutional asymmetry: How formal and informal
institutions affect entrepreneurship in Bulgaria. International Small Business
Journal. 33(8). pp.840-861.
Online
What is an Entrepreneur?. 2017. [Online]. Available through:
<https://www.thebalance.com/entrepreneur-what-is-an-entrepreneur-1794303>.
Gilfillan, G., 2015. Small business employment. [Online]. Available through:
<https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/
Parliamentary_Library/pubs/rp/rp1516/Employ>.
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