Entrepreneurship Success Factors & Hindrances

This assignment delves into the critical aspects of entrepreneurship, focusing on practical instances that hinder or facilitate entrepreneurial prosperity. It discusses how successful entrepreneurs like Michael Dell and Bill Gates started their ventures despite unrealistic expectations. The report also highlights key strategies small businesses employ to thrive in competitive markets, while acknowledging factors that impede economic development such as lack of education, corruption, and unavailability of resources.

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT
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Executive summary
Entrepreneurship is the method of launching, designing as well as running a new organisation,
which is generally a small business. An individual who often creates a business called
entrepreneur. As though entrepreneurship has been determined as the capability as well as
willingness to establish, manage and organize a venture related to the business along with that
any of the risk carried in order to make profit. Entrepreneurship can be also described as the
willingness as well as the capacity to establish, manage, or organize.
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Table of content
Table of Contents
Introduction....................................................................................................................................4
P1 Multifaceted Dimensions of entrepreneurships and characteristics .......................................4
P2. Similarities and dissimilarities among different entrepreneurship ventures............................6
P3. Impact of small businesses on country’s prosperity ...............................................................8
P4. Relationship and impact of smaller organizations on BREXIT..................10
P5. Comparison and contrast among different leading heads of smaller
organizations...................................................................................................11
P6. Perception of the entrepreneurial personality reflect entrepreneurial and
motivation .......................................................................................................12
Conclusion.......................................................................................................14
Reference list...................................................................................................15
Appendix .........................................................................................................18
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Introduction
Business responsibility is the method of launching, designing as well as running a new
organization, which is generally a small business. An individual who often creates a business
called entrepreneur. As though entrepreneurship has been determined as the capability as well as
willingness to establish, manage and organize a venture related to the business along with that
any of the risk carried in order to make profit. Entrepreneurship described as the willingness as
well as the capacity to establish, manage, or organize. In the year 2000 the definition of the
entrepreneurship intended to explain why and how some of the individuals determine
opportunities, calculate them to decide them to exploit , on the other side in turn how the
entrepreneur apply the opportunities to establish new products as well as services, to improve the
new organization, industry in order to create wealth. Lastly it has been determined that
entrepreneurship is often administered with the small, new, entrepreneurial behavior which can
be medium sized small sized as well as large sized improved and established organizations. The
thesis statement of the study is to analyze different aspects of entrepreneurships as well as an
overall impact on a respective economy.
P1 Multifaceted Dimensions of entrepreneurships and characteristics
This section describe s the various types of the entrepreneurs as well as division which is
therefore advised between the two types of the entrepreneurship.
According to the Schaper (2014), there are few types of the entrepreneurship such as, small
enterprise or larger firms who tend to open different sections.
Survival ventures: This type of ventures of ventures provides primary substances for the
entrepreneurship for the family. In the impact, this allows for little more than larger firms. At a
glance, such ventures are smaller according to investment as well as transactions. In this
typology of ventures are in growing nature as compared to larger firms. Investments done are not
huge in amount.
Lifestyle ventures: it provides a constant outcome for the owners, which is based on the
applicable business model as well as maintenance and management approach to the business.
Modest reinvestment are done to manage the competition level of the business. In the words of
Jaén (2017), Numbers of employees, which remain constant,, a capacity of the limitations is very
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difficult for the venture in order to receive the economies in the certain operations. In this
typology of venture is certain in some functions of companies and have restricted capacity of
resources and workforce.
Managed growth ventures : This venture has a workable model of the business as well seeks
the constant growth over the certain level of the time which is reflected in an occasional launch
of the new products, as well as periodic entry into the new emerging markets along with that the
stable expansions of the facilities, staff and locations. Growth ventures target to catch optimum
opportunities in terms of business transactions and at a glance, such organizations tend to make
optimum profit with marginal investments. Here, typology of managed ventures are provide
opportunities for export-import and transactions.
Small business Entrepreneurship: today the amazing numbers of the entrepreneurs as well as
the beginning in United States are therefore still very small organizations. There are 4.5 million
small organizations in the United States. There build up 99.7% of all organizations and
employment of 50% of all the confused workers. Typology of small business Entrepreneurship
helps in increasing employment rate and growth in UK economy.
Small organizations’, such as, consultants, travel agents, internet commerce, storefronts,
carpenters, electricians as well as hairdressers, they are the individuals who manage and handle
their own business. In the words of Obeng (2014), as an employee, they appoint local individuals
or their own family. Most of them are barely beneficial. As they cannot supply the scale in order
to attract the capital venture, the individuals also funds their organizations’ via friends, family as
well as small loans for the business.
Scalable Startup entrepreneurship
Apart from the small businesses, scalable beginning of the business or the entrepreneurs related
to the Silicon Valley and their ventures or the investors do. According to Sahut (2014), these
types of the entrepreneurs begin the organizations’ after knowing that from the day one that their
vision can change this universe. They even attract the following investment from the similar
investors as well as capitalist of the venture. They hire the brightest and the best. Their main job
is to find for the scalable and repeatable model. When they search for it their focus in the scale
needs even bore capital related to the venture to the rapid expansion of the fluid. In Scalable
startup typology helps in giving jobs to four to five employees and develop per ca pita income.
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Social entrepreneurship: Social entrepreneurship is those creators who mainly focuses on
creating services and products that solve their problems and requirements. The scope for the
generation of the income is very much narrow. All the income generated by the persons, which
may or may not be the entrepreneurs. In the words of Chetty (2014), somehow, the generation of
the income will therefore become the self-employed as well as often the primary stage of the
growth of the entrepreneurs. It said that an individual could rate the income generation as the
primary level of the entrepreneurial activity. Here typology is emphasized on resolving matters
of community and managing income of person.
Venture typologies depend on business survival, managed growth, lifestyle and
aggressive growth. Entrepreneurs are able to create sustainable ventures and successful adaption
through socially integrated economic systems and analyse organizational and individual level
factors.
P2. Similarities and dissimilarities among different entrepreneurship ventures
There are few types, which are involved in this type of investigations.
Survival ventures: this type of ventures of ventures provides primary substances for the4
entrepreneurship for the family. In the impact, it allows for more than existence.
Lifestyle ventures: it provides a changeless income stream for the owners which are supported
by applicable business model as well as maintenance and management approach to the business.
Modest reinvestment is done to manage the competition level of the business. Numbers of
employees, which remain constant a capacity of the limitations is very difficult fo9r the venture
in order to receive the economies in the certain operations.
Managed growth ventures : This venture has a workable model of the business as well a seeks
the constant growth over the certain level of the time which is reflected in an occasional launch
of the new products, as well as periodic entry into the new emerging markets along with that the
stable expansions of the facilities, staff and locations.
Aggressive growth ventures: it is determined as typically based ventures with the strong creative
innovations capabilities that achieve the epidemic growth of the equity capital.
These four types of the entrepreneurial ventures elaborated upon the differences shown in the
table. There are few similarities of each type of ventures have a range from the orientation of the
time and styles of the management to the orientation to their entrepreneurial orientation as well
as funding resources and ending the strategies.
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Survival Lifestyle Managed
growth
Aggressive
growth
Annual rate
growth
Nominal day
to day
5% weekly or
monthly
operations
10 to 15 %
1 to 2 years
20%
2 to 5 years
Management
focus
Selling what
is available
Searching for
new structures
Planned
promotional
activities
Measurement
Management
style
Exit approach
Imprudent Calculated Calculated Both Imprudent
and Calculated
Structure Closed Shut down or
Calling tenders
Leaving
authority
Having public
share
Emphasis of
Reward
Weekly
income
Salary, bonus Incentives,
equity, Salary
performance,
Capital gain.
equity.
Table 1: difference between the types of ventures
(source: created by author)
Small Business Venture Scalable Start up Venture Social Venture
Small Business Venture
doesn't have high potential in
each and every small factor. It
doesn't have the capability of
reaching to the millions of
customers. Their focus is
based on today's investment.
Similarly, in start up venture
the centering is based to reach
and serve lot of people.
Sometimes problem arises
when the business is affected
by some of the uncertain
products and is such situation
The similarity of social , small
and scalable venture is mainly
to maintain a profitable value
of its companies as well as
their shareholders.
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A low amount of fund is
required in the financial and
operational trading
departments. They are funded
by their relatives.
arises then it can be said that
start up venture is going on.
Startups like as low level
business venture addresses to
the limit size of market. These
are similarly funded by
unknown person and or by
their relatives.
They focuses mainly on
energy and technologies and
entertainment areas. Green
projects and keeping the
environment pollution free i.e.
Clean energy are centered by
the work of the small scale
ventures.
Their main aim is on land
filling and reducing wastage.
Social venture is environment
friendly and has a large social
effect on the living of people.
They don't run from their
responsibilities and when ideas
execute properly they resume
back to their goals.
The key quality of small scale
are the customers as all the
cash flow is generated through
them. More value is created
which goes much far.
They expand their channels
globally, regionally with a
high margin and featuring the
brand.
They all look for sustainable
business planning and
customers are key assets for.
They approach media for
branding their products.
Small business and start-up develop jobs in UK's economy. They have faced a little
downturn but now there is advancement in their growth. They balance regional development and
maintain per capital income of families. Any small or medium business will automatically start
export in the country which will contribute in its economy.
P3. Impact of small businesses on country’s prosperity
Small scaled business organizations are the highlighted point in framing the organization in the
policy of the organizations. The EU committee considers the entrepreneurship and the small
enterprises as a primary key to assure the innovations economic growth. Job creation as well as
social integrations in the EU in the official statistics of the small enterprises could determine by
the general employment size as the enterprises of the lesser than a 250 persons who are
employed. This is a huge category and encloses enterprises with the various different structures
of the owners as well as evaluating the numbers of the employees and different stages of the
economic activity. In order to facilitate best analysis as well as understanding of the diversity of
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the SME the 2015 MODEL (microdata linking) project linked with the data from the statistics of
the international trade in the good statistics. As well as the business registers.
Making the country’s comparisons possible nine countries performed and participated in the year
2014 in the MDL project. It is been analyzed that SME’s as well as the large in the six countries
such as Denmark, Germany Norway, Finland, Netherland and Latvia.
It has been also analyzed some of the differences in the four of the economic sectors in all the six
countries such as high technology, manufacturing low and medium high as well as huge
technology manufacturing. In most of the countries, the dependent small enterprises are very
much explored to the international trade then the independent small independent SME’’s.
Therefore relating to this the organizations’ behave like the large sand huge ones; they are also
exposed to the shocks to the international trade than the independent. Often the toughest part of
the starting a business is raising the money.
More practically, it may be a matter of small or large scale industry; it is the matter of
investment as well as employability that determine prosperity. At a glance, the two decades have
faced the dimension and those are clearly reflected through the emerging stage of
entrepreneurships and the closing economy. It is highly possible if a respective economy is not
getting opportunities of employment, there will be lesser force on economical prosperity. In that
concern, it cannot be denied that such small based business firms and new entrepreneurs are not
providing resources to economy.
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Figure : Impact on the economy
(Source:https://www.google.co.in/search?
q=Illustrate+how+micro+and+small+businesses+impact+on+the+economy.&source=lnms&tbm
=isch&sa=X&ved=0ahUKEwiq78aq9fLXAhUaT48KHboTA_YQ_AUIDCgD&biw=1517&bih
=707)
P4. Relationship and impact of smaller organizations on BREXIT
The time of economic diversifications is highly important as well as considerable for small sized
organizations. While starting an organization, a respective investor or business owner tends to
utilize all of the economic opportunities and while facing changes or diversions in the same,
there is possibility to face drawbacks. The BREXIT dilemma has proved to be the same for UK
based organizations (Ratten, 2104). If a respective economy lead to face unemployment or lower
rate of GDP, it is evident that the same impact will be faced negatively by small scaled
organizations. The reason can be considered as marginal capital or limited transactions.
The impact of BREXIT in Small business from the gross domestic product is therefore a wide
range due to the sudden drawbacks of UK economy. Falling gross domestic product will further
have a huge affect the Small enterprises in the regards of the overall performance of the
consumers and the businesses having a service from newly formed business and the products.
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Small enterprises affected, since they mainly have a lesser field of performance. As the
comparison to a huge firm, a small amount of firm might have to face easily on huge investment
or diversification or loans to finish any main markets pretends to be weak.
Startup- and small business are bringing dynamic change in US economy. Startup has recorded
three percent of total employment from 1980-2005. Thus, employment rate has increased due to
startup. While, small or micro firms have an average rate of 20 % of new job employment.
During declination period, it was studied that startups do not waive at that time. Venture capital
firms are investing slowly and steadily and contributing to US economy. Thus, employment
opportunities for youth has increased and experienced talent is moving towards high growth and
challenging career. Revolutionary technology and a range of millionaire streamed in many cities
of developed countries.
P5. Comparison and contrast among different leading heads of smaller organizations
The best entrepreneurs of the small business enterprises share their contributions of the
characteristics from the tenacity to the capability to tolerate the risk, which are very important as
well as crucial to a successful venture of the entrepreneurships. There are many of the traits and
skills of different types of the entrepreneurs who can be comparison of each other in the regards
to the traits and skills of their own.
Tenacity
Determination and tenacity is another aspect that a respective organization can better flourish.
For example some leading managers can be referred. There are countless personalities who have
established their positions after facing failure as well as negative aspects while following a
professional career. This trait determined by -determination, persistence, perseverance,
resilience, commitment--but it said to be old-fashioned. Most of the entrepreneurs have to face
the same trends due to market completion as well as other competitive aspects.
Passion
According to Burrows (2104), Passion based on the organization company has specialized
mission that provides an internal reward that can even preserve between the paydays. If a
respective organization cannot acquire passion or a personality, it will be hard to achieve
success. Initially, it is the confidence and a better approach that establish market position.
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John Roulac is very much passionate about the hemp making it a primary, keystone crop for the
agriculture.
Vision
A longer vision is important to make strategies as well as well to maintain a regular workflow.
On the other hand, having a strategic vision can show a clear path for the organization and each
employee head. Many people were even satisfied with a few successful businesses but one of the
entrepreneurs named Eldad Matityahu viewed beyond his frozen yoghurt stores.
Self-belief
By the keyword, it can be determined that to startup a business the most important part is to have
self-confidence regarding the work of the business. As mentioned by Obeng (2017), self-beliefs
that turn the proposition of the risk that been conducted as well as have the enough self-
confidence. Without having confidence, a respective strategy or innovative ideas cannot be
flourished and for a new start up or enterprise such prospects are highly important. As some
value creation measures are highly important to manage prosperity. More practically, it is the
thinking possibilities as well as new glances of considering success focus that new
entrepreneurships get success measures and for the same self belief is highly important.
Main skills and traits of Entrepreneur are Being Focus on objectives, Investing for long term,
Resiliency in the work, self-reliance, self-reflection. It is different from manager's skill because
manager focus on the framework of the business but entrepreneur looks into overall elements of
the business.
P6. Perception of the entrepreneurial personality reflect entrepreneurial and motivation
There is a greater difference between an established organization and a new start-up and
following the same, it is also evident that leaders or owners have to follow different aspects.
Initially, it is the responsibility or requirement of an entrepreneur to establish value or brand
reputation in the market. Without having the same, it will be impossible to gain attention of
business targets. On the other hand, innovation and creativity are other factors that lead to get
success for an entrepreneurship. At a glance, a leading head of startup has to think differently
whereas an established organization does not have to consider such aspects.
In Order to implement and carry out the ideas the entrepreneur also requires workers as well as
collaborators. For more possibility of succeeding in realizing the thoughts of the entrepreneur
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needs to be autonomous being a leader to the organizations’. Autonomy said to be an important
factor for the entrepreneur. Therefore relating to this the organizations’ behave like the large
sand huge ones; they are also exposed to the shocks to the international trade than the
independent. A new investment always tends to gather money or ROI, but it is very practical that
such business entities need to have a greater time establish all of the business approaches that
successful transactions will begin.
Aspects of Mark Zukerberg reflects Bill Gates in their enterpreneurial mindset and motivation:
Bill Gates has a magnetic personality and possess following traits:
Smart worker: he works smartly and pay attention in his work.
Dare to take challenges: He faces challenges and problems dauntless.
Mark Zukerberg is name among millions who has build his personality by following various
traits:
Critical thinking: he noticed functioning of programs at a very early stage and thought critically
to bring success in his life.
Effective communication: He communicates effectively with his staff and and other business
owners.
Solving problems immediately: he is always targeted to problem solving instead of carrying it
further in his life.
P7. Practical instances that hinder entrepreneurships and prosperity
Many factors influence the entrepreneurship such as Government helps the economic
development through the infrastructure, facilitations, development through the help of the
entrepreneurship. In the words of Schaper (2016), the availability of the utilities and
infrastructures involves good roads, communications, .lack of corruptions, as well as
communication facilities. These subsistence economy, begin the organizations’ after knowing
that from the day one that their vision can change this universe. They even attract the following
investment from the similar investors a well as capitalist of the venture. They hire the brightest
and the best. Their main job is to find for the scalable and repeatable model. Many factors hinder
entrepreneurship like lack of education, deficiency of customers, deficiency of access, deficiency
of available resources, lack of utilities, unavailability of securities and corruption. There should
be availability of resources in firm so that objectives of enterprise can be achieved quickly. To
earn money customer is the prime factor which increases its productivity and is considered as
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one of basic strategic management tool. Services should be maintained properly so that they
remain satisfied. Transportation system of the firm should be proper so that future difficulties
can be avoided. Entrepreneurial opportunities are opened up if on demand amenities are on
access.
Experience & Background:
For example: Great entrepreneurs such as Michael Dell and Bill Gates who started their
own business at the age of 18 after coming out of high school possess very unrealistic
expectations. Some people at the age of 40 & 50 are also not successful because everything is
not dependent on money but our mind should also be creative. These people inspire and
motivated others so that they can achieve success.
Conclusion
In this report it has been determined that small business enterprises follow different strategies to
exist their business in the market of the competitions. Entrepreneurship can be described as the
willingness as well as the capacity to establish, manage, or organize. In the year 2000 the
definition of the entrepreneurship intended to explain why and how some of the individuals
determine opportunities, calculate them to decide them to exploit , on the other side in turn how
the entrepreneur apply the opportunities to establish new products as well as services, to improve
the new organization, industry in order to create wealth. This report has mainly focused on the
outcome generated for the economy in UK based organizations’.
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Appendix
Figure 1: contribution of the SME towards the economy
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