Entrepreneurship Theory and Practice

This assignment provides an overview of entrepreneurship theory and practice, including various perspectives and approaches to understanding entrepreneurial behavior. It covers topics such as social entrepreneurship, sustainable development, and entrepreneurship education, among others. The assignment also touches on the role of small businesses in local economies and the characteristics of entrepreneurs. Overall, it is a comprehensive review of entrepreneurship research and development.

Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial ventures and their interrelation to typology of entrepreneurship...1
P2 Similarities and differences between entrepreneurial ventures.............................................3
TASK 2............................................................................................................................................4
P3 Relevant data to illustrate how micro and small business impact on the economy...............4
P4 Importance of small businesses and start-ups to the growth of social economy...................5
TASK 3............................................................................................................................................6
P5 Characteristic traits and skills of successful entrepreneurs that differentiate them from
other business managers..............................................................................................................6
P6 Entrepreneurial aspects personality reflect entrepreneurial motivation and mindset............7
TASK 4............................................................................................................................................8
P7 Background and experience can hinder or foster entrepreneurship.......................................8
CONCLUSION................................................................................................................................8
REFERENCES .............................................................................................................................10

INTRODUCTION
Entrepreneur is the person who has some idea through which they can make provide
satisfaction to society. Through such activities profits can be generated and this is effective for
making good image in market. While making changes in roles and responsibilities methods has
to be considered through which changes can be possible in current trends. In initial thee are
possibilities of no profit, so there is requirement of proper analysis (Barringer, 2012). In society
as changes are taking place in society, but for small business it is tough to accept changes. This
report is on based on Unicorn grocery, which is located in Manchester, England. This company
was founded in 1996 and operates in various parts of UK. This report enhance knowledge about
various types of entrepreneurial ventures and their typology, similarity and difference between
entrepreneur ventures, impact of small business, factors which may affect key aspects which
affects mindset of entrepreneur.
TASK 1
P1 Types of entrepreneurial ventures and their interrelation to typology of entrepreneurship
Entrepreneurship: Entrepreneurship is the approach which focuses in starting new
business and this is effective for making new business established in market. In initial days of
entrepreneurship, there are possibilities of loss, so individual must ready to face financial crises
and this helps to get good and effective image (Storey, 2016).
There are various types of business enterprises and this helps to get good image in
market, with the help of use of factors through which changes are possible in roles and
responsibilities. There are many reasons for which business is running. There is use of policies
through which changes are taking pace in their working style and level of working. There is
some reason for which association is set up, if that target is not achieved then this affects
business goals. Manager has to make policies through which they can deliver changes to workers
and they can work as per policies. Some of the ventures are discussed below-
Scaleable start up entrepreneurship- This is the company which works to get profits and
this affects position of company. To earn good profits, entrepreneur is ready to take risk and it
affects business goals and targets. Main aim of such enterprises is to get use of various policies
through which society can change demand of customers with their product and services (Baum,
Frese and Baron, 2014).
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Small business entrepreneurship- In such association, there is need of policies which are
effective for making changes in society, thee businesses runs at small level, which works for
making changes in their roles and responsibilities. To set up small business, there is need of 50
people and 5 Crore capital. Sales of association does not raise more than 6 million. Plumber,
electrician, etc. are covered under this category (Bosma and Levie, 2010).
Social entrepreneurship- There are many issues which are faced by people living in
society, hence social entrepreneurship works for making changes in roles and responsibilities
through which social life of people can be improved. There is requirement to analyse what has to
be done through which issues can be removed and social satisfaction can be possible. Trust,
NGO, etc. are example of so0cial entrepreneurship.
Large entrepreneurship- This is the largest type of organisation, so this is effective to
make changes in their roles and responsibilities. There are thousands of workers working to
achieve targets. They promote their product and services through which profits can be achieve.
There is requirement of changes in actual actions so current trends can be followed (Santos,
2012).
Typologies of entrepreneurship
There is use of policies through which business can be bifurcated on the basis of various
business. This is effective for making changes in activities of company. There are some
typologies which has to be considered through which actions can be differentiated.
Social Entrepreneur: There are some social reasons which affects growth of economy.
This entrepreneur is the person which has to make changes in business actions and with the help
of use of policies, they can modify image of country. This helps to get touch with use of
functions which are efficient for achieving targets.
Serial entrepreneur: This type of entrepreneur are effective as they have to make changes
in business activities (Bruton, Ahlstrom and Li, 2010). They have new and innovative thoughts
which they can apply to daily work. This helps to know what has to be done with effect to
change in social need. The ideas are not necessary be achieved.
Female entrepreneur: These entrepreneur are very demanding these days . As there is use
of factors through which they can apply changes and this is effective for improving image of
female in society.
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Male entrepreneur: Male when involves in business and this will effective for making
changes in roles and responsibilities. This is effective for making changes in business activities.
They try to get use of competition to get use of policies which are efficient for growth of society.
Lifestyle venture: There is change in trends of company so it s essential to work as per
society need. They change their product and services as per demand of customer. There is
requirement of more cost and market analysis is essential (Dacin, Dacin and Matear, 2010).
P2 Similarities and differences between entrepreneurial ventures
There is difference in roles and regulations for which association is working. As per
difference in targets activities of organisation, so this affects business operations. There is
discussion about some activities which are differ and similar to other associations. This has to be
performed to make good and effective image.
Lifestyle ventures similarities with business Serial entrepreneurs venture and similarities
with business
 They are flexible and innovative.
 They want to improve living of
standard of society.
 There are possibilities of increment in
cost and time.
 Serial entrepreneurs work to achieve
similar target which is important for the
growth of society.
 Resources are utilised in effective way,
so they can serve society with best.
Difference Difference
 As per this venture, people do not work
as per change in basic need of society.
 They analyse market and then take
actions.
 They have similar activities which are
affecting business operations of
association. There is use of techniques
which brings consistency in actions of
association.
 They have to work as per change in
business goals and objectives. This is
effective for making changes in actions
of association.
Female Entrepreneur similarities with Male Entrepreneur similarities with business
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business
 These entrepreneurs are females and
hence they operate business activities in
effective and efficient way. There is use
of policies which are competent to
external factors.
 Due to emotional touch things might
get hampers in operation actions.
 There is more involvement of male in
performing these entrepreneurial
business, so they work according to set
activities.
 They are able to bear losses which are
caused and they can help to perform
business operations in effective and
efficient way.
Difference Difference
 These business works for social
benefits too and this helps to take
changes in roles and responsibilities of
workers.
 There are possibilities of use of
components through which they can
work as per current trends.
 There is use of techniques which are
cost and well as time.
 They have to work as per change in
activities of business enterprise.
TASK 2
P3 Relevant data to illustrate how micro and small business impact on the economy
There are many organisations which are working to get profits and it helps to improve
economy of association. There are factors which has to be considered and this helps to make
changes in roles and responsibilities of business (Defourny and Nyssens, 2010). In general there
are small, medium and large sized enterprises. This is effective for knowing what has to be done
through which changes can be possible and this makes changes in roles and responsibilities of
company. There is difference in their functions and activities and they have different aims to
work. Achievements is possible because of use of policies through which changes are accepting
effectively. Activities which are performed by following are as under-
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Small- This business is run at small level at family level. There are possibilities of lack of
financial resources. This business runs at small level to get livelihood. There are family members
which run business operations ion efficient way.
Medium- This is higher level business than small enterprise. Entrepreneur helps to make
changes in roles and responsibilities through which they are achieving targets. There are around
250 employees which helps to make policies for changing business activities.
Large- This is the largest form of business and they work as per need of society. When
they have good sales and profit of company (Delgado, Porter and Stern, 2010). There is use of
policies through which association has to make changes in roles and regulations. There are
numerous workers working in large enterprises which helps to provide satisfaction to society.
Large enterprises has to make strategies so there image does not get hampered.
Impact of economy on SMEs:
Local impact: There is use of techniques which are making changes in local services of
country. Thee is use of factors through which changes are caused because of such business
cause. This is effective to make alteration in local activities.
Regional effect: Business runs in society, so there are bright possibilities of having
impact on regional level. There is use of changes which can be done and effective for
approaching changes in actions and operations (Welter, 2011).
National effect: Larger scale business has various approaches which are important for
knowing what has to be done through which changes are effective for every nation. As there is
difference in working style, so it is essential to work as per requirement.
P4 Importance of small businesses and start-ups to the growth of social economy
BREXIT is one of the effective technique through which many countries come in line to
survive and compete with each other. There is requirement of policies which are competent with
each other. This concept was came into existence in 2016 which works to leave European Union.
There is specific ways through which votes are polled and this is effective for making changes in
business activities. Through this economies of various countries gets attached with each other
(George and Bock, 2011).
Difference between small business and start up business
Small business Start-up business
This is the approach which is effective only This is the business which is new in market
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after start up business. There must be use of
approaches which are effective for improving
economy. These business are effective to work
as per need of society but at small level. There
are 30 workers working. There is effective
profits through which cost can be set off.
and this is effective for making changes in
roles and responsibilities through which they
can apply satisfy demand of society. There are
possibilities of loss in initial days of running
business and this helps to work as per
requirement of business factors. Start up is
effective when there is new ideas with
entrepreneur.
Contribution of and importance of small business for growing economy
Social security standards: There are many factors which are effective for making changes
in living of standards of society. While making use off policies through which changes are
important for raising standard of society.
Contribution to taxes and revenues: Government of UK works for performing business
operations and this is effective for knowing what has to be done through they get good revenue.
There is use of factors through which good image is possible in world (Hall, Daneke and Lenox,
2010).
Providing employment: While starting new business, there is need of workers which help
them to know what has to be done through which they can work to improve position of country.
There is employment generations with starting new business.
TASK 3
P5 Characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers
Entrepreneur is the person which is different from other person, as they take risk. They
are future road makers. There is requirement of various policies through which they can apply
change and this helps them to take advantage in making changes in roles and responsibilities.
Entrepreneur has to take actions which are new and innovative, this helps them to get use of
policies which are competent for achieving goals and targets. Entrepreneur must be ready to take
risk, in initial day of entrepreneurship, there are possibilities of loss so entrepreneur must be
ready to face it.
Characteristics of entrepreneur are as under:
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Risk taking- While running business, there is need of change in activities, so it is essential
to work as per change in activities of society (Herrington, Kew and Monitor, 2010). Entrepreneur
is ready to take risk as they are watching to know what has to be doe through which changes are
effective for business growth.
Innovation- This is one of the effective characteristic which had to be considered and this
helps to know what new can be done through which actions are performed in effective way.
When entrepreneur is innovative then this helps to make changes in actions of company.
Hard worker- There is need of hard working to establish a business. In initial days there
was no funds, so there are possibilities of use factors through which they can get work with
effective approach (Kirzner, 2015).
Traits of becoming an effective entrepreneur:
Planning: There are many actions which has to be taken while starting new business.
There is requirement of planning business activities through which peer members are clear about
use techniques which are effective for business purpose.
Confidence and Passion: Confidence is the key for running business smoothly and
effectively. There are possibilities that due to use of factors through which they can create energy
while working (Pott and Pott, 2012).
Product and Market Knowledge: Entrepreneur is the person who come with idea to
provide satisfaction to society. There is effective role of managers in making use of techniques
which are important for analysing market.
P6 Entrepreneurial aspects personality reflect entrepreneurial motivation and mindset
Entrepreneurship is the concept which help to make policies through working under same
consideration and this is effective for changing business roles and responsibilities. Not only
external environment but also internal features of entrepreneur affects business activities. There
must be use of policies which has to be considered and this helps to accept changes happening in
business environment. Big five model is effective for knowing what qualities are required by
entrepreneur. Components of big five model is discussed as under-
Openness to experience: There is use of experience through which changes are possible
when person is ready to take advantage of policies and this is effective for making policies in
effective and efficient way (Neck and Greene, 2011).
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Conscientiousness:There must be some seriousness whole running business. It is
essential to know what has to be done through which changes are taking place and this affects
business operations in appropriate way.
Extraversion: As per this concept, individual must be extrovert which helps them to share
their views in front of others and this helps to get confident.
Agreeableness: There are many factors which affect business operations. There must be
quality to agree upon views which are essential to make changes in working styles.
Emotional stability: There are many ups and downs in business, so entrepreneur has to
keep themselves cool and calm at the time of happiness and sadness. This helps them to motivate
workers to get best outcome (Oosterbeek, Van Praag and Ijsselstein, 2010).
TASK 4
P7 Background and experience can hinder or foster entrepreneurship
There is use of HR approaches through which workers are making changes in their roles
and responsibilities. There is use of component through which goals can be achieved. Drawback
and rewards of entrepreneurship are as under-
Rewards Drawbacks
Control and monitoring: There is use of
various approaches which are effective for
making changes in roles and responsibilities of
entrepreneur, which is effective for changing
business plans and policies.
Emotional attachment: There are some
emotions behind working as entrepreneur of
person, they get chance of emotional
satisfaction.
Flexibility: While working an entrepreneur
there is no specific boundations like job, so
they can work as per their comfortability.
Exemption: There is no specific rules and
regulations for which entrepreneur has to work,
Management: When person is working at
individual level then there are some
boundations which has affects activities related
to business.
Rivalry: As trend of business is increasing so
there are various competitors which affects
activities of entrepreneurship.
working style: When some idea is generated in
mind of person, then they have to work behind
it to achieve targets. So this may affects body
of workers and this affects social life of person.
Possibilities of loss: This is the biggest
disadvantage which affect business goals and
objectives. While starting new business it is
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so it is essential to take polices which are
competent to achieve targets.
not essential that they must get profits out of it.
Sop this affects morale of entrepreneur.
CONCLUSION
As per this report, they are working to know what has to be done through which changes
are possible and this helps to improve economy of UK. There is use of various approach which
help to analyse market and use strategies with which changes are possible. Entrepreneurship is
economic activity, so there will use of strategies which are legal and ethical. There are various
types of business enterprise, so it is effective for making good image in industry. While starting
new business manager has to face problems which may give adverse effect on operations of
company. There is requirement f social help from personnel through which changes are done to
alter business policies, this is effective to make policies in good and efficient way. While
thinking to make policies through which change are possible then this must be applied inn
business operations , so positive results can be generated.
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REFERENCES
Books and Journals
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
Baum, J. R., Frese, M. and Baron, R. A. Eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Bosma, N. S. and Levie, J., 2010. Global Entrepreneurship Monitor 2009 Executive Report.
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Dacin, P. A., Dacin, M. T. and Matear, M., 2010. Social entrepreneurship: Why we don't need a
new theory and how we move forward from here. The academy of management
perspectives. 24(3). pp.37-57.
Defourny, J. and Nyssens, M., 2010. Conceptions of social enterprise and social
entrepreneurship in Europe and the United States: Convergences and divergences.
Journal of social entrepreneurship. 1(1). pp.32-53.
Delgado, M., Porter, M. E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
economic geography. 10(4). pp.495-518.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Hall, J. K., Daneke, G. A. and Lenox, M. J., 2010. Sustainable development and
entrepreneurship: Past contributions and future directions. Journal of Business
Venturing. 25(5). pp.439-448.
Herrington, M., Kew, J., and Monitor, G. E., 2010. Tracking entrepreneurship in South Africa: A
GEM perspective. South Africa: Graduate School of Business, University of Cape
Town.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Oosterbeek, H., Van Praag, M. and Ijsselstein, A., 2010. The impact of entrepreneurship
education on entrepreneurship skills and motivation. European economic review. 54(3).
pp.442-454.
Pott, O. and Pott, A., 2012. Entrepreneurship. Unternehmensgründung, unternehmerisches
Handeln und rechtliche Aspekte, Heidelberg.
Santos, F. M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Storey, D. J. ed., 2016. Entrepreneurship and new firm. Routledge.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and practice. 35(1). pp.165-184.
Online
Impact of small-business in UK economy. 2017. [Online].Available
through:<http://smallbusiness.chron.com/important-small-businesses-local-economies-
5251.html>
What is Entrepreneurship?. 2017. [Online]. Available through:
<http://www.businessnewsdaily.com/2642-entrepreneurship.html>.
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Big Five Personality Traits of Entrepreneur. 2018. [Online]. Available through:
<https://catalog.flatworldknowledge.com/bookhub/5?e=carpenter-ch02_s01>.
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