Entrepreneurship and Small Business Management

This document discusses the different types of entrepreneurial ventures and how they interrelate to the typology of entrepreneurship. It also explores the differences and similarities between entrepreneurial ventures. Additionally, it interprets relevant data and statistics to understand the impact of micro and small businesses on the economy. The document also covers the characteristics of successful entrepreneurs and how background and experience can foster or hinder entrepreneurship.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Several types of entrepreneurial ventures and how they interrelate to the typology of
entrepreneurship.....................................................................................................................3
P2. Differences and similarities between entrepreneurial ventures........................................5
TASK 2............................................................................................................................................7
P3. Interpret relevant data and statistics, how micro and small business impact on the
economy.................................................................................................................................7
P4. Significance of small businesses and business start-ups to the growth of social economy.
..............................................................................................................................................11
TASK 3..........................................................................................................................................13
P5. Characteristics traits and skills of successful entrepreneurs that differentiate them from
other business managers.......................................................................................................13
P6. How entrepreneurial personality reflect entrepreneurial motivation and mindset.........16
TASK 4..........................................................................................................................................18
P7. How background and experience can foster and hinder entrepreneurship.....................18
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
At current scenario entrepreneurship has become very important in order to develop
better economy. It is very essential for creating regional growth, industrial development and
employment generation which is mainly depends upon the entrepreneurial development.
Entrepreneurship refers to the process of different actions of an entrepreneur who is an individual
always search for something new to gain better opportunities in future. Whereas, small business
management refers to the different styles of management to get better outcomes appropriately.
Present assignment is based on entrepreneurship and small business management which will
focus on range of ventures types that could be considered as entrepreneurial. After this impact of
small business on the economy (Galloway, Kapasi and Sang, 2015). At last, key aspects of
entrepreneurial mind set and various environments that foster entrepreneurship will get covered.
TASK 1
P1. Several types of entrepreneurial ventures and how they interrelate to the typology of
entrepreneurship.
Enterprise: It is an enterprise which is most associated with the new type of ventures that
includes manufacturing, production and other operations which is performed by an organisation
in order to gain appropriate value of business.
Entrepreneurs: It is an individual who develop a new business and bearing huge risks
along with able to gain better rewards in an effective manner. It mainly includes innovator, a
source of goods and services, ideas, appropriate procedures as well as business.
Entrepreneurial venture: These are those type of ventures which is managed and owned
by the diverse entrepreneurs who mainly engaged within the business activities in order to
provide better quality of goods and services to customers in a perfect way. Online retail
consigner and Instagram consultant can be the best example of entrepreneurial ventures. This is
because these sorts of businesses mainly handled by one or two persons last, with the help of
managing their business in a proper way they can achieve their targeted goals in a success full
manner. There are different types of entrepreneurial ventures, those are listed below:
Ventures:
Small business
entrepreneurship
Large scale entrepreneurship Social business
entrepreneurship

 This type of
entrepreneurial
ventures is which
where business carried
out on small scale
through engagement of
the individual who has
been selected from the
local market (Burns,
2011). With the help of
this, best resources will
be produced in an
effective manner.
 Some of the small
businesses includes
grocery stores,
plumbers, carpenters
and many more.
 In addition to this,
entrepreneur is a
person who owns the
overall business and
staff members in order
to accomplish their
goals and objectives.
 With the assistance of
skilled and talented
employees, needs and
wants of customers will
be fulfilled in an
effective manner and
 This is the type of
business entity where
organisation use
advanced techniques in
order to produce high
quality goods and
services within limited
time frame.
 Size of such type of
business entity perform
their business
operations in order to
bring innovative ideas
for the development
and betterment of
future. Some of the
examples of such type
of enterprise are
Google, Facebook,
Yahoo and Adobe.
 Apart from this within
a large business
enterprise, ample
number of job
opportunities will be
developed which
increases the standard
of living.
 This is the type of
organisation who have
the capability to attain
 This is the type of
business entity offered
goods and services in
order to develop the
society in an effective
manner. They mainly
work for the
development of society
and individuals
(Bridge and Neill,
2012).
 Some of the instances
of this type of scale
includes Bill dray-ton,
Scott Harrison, Shiza
Shahid and many more.
According to this most
of the firms are using
social marketing
business models in
order to know about
customers taste and
preferences as well.
 In addition to this, with
the help of this they
can build effective
contact with large
number of individuals.
 For example: NGOs
are best way to provide
better facilitates to the

attain positive
advantages at the
marketplace.
goals and objectives of
the company at global
level.
 For instance: Google is
one of the biggest and
largest business
organisation who have
large number of
employees in order to
fulfil needs and wants
of customers in an
effective manner.
people in order to
enhance their living
standard.
P2. Differences and similarities between entrepreneurial ventures.
There are different types of entrepreneurial ventures into the marketplace. All they have
aim to become more successful by having huge profits and growth for the better development of
economy within country. Some of the similarities and differences are given below in context
with them:
Differences:
Small business enterprise Scale start up enterprise
In this sorts of enterprise thoughts and ideas
always stolen from the other person after that
start business with their own name and
identity.
According to this, business ideas always have
uniqueness like innovative strategies and
something new forever to gain competitive
advantages in a perfect way.
It is the type of business where number of
employees are around 50 where they work for
their own livelihood and not for the
betterment of the society.
This type of business work at the competitive
marketplace in order to develop the living
standards of individuals by bringing unique and
innovative products and services.
Purpose of this type of enterprise is to earn
huge profits for fulfilling overall demand and
The main aim of this entrepreneurship is to being
huge innovative techniques within society in

requirements of individual's family members
appropriately. For example: those types of
business who are operating their overall
systems and functions within the local level
then they are really needed to have so many
strategies and tools in order to make their
business attractive and valuable for people at
marketplace. In order to make huge profits
they always needed to have bette4r tools and
strategies in an effective manner.
order to develop new and effective products.
For example: If any start up comes into the
market with unique and new ideas then it can
influence large number of people within the
economy of UK. By satisfying several people
they can achieve their all over the task in order
to stay for long period of time within the
organisation. Along with they always have
innovative technologies so that they can easily
get potential customers and able to achieve huge
success in a peaceful manner.
Large scale enterprise Social enterprise
This type of enterprise always found with the
aim of earning huge profits in order to
develop huge sales and revenue within society
by giving large amount of funds. Along with
this, there are more than 250 employees who
are working in these sorts of organisation to
achieve organisational objectives and goals.
For example: It can be said that Google,
Facebook and so many large organisations
who are dealing their overall operations at
higher level they really needs to follow all
over the government rules and policies so that
they can meet their goals without facing any
kind of issues and problems in an appropriate
manner. Therefore, they have lots of people to
achieve same predetermined goals perfectly.
These type of enterprises always developed in
order to increase living standard of people
within society. On the other side these type of
enterprise do not have any motive to earn profit,
together with they always develop unique
strategies for societies so that they can give job
opportunities for numerous people effectively.
For example If NGO' s will provide more better
accommodations to their potential customers or
people so that they will become more successful
business entrepreneur and it also increase their
overall sales and revenue in an effective
manner. By having this type of scenario they
can also become world's largest firm in order to
give huge protective services to people and
remove negatives aspects from the world.

Similarities:
Entrepreneurial ventures always have similarities as they have same motto to improve
overall condition of society accordingly (Rauch and Hulsink, 2015). Some of the similarities are
mentioned below: The major similarities between small, large, social and scalable enterprises are, they all
gives their contribution 100% in order to improve welfare and development of the society
by providing huge job opportunities for people in an effective manner. All these sorts of ventures usually wants to give accomplish overall needs and demand of
societies, so that they can stay in the marketplace for long period of time. Their main motive is to enhance the standard of living and for this they develop various
job opportunities for the individuals available at the marketplace. This will assist in
enhancing the economic system of the country as they provide job opportunities to the
people. It refers to the type of business ventures wants to increase their profit but before
maximisation of living standard of people in an appropriate manner. With the assistance
of such type of business ventures, economy of a country increased which as a result raises
the living standards of individuals. As entrepreneurial ventures have same vision and mission in order to make organisation
effective, with the help of this entrepreneurs can fulfil their society's and people demand
in a accurate way. By giving 100% contribution entrepreneurial ventures always able to make unique
policies and strategies in order to satisfy people demand and needs in an appropriate
manner.
TASK 2
P3. Interpret relevant data and statistics, how micro and small business impact on the economy.
Within the competitive scenario of business industries, small and micro businesses plays
very important role within the UK economy in order to develop numerous job opportunities for
people (George and Bock, 2011). With the help of this they can bring innovative and financial
interdependences towards organisations. The entire contribution of businesses are mentioned
below in detail:

Small business: Small businesses are the privately owned businesses and corporations
which have fewer employees and low annual revenue than its regular business. It is a concept of
self-employment, entrepreneurship and start-ups. These are the businesses which varies
according to country and size and the number of employees are less than 500 employees.
According to this, it consist 50 personnel along with annual income of £5 million. Therefore, the
few investment leads in order to increase their market share and size in not much large area with
sufficient resources. Some of the most essential type of small business organisations consist of
grocery stores, plumbers, carpenters and so on. They mainly work with their own capital and
sometimes borrow funds from their family members and friends.
Micro businesses: These are the companies with annual low annual sales and assets and
not more that five employees in which it include owner also. The common micro business
environment include catering, photography, computer services and many more. These are the
enterprises who depends on the various sectors of the country. It has been said that micro
business enterprise have capital which does not exceed ten lakh rupees in order to perform their
business functions.
On the basis of above graph it has been shown that, small business is giving their
contribution around 99.3% as compare with large and medium organisations. Furthermore, it has

been analysed that small business developing 48% employment job opportunities whereas, large
companies are contributing 40% along with this, medium firms are giving 12%. At last, large
business has huge turnover rate that is 53% as compare to medium and small organisation that
has 33% as well as 14% appropriately (Kuratko, 2016).
From the above representative graph it has been analysed that, small and micro
businesses both gives huve contribution within the exapnasion of UK economy. With the help of
giving this type of contribution they can improve overall situation of economy and able to
provide huge job opportunities to people who are really interested and seeking job opportunities.
As small business contributes 23.4% so that economy can grow up in a easiest way able to
achieve their goals. Whereas, micro enterprises giving their 18.9% to economy which maximises
overall busienss job opportunities for candidates and make them valuable. By having this type of
contribution UK economy is able to grow and easily achieve their goals in an stipulated manner.
Characteristics of various businesses:
Sole proprietorship: These type of firms are always governed, controlled and monitored
through single person by bearing all the risks and profit also developed by them.

Partnership: This is the form of busienss with a contribution of one or more firms who
joint together in order to achieve common goals and purpose within the particualr time period.
Apart drom this they also share overall roles and responsibilities in the equal proportion form of
business.
Contribution of small and micro businesses
The small and micro businesses plays an important role in the business and its
environment and also helps in developing the economy of nation by using their creative mind
and advanced technology. As these factors helps in the operational activities of business and
helps in achieving the sustainability and profitability of business environment. It is said that
SMEs are considered as the backbone of the economic system of a country as in term of
generation of employment, increase in trading policies, sustainable growth, development of
entrepreneurial skills and many more. Generally the business entities are established on small
scale.
The important role of small and micro organisations is that they provide employment
opportunity and contribute in the national development of country. As it impacts the economy of
UK which brings more relevant and appropriate information about the statists and its related
information. With this purpose, it helps in demonstrating the small and micro businesses in order
to acquire and develop the more private sector and increases the number of employment for its
nation. It has also been analysed that with the help of small and micro business organisation help
in developing ample number of job opportunities at the market area which leads towards the
enhancement of standard of living of individuals.
Moreover, micro and small businesses does not show much interest in hiring skilled
workforce as they recruit less educated employees and they are more likely to provide training
and development to their employees because they think that they should guide their employees
according to their requirement and need to job position. This increases the engagement of
employees in the organisation and unskilled labour contribute their best in achieving the
economic growth of the business environment. Along with this, there are some people who are
highly skilled and knowledgeable which assist in developing high quality products and services
and help them in order to earn good amount of money so that they can easily spend their
livelihood.

Furthermore, it also helps in increasing the productivity of workers as they guide and
provide knowledge them in order to gain fruitful for the company. This increases the
performance and productivity of employees and automatically tends to increases the income of
nation. It also develops the rate of foreign exchange rate and currency by attracting outside
customers towards it. In UK, the number of employees who are involved in small and micro
businesses are approximately 250 employees. These businesses helps in development of
borough, helps in earning money and improve their living standard.
P4. Significance of small businesses and business start-ups to the growth of social economy.
Social economy: It is mainly refers to the rich diversity of various organisations like
mutuals, associations, foundations and so on. On the basis of these sorts aspects different firms
and people can share their overall values and features with another people at workplace as well
as marketplace. Therefore these sorts of enterprises have several sizes of organisations in which
leaders operate all over the economies sectors in a perfect way. Along with this there are 4 pillars
of social economy, those are following as under:
Mutual: It refers to the mutual funds which is generally managed and invest by the
investors in order to keep all type of fund in a safe zone. So those sorts of investors can be retail
and institutional within the nature. For example: fees structure, unit of investment trusts and so
on.
Foundations: It is the form engineering and refers to the appropriate structure elements
which are interconnected with ground, transfer loads from the all over structure to the ground.
Therefore, foundations are generally considered as the shallow or deep in an effective manner.
For example: Community trust, lilly endowment and so on.
Associations: It refers to those term in which organisation of people always have unique
purpose and aim by having a formal structure in an effective manner. Along with this,
associations have goods connections and combination with different people in a proper way. For
examples: image, ideas, feeling which are interrelated with another people.
Charities: These are known as non profit organisations which generally try to achieve
primary objectives and social well being. On the other side, the definition of charities always
varies from countries to some unique reasons of the country. For example: public interest,
educational, religious and so on.

Social economy is one of the best combination of mutual and association forms of
business that is very helpful to achieve desired goals and objectives within the specific time
frame. Moreover, start-ups and small businesses plays very significant role within UK economy
as they are helpful to cope up with Brexit challenges as well as threat in order to change into the
environment (Down, 2010). According to Brexit, it obligates huge difficulties across the firm as
it enhance competition level towards firms which directly influence firms productivity and
decision making. Apart from this, Brexit is beneficial into the UK for start ups and small
business organisation as it helps to develop job opportunities for employees with the help of
using higher tools and technologies in a proper way. Herein, small business are those type of
business which all are operated and governed by an individual in order to accomplish needs and
wants during start-ups evoke ventures in order to formulates procedure and novel policies for
achieving huge growth and success. There are some significant points in relation with firms,
those are mentioned below:
Adopts innovation: It is one of the best aim of overall start ups and small businesses in
order to gain innovative technologies and novel ideas in order stay for long period of time within
marketplace. Furthermore, advancement of techniques is very helpful to attain large number of
people among their brand (Zahra and Wright, 2016). For instance, large scale firms and
businesses always found different ways to gain huge amount of function within business firm.
Opportunities to local residents: Start-up and small businesses have opportunities for
local people and have good economic growth which is associated with the large organisations.
Herein, in order to achieve appropriate targeted goals, firms always hire skilled and talented
aspirants so that they can impose various innovative things to develop better solutions in order to
achieve dynamic business environment.
Importance of start-ups on growth of social economy with examples:
Start-ups always helpful in order to enhance overall economy activity levels within the
nation which is very essential in order to expansion of economy by giving better job
opportunities for peoples who are interest in this. Along with this it is also very helpful to
improve overall technologies from the work within the particular nations in order to develop
better ways for future to increase overall growth of economy in a proper way. For example: If A
launch their their business at marketplace which is good for people then it will helps them to

increase their knowledge about that and make them good decision maker. So that it will directly
influence overall economy in a positive way.
Importance of small businesses on growth of social economy with examples:
Small businesses always contributes into the local economies which brings various
changes like effective growth and innovations within the community in order to form business in
a better ways. With the help of this small business can increase job opportunities for people and
their growth by giving them huge satisfaction in a proper way. For example: if small business
provide lots of job opportunities for people then they can easily increase their community
identity as well as involvements so that they can achieve their goals in a perfect way. It will
increase overall economy condition at positive scenario and make people happy.
Small business and start ups support charities and foundations:
These businesses are the pillars of social economy which is generally used to describe to
increase overall growth of social economies successfully. Whereas, start ups mainly provide
different types of job roles to people by which they can get job opportunities and able to learn
few things in an appropriate manner. Along with this there are different types foundations and
associations which is very helpful to build effective charities in a proper manner. Apart from this
small business play significant role within society to offer numerous jobs and opportunities for
people so that they can increase their learning skills and able to reach huge success within
marketplace. Therefore, both are very important term of social economies by which they can get
huge motivation and achieve huge success in their life. That's why start ups and small business
support all over the social economies in a particular manner.
TASK 3
P5. Characteristics traits and skills of successful entrepreneurs that differentiate them from other
business managers.
In order to achieve better growth and success, an entrepreneur mainly needed impressive
and effective combination of traits ad skills by which they can achieve their predetermined goals
towards the organisation. However, in order to better understand of this there are two
entrepreneurs has been take named as Brent Hoberman and Martin Lewis who are famous
personality within UK. Along with they also known as CEO and financial journalist of
established firms.

Brent Hoberman:
He was born in the year of 25 November, 1968 and great British entrepreneur. During
1998 he has founded Lastminute.com website which is mainly for online travels and business
gift (Walsh and Cunningham, 2016). He completed their study from Dragon school Eton and e
has done with their collage from Oxford. Along with this, he is a well known business man and
co-founder of Lastminute.com
Characteristics Traits Skills
 He was very
competitive person as
he always face different
types of competition
and make better
solution for each and
every problems.
 On the other side, he is
always ready to
develop something
creative within the
difficult situations in
order to become best
founder and CEO of
well known
organisation.
 Brent has great
capability of
convincing other
people in a proper way
by which he can
become very successful
entrepreneur as in the
present scenario he is a
CEO of founders
factory within UK
(Various
entrepreneurial
ventures types, 2019).
 He was very versatile
in nature and able to
opt different things and
new strategies in an
effective manner.
 Problem solving skill
is one of the best and
most essential skill
with the help of which
entrepreneur will be
able to solve every
problem within given
time frame and produce
positive outcomes
(Social entrepreneurial
venture growth, 2019).
Martin Lewis:
He was born in the year of 9 May 1972 within Manchester, England. He is the best
English journalist and television presentor. He completed their schooling from King's school
Chester. Along with completed higher studies from Cardiff university London. He is a well
known founder and editor in chief of Money Saving Expert.com

Characteristics Traits Skills
 At present scenario he
is considered as a
flexible personality,
this is because he
always takes initiative
in order to adopt
various changes in the
process of overall
goods and services. It
would help them think
broadly and make them
able to achieve
predetermined goals.
Therefore, entrepreneur
always different from
managers as they
mainly implements on
new functional areas.
 Another thing, he is the
best passionate person
who always put huge
efforts to achieve their
goals in a proper way.
Along with he faced
few challenges but he
makes them attractive
as a Journalist within
UK.
 Martin Lewis always
able to analyse tough
situations properly,
with the help of this he
can make them
attractive by
implements things on
various decisions on
different situations.
 He always has risk
bearing tools and
techniques by which he
can reduce risk from
the work/business and
able to take better
opportunities within
the marketplace. With
the help of this he can
make good ideas in a
proper way.
 He has very effective
and unique
communication skill,
on the basis of this he
can make strong
relationship with other
people, employees,
clients accordingly.

Difference between managers and entrepreneurs skills, traits and characteristics:
Entrepreneur Managers
 Entrepreneur always follow their idol and
inspiration persons by which they can
achieve their goals without facing any
issues.
 Managers always have different
personality as they always follow
their superiors.
 Entrepreneur always have flexible nature
so they can adjust everywhere and
achieve their targeted goals.
 On the other side managers make
their own decision in order to operate
overall firms business.
 Entrepreneur always have good vision
and always able to take any kind of risk
like financial risk, business risk etc.
 Manager generally works for salary
and not able to bear any kind of risk
in business.
 Entrepreneurs generally have key
motivation in order to achieve its targeted
goals and objectives.
 Whereas, motivation of manager
mainly comes from the power which
is based on their valuable position.
 Sometimes an entrepreneur can be very
informal as well as casual in nature.
 In the case of manager they always
approach so many problems and
resolve them in a formal way.
 The rewards for different types of efforts
of an entrepreneur is always the profit
which is earned by them from the
enterprise.
 On the other side, managers always
consider as an employee so his
earnings is salary which is given by
the appropriate firm to him.
P6. How entrepreneurial personality reflect entrepreneurial motivation and mindset.
Entrepreneurial personality: It always shows the overall characteristics and self-
confident of entrepreneurs in an effective manner. So that entrepreneur never thinks that their
idea can be good because they know that they are making ideas in order to operate its overall
business perfectly. There are some characteristic which help in motivating individuals in order to
become entrepreneur.

According to the above explanation of various traits and skills, it can be said that the
personality of entrepreneur directly affect their mind set and motivation. For better
understanding of this, OCEAN model has been used which if following as under in detail:
Conscientiousness: This is the most important element which always shows about
management skills and thinking that directly impacts on entrepreneurial behaviour. Therefore,
Brent has unique connection of networks by which they can make better solutions for different
problems. With the help of this mind set entrepreneur can have huge passion towards their work
and able to make different types of management skills or approaches for making its business
better appropriately. So that by having this sort of mind set an entrepreneur can get encouraged
with the help of good characteristic and reach its business at higher level. This is the element
which assist in motivating individual so that they can perform their functions effectively and
become a successful entrepreneur.
Extraversion: It shows the nature of people like how they are extroverted in nature. In
order to gain competitive advantages people are needed to have various new ideas and thinks to
make business effective. On the basis of this sort of mind set an entrepreneur should have
flexible nature which helps them to gain better motivation and make them valuable to maximise
business with new concepts or ideas. With the help of this characteristic an individual have
flexible nature which motivates them in order to perform their work.
Agreeableness: According to this an entrepreneur identifies the entire trends of market in
order to make appropriate decisions towards achieving competitive advantages in a better way.
This type of mindset an entrepreneur always shows that how they are helpful in various situation
within the firm by which they can encourage other people towards improve their business in a
perfect way.
Neuroticism: According to this, an entrepreneur is able to meet various sorts of
challenges for taking corrective actions in order to adopt better things to satisfy other people
desires and wants in a proper way. With the help of this type of mind set an entrepreneur should
be better thinker in order to think about those unique ideas by which they can manage future
goals and objectives in a perfect way.
Openness: It is totally based on the experience of an entrepreneur as they always take
better advantages in order to grab future opportunities to better outcomes. In relation with Martin
Lewis, it has been concluded that they adopt various unique strategies in order to become

founder of MoneySavingExpert.com within unique way (The role of Start-ups and Small
Business in today's economy. 2019). It is one of the best mind set of an entrepreneur which
comes from the entrepreneurial nature. With the help of this they can grab future opportunities in
order to expand its business at large level which also influence others positively.
On the basis of this model this can be said that entrepreneurial personality is very much
essential for those people who really wants to get inspired in order to do something. By having
this type of motivation they can make them productive and achieve their targeted goals in a
perfect way. All the above mentioned characteristic assist an individual person and motivate
them in order to become a successful entrepreneur.
TASK 4
P7. How background and experience can foster and hinder entrepreneurship.
Both entrepreneur faced different types of difficulties while adopting various skills and
trait in order to become more and more successful personality towards the UK companies,
mentioned below:
Brent Hoberman
He was born in the year of 1968. He completed his study from Oxford university London.
His grandfather was one of the best businessman who always encouraged his son Brent in order
to launch their own firm. Due to this journey, he achieved so many things like co-founder of
Lastminute.com and the prime minister of business sector council in Britain as an entrepreneur
for small and start ups businesses. As he is the best developer and innovator so that he became an
successful entrepreneur and CEO of founders factory in the perfect way. Apart from this there
are difference types of variances which directly affect his business ideas and strategies by which
they faced some issues at marketplace. But there is one thing which is more important for him
like he get motivated from his mother and father so they started their own business without any
issues as he always considered his mother and father as a inspiration by in order to achieve its
organisational goals.
Martin Lewis
He was born on 1972 in Manchester, England. He completed its schooling and overall
education from London school of economics. His father was a headmaster in school and his was
want become more successful journalist in television, but at that time he faced so many

difficulties so after that he decided that he will encourage his son and make him famous
entrepreneur within the UK. Along with this, mother of Martin Lewis was died in car accident so
it was major shock to him and his family. But after all this he did very much hard struggle in his
life and get those things done which he want actually. Now in current scenario he is very famous
journalist within BBC network and co- founder of MoneySavingExpert.com in productive and
attractive style. By having this type of experience and facing few difficulties in their entire life
Martin Lewis prepared and encouraged themselves to become more famous person within the
world. On the basis of this, he has also learned so many things from his father that how to
become more successful person as well as journalist in Television. When they learned all these
sorts of concept they face few difficulties and he faced all that problems and make better ways to
increase his growth. Therefore, he has better experience from their life which makes him
energetic that's why at present he has good position within the nation.
With the help of above stated, it has been concluded that both the entrepreneurs have
highly educated background where there family members are educated and were very successful
in their respective careers. Therefore, it has been concluded that there background and
experience foster them and motivates them in order to become a successful entrepreneur.
CONCLUSION
On the basis of above report it has been concluded that, entrepreneurship is the best way
to think broadly and implements on new ideas and thoughts in order to sustain at marketplace for
long period of time. Along with this there are different types of entrepreneurial ventures, which
all are helpful to increase job employment in society. In this assignment there are two types of
entrepreneurs who have different types of culture and mind set by which they can operate their
business activities in a proper manner. By applying different types of tools and strategies they
can make them unique in front of the society as well as they are able to fulfil their needs and
wants in a perfect way. Therefore, this is the only reason when entrepreneurs are required
elements for every society. It gives better job opportunities for people so that they can attain their
organisational goals effectively.

REFERENCES
Books and Journals
Belz, F. M. and Binder, J. K., 2017. Sustainable entrepreneurship: A convergent process model.
Business Strategy and the Environment. 26(1). pp.1-17.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2011. Entrepreneurship and Small Business. 3rd Ed. Basingstoke:
Palgrave.MacMillan.
Down, S., 2010. Enterprise, Entrepreneurship and Small Business. London: Sage.
Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and the value of
feminist approaches to understanding them. Journal of Small Business Management.
53(3). pp.683-692.
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.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Rauch, A. and Hulsink, W., 2015. Putting entrepreneurship education where the intention to act
lies: An investigation into the impact of entrepreneurship education on entrepreneurial
behavior. Academy of management learning & education. 14(2). pp.187-204.
Walsh, G. S. and Cunningham, J. A., 2016. Business failure and entrepreneurship: Emergence,
evolution and future research. Foundations and Trends® in Entrepreneurship. 12(3).
pp.163-285.
Zahra, S. A. and Wright, M., 2016. Understanding the social role of entrepreneurship. Journal of
Management Studies. 53(4). pp.610-629.
Online:
Various entrepreneurial ventures types. 2019. [Online]. Available through:
<https://www.efe.ph/blog/4-types-of-entrepreneurship/ >
Social entrepreneurial venture growth. 2019. [Online]. Available through:
<https://www.redbull.com/my-en/social-enterprise-stats>

The role of Start-ups and Small Business in today's economy. 2019. [Online]. Available
through:<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-
mediumbusinesses-in-the-uk/>.