Impact of Micro and Small Business on Economy

This report explores the impact of micro and small businesses on the economy. It discusses their contribution to employment opportunities, innovation, and economic growth. The report highlights the importance of these businesses in enhancing the overall economic development.

Entrepreneurial and
Small Business

EXECUTIVE SUMMARY
Entrepreneur and small business management plays a vital role in business growth and
development as they seeks for constant innovation in order to gain competitive advantage. This
report covers various types of entrepreneurial venture and its relation with its typology, impact of
micro and small business on UK economy. Finally, how entrepreneur are different from
managers with the help of examples from local, social and international successful entrepreneur.

Table of Contents
EXECUTIVE SUMMARY ............................................................................................................2
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Types of Entrepreneurial venture and their relationship with typology of entrepreneurship 4
P2 Similarities and difference between Entrepreneurial venture ........................................7
TASK 2............................................................................................................................................9
P3 Impact of micro and small business on an economy.........................................................9
P4 Importance of small business and startup companies for growth of social economy.....13
TASK 3..........................................................................................................................................15
P5 Characteristics, traits and skills of successful entrepreneur and differentiate them with
business manager..................................................................................................................15
P6 Entrepreneurial personality reflect their motivation and mindset ..................................19
TASK 4..........................................................................................................................................20
P7 Background and experience can hinder and foster entrepreneurship .............................20
CONCLUSION .............................................................................................................................22
REFERNCES ................................................................................................................................23

INTRODUCTION
An entrepreneur is an respective who has an ability or capability to set up, organize,
manages an entire operation or function of an enterprise as well as assumes all risks and reward.
Moreover, entrepreneur is regarded as an essential tool for economic development or growth as
they take initiative to identify or analyses business opportunity and adapts innovative technology
which leads them to attain high profitability ratio (Saleem, 2017). Likewise, entrepreneurship is
the act of entrepreneur who establishes and run a business like small business with an aim of
generating maximization of profit with an optimum utilization of resources. Along with this, one
of their main function which makes them differ from business manager is function of innovation
and risk bearing as they attempt to recognize business opportunities and bears all risk through
communicative and management skills. This report covers several types of entrepreneurial
venture and their relationship with typology of entrepreneurship, similarities and differences
between entrepreneurial ventures. Moreover, influence of micro and small business on an
economy, to the growth of social importance of small business and startup to the growth of social
economy. Finally determination of characteristic, trait and skills of successful entrepreneur and
distinguish them from managers.
TASK 1
P1 Types of Entrepreneurial venture and their relationship with typology of
entrepreneurship
Entrepreneur
It is a person who sets up the business who see possibilities and solutions by
implementing effective business decisions with an aim of generating profit. Along with this, an
entrepreneur examines or evaluate the current and emerging trends of market and come up with
innovative or creative product which enable them to meet out the customer need or demand as
well as attain high proficiency.
Entrepreneurship: It is a process of creating an innovative or creative establishment for the
purpose of gain or growth under condition of risk or uncertainty.
Enterprise

It is a formation of two or more individuals who come together with an aim of generating
profit with optimum utilization of resources.
Entrepreneurial Venture
They are heed as catalyst of economical enrichment and the driving force which aide’s
enhancement and evolution as well as restricting wealth and economic resources. Furthermore, it
mainly concentrates on placing invention and opportunism at its heart to design economic or
social value (). Along with this, each entrepreneurial venture differ in aspect of their size, scope,
purpose and they work towards to achieve organizational pre -determine goal. However, each
entrepreneurial venture is classified into various types like small, medium, large companies and
many more. The different types of entrepreneurial venture is described below:
Small business entrepreneurship: It is an severally owned and direct for net income
enterprise which is not ascendant in this field as well as it contains less numbers of employees to
achieve organizational goal or objective (Types of Entrepreneurship. 2019). Along with this, the
gross generation are not such and these company ceaselessly centering on acquiring much
customer and development of its product and work. Moreover, it is also operated by family
associate and with friends as spouse and they also provide advanced services and develop
exponential function.
Scalable Startup Entrepreneurship: It is categorized as high growth company as it
signifies as a young and innovation based firms who has the potentiality to make a new market
change an existing market through copyrighted, application supported products and services.
Along with this, these organizations aspect for gleaming mind for concern and they incline to
establish scalable business model and they contributes their best part for economic development
by providing enormous job opportunities (Yan and Yan, 2016).
Large Company: It contains bounded procedure as it mainly focusing on render new
products or services to consumers for sustainability of business. However, choices of customers
and trends eventually differs along with competition, legislation which forced large firms in
riotous innovation and develops fresh commodity for new marketplace (Burns, 2016).

Social entrepreneurship: These business are mainly established to built an innovative
solutions in order to make the world a better place as their main goal is to maximizing social
impact in a sustainable way. It involves those business who solve community or societies health
issues, improves life standard and safeguard their rights for bringing high level of satisfaction.
Typology of entrepreneurship
The various types of typology of entrepreneur within an industry is given below:
Survival Firms: The basic goal of this venture activity is to survive and meet the
venture's financial obligations. Many startup ventures engage in survival entrepreneurship where
their long term goal is to stay in business and thus they are characterized by cutting cost, laying
off employees, mindset of preserving present state of affairs etc. in order to gain competitive
advantages in an innovative and creative manner (Amato and et. al., 2017)).
Lifestyle Firms: These firms are formed to carry out the activity in which an owner of the
company enjoys or secure a stage of activities that constantly generates revenue at same pace.
Moreover, in this firm an entrepreneur seeks to gain more life reward by providing effective
service to people and have a passion for what they are doing. For e. g. Lifestyle entrepreneur
mostly found in hospitality or tourism sector, where owners only constrained to provide
hospitality service to customers with less motivated to the growth.
Managed growth Firms: These entrepreneur are opposite form of lifestyle firm as they
are created by genuine entrepreneurs in which their main aim is to grow further and multiply
profit. Furthermore, in these firm entrepreneurs are more concentrate on marketplace having
potential to provide opportunities in the form of product selling and services acquiring in order to
manage or attain sustainability profit among industry. For e. g. Tesco is well known for its
flexibility as they always make use of all possible platforms which lead them to attain high
profitability ratio.
Aggressive growth Firms: They are considered as those types of firms who always seeks
for an platform to enhance their productivity by applying novel ideas and aggressive marketing
tactics. Moreover, this growth firms are more eye – catching to potential investors, such as
investors are eager to invest in their business venture capital investment, possible mergers and
acquisitions, private equity transactions or initial public offerings. Therefore, it is conformed that

growth firms are also considered to be the economic engines of society as they not only grow
within themselves but they seed creation of many other products or services which is beneficial
for other industries and firms also.
Public sector entrepreneurship: They are regarded as innovative public policy initiatives
which encompasses the whole set of activity that is adapted and developed by local, regional and
national authorities to assist self – employed entrepreneurs to start their own business as well as
help them through the developed networks in order to promote economic growth. For e. g.
NHS , a reputed public enterprise whose centering point is to provide good medication facilities
in order to keep communities or societies healthy and fit.
Social Entrepreneurship: This kind of entrepreneurship primal concept is to solve
different social problems by delivering best quality of products or service. It contains different
types such as profit, non-profit and hybrid whose main objective is to enhance the lifestyle of
community or society as well as eradicate the poverty by enormous job opportunity. For e. g.
Oxfam whose main aim is to eradicate poverty and injustice and render communities a safe and
justice world which add value to company's brand image (Mugler, 2017)
P2 Similarities and difference between Entrepreneurial venture
Each and every entrepreneur has unique roles and responsibilities but their main goal or
aim is to obtain maximization of profit with an optimum utilization of resources. Some of the
differences between different types of entrepreneur are as follows:
Basis Survival Life Style Managed growth Aggressive
growth
Managerial focus In this firm,
entrepreneur 's
main concern is
to sustain in the
marketplace for
longer period of
time by
Under this,
entrepreneur main
focal point is to
live their ideal
life while running
a successful
business.
This type of
entrepreneurial
firm are mainly
concern to
enlarge their
proficiency ratio
as well as
These firms are
very much
familiar with the
concept of
aggressively
allocation of fund
as they mainly

reinvesting profit,
saving cash and
tightening profit
margin through
anticipating
current and
emerging trend
within an industry
etc.
Moreover, their
ultimate aim is
not just to earn
profit but rather
they are highly
passionate to
pursue those
business in which
their interest level
is so high and it
leads them to
attain high
productivity.
generate income
and again invest
the portion of
income in their
business to
acquire more
growth and
development.
centring on
capital growth by
investing largely
in stocks like
public initial
offerings,
corporate bonds
etc.
Managerial style They mainly
follows
democratic
leadership style as
their main focus
is to survive for
linger period of
time.
In this,
entrepreneur
implies sole
proprietorship
style where owner
is responsible for
all loss and gain.
It applies
democratic style,
as it manage or
carry off their
business for
within existing
marketplace.
It pursues
autocratic style as
they are regarded
as proactive
rather than
reactive nature.
Exit approach Liquidation
approach
Mutual agreement Voluntary
winding up
Court
Economic
motives
Sustainable
earning
Desire to pursue
in which they are
interest
Equal distribution
of wealth among
stag
High amount of
profitability
Similarities between entrepreneurial ventures

Although, each entrepreneurship are different from each other in various aspect like in
goals or objective, risk, size, vision etc. yet they contain some similar factor which makes them
inseparable from each other. Some of the similarities of entrepreneurial venture is mentioned
below:
 Creative ideas : Each of entrepreneurship ventures basic elements for their growth and
development is to adapt innovation and creativity in order to gain competitive advantage
(Klapper, Biga-Diambeidou and Lahti, 2016).
 Creating a brand name: It is such kind of factor which entrepreneur cannot deny for
achieving their organizational per-determined goal. However, this factor enables the firm
to make use of all possible platforms and satisfy customer need which enhance the
volume of sales as well as improves company's brand image in effective way.
 Strong willed entrepreneur: It is considered as the foundation for each and every
entrepreneurial venture’s growth and sustainability within the marketplace. Thus, the
main aim of entrepreneur behind establishing an enterprise is to make profit in an
effective and efficient manner.
 Constant innovation: Every entrepreneurial venture’s main focal point is to adapt all
possible business opportunities and always be flexible in nature to introduce innovation
in order to attain sustainable profitability. Therefore, an entrepreneurial venture are
regraded as essential element for the growth of economy as they acquires novel or
innovative ideas as per the market trends which add value to nation's GDP rate as well as
enlarge firm's brand image.
TASK 2
P3 Impact of micro and small business on an economy
Micro Business
It is regarded as those firms which is formed by five or fewer employees than that and it
contain annual sales and assets valuing less than £250000 per year.
Small Business

It is identified as a profit enterprises which is independently owned and operated and it
requires 500 or fewer manpower for its formation.
In every industry, the micro and small business acquiring a high part in economy of
country. The number of micro and small enterprises is exploding over time that generate broad
revenue by offering different products or services to customers. Along with this, they generate
positive impact on community or society and improves their life standard by rendering them best
quality of product or services. Moreover, they may not bring forth required revenue separately as
large corporations but they are indispensable to prosperity of economy. There are three main
primary ways which small and micro businesses contribute to our nation which are as follows:
Employment opportunity: Both business show a vital function in enhancing the life style
of community or society as they provide enormous job opportunities i.e. 99.3 million people and
improves the potentiality in an effective way. By this, they can attain higher level of proficiency
and can add value to their employees or customers (Ramadani and et. al., 2017).
Encourage innovation: Both the business i. e. micro and small business takes initiative in
identifying the business opportunities and adapts innovative or latest technology in order to
enrich firm’s volume of sales as well as high level of efficiency.
Enrich economic growth: They have a huge contribution towards the enhancement of
country’s economic development as it provide various platforms for employment, acquires
innovation and creativity for their business operation or function. These activities leads to
enrichment of economic condition as well as improves the GDP rate which provides higher level
of satisfaction among customers.

Although micro and small firms contains less resources but yet are regarded as the
quickest increasing industry and plays a primal role in enhancement of economy (Essential Facts
You Should Know about SMEs in the UK, 2019). However, they plays a essential role in
enriching the economic condition of UK as the foremost thing is , it generated high employment
opportunity i. e. 99.3%. Along with this, they encouraged company to adapt innovation and
creativity which is also viewed as one of the main source of economic growth of UK in an
effective and efficient way.
On the basis of employment:
When it comes to business growth, small and micro business are contributing their huge
effort towards economy growth. However, it provides a enormous employment platforms i. e. it
employ 16.3 million people in UK which directly enhances or enrich the economy condition and
improves the life standard of community or society (López‐Fernández, Serrano‐Bedia and Pérez‐
Pérez, 2016).
On the basis of turnover:

It is consider as one of the main metrics that springs to mind while measuring economic
contribution. Moreover, in the year of 2018, small and micro business put their best effort to
reduce the turnover rate by 2.0 trillion in which 52% are private sector's overall turnover.
Interpretation: From the above stated graph, it has been noted that from the past 18 years there
has been large changes in UK private sector business. However, in the year of 2000, 3.5 million
people were involved private sector and it increases by 5.7 million people in the year of 2018.

Interpretation: From the above discussed graph, it has been signified that small business
improved the economic condition of UK and increased the employment rate by 96% which
improves the life style of common people and societies.
P4 Importance of small business and startup companies for growth of social economy
Social Economy
It is a set of business and economic activities that are carried out, within private sphere,
by institutions that seek general economic or social interest in order to promote the welfare of
community as well as economic growth.

Although the small business and startup companies are not large in size and as prompt in
offering the moneys like large firm, still they contains a critical role in transformation of local
economies of state which help in the economical growing of nation to a big degree. Moreover,
small and startup business have about 500 employees or less than that. These business act as the
employers even those people who are not eligible to join and are not employed by larger
companies. As this sector adds a lot of invention along with enhancement to local efficiency that
jointly aid the improvement of nation’s system. Furthermore, large business also makes a large
amount of money by the help of smaller firms which is regarded as players of local communities.
Along with this, large companies are fully rely on small or startup firms for performing various
function by the method of outsourcing. Moreover, they benefit nation with various advantages
like providing enormous job opportunity, acquiring innovative technology which add value to
customers as well as improves the brand image of companies among competitors and they easily
gain competitive advantage. Some of the benefits which small and startup companies contributes
to social economy are as follows:
Meeting social purpose: As small and startup companies contains huge risk which either
get fail or gain among industry. Yet, their main aim is to enhance the communities or societies
life standard by providing them various facilities in aspect of education, health, basic needs etc.
Which add value to them as well as enlarge firm's reputation among industry.
Diversity: These both companies are more flexible in nature as it can be start by almost
anyone which form them much diverse in form, purpose, culture and latent than big corporation.
However, the greater diversity in economy, the easier for system to withstand during tough
conditions (Boermans and Willebrands, 2017).
Local hiring: Small and startup firms also direct topically that gives them a powerful
predilection for hiring local people. BY this, their will be numerous job opportunity for every
individuals and it directly results in enhancement in life standard of communities as well as UK
economy.
Therefore, small and startup business are reasoned as primal key in development of social
economy and provide high level of satisfaction among community which add value to companies
brand image.

TASK 3
P5 Characteristics, traits and skills of successful entrepreneur and differentiate them with
business manager
Entrepreneurial mindset
It is set of attitudes, skills and behaviors which enable an individual to achieve their
organizational goal in an innovative and creative style.
Types of entrepreneurial mindset
Some of the entrepreneurial mindset are providing first priority to customers, identifying
new business opportunities and adapting innovative technologies to enlarge business growth.
Importance of entrepreneurial mindset
It plays a vital role for economy growth and development as it enable every organization
to adapt innovative or latest ideas in order to attain high productivity and profitability.
Moreover, it allow them to determine existing or emerging trend and based on that they take
corrective course of action in order to gain competitive advantage.
Each and every entrepreneur has incomparable characteristics, ability, interest,
potentiality which assist them to attain high level of profitability ratio in an effective and
efficient manner. In order to set up a business, contrastive process need to be advised by an
entrepreneur and those inevitably to realized single – handedly due to lack of capital in first.
Moreover, because of their ability to generate innovative or creative ideas and capability to bear
risk etc. which makes entrepreneur different from business manager (Henry, Foss and Ahl,
2016). The three successful entrepreneurs in aspect of international, local and social
entrepreneurs. Steve Jobs is international successful entrepreneur who is an inventor of iPhone.
On the other hand, Peter Jones is one of the local entrepreneur in UK who is an inventor of BBC
two famous television show i. e. Dragon's Den and Tycoon , which is world’s largest television
program. While, Ann Cotton a successful social entrepreneur. The characteristics, traits and
skills of Peter Jones and Steve Jobs are mentioned below:

Peter Jones
Characteristics
Encourager: It is a key ingredient for unbelievable success of Peter Jones as he was
always ready to acquire any kind of challenges or threat which aid them to accomplish broad
level of growth in his business operation or function. This is the reason which makes him
different from business manager because managers are employee of an organization and they
seek encouragement from their superior in order to achieve organizational goal ().
Critical Thinker: Peter Jones always seek for business opportunity and dedicated to
identify current and emerging future trend to meet out the necessity of consumers. Along with
this, they adapt innovative technology and introduce creative ideas to gain competitive
advantage. Due to this reason, entrepreneur is different from managers as they follows the
instruction of entrepreneur and execute those ideas to achieve per-determined goal.
Traits
Passionate: Peter Jones was very much passionate about accomplishing vision as he
never get tired of accepting challenges which is key principle that Facebook continued to success
in spite of all hurdles. This is why entrepreneur are varies from managers as they just guide
employees to achieve organizational goal which is instructed by entrepreneur.
Learner: Peter Jones has an attitude of learning from his failures as well as he always
takes reviews from his followers and take corrective course of action to improve overall
performance and gain competitive advantage. This is why entrepreneur are different from
business manager as they follow feedback to implement innovation but managers execute those
innovative ideas into business function (Ramadani and et. al., 2019).
Skills
Communication: Peter Jones has effective communication skill and very much
transparent to followers which help them in maintaining a proper or healthy relationship as well
as impressive working culture within an organization premises. Thus, entrepreneur are unique
than managers because managers doesn’t give importance in making a good interaction with

investors or employees as they are appointed on performing particular task which is assigned by
entrepreneur.
Problem solving: This is another skill which made Peter Jones a successful entrepreneur
as they were unbiased in nature while resolving the conflicts of followers. Along with this, they
provides equal chances to grieved parties in sharing their views and based on that they make
effective decision and provide satisfaction to followers. However, entrepreneur are more
effective than managers as they just have follow the guidelines of entrepreneur and inform the
final decision to employees which is given by entrepreneur (Mazzarol, 2014).
Steve Jobs
Characteristics
Innovators: For being successful entrepreneur in an existing business environment, it is
highly of prime significance to be innovative. Steve Job is known for innovative in nature. They
have produced so many new and innovative products for their customers which makes them
assorted and unique from managers ().
Competitiveness: The number of industries and organizations are increasing at enormous
rate and every entrepreneur feels that they can do much better in attaining high level of
proficiency. However, Steve jobs run their businesses with the motive of winning or earning the
competitive advantage towards the accomplishment of organizational goal or objective in an
effective manner. Thus, this outlines the track record of the success of the organizations which
makes them diverse from other business managers
Traits
Flexibility: Business environment is highly dynamic in nature. For this purpose, Steve
jobs are well known for flexible in nature that encourage them to deal with the changing
environment or needs of the customers as quickly as possible. This is because the main purpose
of the products produced by them is to satisfy growing customer demands and needs which form
them contrary from other business managers ().
Discipline: Steve jobs always stresses on their energy so that they can make their
business work efficiently leading to eradication of problems and difficulties. Their overarching

strategies makes them different from other business managers because it helps them in reaching
to the goals which they have planned within the prescribed time period.
Skill
Risk Taking: This skill is concerned with failure or loss of a company. However, Steve
Jobs are different compare to other business managers as they consider risk as a fundamental
strategy for business growth and development. Along with this, they examines the market
scenario and based on that they develops impressive strategies which helps them to obtain
maximization of profit ().
Leadership: It is regarded as a capability or potentiality of an individual to influence or
inspire others for accomplishing business goals and objectives. However, Steve Jobs has
effective leadership skill as they imply democratic style which enable them to invite people in
decision making or problem solving process and that is the reason which distinguishes them from
business managers.
Ann Lesley Cotton
Characteristics
Self confidence: Ann Cotton was well known for confidence which leads her to be a
famous entrepreneur. However, this characteristics distinguish entrepreneur from manager
because they contains always positive attitude and carry no doubts in themselves i. e. they are
flexible in nature.
Forward – looking: It is regarded as anticipating the opportunities and challenges which
encourage an entrepreneur to make corrective course of action and accomplish their pre
determined goal. Due to this, entrepreneur are regraded as more effective than managers as they
just follow the instruction of their superiors and execute them within business operation.
Skills

Public Speaking: This is concern with transparent communication with people which
enable Ann Cotton to inspire entire community or society. On the other hand, managers doesn't
need to worry about all those things as they are directed by entrepreneur and execute them.
Creativity: Under this, Ann Cotton takes novel ideas or action in order to bring high level
of satisfaction to society and remove unjust set of circumstances.
Traits
Empathy: Ann Cotton was very much empathetic nature as she always concerns about
others and takes decisions by considering from their point of view also. Thus, entrepreneurs are
unique than managers because superior just implement policies on their employees which is
introduced by leader.
P6 Entrepreneurial personality reflect their motivation and mindset
Entrepreneurial mindset is a set of attitudes, skills and behaviors which often drawn to
opportunities, innovation and new value creation. Every entrepreneur contains various skills or
capabilities, interest that helps them to obtain profit maximization with an optimum utilization of
resources. Along with this, these elements enable them to determine their strength in order to
overcome their shortcomings in order to prolong in an industry for a longer duration (). Apart
from this, each of entrepreneur should contain an impressive and operative capability or talent in
managing or handling business difficult situation as well as make fair or transparent decision in
order to enrich employee’s morale or provide high level of satisfaction. Therefore, for examining
the influence of businessperson personality on their motive and mentality, it has a productive
model which called as Big Five model that allow them to enhancing or examine characteristics,
skill and traits is described below:
Openness: This trait tends to be more applicable, plan of action in their formulation as it
identifies curiosity, innovative, assimilating information as well as being open to novel
experiences because entrepreneur believes that by being open to world opportunities and
invention etc. By this they can implement effective decision in order to maintain a healthy
working culture within business premises. However, Steve Jobs is recognized as very flexible

nature person who always make use of all business platforms which made them one of the best
entrepreneur in world.
Conscientiousness: In this leader program, organise, follows the procedure and seldom
get into incorrect or end up in difficulty. Moreover, in many situations it is regarded as
management trait more than leadership as this factor should be handled very carefully in order to
smooth functioning of business function. However, Peter Jones was very critical thinker as he
took initiative to analyze existing or future market trend which help them to increase competitive
advantage in competitive world .
Extroversion: It is a behavior that evidently display in group setting as these quality type
are about acquiring leading in personalized or professed being. Moreover, this sort proceeds
controls if a null survive and is opportunist in nature. One of the often scene which is observed
from extroversion is that they try to causing outcomes sometimes by being overly dominant or
simply speaking over the top of manager or any superior.
Agreeableness: It is concerned with those trait that empower an individuals to get on
with most amount of multitude. Moreover, it is often well likable and is represented as
protective, empathic, a great perceiver etc. However, Ann Lesely Cotton always improves his
performance by listening to feedback or reviews regarding their business activity or attitude
towards customers etc. which helps them to gain sustainable growth for Facebook.
Neuroticism: It is considered as cardinal attribute trait that incontestable anxiousness,
fear, temperament, concern, resentment etc. which leaders to deal with uncertain or complex
business situation and make an effective strategy in order to bring high level of satisfaction and
add value to people as well as enhance firm’s brand image.
TASK 4
P7 Background and experience can hinder and foster entrepreneurship
Every entrepreneur has gone through various hardships or obstacles yet each of those
problems makes them stronger and allow to achieve their goal in an effective or efficient style as
well made them successful within competitive industry. Furthermore, in most of situation, it

influences their mindset positively or negatively which becomes a threat to them in
accomplishing their task within prescribed time period. Hence, Mark Zuckerberg and Steve Jobs
faces many problems but they never get negative towards those issues but rather they kept
positive attitude which foster their careers and made them successful and famous entrepreneur in
the world.
Peter Jones
Background
He is UK entrepreneur as well as a television celebrity. He was born in the year of 18,
March, 1966 in England and he brought up in Maidenhead. Moreover being from a well-
educated family he got enough opportunities to study well and acquires knowledge. His
schooling was in Windsor Boy's School and his family was not very economically sound as hos
father owned a small business.
Achievement
Peter Jones was well known for its flexibility and most important is open mindset
person who always seeks for a platform to grow and develop his potentiality or capability and
founded telecom business in 1998 and gain a good reputation. Although he faced professional
and personal issues but still he was highly dedicated towards goal which hinder him to achieve
his childhood dream of having multi million pound company. Thus, today he is the chairman and
CEO Of several business is also a prominent television personality of Tycoon, Dragon's Den,
American Broadcasting company.
Steve Jobs
Background
He is recognized as American business magnate as well as an investor who is the
inventor of Apple. He was born in the year of Feb 24, 1955. His parents were Paul and Clara
Jobs. Moreover, he did high school from Reed College, Portland.
Achievement

His main or fundamental key for success is that his innovation mind which enable him to
identify his potentiality in Electronics which was his life long interest. Although, he struggled
with his formal education and his teachers told that he was a handful to teach but yet he had
competitive and critical mindset that guided or hinder him to gain competitive advantage among
competitors as well as becomes the successful entrepreneur in world. Hence, because of his
perseverance attitude, still whole world remember as a revolutionary man in technology sector.
Ann Lesley Cotton
Background
Ann Cotton is a founder and Board member of CAMFED and a entrepreneur. She was
born on 1950 IN UK. Her schooling and college degree were completed in London.
Achievement
Due to her empathy and self confidence nature, she took an initiative to change the
lifestyle of community. Her vision take place when she saw women suffering in South Africa
and thus she pursued to tackle poverty and inequality and empower each young women to step
up as leaders of change. Because of her passionate and dedication, it hinder her to become a one
of the successful social entrepreneur.
CONCLUSION
From the preceding explained study, it has been recapitulated that entrepreneur contains a
crucial role in economic success or growth. Along with this, small and micro business
contributes a best part towards the enhancement of social economy as they provide enormous
employment opportunities in order to improve the lifestyle of communities or society and brings
high level of satisfaction. Moreover, there are various kind of entrepreneurial ventures which is
contrary from each other in term of size, scope, purpose yet they contains one similarities among
them is to make profit. Furthermore, each entrepreneur is gifted with unique talents or skill that
assist them to increase combative benefit in an effective and efficient manner.

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