The Future of Entrepreneurship

This assignment delves into the future trajectory of entrepreneurship research. It examines key trends shaping the field, including the increasing focus on social entrepreneurship, sustainability innovation, and human capital formation within entrepreneurial ventures. The analysis draws upon scholarly literature to shed light on how entrepreneurship as a research area is adapting to contemporary challenges and opportunities.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and their relation with typology.......................1
P2. Similarities and differences between entrepreneurial ventures............................................2
P3. Relevant data to understand impact of small business on economy.....................................4
P4. Contribution of small businesses and start ups on social growth.........................................6
TASK 2............................................................................................................................................7
P5. Traits and skills of successful entrepreneurs........................................................................7
P6. Aspects of Entrepreneurial Personality.................................................................................8
P7. Ways in which background and experience hinder and foster entrepreneurship..................8
CONCLUSION .............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship can be understand as an activity where a person takes initiatives and set
up a business, faces various sort of financial risks, makes strategies/plans and so on (Baum, Frese
and Baron, 2014)s. All these things are being done by an individual in order to generate revenue
and to earn high profit as well so that his/her requirements can be fulfilled and to grab a good
position at domestic or international level. All these businesses have different objectives and
fulfil customer's need. Apart from this, entrepreneurs plays an important role in upgrading
economical condition of country. Report will show various ventures along with entrepreneurship
typology. Also, difference and similarities of them shave enclosed under this assignment. Lastly,
how entrepreneurs and their business affects whole country has been included under this
assessment.
TASK 1
P1. Different types of entrepreneurial ventures and their relation with typology
Entrepreneurship: When a person takes initiatives and faces risks that are related to
his/her own funds & finance so that to develop a start up can be known as entrepreneurship. In
other words when an individual looks forward to fulfil needs and wants of consumers through
manufacturing products or delivering services can be considered as a business. Here,
entrepreneur does proper planning, follows policies, makes strategies so that to grab a good
position at marketplace through which he/she can make high profit (Bhachu, 2017). Along with
this, a start up is being taken under process through a process when an entrepreneur gets an idea
of doing something which can come under business sector.
Types of entrepreneurial ventures:
Small business entrepreneurship: People who are willing to start their business at small
level can come under this sort of venture. Here, entrepreneurs mostly opens a start up in different
sectors like grocery, consultancy, saloons and so on. Entrepreneurs under this sector mostly
enters into business world so that to earn proper benefit in order to fulfil needs and wants of their
own in an appropriate manner. Availability of appropriate funds, decent safety of their own and
of family is the main motive of this business people. It has been located that there most of
employment is United Kingdom has been given by these small level enterprises where more than
half of citizens are doing work under these entrepreneur.
1

Scaleable Start-Up Entrepreneurship: Under this section, entrepreneurs mostly aims to
capture domestic market in a short period of time. Along side this, there are ample number of
problems which can be faced by these entrepreneurs like lack of funding capacity and so on as
they are looking to expand their business in a specific time frame. Therefore, enterpriser under
this section try to capture the eyes of investors that are present in business world so that plans of
them can be executed right on time and in effective manner as well. It is being seen that
investments is only being done by investors if their mind sets matches with entrepreneurs
(Burrows, 2015).
Large organisational Entrepreneurship: Firm which is being opened at international
level can come under this sector. TESCO, Marks and Spencer, McDonald's, Toyota comes under
this section as they are dealing at global level. Here, business firms have their own objectives
and perspectives as well but the way of doing business differs from each other. In United
Kingdom, TESCO plays a vital role in making changes in economy of UK.
Social Entrepreneurship: Under this sort of section, entrepreneurs do not have the
motive of making money but looks into different aspects where standardisation of people's living
can be improvised. Here, they deliver products and services to citizens of United Kingdom who
are in need and basically they try to give employment to needy people (Social Enterprise, 2018).
Male Entrepreneurship: One of common sort of entrepreneurs that are present in all over
world. It is being seen that most of entrepreneurs in all over world are men and basically they
have main motive at this moment is to deliver products and services to consumers and in
exchange they asks for monitory in order to make profit (Butler, 2012).
Female Entrepreneurship: Empowering women in all over world is can be considers as
the main aim of these sort of entrepreneurs have. Here, female entrepreneurs do businesses in
order spread awareness among women or to earn profit, this totally depends on their aims and
perspectives. In initial years it is being seen that business people mostly man used to discriminate
women just because of their sex. Marian Ilitch is one of those entrepreneur that took initiative
and showed that women can also do same things that a man do.
P2. Similarities and differences between entrepreneurial ventures
The differences and similarities between life style and serial entrepreneurs:
2

Social as well as lifestyle ventures or business
similarities
Serial entrepreneur ventures similarities
 Innovation makes both lifestyle and
serial business ventures similar in
nature.
 It is being seen that they both make
plans so that to catch eyes of investors
which can be considered as a similarity.
 Main aim of these of this type of
entrepreneurs is to enhance make their
business successful which can be
considered as basic similarity.
 Customer's needs are being fulfilled
here, management takes initiatives in
order to create value of company in
front of social people (Dacin, Dacin
and Tracey, 2011).
Difference Difference
 Main difference of this sort of venture
is to resolve all the issues that are being
faced by citizens of United Kingdom.
 Social well faring is main motive which
directly aid in improvising economy of
UK.
 They can be both profit earning or non-
profitable organisation.
 Main aim here is to resolve all the
issues so that to profit can be earned at
its full level through boosting
employees of it.
 Once business starts getting successful
responses then entrepreneur of this firm
sell it.
 They do not offer products and services
to consumers in free but looks for high
profit margins.
The differences and similarities between Male and Female entrepreneurs:
Male entrepreneur’s businesses similarities Female entrepreneur’s business similarities
 Objectives of these firms can be same
(George and Bock, 2011).
 Male entrepreneurs mostly aims to
deliver products and services to
consumers according to need and
 Skills and thinking of both men and
female can be same at some points
which makes them similar.
 Decisions are being taken by female
entrepreneur can be similar to the men
3

requirements of consumers and same is
being done by female entrepreneurs.
while making a strategy plan to attain
specific goals and objectives.
Difference Difference
 Men stays much aggressive then
women which makes them distinctive
from each other.
 Men are risk takers as they stay much
confident than women.
 Male entrepreneur stays dedicated.
 Challenges are being accepted by male
in a rapid manner where female looks
for safe side (Grimaldi and et. al.,
2011).
 Men mostly stays connected with
technology which makes them different
from others.
 Communication skills with high talent
make men unique in nature.
 Female looks forward to empowering
women so that they can grow.
 Motivation is being given by them in
an appropriate manner which may they
totally different from male
entrepreneurs.
 Females tries to communicate with
their employees which makes them
unique.
 With high capabilities then men these
entrepreneurs keep on analysing market
and deliver products and services to
consumers.
 Female keeps on considering all needs
of females and try to motive them so
that they can live their life in an
appropriate manner.
P3. Relevant data to understand impact of small business on economy
Government of United Kingdom has made some policies and brought all the business
ventures in different categories. A small business enterprise is going to be considered by
government of UK if they have workers less than 20 and do not generate revenue more than 20
million pounds. It is being analysed that people of United Kingdom do believes in opening a
business rather than going for a job and do work under a person (Hitt and et. al., 2011). This
distinctive thinking makes them much effective in nature and that is the reason that this country
is growing rapidly. Through this way of thinking small business enterprises have given
opportunities to people who are looking for job and this raised employment in UK. This scenario
is aiding this nation in coming into the countries that are growing faster than others.
4

Some features of small scale businesses are stated below:
Employees: Fixation has been done by government of United Kingdom and has
mentioned that employees under a small business firm should not be more than 20 workers.
Small business area: This sort of business entities does business in a specific
geographical areas. Reason being that entrepreneurs under this section do not have much funds
so as to enhance business at international level. There stays higher possibilities of losses that can
be faced by firms of this section. Therefore, entrepreneurs do not focus to expand it. Apart from
this, it is must for organisation to look into areas so that to deliver quality products and services
so that to maintain sustainability at workplace in an appropriate manner.
Economical factor: SME's of United Kingdom has brought up UK to a leading position
in all over world. According to the analysis which is being done by famous researchers it is being
analysed by them that in the year of 2017, small scale industries have raised UK's economy to
9% which is good margins that have seen from other countries.
Revenue: As government of United Kingdom has fixed every single thing that is related
to business firms. Here, organisations of different attributes can put themselves in different
sectors that are being mentioned by government. For small business enterprises, 20 million
pounds has been set by governmental entities.
Locations: Small shops, one or two outlets, showrooms that have been opened by an
entrepreneur do comes under Small business enterprise. Because of lack of capital these firms do
faced issues which are related to expansion of business (Landes, Mokyr and Baumol, 2012).
Along side this, it is must for them to keep on looking into areas where they can improve so that
profitability can be embraced.
Society: It is being located that these firms mostly provide employment in all over United
Kingdom. Therefore, social people also supports them in many ways. Along with this, it is must
for these organisations to look into different aspects so that benefits can be gained in much
effective and efficient manner.
Enhancement of abilities and capabilities: SME's needs to analyse marketplace on a
regular basis so that to locate what exactly strategies has been made by their rivals so that to
resolve issues right on time and profit base can be raised to maximum level (Wiklund and et. al.,
2011). Apart from this, it has been analysed that these firms needs to make modifications in their
5

products and services that they are selling at market so that to keep consumer's interest in goods
which is being manufactured by them.
P4. Contribution of small businesses and start ups on social growth
When Brexit took place in 2016 where United Kingdom came out from European Union
has impacted in both positive and negative manner to Europe and to UK as well. This scenario
has pulled eyes of foreign investors as commerce of United Kingdom was fresh in nature.
Liberalised manner was being faced by investors as policies were less complex therefore,
organisations can expect high profit margins (Economic impact of Brexit, 2016). This scene has
changed normal citizens to entrepreneurs. Some of alterations that are being faced by United
Kingdom are given below:
Wealth Distribution: Companies from different areas has helped United Kingdom to
raise its economy in much effective way. TESCO, Marks and Spencer and some others has
helped United Kingdom to stand straight in front of world where it grabbed eyes of foreign
investors in short period of time.
Turnovers: As it was discussed earlier that small and middle level companies have
impacted positively on growth of United Kingdom (Szirmai, Naudé and Goedhuys, 2011). Apart
from this, it has also been analysed that 1.7 trillion pounds was the revenue was generated by
small scale industries of UK.
Infrastructure: Reason why Brexit took place was that to pull out United kingdom out of
trade union of Europe. It is being located that this activity has pulled foreign clients and investors
to work with country people (Martin, McNally and Kay, 2013). Apart from this, there are ample
number of opportunities that got developed in an appropriate manner. Away with this,
entrepreneurs and capitalists with same sort of mindsets has helped UK to grow in high speed.
6

Henceforth, United Kingdom has invited large number of companies to do business with
them as they have offered liberal policies where foreign firms can do business as much as they
want without fixing any sort of time or anything like that. Both SME's and large organisations
have mentioned to make UK to one of the fastest growing country through earning high profit
and through generating high revenues.
TASK 2
P5. Traits and skills of successful entrepreneurs
Pouch which is one of online business websites which was successfully introduced in the
market of United Kingdom by two entrepreneurs Ben Corrign and Jonny Plein. It was presented
in the year of 2016. Here, one more company named as “Influencer” which was introduced by
Ben Jeffries in 2015 can be taken as an example because these two companies were got emerged
in an appropriate manner. Entrepreneurs and Managers are different from each other, and skills
which make them so are given below:
Characteristics Entrepreneurs Managers
Risk Taking An entrepreneur is some one Risks are not being taken by
7
Illustration 1: The Economic impact of "Brixit'
Source: Economic impact of Brexit, 2016

who takes initiatives and keep
a business mind where
innovation is their main
perspective.
managers and plays a safe side
within an organisation.
Planning Entrepreneurs starts a business
through implementing an idea
that they had in mind (Neck
and Greene, 2011).
Planning has been done by
managers in order to hit goals
and objectives of a company.
Major attributes which are possessed by an entrepreneur are as follows:
 Entrepreneurs believes on their own rather than any other. Capital in their pocket,
resources that they have and other things plays a vital role in order to make a start up
much successful in short instance.
 Entrepreneur are continuous learners and stays self centred so that to grab good
advantage at marketplace (Shane, 2012).
P6. Aspects of Entrepreneurial Personality
Personality trait is being considered as one of essential and beneficial tool which can be
used by an enterprise in order to gain competitive advantages. It has been analysed that there are
many major elements that plays a crucial part for upgrading an entrepreneur and these are given
below:
Neuroticism: This sort of tool is much related to motivation as malfunctioning process
can help a entrepreneur to get motivated. Low level of neuroticism may aid entrepreneur in
locating different sorts of areas in which they can make high level of profit (Santos, 2012).
Extraversion: This element also plays an important role when an entrepreneur should
rapidly look into different areas and keep on making high profit marginal decisions so that to
grab a good position at marketplace at geographical area where company is doing business.
Rule Breaker: An entrepreneur keeps on making and ruling over and over and tries to
run business with smart options.
Risk Propensity: Entrepreneurs keep on examining workplace in an appropriate manner
and try to hit their targets through taking effective decisions right on time.
8

P7. Ways in which background and experience hinder and foster entrepreneurship
Oprah Winfrey is one kind of example that can be used here. It is being seen that this
entrepreneur did not had any financial support and belonged to a really very poor family. Poor
child which starved and asked for help but there was no one who supported when it was needed
the most. Her own story has influenced to deliver appropriate services to people who are in need.
Along with this, when she was about to develop a start up she had to go through various
difficulties like financial and so on but some how she started it and became successful because of
her own belief (Sarasvathy and Venkataraman, 2011).
Here, one more example which can be taken under is of a footwear enterprise and its
founder Julia who has a huge name in all over world as she took some smart steps and raised her
and her companies name in front of the world. Her background stays that she was a thief and
went behind the bars in the case of bankruptcy.
One and last example which is being taken here is of Mark Zuckerberg as he is one of the
richest person in all over world in current time. This entrepreneur once belonged to a small
family whose earning was that to fulfil their needs right on time. The idea of launching Facebook
was came in his mind when he was reading book while sitting at the library of Harvard
University. Therefore, these are some examples of people through which hinder and foster
situations can be examined in an appropriate manner (Schaltegger and Wagner, 2011).
CONCLUSION
At last, it has been concluded that entrepreneurs plays vital role and affects economical
growth of a country. There are ample number of problems which needs to be considered in an
appropriate manner by these firms so that to grab good position at marketplace of the nation.
Various sort of business organisations are there that are delivering many sort of services to
consumers in different areas. Brexit played an important role in considering all the aspects which
has helped UK to grab a good position in all over world. Both economical and social elements
should be much effective of a country so that to grab a good position at marketplace. Various
business opportunities that are being grabbed by entrepreneurs which has helped them in making
high profit margins.
9

REFERENCES
Books and Journals
Baum, J. R., Frese, M. and Baron, R. A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Butler, J. S., 2012. Entrepreneurship and self-help among black Americans: A reconsideration of
race and economics. SUNY Press.
Dacin, M. T., Dacin, P. A. and Tracey, P., 2011. Social entrepreneurship: A critique and future
directions. Organization science. 22(5). pp.1203-1213.
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.
Grimaldi, R. and et. al., 2011. 30 years after Bayh–Dole: Reassessing academic
entrepreneurship. Research Policy. 40(8). pp.1045-1057.
Hitt, M. A. and et. al., 2011. Strategic entrepreneurship: creating value for individuals,
organizations, and society. The Academy of Management Perspectives. 25(2). pp.57-75.
Landes, D. S., Mokyr, J. and Baumol, W. J. eds., 2012. The invention of enterprise:
Entrepreneurship from ancient Mesopotamia to modern times. Princeton University
Press.
Martin, B. C., McNally, J. J. and Kay, M. J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing. 28(2). pp.211-224.
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.
Santos, F. M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Sarasvathy, S. D. and Venkataraman, S., 2011. Entrepreneurship as method: Open questions for
an entrepreneurial future. Entrepreneurship theory and practice. 35(1). pp.113-135.
Schaltegger, S. and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Szirmai, A., Naudé, W. and Goedhuys, M. eds., 2011. Entrepreneurship, innovation, and
economic development. Oxford University Press.
Wiklund, J. and et. al., 2011. The future of entrepreneurship research. Entrepreneurship Theory
and Practice. 35(1). pp.1-9.
Online
Social Enterprise. 2018. [Online]. Available through. <https://socialenterprise.us/about/social-
enterprise/gclid=EAIaIQobChMI0eXS4bHm2AIV0BSPCh1TDQb1EAAYAiAAEgIDk
PD_BwE>.
10

Economic impact of Brexit. 2016. [Online]. Available through.
<https://woodfordfunds.com/economic-impact-brexit-report/>.
11