Entrepreneurship and Small Business Management: A Comprehensive Analysis

This assignment delves into the multifaceted world of entrepreneurship and small business management, exploring various types of entrepreneurial ventures, their impact on the economy, and the key characteristics of successful entrepreneurs. It examines the role of entrepreneurship in both the public and corporate sectors, highlighting the similarities and differences between different types of ventures. The assignment also analyzes the influence of personal background and experience on entrepreneurial success, using relevant examples to illustrate how these factors can hinder or foster entrepreneurial endeavors. Through a comprehensive analysis of data, statistics, and case studies, this assignment provides a thorough understanding of the dynamics of entrepreneurship and its significance in driving economic growth and social progress.

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION..........................................................................................................................3
TASK 1.........................................................................................................................................4
P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND EXPLAIN HOW
THEY RELATE TO THE TYPOLOGY OF ENTREPRENEURSHIP....................................................4
M1 DEMONSTRATION OF UNDERSTANDING THE ENTREPRENEURSHIP IN BOTH PUBLIC
AND CORPORATE SECTOR......................................................................................................6
P2 EXPLORE THE SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL
VENTURES..............................................................................................................................7
TASK 2.........................................................................................................................................9
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO ILLUSTRATE HOW MICRO
AND SMALL BUSINESS IMPACT ON THE ECONOMY..............................................................9
M2 EVALUATE THE DIFFERENCES SMALL, MEDIUM AND LARGE BUSINESSES MAKE TO THE
ECONOMY, APPLYING RELEVANT DATA AND STATISTICS....................................................11
P4 EXPLAIN THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS STARTS-UPS TO THE
GROWTH OF SOCIAL ECONOMY..........................................................................................13
TASK 3.......................................................................................................................................15
P5 DETERMINE THE CHARACTERISTIC TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS MANAGERS........15
M3 EXPLORE AND EXAMINE DIFFERENT LINES OF ARGUMENT RELATING TO
ENTREPRENEURIAL CHARACTERISTICS................................................................................17
P6 ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL ASPECTS PERSONALITY REFLECT
ENTREPRENEURIAL MOTIVATION AND MINDSET................................................................18
TASK 4.......................................................................................................................................20
P7 EXAMINE, USING RELEVANT EXAMPLES, HOW BACKGROUND AND EXPERIENCE CAN
HINDER OR FOSTER ENTREPRENEURSHIP............................................................................20
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M4 ANALYSE THE LINK BETWEEN ENTREPRENEURIAL CHARACTERISTICS AND THE
INFLUENCE OF PERSONAL BACKGROUND AND EXPERIENCE TO SPECIFIC SUCCESSFUL
ENTREPRENEURS..................................................................................................................21
CONCLUSION............................................................................................................................22
REFERENCES.............................................................................................................................23
2

INTRODUCTION
The process of the structure as well as instigating the new business that is a small scale
business at initial level is referred as entrepreneurship. The growth and progress of the
country are dependent on this important factor that is Entrepreneurship (Hall, et al. 2010).
This small business is commenced by either an individual or group of people that is operated
on the limited resources that are obtainable.
Those businesses are operated by a limited number of people as well as have limited
resources are referred to a small business and generate low annual revenue. Growth and
prosperity in the country can be achieved through small business management which is
often run by individuals and group of individuals (Burns, 2016).
The aim of this assignment is to develop regarding the entrepreneurs, entrepreneurial
ventures. The roles of entrepreneurs are represented in the assignment along with the
typology of entrepreneurship. This assignment explains the significance of entrepreneurship
by taking the case study of The Coffee Bag Co a small entrepreneurial business and its
influence on the growth and progress of the UK. The role of entrepreneurship is significant
in public as well as private sector. It also includes the key aspects of the mindset of
entrepreneurs thereby differentiating from business managers.
3

TASK 1
P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF ENTREPRENEURSHIP
DEFINITION
Entrepreneurship is the course of action for instigating and operating the business which is
operated and managed by an entrepreneur who is either individual or groups (Storey,
2016). It requires proper planning as well as limited available resources. It is a creative idea
of developing new products and services instead of old existing models and plans.
CONCEPT OF ENTREPRENEURSHIP
The word entrepreneur is the derived from French word “entreprendre” which means to
undertake. An entrepreneur is referred to the individual who is responsible for setting the
business or any business enterprise. Various actions and activities are performed by the
entrepreneur in order to establish the business enterprise.
TYPOLOGY OF ENTREPRENEURSHIP
Her are different type so entrepreneur venture that can be connected with the company.
LIFESTYLE VENTURE: lifestyle forms are those small company in which the owner has an
autonomy, independence and control. It is the firm that is often run out of household
thereby aligning the personal interests as well as hobbies in order to generate the profit. It
allows flexibility and can be expanded through debt financing (Hall, et al. 2010).
SMALLER PROFIT VENTURE: smaller profit venture are those entrepreneur ventures whose
aim is not to anticipate in making profits and content with decent living. Mom and pop
stores are some of the common of smaller profit venture.
HIGH GROWTH VENTURE: the main goal of high growth ventures is to earn a maximum
profit as well as growth thereby focusing on innovation. The entrepreneurs of this ventures
aim to push the envelope and grow indefinitely (Kuratko, et al. 2015). This venture attracts a
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large number of investors as compared to Lifestyle Company. High growth business creates
the products and services in such a way that it not only develops or improves the companies
but also focuses on the industrial development.
SOCIAL ENTREPRENEURSHIP: social entrepreneurs are those who work for the social
purposes. There are many forms of social enterprise that tackle social problems, improve
the lives of people, and improve the communities or tackling environmental problems
(Dacin, et al. 2010). Grants and investments are needed by the social enterprises. The
mission of the social enterprise is to work for the welfare of the society.
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M1 DEMONSTRATION OF UNDERSTANDING THE ENTREPRENEURSHIP IN
BOTH PUBLIC AND CORPORATE SECTOR
The concept of the corporate Intrapreneurs in the existing organization is to convert the
new ideas into the realities that are profitable to the business. In order to become
successful corporate Intrapreneurs, communication abilities, teamwork and well-developed
strategic actions are essential (Fisher, 2012). Corporate Intrapreneurs innovates the routine
activities of the business. It is very important for the company to follow Intrapreneurship in
a company such as The Coffee Bag Co.
The objectives of the corporate entrepreneurs need flexibility as well as freedom in pursuing
the projects and are goal oriented but are influenced by the corporate characteristics
(Storey, 2016). A major focus of the corporate entrepreneur is on the innovative activities or
various orientations such as the development of administrative techniques, new product or
service development, strategies thereby concentrating the internal as well as external
environment.
The emergence of entrepreneurship is due to the complexity as well as acuteness of the
society. The objective of public sector entrepreneur is to benefit the society without any
monetary consideration. The focus of the public sector organization is to create value in
order to provide benefits to the society and also bring the unique combinations of both
public as well as private resources to utilise the social opportunities.
The manager in the public sector entrepreneurial takes calculated risks with the biasness of
the opportunities towards the actions. They also overcome the different obstacles related to
bureaucratic as well as political in context to the innovation (Cowling, et al. 2012). Outside
political forces impose the vision and mission of the public sector whereas the mission of
the private sector is free from the signals of the economic market. The members in public
sectors desire to create an innovation culture in the context of the corporate or public
sector as similar to the private sector. The government personnel system is traditional rule-
bound, inflexible as well as complicated which is not beneficial to innovation in the public
sector.
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P2 EXPLORE THE SIMILARITIES AND DIFFERENCES BETWEEN
ENTREPRENEURIAL VENTURES
There are various types of entrepreneurship such as lifestyle, small business high growth,
social entrepreneurship and serial entrepreneurship. The differences, as well as similarities
between lifestyle entrepreneurship and high growth entrepreneurship, are given below:
DIFFERENCE BETWEEN LIFESTYLE ENTREPRENEURSHIP AND HIGH GROWTH
ENTREPRENEURSHIP VENTURE:
LIFESTYLE ENTREPRENEURSHIP VENTURE HIGH GROWTH ENTREPRENEURSHIP VENTURE
Lifestyle entrepreneur venture are those venture
that is set up with the aim of to sustain a
particular level of income and enjoying a
particular lifestyle
High-growth venture are gazelle ventures that
aim to earn high revenue base of minimum £ 1
million and an annual growth rate of minimum
20 per cent annually
Lifestyle entrepreneurs do not aim for the growth
and expansion of the business they often
bootstrap their business or start their business at
low cost (Añón Higón and Driffield, 2011).
High growth entrepreneurship venture aims to
get a return on investment, therefore they seek
for investors to grow and develop in the
market.
The aim of the lifestyle entrepreneurs is to earn
sufficient amount of revenue
The aim of the high growth entrepreneur is to
consistently maximise the profit (Bridge and
O'Neill, 2012).
The growth rate of lifestyle venture is slow paced
as it does not need to satisfy the needs of the
owners.
The high growth venture aims to grow at fast
paced that is up to 5 to 10 times its value.
The entrepreneurs of lifestyle venture do not
focus on the exit from their business.
High growth venture has the exit strategy.
SIMILARITIES BETWEEN LIFESTYLE ENTREPRENEURSHIP AND HIGH GROWTH
ENTREPRENEURSHIP VENTURES:
LIFESTYLE ENTREPRENEURSHIP VENTURE HIGH GROWTH ENTREPRENEURSHIP VENTURE
Life rewards and bonuses are given to the Incentives and rewards are given to the
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individuals who perform in the venture with a
passion.
employees thereby encouraging them to
increase productivity (Mitchelmore and Rowley,
2010).
The aim and objectives of lifestyle
entrepreneurship are to survive in the market by
taking the risk to earn a profit for the long term.
The aim and objective of high-growth
entrepreneurship are to earn a profit in order to
grow and progress in the market.
Thus these are the similarities and dissimilarities between the lifestyle entrepreneurship and
high growth entrepreneurship venture.
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TASK 2
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO
ILLUSTRATE HOW MICRO AND SMALL BUSINESS IMPACT ON THE ECONOMY
There were estimated 5.7 million small private sector businesses at the starting of the year
2017. An increase of approximately 197,000 was observed since 2016, as well as the
numbers of employment in small business, have been grown by 41,000 that is 3 per cent
since 2016 (National statistics, 2017).
Fig 1 UK private sector SMEs, 2017
[Source: National statistics, 2017]
It is noted by the Department for Business, Energy and Industrial Strategy that about 99.3
per cent that is 5.7 million businesses are a small business and about 99.9 per cent are small
and medium-size business in the UK (National statistics, 2017). Total employment offered in
SMEs was 60 per cent that is about 16.1 million, all private sector employment in the UK.
About 51 per cent of the entire private sector turnover that is £1.9 trillion was the combined
annual turnover of SMEs in the UK (Fsb,2017).
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The small and medium-size enterprise plays a significant role in maintaining the economy of
the country that is the UK. It is observed by the Economic and Social Research Council that
small and medium-size business boost the productivity of the UK by contributing about 47
per cent of revenues to the UK economy. However, these business needs support to expand
their business as well as its economic impact.
10

M2 EVALUATE THE DIFFERENCES SMALL, MEDIUM AND LARGE BUSINESSES
MAKE TO THE ECONOMY, APPLYING RELEVANT DATA AND STATISTICS
The performance of the UK economy depends on the performance of small, medium and
large business enterprises. However, the Small business such as The Coffee Bag Co is
thriving the economy by being the backbone by contributing in opening a new market,
increased growth opportunities and job creations.
Fig 2 contribution of small, medium and large sized business, 2017
[Source: National statistics, 2017]
The small business enterprise in the UK private sector business is estimated to be 5.7 million
that represents the 99.3 per cent of the total business population. The employment in small
business was 12.8 million that is 48 per cent of total employment in SMEs as well as the
annual turnover of the small business accounts for £1.4 trillion that is 36 per cent of the
total business turnover (National statistics, 2017).
Medium size business enterprise is approximately 34,000 which are about 0.6 per cent of
the total business population. The employment in medium sized business is approximately
3.6 million that is 12 per cent of the total employment in SMEs (National statistics, 2017).
The annual turnover of the medium-sized business is £5.4 million which is 15 per cent of the
total business turnover.
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The large business in the UK is 7,300 which is 0.1 per cent of the total business population.
The employment in large business was 10.6 million that is 40 per cent of the total
employment in SMEs and the annual turnover of the large business accounts for £1.8 million
that is about 49 per cent (Fsb, 2017).
Hence through the statistics provided it is clear that all small and medium enterprises such
as The Coffee Bag Co comprise one of the most significant shares in the UK economy. The
boost in productivity growth of the SMEs will have significance as well as positive impact on
overall productivity of the UK. However, the SMEs in the UK are less inclined toward growth
as presently one in five SMEs are the exporters and those SMEs that are internationally
active are likely to introduce innovative products as well as services rather than
concentrating entirely on the domestic UK market.
12

P4 EXPLAIN THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS
STARTS-UPS TO THE GROWTH OF SOCIAL ECONOMY
It is evident from the given facts and figures that small-scale businesses such as The Coffee
Bag Co are currently driving the growth and progress of the economy in the UK. The
economic climate in the UK is assumed to be favourable in successful start-up of the small
business with the notion that small business support in the sustenance of healthy economy
in the UK (Kongolo, 2010). Small and medium scale businesses are beneficial for the UK
economy in terms of employment, turnover as well as business growth. Being the lifeblood
of the UK economy, there are variations in the ranges of GDP as it impacts the small
business.
Fig 3 profitability of SMEs in the UK from 2014 to 2017
[Source: Statistica, 2018]
The Brexit referendum has highly impacted the performance of the UK economy. This might
impact the future strategic intentions of the small businesses. According to the Federation
of Small business of the UK, the imports and exports of goods by small business might be
subject to tariffs which might result in an increase of the costs of material (Brown and
Wilson, 2018). Then the small business will be bound to raise the prices or change the
suppliers or target customers.
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Also, about 21 per cent of the employees in the small business is non-UK EU citizens which
have created a sense of uncertainty for both workers as well as employers as observed by
the Federation of the small business (Brown and Wilson, 2018). Alteration in the rights to
freely work in the UK might limit the accessibility of skilled workforce for small businesses.
Another big impact on the small business and the UK economy was the down surge in the
value of pound since Brexit vote. Small and medium-sized business in the UK needs to be
prepared to cope up with the changes after the Brexit by being flexible, adaptive to
processes and embrace new opportunities.
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TASK 3
P5 DETERMINE THE CHARACTERISTIC TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS
Entrepreneurs possess some of the common as well as distinct characteristics. It is also
referred to the creative activity in order to create unique products and services. Below are
some of the characteristics, traits and skills of the successful entrepreneurs that
differentiate them from various business managers:
CHARACTERISTICS ENTREPRENEUR MANAGER
CREATIVE The entrepreneurs are creative
in nature as they often come up
with the solutions to the issues
by identifying the opportunities
in it (Cowling, et al. 2012).
The managers are preserving
status quo in nature as
compared to entrepreneurs as
they usually control and
manage the operations of the
business.
GOAL-ORIENTED A major focus of the
entrepreneur is to look for the
opportunities to start a
business and have an
orientation towards long-term
goals.
Managers focus on managing
the on-going operations of the
business and are oriented
towards short-term
achievements (Morris, et al.
2010).
INDEPENDENT Entrepreneur independently
focuses on the main objective
by forming alliances and faces
the challenges of team growth
to scale the enterprise
(Madsen, 2013).
The manager cannot perform
their activities independently.
The top management or leader
informs them about the work
to be done.
PERSISTENT Entrepreneurs have high
perseverance level towards
Managers have low persistence
level as they have a low level of
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their work. diligence towards their work.
RESPONSIBLE An entrepreneur is responsible
for all the activities of the
business.
Managers deliver their duties
as well as responsibilities
assigned to them in certain
divisional work.
RISK-TAKER Entrepreneurs are the risk taker
as they take a calculated risk in
their task (Revell, et al. 2010).
Managers are risk averse who
generally tend to avoid risk.
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M3 EXPLORE AND EXAMINE DIFFERENT LINES OF ARGUMENT RELATING
TO ENTREPRENEURIAL CHARACTERISTICS
Some of the lines of argument that relates to the characteristics of an entrepreneur are
given below:
Do entrepreneurs possess effective planning skills?
Entrepreneurs establish a business from scratch and also manage the limited available
resources such as time, money as well as personal relationships which make it essential for
them to plan (Kongolo, 2010). It is very difficult for the entrepreneur to plan or each and
everything as well as corrective measures in case of any possible issue. Entrepreneurs have
their business plan ready in order to be successful but it is also essential for them to remain
capable of dealing with the unforeseen prospects.
Are entrepreneurs flexible and adaptable?
Being flexible is equally important as being passionate and dedicated since an entrepreneur
needs to be flexible to the changing needs of the customers as well as the market
(Zampetakis and Moustakis, 2010). In order to become successful, it is imperative for the
entrepreneur to cater to the needs of customers and also current trends by welcoming all
the suggestions for customization or optimization.
Do entrepreneurs not afraid to take risks?
There is a difference in risk-taking among the entrepreneurs as well. A successful
entrepreneur will take evaluate risk duffers them from the other. Successful entrepreneurs
will be willing to take a risk against their time and money on an unknown but also reserving
their resources, plans or bandwidth (Cowling, et al. 2012). Successful entrepreneurs are
known to take incremental risks in order to convert the imagination into reality.
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P6 ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL ASPECTS
PERSONALITY REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET
The personality and characteristics of the entrepreneurs reflect their motivation as well as
mindset. The entrepreneurs who have entrepreneurial personalities are oriented towards
the innovation, creativity and embrace new opportunities (Nga and Shamuganathan, 2010).
The big five personality traits are one of the commonly used models that are based on the
common language descriptors of personality. The Big Five personality traits or CANOE or
OCEAN acronym of entrepreneur of the Coffee Bag Co. are:
OPENNESS TO EXPERIENCE: this acronym of the personality traits imitates the degree of
creativity, preference for novelty or variety and intellectual curiosity. High level of openness
indicates the unpredictability or lack of focus whereas a low level of openness indicates
being pragmatic or close-minded (Leutner, et al. 2014). The entrepreneur of the Coffee Bag
Co has a high level of openness to experience which ensures their success in attaining the
business goals.
CONSCIENTIOUSNESS: this acronym reflects the tendency of being organized as well as
dependable by sowing self-discipline and dutiful act (Leutner, et al. 2014). High degree of
conscientiousness indicates stubbornness or obsession while low level indicates flexibility or
spontaneity. The entrepreneur of The Coffee Bag Co has clarity in their goal and is ambitious
to succeed.
EXTRAVERSION: this acronym reflects the tendency to seek stimulation in others company.
The high degree indicates attention-seeking or domineering while low degree indicates the
reserved or reflective personality (Nga and Shamuganathan, 2010). The entrepreneur of the
Coffee Bag Co is optimistic and sociable in their activities or tasks.
AGREEABLENESS: this acronym reflects the tendency of being compassionate or cooperative
rather than being suspicious or agnostic towards other people. Higher degree reflects being
naïve or submissive and lower degree reflects the competitiveness or being challenging. The
18

entrepreneur of The Coffee Bag Co has the personality of being good-natured, helpful and
trustworthy.
NEUROTICISM: this acronym reflects the degree of emotional stability as well as impulse
control. The high degree indicates being stable or calm (Leutner, et al. 2014). Low lever
indicates reactiveness or excitable personality. The entrepreneur of the Coffee Bag Co is
calm, stable and contented with owns work.
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TASK 4
P7 EXAMINE, USING RELEVANT EXAMPLES, HOW BACKGROUND AND
EXPERIENCE CAN HINDER OR FOSTER ENTREPRENEURSHIP
Below are some of the factors that either hinder or foster the entrepreneurship in
entrepreneurs:
FAMILY BACKGROUND: the family background of the entrepreneur exhibit the values as
well as the behavioural pattern that plays a key role in creating as well as nurturing the
support for potential entrepreneurs (Mitchelmore and Rowley, 2010). The entrepreneurs
are major influence by the family members as the elder people spread as well as encourage
the entrepreneurial traits in young members. The entrepreneur of the Coffee Bag Co was
inspired by the values and ethics of the family members.
EDUCATION: education is one of the most important and crucial factors that influence
people at a younger age to understand as well as encourage their attitude towards taking
initiatives in entrepreneurship (Islam, et al. 2011). The entrepreneur of the Coffee Bag Co is
influenced by the education in staring its entrepreneurial venture. Education helps in
increasing the level of entrepreneurial spirit which is essential in economic development.
CULTURAL DIFFERENCES: cultural background in entrepreneurship is reflected in the
religious teachings and practices followed in business activities (Mitchelmore and Rowley,
2010). Entrepreneur of the Coffee Bag Co is influenced by the religious teachings that affect
the entrepreneurship in either direct or indirect manner.
EXPERIENCES: pats experience of an individual influence the entrepreneurship in both
positive as well as negative manner (Oosterbeek, et al. 2010). Various positive as well as
negative experiences have been gained by the entrepreneur of the Coffee Bag Co in their
start-ups and also learn from them.
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21

M4 ANALYSE THE LINK BETWEEN ENTREPRENEURIAL CHARACTERISTICS
AND THE INFLUENCE OF PERSONAL BACKGROUND AND EXPERIENCE TO
SPECIFIC SUCCESSFUL ENTREPRENEURS
The characteristics and traits of an individual are influenced by the personal background as
well as experience. Past experience of the individual either hinders or nourishes the skills
and characteristics of the entrepreneur. Many scholars and researchers have observed that
the performance of the entrepreneur is influenced by the demographic factors of
entrepreneurs (Oosterbeek, et al. 2010). Educational background and family settings of an
entrepreneur influences their mindset to either succeed or fail in the entrepreneurship.
Culture influences the attributes as well as traits of the entrepreneur of the Coffee Bag Co.
The religious practices impact the entrepreneurs of the Coffee Bag Co in a positive manner
by moulding their mindset to embrace entrepreneurship. Entrepreneur of the Coffee Bag Co
can learn from their past experience and apply the corrective measures to achieve success
(Sánchez, 2011). Certain traits and attributes are established as well as supported in the
early stage of life of entrepreneurs because of the family background which may eventually
lead to development or success of the entrepreneurial venture.
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CONCLUSION
The conclusion is that various types of an entrepreneurial venture such as social, lifestyle.
Small business or high growth have their own similarities and dissimilarities. It is also
observed that the small and medium-sized business have a high positive influence on the
economy of the UK and support the growth and productivity of the UK as well as industry
(Burns, 2016). The entrepreneurs have some unique entrepreneurial mindset or personality
as explained through big five personality model. Personal background and experience have
both positive and negative influence on the characteristics and traits of the entrepreneur.
23

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