The Risk-Taking Entrepreneur: A Key Factor in Business Success

The assignment content highlights the characteristics, skills, and traits of entrepreneurs. An entrepreneur is someone who takes calculated risks, has full faith in their work, and is adaptable to changing conditions. They are self-motivated, have a clear vision, and are able to manage their finances effectively. The article also touches upon the role of personal background, experience, and social networks in fostering or hindering entrepreneurship. Furthermore, it discusses the positive and negative effects of personal influences on entrepreneurs, including motivation and demotivation. Finally, the assignment emphasizes the importance of small and medium enterprises (SMEs) in the UK economy, highlighting their innovative approach to product development and job creation.

ENTREPRENEURSHIP
AND
SMALL-BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Types of entrepreneurial ventures..........................................................................................4
P2 Similarities and differences between entrepreneur ventures.................................................5
M1 Entrepreneurship in the public and corporate sector............................................................6
D1 Growth and the development of Entrepreneur venture.........................................................6
TASK 2............................................................................................................................................7
P3 Impact of micro and small business on the economy............................................................7
P4 Small business and business start up contributes to growth of Economy..............................7
M2 Differences that small, medium and large businesses make to the UK economy,.............8
D2 Small business impact on the economy.................................................................................8
TASK 3............................................................................................................................................8
P5 Characteristic traits and skills of Elizabeth Gooch and Tom Mercer, ..................................8
P6 Entrepreneurial personality of Elizabeth Gooch and Tom Mercer reflect their
entrepreneurial motivation and mindset......................................................................................9
M3 Entrepreneurial characteristics............................................................................................9
D3 The characteristic traits, skills of motivational entrepreneur's............................................10
TASK 4..........................................................................................................................................10
P7 Background and experience can hinder or foster entrepreneurship:...................................10
M4 Personal Background..........................................................................................................10
D4 The positive and the negative effects of personal influences on entrepreneur..................10
Conclusion.....................................................................................................................................11
REFRENCES.................................................................................................................................11

INTRODUCTION
Entrepreneur is person who has a business idea and he uses these ideas to start-up his
business. They are the heart of the business operating activities. They start their business on a
small scale and than they becomes entrepreneurs. They are ready to take risk in every situation
and hence they are the termed as challenging skills and behaviour. The economy becomes more
volatile because the person has the skill and the ability and he uses these ability in performing
the business operations. They have a innovative idea and mind set and they uses it in the business
activities. The new opportunities in the growth and the business sector have encouraged the
entrepreneurship activities on a large scale. They have passionate to do the desired activities by
the ideas that are generated in their mind sets and they wanted to turn the business ideas to make
profit in the long run.
TASK 1
P1 Forms of entrepreneurial ventures
Different types of entrepreneurial ventures in the economy are discusses as under
Schumpeterian Entrepreneur Ventures: They are the business at the small level in the
economy and they are operated by the small owner of the organisation who are operating their
independent business operations. The aim of this venture is to earn growth for the economy by
maximising the level of the profits in the economy. They are denoted for the innovative nad the
different skills they used in the firms opportunities that are to be explored in the economy. The
The Schumpeterian entrepreneur have the development in the small scale operations of the
business and they also act as the owners of the managerial business practices. This venture tries
to open up new business where there are chances for new opportunities of the business are
prevailing. The innovative skills can be used at the work place so as to have the opportunities for
the new products to be brought at the market place and the target market and the area could be
set up for the new products.(Blackburn, 2013)
' Intrapreneur' ventures: These ventures operates in those organisation where the
business owner is not the person who comes out with different ideas for the business operations
but the ideas comes from the other persons who are working in the organisations. An
intrapreneur is a person who has the capacity to implement the important functions of the
entrepreneurial activities not for the use of his personal objectives but to achieve the goals and
the objectives of the organisation. At a time of realization of being expert in this, the

intrapreneurs even come out along with their own of ideas of start-up of the new venture and
develop into a Schumpeterian entrepreneurs.
Established Ventures: An established venture is an organisation that employees at least
500 or more employees in the organisation. The main purpose of the venture is to generate the
desired revenues and profit for the organisation and the stakeholders who are involved in the
company. They can include any types of the products like the material handling or the products
in the term of services.(Bridge, S. and O'Neill, K., 2012.) They are implementing certain changes
in the economy and the societies because such a large organisations are having the significant
employer and the employees in the organisations who are remaining ideal. The established
company has the reputation and the brands of the products and the level of the presence in the
economy.
Social Good Enterprises: These are the business which are having the social motives
and they are providing solutions of innovations and the deep desires to make the world better
place to live in. The goals of the organisation are creating maximum social impact on the society
in a sustainable way. The working programmes and the procedures are based on the themes that
create an impact on the society. These social entrepreneurs does not aim at making the profits in
the economy in monetary terms but their success is measured in the economy by the level of the
outputs it produces for the economy.
P2 Similarities and differences among entrepreneur ventures
There are various similarities and the deviation between the entrepreneurial ventures first
let us know about the similarities of the entrepreneurs ventures:
Challenging and risk taking: In the entrepreneurship ventures there will be an
entrepreneur who are taking the risk for the achievement of the goals and the objectives that are
decided by the organisation (Carland and Stewart, 2015). An entrepreneur has challenge to take
the risk that are associated with the business. An entrepreneur may be of the large or the small
firms has the opportunities for the growth in the large scale business and earn maximum profits
and it is not possible until the company creates an impact on the industry and the market.
Innovative and creative: An entrepreneur of an organisation could not exceed if the
company has an creative idea behind the establishment otherwise the firm can end up in the
almost all the companies of the organisations. The innovation in the products and the working
styles of the employees are essential for gaining the reputation and the attention of the

customers. Even a social enterprise with no particular objective of making monetary profit needs
an innovative idea for the campaigns and creativity present in the services.
The differences between the types of entrepreneurial ventures are:
Basis Schumpeterian Ventures Established Ventures Social Good firms
Definition The non dominant in the
companies in the fields are
independently owned by
the entrepreneurs or the
share holders and they are
operated for the profits.
They are running the
business for the profit
organisations and the skills
and the strengths are the
prime motives.
The business are build
to create a better place
for the employees and
the world to live in
with creativity and
solutions.
Goals The goal is to grow into
large companies that can
build more profits
To earn the basic income
as the business has to be
self developed and
sustained in the long term
To create positive
impacts on the society
in a sustainable way to
achieve the goals of
organisation.
M1 Entrepreneurship in the public and corporate sector
The entrepreneurship is termed as the way for the public and the corporate sector
organisations so that they serve in a better way to the public. The entrepreneurial ventures help in
serving the needs of the people of the societies (Carraher and Paridon, 2015). Entrepreneurship is
different in the different aspects to the individuals and the firms that are operating in the society.
The entrepreneur of the public and the corporate sector are always motivated by the work them
perform in the organisations and also influences others to have their own businesses.
D1 Growth and the development of Entrepreneur venture
The growth and the development for the entrepreneurship programmes has a wider scope
as there is huge growth opportunities in having the own start-up of the business. The persons can
use the innovative ideas to start-up the business. The entrepreneurial aims at the implementation
of the important principles for the implementation of the activities in the business organisations.
Their income of the entrepreneurs is in terms of public funds that are created for the welfare of

the society and thus they seek the attention of media sometimes to popularise their innovative
ideas of making a better world.
TASK 2
P3 Consequence of micro and small business on the economic system.
The business endeavour are classified into four different classes according to the size of
the organisations. The firms are divided into micro and macro classes and if the firms consist of
less than ten employees than it is termed as the micro business.(Chittithaworn and et. al.,
2011)The small business have employees varying from 10 to 40 persons those who are employed
in the organisations. Medium businesses are those firms who have 50 to 200 employees, and if a
company has 250 or more employees working for them, then it comes under Large businesses.
The small and the medium enterprises is the term that is used by the European union. Out
of the total business 99% of the business are registered under the small and the medium
enterprises. There are different supports programmes that are designed by the European union to
support the business of the small scale enterprises. The main factor that brings difference in the
small and the medium enterprises from the other business are the balance sheet that are provided
by the organisation, the headcount of the enterprises and the total amount of the turnover of the
company. In UK the government focuses on giving the importance to the small medium
enterprises and it is the most competing business in the term of the size of business. It plays a
vital role in the UK economic system by providing growth to the company.
The smallest type of business according to size is a sole proprietorship, where an
individual is taking charge of all activities related to operation functions. The Partnership is a
business in which two or more individuals are involved in the operational processes of the
business to gain all the profits.

From the above graph it can be concluded that small business are greatly contributing towards
the growth of economy. They are the largest contributors in the growth and development of
economy. They are providing employment opportunities to people in order to increase GDP
ratios of economy. Large business are also significantly contributing towards growth which
implies that these business can also achieve success in long run. Medium business are partially
contributing towards growth of economic system.
P4 Smaller business and business start up contributes to growing of Economy
The idea of the entrepreneur activities were came into scene from the 1980 when there
was high unemployment in the economy and it affect the supply side of the economy. The
factors that defined the growth of the economy were identified. (Dennis Jr, W.J., 2011.)The
economy in 1990 changed when there was a revolution the conditions of the economy and the
role and the ideas of the small firms were termed into the entrepreneurship programmes. The
main objective was to link the objectives of the business to the enterprise programmes to sustain
the growth for t6he economy and it was also done to find out the relationship between the micro
and the micro factors that affected the conditions of the economy. To understand the basic role of
the entrepreneur is to develop the new ideas for the business and to implement the business
factors like economic growth and the development of the entrepreneurs by bringing the growth
and the innovation in the economy.(Ebert and et. al., 2014.)Reduction in poverty by providing
people with the loans and the ideas to start up new ventures. The contribution in the growth and

the development of the UK businesses. The contribution by the employers in the efficient and the
effective productivity for the organisations.
M2 Differences between small, medium and large businesses
The small, large and medium business makes differences to the UK economy in the way
the activities of the different business are operated. The small business have their operations on a
small scale as compared to the larger business the small business have to take the finance and the
monetary help from the different financial organisations so as to run the business which the
medium business are expanding their business so that the business can achieve growth. The large
business have a huge profit and they have a well defined set of the activities and thus they are
earning huge profits and revenues in the economy.
D2 Small business impact on economy
The small business concern have greater effect on the economy as they are the
independent owned and their main motive is to earn the profit and the welfare of the economy.
The small business owners plays the role of the leaders in the organisation and they guide the
employees in the way in which the work will be done in the organisation. The small business
owners use the accounting tools and the techniques to keep the record of the employees and to
analyse the information that are related to the financial transitions of the company.
TASK 3
P5 Characteristic attribute and skills of Elizabeth Gooch and Tom Mercer,
Elizabeth was first female who have idea of starting up of his own business. She was the
founder of the small business that were selling the operations of the software managements. This
helps the client to generate the proficiency. Elizabeth was full of determination in starting up his
own business and thus she was successful in building up a software because she had already has
defined the set of the goals that are to be achieved by him.
Elizabeth was never afraid of the risk that block his way she opened up a consultancy and she
gives training to the young people about how to operate the software.(Hatten, T.S., 2015.) She
was very much passionate about his work and thus she was successful in achieving the mission
that was set by Elizabeth. She has the initiative of taking the challenges and thus she was
successful in launching a software that was named as the operating software. It allows that the
data should be collected in the real time only.

P6 Entrepreneurial personality of Elizabeth Gooch and Tom Mercer as reflection of
entrepreneurial motivation and mindset.
The personality of Tom and Elizabeth and reflect the mind set of the employees in the
following ways as the personality development grooms the personality of the individuals and
thus they reveal the mark of identification. Personality development helps one to have own skill
set and dose not allow to copy the identity of others and it makes a person good but also
encourages to face the challenges with smile.
Encourages positive attitude in life as the negative attitude faces the problems in life rather than
finding the solutions for the problems. Thus it is necessary that entrepreneurs like Elizabeth and
Tom behave well with people in the company.(.Islam and et. al., 2011)
The personality inculcates the confidence and thus it helps in knowing the right things that are to
be said and the way to carry oneself in front of others in the organisations.
Personality makes a person credible by proper dressing sense and looks. People tend to judge
people by their dress and look and this dress plays a important role in grooming the confidence.
Proper dress codes does not mean wearing expensive dresses but to just be careful which
selecting the dress according to the place and situation.
M3 Entrepreneurial characteristics.
The entrepreneur has the passion and the motivation towards the work that is designed for
the business activities. The has the passion to work on the same problem till the work gets
completed. He constantly does the work that is assigned to him and he never feels bored doing
the same work again and again. He is ready to take the risk that arises in his ways knowing the
future of the uncertainty. This is key factor that differentiate the entrepreneur from the rest in
terms of the risk factor that act as a obstacles for the business activities. An entrepreneur is self
believed in the work that hew is doing and they enjoyed the work with the passion and the
dedication and they had full faith over their subordinates. They are adaptable to the changes
condition and accordingly they adjust themselves in the organisation. The key point is that they
can manage their money and thus they are able to earn the profits for running the activities of
the business (Fassin, 2011).
D3 Characteristic traits, skills of motivational entrepreneur's
The characteristic and skills of entrepreneurs are that they are full of determination as the
person is having the own business setup and the clear goals and the objectives are defined by

him. An entrepreneurship has face many obstacles which comes in their way and had to take risk
to solve the obstacles which block their way. They had to spend money on the innovation
process.(.Longenecker and et. al.,2013)
TASK 4
P7 Evaluate how Background and experience can hinder or foster entrepreneurship:
Rewards and Drawback of Entrepreneur are as follows:
An entrepreneur is connected through different social network and this helps him to get
connected with people around the globe. Education helps to foster entrepreneurship development
programmes because the person who is well educated know about different plans and how to
implement those plan to run the business and this can be very beneficial for the overall growth
and development. Education is a key tool which motivates people that there are hidden talents in
human being and a person can use these talents to grow at a respectable position. The support of
the family is must to start up any business activity. If the family members motivates the person to
have his own business he can have flying colours in his life of success and achievement.
An entrepreneur has a drawback that it does the work in the areas where he has a interest and he
is comfortable with the type of the work and the work environment.(Luiz, J., 2011.)
M4 Personal Background
The personal background of the entrepreneurs like Tom can be influenced and it can be
affected by the different ways according to which the employees behave in the organisations and
at the work place. The characteristics of the entrepreneurs also affect and influences the personal
background of the employees like the family issues of the person he has the idea but his family is
not ready to implement the ideas and thus he cannot be successful in his venture to start-up the
business.
D4 The positive and the negative effects of personal influences on entrepreneur
There are negative and positive effects of the personal factors that affects the life of the
entrepreneurs. In the positive sense it helps them to fight with the situations that blocks their
ways and in the negative sense they demotivate the employees and thus they are not able to plan
any thing in advance for the future (Neck, 2011).

Conclusion
The entrepreneur are great value to the economic system. In UK the small and the
medium enterprises are increasing their number constantly and thus they are achieving
recognition and great success in the economy. They have a creative ideas and the mindset which
they use in the innovation of the new products. The UK government is considering the small
business set ups as a special part of the economy as it provides satisfaction to the employees and
the customers.