Entrepreneurship: Theory and Practice

This assignment delves into the multifaceted world of entrepreneurship. It examines foundational theories, analyzes the psychological traits of successful entrepreneurs, and discusses the emergence of social entrepreneurship. The document also touches upon critical aspects like market positioning, resource management, and university support for entrepreneurial ventures. It utilizes a range of scholarly sources, including academic journals and books, to provide a comprehensive understanding of the subject.

Entrepreneurship
And Small
Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Different Types Of entrepreneurship Ventures And How They Relate To The
Entrepreneurship Ventures ..........................................................................................................1
P2 : similarities and differences between social entrepreneurship and lifestyle
entrepreneurship ..........................................................................................................................2
M1: Diverse the range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship...........................................................................................................................2
D1: Scope ,development and growth of entrepreneurship ventures...........................................3
TASK 2............................................................................................................................................3
P3: Assess relevant data and statistics to illustrate how micro and small businesses impact
on the UK economy. ...................................................................................................................3
P4: Importance of small businesses and business start ups to the growth of the social
economy in the UK......................................................................................................................4
M2 : Differences small ,medium and large businesses make to the UK economy .....................4
D2: Small businesses impact on the different levels of the UK economyand comparison with
any one country ...........................................................................................................................4
TASK 3 ...........................................................................................................................................5
P5: Characteristics traits and skills of Elizabeth Gooch and Tom Mercer .................................5
P6 : Entrepreneurial personality of Elizabeth Gooch and Tom Mercer ......................................5
M3: Entrepreneurial characteristics ............................................................................................6
D3 : Two successful Entrepreneurs.............................................................................................6
TASK 4............................................................................................................................................7
P7) Examine different environment that foster or hinder entrepreneurship. ..............................7
D4) How personal background and experience can hinder or foster entrepreneurship...............7
M4) The link between entrepreneurial characteristics and the influence of personal
background and experience to Elizabeth Gooch (Case Study1) and Tom Mercer (Case Study
2)..................................................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
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INTRODUCTION
Entrepreneurship is a technique where the person starts a new busines , take risks,
manage and organize the business. Rather than working with any other business, the person who
make his own business and who assumes all the risks, his/her creativity, ideas which makes the
business for to make possibilities for more opportunities. Thisis the business where the person
command as a business leader and create new ideas for the his/her business processes. The
entrepreneur must be confident on their ideas and his innovation. Small businesses are where the
person starts to make a business with small investments using his own ideas with their
creativity. Here in this report it'll give the details and methods that how the persons start from a
less investment then how they succeed in their own business.In this report gives the details about
four types of entrepreneurship ventures first is small business entrepreneurship , second is
scalable start up entrepreneurship , third is large company entrepreneurship and at the last social
entrepreneurship and two famous business entrepreneurs details that how they are going to be
succeed .
TASK 1
P1: Different Types of entrepreneurship Ventures and How They Relate To the Entrepreneurship
Ventures
Entrepreneurship ventures have mainly four types 1) Small business entrepreneurship, 2)
scalable start-up entrepreneurship, 3) Large company entrepreneurship and 4) Social
entrepreneurship.
Small business entrepreneurship are grocery stores, travel agents, internet service
providers, carpenters plumbers, consultants, electricians etc. They take a single person person
for doing their work. In small businesses they do not get big profits thereis only one employee
or may be a group of team who provides services and products. Small businesses are everywhere
which provides products and services to the customers.
Scalable start-ups are unlike small businesses like silicon valley entrepreneurs and their
investors do their work for their venture. They always take best employees in their organization.
Their thing is to get long term business for their future. . They attract the investors, venture
capitalists. Scalable entrepreneurship consists of a new start ups and investors that give the
guidance for ventures in business (Ács, and Audretsch, 2010).
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Large company have so many resources and sources. These firms takes advice from
advisors. Large company believes in creativity, innovation, brands, quality and as long as
productivity and give services to the clients as well as new clients.
Social entrepreneurs are the investors who try to fulfil the social needs, requirements and
solve the problems but these entrepreneurs always make the world better place and not take any
share from markets,. Social enterprisers are the workers who solve the social problems (Baum,
Frese and Baron, 2014). P2: similarities and differences between social entrepreneurship and
lifestyle entrepreneurship
Social entrepreneurship is inspired by the help, support for improve the social
environment , in economic and an education operations. Social entrepreneur are the people who
analyze and find social problem and uses the principles for organizing, creating and managing
the venture to update the social change. The person is one who give the new concept to market to
know the requirements and the problem of clients. After searching many forms then it'll apply
forms as per the suitable match (5 Qualities of Successful Entrepreneurs. 2017.). It takes a core
concept by leaders which on some mind set for social to make a positive impact on the society.
When a new business is launched its all about thinking the passion in the lifestyle
entrepreneurship before gaining the profit which include the interests and a talent with the ability
to earn money from living. Many businesses launch shares to make profit for all the
shareholders. In this kind of business, it uses different models to develop and do promotions by
giving advertisement in order to grow their business for very long term.
Some peoples also decide to be self employed by starting their business for achieve
something greater that include inflexibility of timings which only depend on that person (Clark
and Brennan, 2012). The social and lifestyle has so many similarities i.e., their markets are same
but the products and things are different from each other. Their innovation, motivation is same
but their risks are different and depend on their own business. The social and lifestyle
entrepreneurs both comes with different types of ideas for developing their business and
growing of their business but their criteria are different from each other.
M1: Diverse the range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship.
The entrepreneurial venture is focused on providing advisory services to early and mid
stage companies. . There are diverse ranges of entrepreneur ventures that are working across UK.
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Entrepreneurs also presenting a variety for structures and some models for business. This
research by Walter also cross the countries and very comparative (Verbeke, A., Amin
Zargarzadeh, M. and Osiyevskyy, O., 2014). Numbers of entrepreneurs are increased in the
business so for the growth of business they cross the cities. Small and large are major two types
of ventures that are working in UK. Four different types of entrepreneurial business comprise of
small business entrepreneurs, scalable startup entrepreneur, large company entrepreneurship and
social entrepreneurship.
D1: Scope, development and growth of entrepreneurship ventures
Start up companies uses to give ads on social sites social start marketing and other
entrepreneurship for the business development. There is fund and increase the implementation
solutions for social ,cultural or an environmental issues. This things may be applied on the
various companies on their limits , companies fund, companies goal these all depends on the
company details and what are the company goals (Storey,2016). The UK's progress in
entrepreneurial is in progress for the entrepreneurial performances and in abilities. The UK's
stability is improved from last few years. In 2012 ranked with 14th and in 2013 ranked with ninth
in the development at entrepreneurship.
TASK 2
P3: Assess relevant data and statistics to illustrate how micro and small businesses impact on
the UK economy.
Small businesses are source of the UK economy, growth, for opening new markets and
for developing new jobs. Their support is very huge. Small businesses are good for UK. They
also motivate competition try to and bring fresh ideas that challenge the level questions of
consumers. This have to be notice to look wider landscape and see their path before its
challenges (Dacin, Dacin,and Matear, 2010). Research by RSA demonstrates that 55% of small
and medium sized companies do not have more growth more than 5 years. Survival sees that
63% of small and medium sized businesses face new challenges in achieving growth and because
of their others are lack of confidence in their ability to achieve is not continued in the business
growth. In UK , largest majority effects on the turnover ,where the employees fewer than 10 ,
accounting 33% of people , and 19% of turnover on according to paper in library which was
published in may 2015. In other sized businesses increased the number of margin is increased.
Research by endowment for science, IT field and arts published in2009, small medium types
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businesses fhave received highest growth rates with 6% rate have been generated in last five
years. Number of employement opportunities have increased from 2002 to 2008.Half of small
and medium sized businesses have been increased from last 10 years. It has been found that if
people got five years chances then they can prove their self in the business strategies. In UK the
business group representing small and medium sizes businesses are responsible for 15.2 million
jobs (Schlegelmilch, 2016).
P4: Importance of small businesses and business start ups to the growth of the social economy
in the UK
Before 30-40 years, the people started their own business because there were no job
vacancies for people. The smartphones and technology blurred in the growth of self employment
so they distinct their private life and work. There are lots of emails for checked in the evening or
at the weekend which is important when the peoples are working so people have to be flexible.
In the 2014 there was 4.2 million peoples was working for home and remaining peoples around
2.7 million was working for other in the UK and that was the number for record which was
published by office of national statistics. The home workers number is increased by 1.3 million
in 1998 as according to office of national statistics. The small and medium sized businesses now
marketing and selling their products online and its easy way than ever to expand the business
over the cities and countries. So they provide online services over the internet things (Clark and
Brennan, 2012). The globalization is for all like not only multinational or national businesses but
also for small and medium sized businesses.
M2 : Differences small ,medium and large businesses make to the UK economy
Small Business creates new jobs and creates new opportunities for fresher. Medium sized
businesses are the businesses whose number of personnel fallen below the in limits for the
investment. In medium sized businesses, it includes less than 250 employees and the turnover is
under the 50 million but in the small businesses employees are less than 50 and turnover is under
the 10 million. Large sized businesses whereas in large size in investments in businesses there is
no numbers and money in millions because their investments not have any number for
investment. It simply means in large size people can invest unlimited money and can take
numbers of employees at the working area (Dacin, Dacin, and Matear, 2010).
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D2: Small businesses impact on the different levels of the UK economy and comparison with
any one country
In 2014, United Kingdom got 1st rank and 6% more than United States in the business,
companies, corporate, and in governance. The gap got wider from the last 10 years in cities,
towns in the south and rest of UK according to center of cities which was analyszed by
Britain's. The reports of published by magazine Cities on outlook it has been found that there is a
good growth in the number of jobs that business have been created. The population grows by
11.3% between 2004 and 2013 cities and towns and it is providing opportunities for the business
(Jones, Macpherson and Jayawarna, 2013).
TASK 3
P5: Characteristics traits and skills of Elizabeth Gooch and Tom Mercer
Elizabeth created a business with she had established ound for generating the work
capital so she increase the distribution into new markets and territories. So Elizabeth have the
confidence on herself.Elizabeth was not have one venture for the capital for take control on
business , so Elizabeth develop and choose the simple way . It means Elizabeth have a very clear
mind scenario for the business. When business growing Then cash was required to be or raised
and there was need for including more resources and the experts. So it will give better business
using a systematic management team and give flexibility with growth (Kwak and Kim, 2013).
Elizabeth has more attention to strategy. She is so confident and she never see anything as failure
because of elizabeth confidence. Elizabeth is always learn from something beacause she always
comes with the business attitude. Elizabeth have the good investors and experts who gives
advice to Elizabeth and she also take benefit from them because elizabeth knows the business
and marketElizabeth get the guidance under from the expertise and advisers so the level can be
balanced. Elizabeth reduced small price for running the business for a long time because
Elizabeth was advised by the expertise from their experiences. Elizabeth got the same level for
controlling the business after she gets the advise from the advisers but growth of business has
been updated. Elizabeth gives an example that she has worked for 17 years in a private company
before doing balancing of the business (Ojala and Heikkilä, 2011). So Elizabeth runs her
business as her routine. Strategy of growth was put in 2001 by the chairman of Rodney Baker
Bates.
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Tom mercer has the skill that he know and analyze the market after research. So tom
mercer gives an advertisement i.e., It is very tasty and healthy for peoples health. Tom mercer
was working in that city but want to build his own private business (Rasmussen and Borch,
2010). So tom mercer aim was give peoples very healthy ,delicious and fresh food because of
this tome mercer started a cabinet on wheels at waterloo station in february ,2006 . Tom mercer
got a great team who are working with each other very honestly .Tom mercer very pasionate for
his own things because he want to be boss for his own new business this is the reason that tom
mercer knows that his product have to be so good for tom mercer's growing business. Tom
mercer knows that if his product is good and has the quality then it will be run for a very long
period of time.
P6 : Entrepreneurial personality of Elizabeth Gooch and Tom Mercer
Elizabeth is always clear about the goals and motivation for establishing a business.
Elizabeth always focuses on her visions and goals. Elizabeth develops a structure for continuous
income. Elizabeth always believes to Build a real brand of foe the product and this is not only the
material of market. Elizabeth always focuses on customers as well as the new
customer’s .Remove the dependencies from others. Develop a systematic structure for business
which gives proper vision for the business. Elizabeth way is so simple in her mind for the
business that she manage and it should differentfrom her routine. Elizabeth's believes that she is
a firm believer in every situational business, Leadership. Elizabeth has a clear vision and a
clear mindset for the business .
Tom Mercer characteristics are different from the Elizabeth Gooch. Tom Mercer's mind
is very objective and clear for the product and service. Tom Mercer think every little detail about
the product likewill people pay enough for his product? Who are the competitors? Tom Mercer
always try do something innovative and carries out improvement in the product. So the Tom
Mercer always look on improving offering core by keeping on top of the market trends. Tom
Mercer believes in teamwork. So Tom Mercer build a skills and attitude within his own team
because tome mercer believe in the key to being successful is the teamwork. Get a mentor
because of this mentor the people if do any mistakes so that mentor will help the people for
realize his mistake and for change. The mentor will advice and time will not be wasted. Know all
about business ,growth of businesses ,know the future risks .
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M3: Entrepreneurial characteristics
Tom mercer was very passionate to build a new business and that is the reason and his
confidence creates a business. Tom mercer knows the market it means peoples have to serach
today's market , products , qualities and services (Kwak and Kim, 2013). Tom mercer was
inspired from his father and brother because they are theirs own bosses and forward thinking.
Tom mercer creates a completely different and unique product from the market . Elizabeth has
the strong management for her growth and business. Elizabeth has expertise and advisors who
always gives the guidance foe the business growth and for business improvements.
D3 : Two successful Entrepreneurs
Alan Michael sugar, baron sugar is a very popular business magnate. Alan is great
politician, advisor and has media personality. Alan connected the “billionaire’s club “in 2015-16
with 1.15 billion and got the 95th number in the list of richest man in the United Kingdom.
Richard Charles Nicholas Branson also a business magnate (Baum, Frese and Baron, 2014).
Richard is also a politician, an advisor and philanthropist. Richard was found by the group of
virgin which controls more than 400 industries. Branson is being an entrepreneur at a young age.
Branson has interests in land, air, sea, space and travel So he work in retail, music and transport
in march 2000.
TASK 4
P7) Examine different environment that foster or hinder entrepreneurship.
To be an entrepreneur it depends upon the environment in which the person live.
Enterpreneurship gets influenced by basically four factors that are culture, economic
development, education and technological development. These factors have positive as well as
negative impacts on the growth of entrepreneur. For establishment of any business capital is a
key element. Increase in capital investment increases profit in business. Avalaibility of skilled
workers boost up the business. The different environments that foster or hinder entrepreneurship
are as follows:
Entrepreneurial culture: It starts with leadership. People follow the instructions of the
leader. The actions are taken by the leaders. An over authoritarian place of work culture will
force back the person with the new innovative ideas and new methods of doing work. Place with
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positive attitude will encourage the creativeness of the person. Entrepreneurial culture will create
the environment where people can act like entrepreneurs (Schlegelmilch, 2016).
Environment of empowerment: Here it does not mean to empower the people it means to
foster the environment where the people empower themselves. When people will feel
empowered they will act as the entrepreneurs. Entrepreneur identifies the trend, opportunities
and calculates the risk and will inspire others to follow them.Communication: Communication
is the fundamental function of the leadership. Communication environment can be created by
freely sharing of information. Information should from to all and in each direction. Motivate the
people to ask the questions so that the communication can take place (Rasmuss and Borch,
2010).
Continuous effort: continuous efforts are required to foster the entrepreneurial
environment. Efforts have to made by the leaders to innovate new things. Efforts will change the
environment and the thinking of the people.
Value the entrepreneurial approach: Communication with people and encourage their
idea will increase the environment for the entrepreneur. Approaches for entrepreneur are values,
rewards and encourage.
D4) How personal background and experience can hinder or foster entrepreneurship
Personal background and experience hinder or foster the entrepreneurs. As in the case
study, we can see that the Elizabeth Gooch has years of experience and her company goes into
the loss. She was confident enough to run the company even in loss. It was his experience that
has turned the company again into the profit oriented firm (Storey, 2016). In another case study
we can see that . The company started by Tom Mercer solved his problems with the efforts he
put into to regain the position. His problem makes him entrepreneur and makes him to think
about the new ideas o solve the problem.
M4) Link between entrepreneurial characteristics and the influence of personal background
and experience to Elizabeth Gooch (Case Study1) and Tom Mercer (Case Study 2)
Both the entrepreneurs are from different backgrounds.. They both once started their
journey and never looked back. There was the time when their businesses were not running in
profit but they did not lose the hope and again make the same business survive in the market. It
was there thinking that they take the company reached to the higher level (Schlegelmilch, 2016).
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CONCLUSION
Through this report, one can easily understand the different entrepreneurial ventures and
get acknowledged about the impact these can have on the economy of UK. Small businesses are
source of the UK economy, growth, for opening new markets and for making new jobs.
Innovation is required to be successful in business. It relates to sustainable business
development approach. The innovation and ideas when combined together results into quality
product and services. Entrepreneurship can be used to set up brand name and to achieve
leadership in the market . Entrepreneurship and innovation are in profit and nonprofit ventures.
Being an entrepreneur it is required to take challenges . Entrepreneurship is an approach to
achieve specific goal. It involves taking responsibilities that helps in decision making process
and make you self reliant and dynamic and able to initiate new ideas.
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REFERENCES
Books and Journals
Ács, Z. J. and Audretsch, D. B. eds., 2010. Handbook on Entrepreneurship Research (pp. 165-
182). New York, NY: Springer.
Baum, J. R., Frese, M. and Baron, R. A., 2014. The psychology of entrepreneurship. Psychology
Press.
Clark, C. and Brennan, L., 2012. Entrepreneurship with social value: A conceptual model for
performance measurement. Academy of Entrepreneurship Journal. 18(2). p.17.
Dacin, P. A., Dacin, M. T. and Matear, M., 2010. Social entrepreneurship: Why we don't need a
new theory and how we move forward from here. The academy of management
perspectives. 24(3). pp.37-57.
Jones, O., Macpherson, A. and Jayawarna, D., 2013. Resourcing the start-up business: Creating
dynamic entrepreneurial learning capabilities. Routledge.
Kwak, M. and Kim, H., 2013. Market positioning of remanufactured products with optimal
planning for part upgrades. Journal of Mechanical Design. 135(1). p.011007.
Lei, N. and Moon, S. K., 2015. A Decision Support System for market-driven product
positioning and design. Decision Support Systems. 69.pp.82-91.
Ojala, A. and Heikkilä, J., 2011. Entrepreneurship training for new ventures. International
Entrepreneurship and Management Journal. 7(3). pp.297-310.
Rasmussen, E. and Borch, O. J., 2010. University capabilities in facilitating entrepreneurship: A
longitudinal study of spin-off ventures at mid-range universities. Research Policy, 39(5),
pp.602-612.
Roberts, R., 2015. Finance for Small and Entrepreneurial Business. Routledge.
Schlegelmilch, B. B., 2016. Segmenting Targeting and Positioning in Global Markets. In Global
Marketing Strategy Springer International Publishing.pp. 63-82.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Verbeke, A., Amin Zargarzadeh, M. and Osiyevskyy, O., 2014. Internalization theory,
entrepreneurship and international new ventures. Multinational Business Review. 22(3).
pp.246-269.
Online
5 Qualities of Successful Entrepreneurs. 2017. [Online]. Available
Through:<https://www.entrepreneur.com/article/227776>. [Accessed on 6th May, 2017].
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