Entrepreneurship Research and Analysis

The assignment requires a critical analysis of several academic journal articles related to entrepreneurship. It involves examining journal rankings within the discipline, exploring factors affecting business success for small and medium enterprises (SMEs), and understanding the role of public policy levers in shaping entrepreneurial endeavors. The selected articles delve into topics like innovation, ethics, values-based approaches, and the impact of entrepreneur characteristics on business success.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures that are related to entrepreneurship...................1
P2 Similarities and differences between entrepreneurial ventures.............................................3
P3 Impact of micro and small business economy.......................................................................4
P4 Value of contribution by Small Medium Enterprise towards society and economy of a
nation...........................................................................................................................................6
TASK 3............................................................................................................................................7
P5 Traits and skills of successful entrepreneurs.........................................................................7
P6 Aspects of Entrepreneurial Personality..................................................................................8
TASK 4............................................................................................................................................9
P7 Different ways by which background and experience can hinder the performance of
entrepreneurship..........................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurs are stated as one who have a unique idea and view of starting a new
business. While running their business, they are the ones who takes decisions by their own and if
any loss or profit happens then they are fully responsible (Schaper, 2016). Therefore,
entrepreneurs can be said as the person who are innovative in nature and can give tough fight to
rival companies. Austin Frazer is a small consultancy firm that give suggestions and information
related to any business operations so that other companies can gain maximum profits. In this
report, various types of entrepreneurial ventures and how they are related typology of
entrepreneurship is included. Similarities and differences of different ventures are also
mentioned in this assignment. Assessment and interpretation of relevant data and its impact on
small business and economy is involved in this report. Other than this, contribution of small and
business start-up's in growth of social economy. Lastly, with suitable examples researcher can
know the background and experience that can hinder or foster entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures that are related to entrepreneurship
Entrepreneurial ventures is said to be an organisation that provides places where an
individual can present innovative ideas so as to develop economic and social value. In order to
run a firm in a successful manner it is important that organisation have ample amount of
employees who can help them in doing the same (Shane, 2012). The main advantage of this is
that with sufficient number of workers company can finish the task appropriately. As a result, it
will assist them in achieving the task in set period of time. Basically, entrepreneurship has been
classified by regulatory bodies in certain categories that are mentioned below:
Key Ventures of Entrepreneurship:
Small business entrepreneurship: This is operated by an individual and shops like
departmental store, carpenters, small grocery stores comes under this. Their main aim is not to
earn profit but to earn a sufficient amount of money by which they can run their livelihood
(Schaper and et. al., 2014). Thus, they basically work for fulfilling their basic needs and wants
and for this, they tries to give their best efforts so that they can sustain in the market for longer
period of time and along with this an individual gives superior quality products and services by
avoiding the risk factors. Mostly to run their business they takes loans and credits form banks.
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Scalable start-up's: These are small business which makes profit after serving to
consumers for a longer period of time (Neck and Greene, 2011). Along with this, as these firms
generate much revenue therefore investors easily may provide funding to them so that
organisation can attain desired goals. With the help of this, company can maximise both
profitability and productivity. Persons who come under this are mostly enthusiastic in nature so
that they can provide quality products to customers. They make appropriate strategies and plans
for operating their business in a proper manner. Thus, this enables the entrepreneurs to attract
more and more customers towards their company.
Large corporation entrepreneurship: Big firms, comes under this and they work only to
get maximum profits. This is assisting them in manufacturing products that are according to the
needs and wants of customers so that they can increase the sales and productivity. Companies
that come under this majorly implement innovative ideas and so as to increase the market value
of product in a particular area.
Social Entrepreneurship: The main objective of establishing this business is to provide
basic facilities to people so that they can raise the standards. Therefore, they work according to
an individual so that company can provide them services so as to satisfy customers demands.
Basically, governmental organisation come under this that work for the betterment of citizens.
Types of entrepreneurial typologies
Lifestyle venture:- Under this, entrepreneurs work alone in order to get maximum
benefits so that they can sustain in the market for a long period of time. This help them in giving
competitive advantages and as a result through this set targets are achieved in a proper manner.
Survival ventures:- Companies that come under this work in order to fulfil the needs and
demands of themselves so that they can live their livelihood. Mostly business that are performed
in this are based on Barter system and cash and they tries to avoid bank contracts.
Managed growth ventures:- Basically they are stabilized in nature and work for earning
much profits along with this company have limited amount of workers and they are the one who
manages the whole task by their own (Luiz, 2011).
Aggressive growth ventures:- This kind of business are mainly handled by using new
tools and technologies so that company can get effective growth and performance. Other than
this, innovative ideas are implemented and are not helped by any equity capital.
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Therefore, all the sectors which are mentioned above are contributing in some or the
other way in order to increase the economy of the nation (Lee-Ross and Lashley, 2010). Austin
Frazer comes under small medium business and gives solutions to various companies that assist
them in running the business in an effective manner.
P2 Similarities and differences between entrepreneurial ventures
Under this to understand the difference and similarities between entrepreneurial ventures
are explained in a proper manner:
Types of enterprise Similarities Differences
Small v/s large business
enterprise
Small and large both have
some similarities as they work
for satisfying the demands of
their customers in order to
increase the sales and
productivity. They tries to get
maximum profits by providing
best quality services and
facilities to its customers.
The biggest difference of small
and large business enterprises
is that former deals in local
level whereas latter one
operates business at both the
levels. Financial dissimilarities
can be the other reason as
small enterprise may have not
ample amount of money in
expanding the business as
compared to large business
enterprise.
Social v/s Scalable Both the enterprise work in
order to fulfil the needs and
demands of its customers by
applying new and innovative
ideas. Before implementing
any services they both conduct
research activities so as to
know the demands of
consumers in particular area.
In this context both the
enterprise are different form
one another. Social business
entrepreneurs works for
resolving the issues and
problems that are faced by an
individual or a group whereas
scalable tries to occupy a huge
market share so as to expand
their business in an effective
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manner.
Public and private are the two other ventures that helps an organisation in establishing
there business. It can be seen that there are various similarities and differences between different
ventures but the most common is of providing better services and facilities to its customers
according to the needs and wants of consumers (Kirzner, 2015). Therefore, it is important to
know the current trends in market area so that organisation can perform their task respectively.
For this, managers of different business enterprises are conducting research and taking feedbacks
form people so that they can make alterations if required. But the difference is of financial
conditions as compared to small business enterprise, large business enterprise can easily expand
their business in vast areas along with new innovative products.
Another difference of all these enterprise that some of the firm undergoes their operation
in smaller scale like at local level while large scale enterprise handle their business operation at
national and international levels.
P3 Impact of micro and small business economy
Any kind of business, whether small, medium or large contributes some or the other in
enhancing the growth of economy. Other than this, they take initiative of providing products of
high quality by making some changes so as to increase the market value and share. This help
them in improving their brand image in front of customers. Austin Frazer is a small business
enterprise and it is solving the problems which are related to finance, laws etc., the services
provided by Austin Frazer to different companies is assisting them in solving the problems.
Currently they are working at national and local level but soon they are planning to launching
their business internationally. Company is providing job opportunities in different areas and due
to which a increase in the growth of economy can be seen. Further the organisation is attracting
more and more investors who can invest their money in their business and as result it will the
firm in establishing the business at different level. With this process it is providing chances to
people like artisans, hand loom workers in showing their talents for this government are
conducting various activities where they can showcase their skills (Islam and et. al., 2011).
Therefore, Austin Frazer had to look out for all the aspect that can effect the business
operations and must apply those strategies by which they can increase their income and position
as well. There are some of the ways by which small business enterprise can implement them for
contributing in economy of the nation:
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 Companies that comes under this gives opportunities in attaining the set targets and goals
along with this they provide financial independence.
 They welcome new ideas by which a company can get maximum benefits.
 Generates employment opportunities.
Therefore, government of United Kingdom is encouraging small medium enterprise as
this put an impact on the growth of economical conditions of a nation (Gorgievski, Ascalon and
Stephan, 2011). Form a study it can be evaluated that around 6.5 million people engaged
themselves in such businesses and as a result an increase can be seen respectively. Currently
approximately 5 million small medium enterprises are running in United Kingdom and they are
helping government in increasing their revenues.
Basic requirements that are essential for classifying the different business enterprises are
given below:
Micro Business: Companies with of around 2 to 4 million pound turnover per year come
under this and it includes departmental and grocery stores, carpenters and business that are
similar. For expanding their business they take loans form banks so that they can implement new
ideas in their occupation (Stokes, Wilson and Wilson, 2010).
Small Business: Companies that comes under this are larger than micro business but they
are not to big also. Number of people who work under this are around 60 and there turn over per
year is approximately between 5 to 9 million pounds. Austin Frazer comes under this and they
are hiring employees who are best in giving new and innovative ideas. This will assist them in
increasing their business operations.
Medium Business: They are said to those whose turn over per year is around 240 million
and almost 50 to 280 workers work together for achieving a common goal. Basically, companies
work under partnership and equally divides profit as well as loss and their main focus is on
gaining more profit. Other than this, organisation utilises CSR activities in order to get best
results.
Therefore, apart form this impact of small medium enterprise are given below:
Employment: SME companies works mainly to provide job opportunities so as to reduce
poverty or problem of unemployment (Fassin, Van Rossem and Buelens, 2011). After
conducting a survey it can be concluded that in United Kingdom there is an increase in the
number of small and medium enterprises and these are basically consultancy firms (Drucker,
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2014). Thus, they are giving jobs and on the other hand providing training programmes for
enhancing the skills and knowledge.
P4 Value of contribution by Small Medium Enterprise towards society and economy of a nation
Europe was a continent which was divided into fifty sovereign states. In the year 2016,
Brexit happened and Britain was separated from other European countries. As a result a
economic down fall was there. Start-up's and other small business was affected in large number.
Basis Start ups Small Business
Expectation and Rate of
growth
Entrepreneur comes in market
with new and innovative ideas
for capturing number of
customers attention towards
the products and services. This
enables them in gaining
maximum profits.
Business that comes under this
are not so big like start-ups and
doesn't include much market
share. Thus, there earning is
limited and they make profit
just to sustain in the market
area for longer period of time.
Finance In order to run a business in an
effective manner ample
amount of funds are very
important. For start-up's many
investor take initiative for
applying their money if the
concept of start-up's are same
and achievable (Storey and
Greene, 2010).
To run their business small
business enterprise doesn't
need much amount of money.
If funds are needed than they
take loans form banks so as to
perform their task in a proper
manner.
Nature of the Idea New and innovative ideas
always boost an individual in
making changes and
alterations so that they can
unique products to its
customers.
Small business enterprise
implement creative ideas but
mainly they focuses on
following the traditional form
of business that was guided to
them by their superiors.
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Therefore, both start-up's and small business enterprises runs for a common reason i.e. to
earn profit. This can be done by serving products and services. They manufacture goods by
locating needs and wants of consumers that they have (Dennis Jr, 2011). Along with this, they
also consider all trends that are being used by their rivals.
TASK 3
P5 Traits and skills of successful entrepreneurs
An entrepreneur is considered as the one who posses skill and knowledge that are
different form one another. Thus, they use their skills for performing the task in a better manner
this assist them in various fields whether professional or personnel level. Some of the features
are given below that is encourage entrepreneurs in completing the work are given below:
Passionate: This kind of trait always motivates an individual in performing the task more
effectively. While starting a business entrepreneurs in their initial years are more enthusiastic
while doing their work and it helps them in achieving set targets and objectives in specific time
period. This assist them in gaining betters position as compared to t previous one.
Optimistic: Profit and loss are part and parcel of any business what essential is that an
individual must take this in a positive manner. They should be positive in nature and can be able
to convert their flaws into better results. An optimistic person will always encourage his/her team
in performing the task with best possible resources that are available to them. As a result an
increase in the growth of business operations can be seen.
Confident: This is the main trait which every individual must have and for entrepreneurs
it is most essential because the have to interact with maximum number of people for explaining
the concept of their business proposal. Lack of confidence may have a negative impact and there
must be a possibility of lack of interest by investors.
Innovative Thinker: Unique thinking is what makes an entrepreneur different form
others. As distinctive mind set will help an individual in attracting more and more people and
investors as well. With hard work, smart work is also important so it is essential that
entrepreneur must have innovative thinking.
Other than this, some of the basic qualities are mentioned below that are necessary for an
effective business operations:
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Communication: This is considered as one of the basic tool which is required for having
a proper interaction between employees and superiors (Chittithaworn and et. al., 2011). Other
than this, an appropriate communication with customers can help the organisation is knowing the
needs and demands respectively. Thus, for attaining the set targets it is necessary that
transparency is maintained by superiors with workers so that they can explain employees a
proper manner of preforming the task.
Decision-making: Active participation of both employees and superior will help a
company in in making proper decision making (Carraher and Paridon, 2015). Hence,
organisation uses excellent tools and techniques for achieving the goals and objectives.
Therefore, by making appropriate strategies company is able to get superior position in market
area.
Leadership: This kind of trait is important for completing the task in a better manner
because leaders are one who guide the whole team and show them the path through which team
members can achieve their targets. Thus, it is important that leaders are effective in nature and
should be able to influence people.
Time management: Along with leadership quality an individual must also have skills of
time management so that they can make proper planning for achieving the task. This enable them
in giving proper services and facilities on time and as result company can gain maximum profits.
P6 Aspects of Entrepreneurial Personality
Entrepreneurial person constitutes certain personality traits which are unique in nature
and make themselves different from others. This assist them in shaping their attitudes, values and
other than this, motivates an individual in completing the work in a better manner. Therefore,
skill and traits which an individual posses helps an individual in performing the task more
effectively. Further it can be describe in five points that are mentioned below:
Extraversion: It comprises of those who are more energetic and enthusiastic in
performing their task and always keeps a positive attitude in business operations. They doesn't
hesitate to share their experiences and innovative thoughts. Person who posses this quality are
capable of guiding their teammates in order to attain the goals and objectives. Therefore, they are
broad minded and has the caliber of resolving the problem in an effective way by using
appropriate resources that are available to them.
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Agreeableness: The person with this trait are very active and they know how to influence
others so as to complete the work (Carland, Carland and Stewart, 2015). Thus, under this,
organisation makes a decision collaborately with the help of others so that they can perform the
task with the choices of employees. Therefore, this is used by an individual so as to unite the
team and perform for a common goal.
Conscientiousness: While doing any work it is necessary that an individual do it with
proper mind set and for this a conscious mind is required (Bridge and O'Neill, 2012). So, the
person should make sure that work which is performed are attempted by considering all the rules
and regulations in order to eliminate mistakes. Thus, Austin Frazer is handling all its clients with
conscious mind and as a result they are able to provide better solution regarding their problems.
Emotional stability: To operate a business it is necessary that all the sentiments are kept
aside so that it doesn't hamper their business operations. There may be situations where company
can faces losses but during this time they should be emotionally strong so that company handle
the situation in a better manner. Thus, superiors must stay calm and composed in order to guide
its employees in an appropriate manner.
Openness to experience: In business environment companies can face changes thus, it is
important that they accept the alterations because this can enable them in running their business
according to the latest trends and market situations. For this, most of the organisation adopt
various tools and technologies which is giving competitive advancement as a result it is
increasing the productivity and sales at the same time.
TASK 4
P7 Different ways by which background and experience can hinder the performance of
entrepreneurship
Background and past experience of entrepreneurs play vital role in improving their
performance level. There are some of the factors that are to be considered ans these are internal
and external this assist a person in enhancing skills and knowledge so as to increase the business
and individual performance as well. Early education gained by an individual is very important
these sets a basic personality traits in person's life. Thus, it is important that he/she is given
proper knowledge in schools, colleges, by their family members. If proper information is
provided that an individual can use them in achieving the set targets and goals.
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Other than this, peer group also plays an prominent role in shaping person's personality.
Here, he/she can learn to work in a group for achieving a common goal. This will assist an
entrepreneur in providing good services and facilities according to the needs and wants of
customers. Therefore, above mentioned points will assist an individual in giving their best efforts
so as to attain the best possible results (Blackburn, Hart and Wainwright, 2013).
Background of past experience helps an entrepreneur in performing the task effectively
because it will assist him/her to know the drawbacks and problems which have created problem
or act as an barrier in completing the business operations. Thus, it makes an entrepreneur more
capable of attempting the work properly.
CONCLUSION
From the above report it can be concluded that, in order to run a business in an effective
manner it is necessary that all the factors are determined properly which are necessary for
operating the business properly. Thus, entrepreneurs should posses certain skills and knowledge
that are required for conducting the activities. This assignment includes similarities and
differences which is helping an individual in operating the task. Other than this, background and
experiences of an individual is also considered for knowing the flaws that company had faced in
past.
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REFERENCES
Books and Journals
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Carland, J. C., Carland, J. W. and Stewart, W. H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 7(1). pp.1-20.
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Chittithaworn and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
Gorgievski, M. J., Ascalon, M. E. and Stephan, U., 2011. Small business owners' success
criteria, a values approach to personal differences. Journal of Small Business
Management. 49(2). pp.207-232.
Islam and et. al., 2011. Effect of entrepreneur and firm characteristics on the business success of
small and medium enterprises (SMEs) in Bangladesh. International Journal of Business
and Management. 6(3). p.289.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Lee-Ross, D. and Lashley, C., 2010. Entrepreneurship and small business management in the
hospitality industry. Routledge.
Luiz, J., 2011. Small business development, entrepreneurship and expanding the business sector
in a developing economy: The case of South Africa. Journal of Applied Business
Research (JABR). 18(2).
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.
Schaper and et. al., 2014. Entrepreneurship and small business.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
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.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Storey, D. J. and Greene, F. J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
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