Entrepreneurship and Business Success

This assignment delves into the world of entrepreneurship, examining various venture types and their impact. It specifically analyzes the contributions of small and medium enterprises (SMEs) and startups post-Brexit. The focus then shifts to the personalities and traits of iconic entrepreneurs Steve Jobs and Bill Gates, applying five personality theories to understand their paths to success. Finally, the assignment highlights the significance of background and experience in shaping an entrepreneur's journey.

ENTREPRENEURSHIP

1

INTRODUCTION
Entrepreneurship is the process of designing, launching and running a new business,
which is more often than not, initially a small business, offering a product, process or service for
sale or hire (Eddleston, Mitteness and Balachandra, 2016). In accordance with this context, this
report will cover the aspects of entrepreneurship and entrepreneurs. The mini research will be
carried out in this assignment in order to identify the different types of entrepreneurial ventures
and their relationship with entrepreneur typologies. The similarities and difference between each
identified entrepreneurial venture and typologies will be assessed in this assignment. With the
help of relevant data and statistics the impact of small business will be assessed in this report.
The trait, characteristics and skills of two successful entrepreneurs will be evaluated and the
aspects of entrepreneurial personality will be discussed in this assignment.
TASK 1
P1 Entrepreneurial ventures and their relationship with typologies of entrepreneurs
In today's market economy, entrepreneurship plays a vital and essential role.
Entrepreneurs are those entities who set up a business or busiensseses taking on financial risk in
the hope of profits. There are four different types of entrepreneurial ventrues exist in the market
economy of United Kingdom. The four types of entrepreneurial ventures and their relationship
with typologies are provided below: Small Business Entrepreneurial Venture: Small business entrepreneurial ventures are
those ventures which have limited paid up capital and deals with limited customers.
These include mini stores like grocery stores, book shop, small retail store or general
store. These small organisations are mainly based of sole proprietorship and controlled
either by male or female entrepreneurs (Morris, Jang and Kuratko, 2016). Three are more
than 5 million small and medium size enterprises currently incorporating their business
activities in United Kingdom. They help in providing effective support to the national
economy of the country. Further, small businesses entrepreneurial ventures deal with
limited range of products and services. Scalable Strat-Up Entrepreneurship Ventures: Scalable start up entrepreneurship
ventures are the types of organisation which are newly established in the market. The aim
of these organisations is to increase their profits and sales by delivering excellent quality
of goods and services to customers. They generally trade online on electronic platforms
2

and their motive is to improve their profitability and promulgate their productivity. Serial
entrepreneurs engaged in scalable start up organisations. These organisations provide
different and efficient quality of products and services to the customers. There are many
new start up emerging in the market economy of United Kingdom that aid in growth and
development of national economy of the country. Large Organisation and ventures: Large organisations and ventures are opposite from
small entrepreneurial ventures in terms of their size, customer base and profits (Alvarez‐
Garrido and Dushnitsky, 2016). The aim of large organisation venture is to maximise
their sales and revenue. They have finite product life cycle and needs continuous
improvement and innovation in order to sustain in market economy of United Kingdom.
The types of entrepreneurs engaged in large organisational ventures are males and female
entrepreneurs. Their aim is to increase the productivity and profitability of the
organisation. Further, the capital invested in order to operate large organisations is more
as compared to any other entrepreneurial ventures.
 Social Entrepreneurial ventures: Social entrepreneurs are innovators who focus on
creating products and services that solve social needs and problems (Rasmussen, Mosey
and Wright, 2014). The goals and objectives of social entrepreneurial ventures are to
deliver those products and services that aim to eliminate the social problems and provide
effective and efficient support to the societies and communities. These are mainly
composed of non for profit or non-governmental organisations (NGOs) whose motives
are to provide welfare and development of the society. Social entrepreneurs are engaged
in social entrepreneurial ventures. In United Kingdom, there are multiple social
entrepreneurial ventures emerging that work collectively in order to develop the society
and community of the country.
P2 Similarities and difference between the types of entrepreneurial ventures
There are multiple similarities and differences between different types of entrepreneurial
ventures and typologies. In this context, this part will consist of similarities and differences that
exist between the types of entrepreneurial ventures and typologies. The similarities and
differences are provided below:
Similarities
3

Similarities are the identical components shared between the organisation and
entrepreneurial ventures. There are four types of entrepreneurial ventures that share some
similarities with each other. Small scale organisations are similar to scalable start-ups
organisations in terms of their motives and size (Cowling, Ledger and Zhang, 2015). The motive
of both the organisations is to increase their profits and sales by delivering excellent quality of
products and services to the customers. Further, both are controlled and organised either by
female or male entrepreneurs. Large scale organisations are similar with small scale and scalable
start-ups organisation in terms of their aims. The aim of these three organisation is to increase
their productivity and profitability by delivering excellent quality of goods and services.
There are similarities exists between the types of entrepreneurs who control and organise
their organisations. For example, serial entrepreneurs and social entrepreneurs are similar in
context of their mentality and psychology (Morris, Jang and Kuratko, 2016). Both the
entrepreneurs often comes up with the idea and get things started but then assign the
responsibility to someone more deserving. Further, male and female entrepreneurs are similar
with each other in terms of their planning and organising the organisational activities.
Differences
There are certain differences exist between the types of entrepreneurial ventures. These
differences are based on the characteristics, nature and objectives of these organisations. For
example, large scale organisations are different from small scale organisations in terms of their
profits, products and customer base (Eddleston, Mitteness and Balachandra, 2016). Further,
social entrepreneurial ventures are different from all the entrepreneurial ventures as their aim is
to provide social welfare without considering about profits. Small scale organisations are
different from scalable start up organisation in terms of their products and services. This implies
that there are ample of differences exists between different types of entrepreneurial ventures.
There are several differences exists between typologies of entrepreneurship. Social
entrepreneurs are different from each and every types of entrepreneurs existed. Their aim is to
provide welfare and support to the societies of the country. Male and female entrepreneurs are
different from each other on the basis of their nature and characteristics. The risk taking and
stress handling capacity of male entrepreneurs are more as compared to female entrepreneurs.
Further, there leadership styles are also different from each other. This implies that there are
certain differences exist between the types of entrepreneurs.
4

TASK 2
P3 Assessing relevant data and statistics to identify the impacts of small and micro business
organisation on national economy of the country
Defining micro, small and medium businesses
 Micro business: A micro business refers to the business which operates on a very small
scale. A business comes under micro business only if it has employed not more than 10
people, its turnover must not exceed £63200 and balance sheet total must not exceed
£316,000.
 Small Business: Any business with fewer than 50 employees is referred as small
business. It can be sole proprietorship, partnership, or owned corporation. Also its
turnover must not exceed £6.5 million. Medium Business: Medium sized business referred to the business which employed
fewer than 250 employees and turnover under £25.9 million.
Nature, characteristic of businesses Private company: It is a firm held under private ownership. It can issue stock, and have
shareholders. It has large number of employees and turnover can be exceed to 50 million
pound. Sole Proprietorship: It is the type of enterprise which is owned and regulated by one
person only. The person is responsible for all profits and losses.
 Partnership: It is the organisation formed by agreement between two or more people.
The profits and losses are shared either equally or on agreed terms.
Small and medium size enterprise impacts greatly on the national economy of United
Kingdom. In this context, the relevant data and statistics to identify the impacts of small and
micro business organisation on national economy of the country is provided below:
Table 1: Share of Small business in UK
Country Total Enterprises %SME
United Kingdom 5.5 million 93.4
The above table shows the number of enterprises incorporating their business activities in
United Kingdom. There are aggregate 5.5 million enterprises incorporated in the country out of
which 5.13 million are small and medium size enterprises. Thus, it implies that small and
5

medium size enterprises hold the maximum market share which is 93.4% in United Kingdom
(Alvarez‐Garrido and Dushnitsky, 2016). From this it can be understood that small and medium
size organisation plays important role in the market economy of the country and impacts greatly
on the national economy of United Kingdom. These organisations aim to increase their profits
and sales by providing effective and efficient products and services to the customers.
Table 2: Total workforce and share in SME in UK
Country Total person employed %SME
United Kingdom 15.7 million 60
The above table shows the number of person employed in different organisations. There
are around 15.8 million employees working in different sectors or industries. Out of which
9.5 million employees are employed in small and medium size enterprises. Approximately
60% of the total workforce is employed in the small scale organisations. This implies that
small and medium size enterprises impacts on the national economy of the country by
providing employment and reducing unemployment rate of United Kingdom (Rasmussen,
Mosey and Wright, 2014). This implies that small and medium size organisation aid in
growth and development of national economy.
Table 3: Gross Value Added and share of SME in UK
Country Gross Value Added %SME
United Kingdom £634 billion (Gross Value Added (GVA),
2017)
54.4
The above table shows the gross value added contributed by the organisation
incorporating their business activities in the market economy of United Kingdom. The gross
value added by the organisation in 2015-2016 were around £634 billion out of which 54.4%
share contributed by small and medium size enterprises (Cowling, Ledger and Zhang, 2015).
This implies that small and medium size enterprises greatly impacts on the national economy of
the country. Small organisations plays important role in increasing the productivity of the
country and aid in growth and development of the national economy of the country.
6

P4 Importance of small business and start-ups
Brexit refers to British Exit which is UK's decision to leave European Union in referendum on
23rd June 2016. The vote has greatly impacted on the organisations incorporating within the
country. After the poll, London Stock Market thrashes and many organisations made decision to
leave United Kingdom. It negatively affects the business operations of Small and medium sized
enterprises. Small and medium size enterprises plays vital role in the market economy of United
Kingdom. There is huge share of small and medium size enterprises in market economy of
United Kingdom. In accordance with this context, the importance of small business and start-ups
are provided below: Promulgating innovations: Small and medium size enterprises aid in increasing amount
of innovative and unique products which are delivered to the customers. This aid in
generating maximum customer satisfaction and also increase in innovative and unique
products (Storey, 2016). In order to sustain in the competitive environment of United
Kingdom, the management of small and medium size enterprises work on developing the
quality of products and services. Innovative products attract the customers effectively and
the organisations managed to increase their sales. Thus, in this context, small and micro
business aid in increasing the innovation in the products segments and helps in boosting
the national economy of the country Reduces Unemployment: From the analysis of statistics of United Kingdom, it was
identified that approximately 60% of total workforce are employed in small and medium
size organisations. This implies that small business organisations help in reducing the
unemployment rate of the country. Majority of the workforce hired in small and medium
size organisations (Neubauer and Lank, 2016). Further, government investing heavily in
small and medium size enterprises. This implies that in recent years, many new start-ups
will emerge and they will provide employment to the natives of United Kingdom. Increases standards of living: The products and services delivered by small and medium
size organisations aid in promulgating the standards of living of the population of the
country. The quality and effective products helps in attraction of customers and they
tends to purchase the products and services which aid in increasing the standards of living
(Goffee and Scase, 2015). The increase in small and micro business organization
7

promulgate the range of products flow in the market economy of the country. This aid in
increasing the standards of living of the customers and population of United Kingdom.
 Contributes towards development of national economy: From the analysis of statistical
data of United Kingdom, it was identified that out of 5.5 million enterprise, 5.14 million
are small and medium size organisations. Small and medium size organisations aid in
growth and development of national economy and wealth effectively and efficiently
(Goodman, Bamford and Saynor, 2016). They conduct business activities and maintain
flow of liquidity in the market. Further, majority of gross domestic product of United
Kingdom are generated by small and medium size organisations. This implies that small
and medium size organisation aid in growth and development of national economy.
TASK 3
P5 Traits, skills and characteristics of Bill Gates and Steve Jobs
An entrepreneur is an individual who, rather than working as an employee, founds and runs a
small business, assuming all the risks and rewards of the venture. A successful entrepreneur is a
person who work hard and diligently irrespective of failures and defeats, achieve apex heights in
the society and community (Caliendo, Fossen and Kritikos, 2014). The successful entrepreneurs
have specific skills, traits and characteristics which are different from others. Those skills helps
them to be different and to think different in order to accomplish the greater heights. In
accordance with this context, the traits, skills and characteristics possess by successful
entrepreneurs like Bill Gates and Steve Jobs are described below:
Skills Innovative: In order to sustain in the competitive environment, an entrepreneur must
possess innovative skills. In this context, both Bill Gates and Steve Jobs were innovative
in their respective fields. Their thought process and mental aptitude was way different
from other personalities (Bird and Schjoedt, 2017). With the help of innovative skills
they brought innovative products like iPhone and Microsoft Windows. Thus, because of
innovative and creative skills, they were able to become successful entrepreneurs.
 Leadership: In order to be successful and efficient entrepreneur an individual must be
born leader rather then made leader. In this context, Bill Gates and Steve Jobs were
brilliant and efficient leaders in their organizations. Each and every employee respects
8

their thoughts and work culture concepts. This aid in the growth and development of their
respective organization and they were able to achieve the apex heights.
Characteristic Self Confidence: Self-confidence is vital characteristic which enables an entrepreneur to
tackle the uncertainties and failures. Both Bill Gates and Steve Jobs have seen failures
and disappointments in their life. The key for their success is they never lose hope in
themselves and put their maximum efforts in their jobs. Thus, their products and
inventions now transformed the world completely and made them successful.
 Persistent: The characteristic of being persistent can only be seen in successful
entrepreneurs. Successful entrepreneurs are always being persistent about their goals,
objectives, vision and mission (Huber, Sloof and Van Praag, 2014). In this context, both
Bill Gates and Steve Jobs was persistent about their goals and ambitions. They never
gave up on their dreams and made continuous efforts to make them into reality. This
made them successful entrepreneurs.
Traits Passionate: In order to be successful entrepreneur, an individual must be passionate
about their job and work. This trait is very uncommon and can only be seen in successful
entrepreneurs. Bill Gates and Steve Jobs were passionate about their respective job and
put maximum efforts in order to accomplish their goals and objectives. This trait aid in
their growth and development and they became successful entrepreneurs efficiently.
 Risk Takers: Risk is the essential factor that differentiate successful entrepreneur and
average entrepreneur. Successful entrepreneur never afraid to take risk in order to
accomplish desired goals and objectives (Caliendo, Fossen and Kritikos, 2014). In this
context Bill Gates and Steve Jobs were known as risk takers. They were never afraid to
take risk and have belief in them. This made them successful entrepreneurs effectively
and efficiently.
P6 Impact of entrepreneurial personality reflects motivation and mind-set
To examine the reflection, big five personality theory can be used in order to analyses the
entrepreneurial personality of two famous entrepreneurs that is Bill gates and Steve Jobs. The
model have five kinds of personality traits that is owned by the entrepreneur. The model can be
explained in below mentioned way:
9

 Extraversion: It helps in determining excitable, social able, assistive and emotion expressive
behaviour of an individual. The personality of entrepreneurs is extraversion as they tend to
generate high energy through social interaction (Drucker, 2014). Entrepreneurs who are
having low extraversion produce the energy by themselves. Bill Gates is an extrovert and
interactive person and hence is able to generate his energy through social interaction. He
tends to get creative ideas and innovation practices by interacting with people. However, in
case of Steve Jobs, he was an extremely introvert person who do not used to interact too
much to people and hence his sense of energy used to come from within.
 Agreeableness: Some of the dimensions of personality of these type of people is they are
kind, affectionate, trust and other prosocial behaviour. These type of people are more
cooperative and hence carry less traits of competitiveness and manipulative behaviour
(Schaper and et.al., 2014). Steve jobs and Bill gates are quite generous and kind people who
have always handled their subordinates with utmost kindness. It helped them to bring their
organization towards success. Hence, the personality trait of Agreeableness is applied to both
the entrepreneurs.
 Conscientiousness: The standard feature of these type of people is that they have high
thoughtfulness. Further, they also carry the traits of good impulsive control and behaviour
which is goal oriented (Kelley, Singer and Herrington, 2012). The individual possessing this
type of trait are able to achieve their targets inn effective manner. They tends to pay attention
on each detail and hence enjoy all the settings. Steve Jobs and Bill gates carry this trait and
hence able to achieve their goals in a well-defined manner.
 Neuroticism: The common trait held by people carrying this type personality is mood
fluctuations, constant sadness and emotional stability (Kirzner, 2015). It is important that the
entrepreneur is having lower neuroticism so that the person is emotionally stable to take
appropriate decisions. In order to become a successful entrepreneur, the person must be able
control his emotions and behavioural misbalance. Both Bill gates and Steve Jobs have lower
amount of neuroticism in their personality trait making them stable to prepare better
strategies for their businesses.
 Openness: The main characteristic of the individual possessing this type of personality trait
are these individuals have a sense of imagination and insight and hence are able to take their
businesses to another level. They tend to try new things and are able to prepare better
10

strategies for the business. Both Steve Jobs and Bill gates possessed this personality and
hence, there business became successful in every manner.
TASK 4
P7 Impact of background and experience on fostering entrepreneurship
There are various difficulties that comes in the way of success. The individual must have
that caliber to find solutions to every issues emerging in the business. There are times when an
individual give up over a goal and opt for another way rather than continuing on the same. As
per a famous entrepreneurs the success of the entrepreneur is not due to the heights of success he
has achieved but the road of failure he has gone through (Kuratko, 2016). Both Steve Jobs and
Bill gates have gone through various roads of failure in order to lead to the road of success. The
nature of personality of Steve jobs and Bills Gates which helped them in countering difficulties
effectively and efficiently. They possessed the characteristics of problem solving and passionate
towards work. There are certain factors that can foster the growth in the business. In the same,
background and experience plays an important role.
Other factors that plays important role in the taking effective decisions for their business.
These are, skills and traits possessed by the individual, support from the family, knowledge
possessed, family background etc. The family background of Bill gates and Steve jobs was partly
supportive and partly hindering the growth of their businesses. They got to have adequate
amount of support from the family so that they are able to accomplish their desires and targets.
However, the negative pressure for both of them was from the side of society an business was
not considered as a stable format of growth. Both the entrepreneurs were anxious to learn new
things right from the beginning from their careers (Santos, 2012). Their motivation level and
sense of effective decision making helped them to grow and develop strategies which took their
business to new heights. The positive trait held by them was they never gave up to their ideas in
spite of having so much hindrance their lives. Further, to an extend person with business
background is able to take better decisions for its business. However, the person must have
adequate abilities to handle difficult situation and take efficient decision that can foster the
business towards growth.
CONCLUSION
Based on the above report, it can be concluded that, there are various types of ventures and
each one has its own purpose and structure. The report outline regarding similarities and
11

dissimilarities between different types of ventures and helped in reaching out to the common
conclusion. The report then focused on input of small and medium enterprises and start ups and
their contribution towards social growth after Brexit. The traits and personalities of Steve Jobs
and Bill Gates have been discussed in the report. Further, five personality theory have been
applied on both of them to make assessment of the traits that paved their path towards success. In
the end, to concrete the knowledge regarding the subject, a brief explanation have been made on
importance of background and experience that can hinder or foster the growth of an
entrepreneur.
12

REFERENCES
Online
13

14