Analysis of Entrepreneurship Research and Policy Implications

The provided document is a comprehensive analysis of several research papers on entrepreneurship. It explores the importance of small businesses in local economies, the role of social capital in entrepreneurship, and the impact of entrepreneurship on developing countries. The analysis also delves into institutional theory and its relevance to entrepreneurship, as well as the characteristics of successful entrepreneurs. The document provides a detailed summary of each paper, highlighting key findings and implications for future research. It serves as a valuable resource for students and scholars interested in entrepreneurship and business studies.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Different types of entrepreneurial ventures and diverse entrepreneurship typologies.........1
P2: Similarities and differences between entrepreneurial ventures............................................3
TASK 2............................................................................................................................................4
P3: Impact of micro and small business on economy.................................................................4
P4: Importance of small businesses and starts-ups in growth of social economy......................6
TASK 3............................................................................................................................................7
P5: Traits and skills of two successful entrepreneurs.................................................................7
P6: Entrepreneurial personality reflects entrepreneurial motivation and mind-set.....................8
TASK 4............................................................................................................................................9
P7: Contextual and experience that can restrict and promote entrepreneurship ........................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship may be defined as the willingness of starting a new business venture
through taking risks with an objective of earning huge profits. An individual who has an ability
and skills to cope up with risk and manage business venture in an effective and efficient manner
is called as an entrepreneur. Risk may be related with cost, time and equity etc. A new business
venture become more successful only if an entrepreneur have some unique and innovative idea
that easily grabs an attention of large number of customers. The main purpose of preparing this
report is to identify the challenges and problems that comes in the process of starting a new
business venture. The project includes different types of entrepreneurial ventures and typologies
along with their differences and similarities. In addition with this, the impact of micro and small
business on economy are also discussed under this report. Along with this, skills and traits which
are essential to be present in an entrepreneur are also mentioned. Apart from this, all other
aspects related with entrepreneurship are also briefly summarised under this report (Ács, Autio
and Szerb, 2014).
TASK 1
P1: Different types of entrepreneurial ventures and diverse entrepreneurship typologies
Entrepreneurship: It is the process of starting a new venture by an entrepreneur with the
help of their specific traits and skills in order to fulfil the needs and requirements of customers
and earn huge profits. The chances of achieving success are more if an entrepreneur have new
and unique ideas and concepts that brings ahead than existing rivals present in competitive
market. Starting a new business is not an easy task as it requires huge amount of resources such
as Land & Building, human capital, funds etc. which supports in operating business operations in
more successful manner.
Different types of entrepreneurial ventures
There are maximum number of entrepreneurial ventures which are present in market and
are started by an individual according to their capabilities and market environment. There are
mainly four kinds of entrepreneurial ventures which are having different features as given below:
Scalable starts-ups entrepreneurship: Such starts-ups involves more risk and profit thus
minimum number of investors who wants to take high risk may show their willingness to invest
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with an expectation of getting maximum return. Such risk occurs due to having new ideas in
order to change the world and requires huge amount of capital as well.
Small business entrepreneurship: Such type of business activities is operated at low
scale and has attained less than 50 employees. An entrepreneurial venture can be said as a small
business entrepreneurship if their turnover is under 6.5 million. Due to operating at low level, it
requires less amount of capital and risk as well due to which most of the entrepreneur prefer to
start such venture. Examples of such entrepreneurs are consultants, travel agents, plumbers and
electrician etc.
Social entrepreneurship: Such entrepreneurial ventures are run with an objective of
fulfilling the needs and requirements of society. Their main aim is to find out the optimum
solution to maximise the satisfaction level of society. Due to this, the business is not working for
the wealth of their stakeholders (Bruton, Ahlstrom and Li, 2010).
Large entrepreneurship: Such types of entrepreneurial venture are operated its business
at large scale with an objective of earning huge profits and capturing large market share through
offering quality products and services at an affordable price. It involves huge risk and requires
huge amount of capital. Such entrepreneurial ventures are much affected from the influencing
factors of business environment.
Typologies of entrepreneurship
There are large number of entrepreneurs which are exist in market providing multiple
number of services in order to achieve their own objectives and goals. Such type of
entrepreneurial ventures is related with different typologies which are briefly described as below:
Serial entrepreneur: It includes such entrepreneurs who enters into market with new and
innovative ideas so as to earn huge profits. In this, an entrepreneur may have engaged some other
individuals as well in executing their new ideas into action in more successful manner.
Social entrepreneur: It includes such an entrepreneur which enters into market with a
clear objective of doing charities and social welfare. There are two types of organisation such as
profit as well as non-profit organisation out of these non-profit organisation is called as social
entrepreneur who thinks for the betterment of society (Burrows, 2015).
Female entrepreneur: In this entrepreneurial ventures, only female are holding 51%
shares due to which the managing and controlling business activities are done by them only.
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Such type of business promotes and motivates females to engaged in business activities instead
of being busy in their life.
P2: Similarities and differences between entrepreneurial ventures
In United Kingdom, there are maximum number of entrepreneurial venture that are
existing with their own goals and objectives. Thus, among them there are some similarities and
differences which makes them apart from each other. Such type of entrepreneurial ventures are
lifestyle and serial entrepreneurship, female and make entrepreneur, private and joint project,
small and large entrepreneur etc.
Lifestyle and serial venture: The similarities among such two entrepreneurial ventures
are that they both operate at large number of businesses at same time. On the other hand, the
difference is that lifestyle entrepreneur mainly focuses on enhancing lifestyles of their own and
others whereas serial entrepreneurs mainly focuses on generating huge profits (Carsrud and
Brännback, 2011).
Female and male entrepreneurial venture: The similarities among two such
entrepreneurial venture is that the both male and female are having same kinds of skills and traits
in order to make business more successful. The difference among two are in their market share.
Female entrepreneurs hold 51% whereas men holds 49% market share in business.
Private and joint entrepreneurial venture: Joint entrepreneurship are formed by group of
individuals joining together with an objective of running new business more successful and do
something which brings advantage to public. On other hand, private entrepreneurs are such
entrepreneurs which are formed with an agreement between two or more persons in order to
achieve huge profits. All the partners have equal or mentioned terms and conditions in an
agreement.
Small and large entrepreneurial venture: Small entrepreneurial ventures are the one
which are which are operate at low scale and requires less amount of funds and capital. It may
difficult for them to raise funds from different sources. On the other hand, large entrepreneurial
ventures are operated at large scale and required huge amount of capital and resources. It
involves huge risk as compared with small entrepreneurial ventures (Delgado, Porter and Stern,
2010).
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TASK 2
P3: Impact of micro and small business on economy
There are mainly three types of businesses which are existing in UK such as Micro, Small
and large. Such types of businesses has made huge impact on economy of UK either in adverse
or positive manner. Some business work for betterment of society whereas some business work
for their own benefits. At the time of exit of UK from European union, there are various negative
impacts are show on the economy. The government put their maximum efforts in overcoming
such adverse impacts from BREXIT in order to promote small and micro business activities in
nation. As it will create more employment opportunities, developing infrastructure, elimination
of unemployment, increase cash flow in an economy etc. Thus, in order to promote small
businesses, UK government prepare linnet policies and strategies (Desa, 2012).
The differences between Micro, small and large business are briefly described under the below:
Micro: It is such a business which has attained employees not more than 10 and its
turnover is less than £2 million. Such business are small in size as compared to small and
medium firms.
Small: It is such a business which are also small in size attaining less than 50 employees
and should have turnover not more than £6.6 million. The functions of such business are bigger
than micro but less than medium-sized firms.
Medium: It is such type of business which has attained employees not more than 250
employees and their turnover should not exceed £25.9 million. The business functions of such
type of business are much bigger than micro and small business firms.
Different between private, sole proprietorship and partnership
Private enterprises: It is such type of company which are privately owned by two or
more persons thus government authorities play no role and interferences in their business
operations. The main objective of such company is to earn huge profits through charging high
prices on their products and services (Gedajlovic and et. al., 2013). Following are the some
features of private company which are given as below:
 Restrictions on them to allot shares to public
 Privately owned by two or more persons
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 Focusing in earning huge profits Separate legal entity
Sole proprietorship: It is such type of company which is owned and contolled by single
individual thus enjoy profit or losses on their own. As a single owner, the business operations are
controlled and managed by him/her only. Following are the some features of sole proprietorship:
 Single owner
 Easy to form such type of business due to following no rules and regulations.
 Unlimited Liability No separate legal entity
Partnership firms: It is such type of business which are formed by two or more partners
through a contractual agreement known as partnership deed (Herrington, Kew and Monitor,
2010). Such deed contains all terms and conditions related with sharing profit/loss ratio,
subscribed capital etc. It is formed with an objective of earning huge profits and sustain in
market for longer period of time. Following are the some features of partnership firms:
 Partnership are formed on the basis of agreement
 Unlimited liability for all partners or as per partnership deed.
 Sharing profit/losses in equal ratio or as per partnership deed.
 Focusing on earning profits
Contribution of Micro and small business on growth of economy of UK
These all such business contributed maximum in the growth of an economy of UK
through following ways:
Job creator: Government of UK creates lots of employment opportunities to the large
number of population. Approx. 50% of population are engaged in micro and small business
enterprises. It increases the income and standard of living of people which directly supports the
GDP of country (Islam and et al., 2011).
Development of infrastructure: Both micro and small business enterprises contributes
maximum support to the development of infrastructural facilities in underdeveloped area. Due to
their contribution, the markets are developed and infrastructure facilities are improved such as
transportation, communication, roads etc.
Removal of unemployment: At the time of Brexit, the situation of unemployment are
occurred which are resolved by government authorities through creating lots of job opportunities
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to the people of UK. Contribution in supporting the small businesses are helping country in
creating jobs for local people which indirectly help in maximising the standard of living and
GDP of United Kingdom (Kuratko, 2016).
Improved cash flow: Small business enterprises requires huge amount of capital during
their establishment due to which large number of investors are attracted towards them with an
expectation of getting maximum return in near future. This will help country in getting cash
inflow in an economy of UK in form of FDI, government contribution, local investors
contribution etc. It also provides lots of income opportunities to government through taxation,
exports etc.
Mapping future growth: Micro and small business enterprise contributes maximum to
the development of society, infrastructure, industrial sector etc. These all gives maximum
supports in the growth of GDP of UK.
P4: Importance of small businesses and starts-ups in growth of social economy
BREXIT: It is the abbreviation of departure of British from European Unions on the
decision taken by UK government in June 23, 2016. It makes adverse impact on the industrial
and growth of economy. The government noticed the reduction in per capital income level of
UK. It would happen due to arising large number of trade barriers present after departing
European Union. There are various sources form where the government are raising their funds
are diminished. For example, restriction on importing from the countries of European union
(Naudé, 2010).
Different between small business and starts-ups:
Small-business Starts-ups
It is an organisation which are already
established in market and continuing their
business in future.
It is an organisation which are newly
established in market with an expectation of
sustaining in market for longer period of time.
Required huge amount of capital in continuing
the business for longer period of time.
Starting a new venture also requires huge
amount of capital but required on certain
period of time.
Importance of small business and starts-ups in development of social economy
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At the time of Brexit, the UK government notices that there is reduction in industrial
sector due to imposing many trade restrictions. To eliminate such impact, the government
promotes entrepreneurs to start their new venture with the help of contribution made by them. As
this generates large number of employment opportunities which help in maximising the standard
of living and removing of poverty as well, Some other importance of new ventures and small
businesses are given as below:
Financial support: After departing from EU, United Kingdom faces critical situations in
industrial sector. Thus, to encourage such industry the UK government prepare linnet policies
which brings motivation among individual to think for starting their own new venture. This will
help UK government in increasing their treasury through collecting funds in form of taxes and
foreign investment (Pott and Pott, 2012).
Employment opportunities: Establishment of new venture creating large number of
employment opportunities to the people of UK which directly contributes maximum in the
growth of GDP.
Improvement in UK international trading: Before the Brexit, the trade industry of UK
wholly depends upon European Union. But after the affect of Brexit, it make negative impact on
industrial sector due to which the government put their maximum efforts through formulating
linnet policies in order to promote small new ventures.
TASK 3
P5: Traits and skills of two successful entrepreneurs
There are some specific skills and traits which makes an individual a good entrepreneur.
Mark Zuckerberg and Bill Gates are perfect example of successful entrepreneurs who
successfully achieved success with the help of using their skills and knowledge. They are
Eveready to take risk in order to grab competitive opportunities due to which they are more
successful entrepreneurs at present times. Following are the some characteristics of such both
entrepreneurs which made them successful entrepreneurs:
Risk taking: Mark Zuckerberg and Bill gates are such two successful entrepreneurs
which are known for risk taker in order to bring their companies one of the top companies in
competitive market. As it is usual that risk brings profitable outcomes thus should not hesitate to
take risk in any situations (Schaper, 2016).
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Money management: It is important for an entrepreneurs to have an ability to manage
and allocate funds to the departments according to their requirements. This will help running
business more smoothly.
Hard work: It is essential for an entrepreneur to have such skill in order to achieve
success within shorter period of time. Focusing on target and contribute their maximum efforts
always guaranteed success.
Planning: It is an important quality which should be present in an entrepreneurs to
formulate an effective planning and policies in order to operate business operations in an
effective and efficient manner. In order to deal with future challenges and issues, suitable plans
are essentially required.
Some specific skills and traits possess by Mark Zuckerberg and Bill Gates are briefly
described as below:
Focused: They both entrepreneurs are more focused on target due to which they are stick
to their pre-determined plans and policies. This will bring motivation among employees as well
to give their maximum efforts in achieving desired goals and objectives (Storey and Greene,
2010).
Communication skills: Both such entrepreneurs has attaining good communication skills
which facilitate employees in understanding roles and responsibilities in better manner. It helps
in building healthy relation with their employees due to which maximum support are obtained by
them to achieve desired target.
Quick learner: Both such entrepreneurs are always ready to gain new knowledge and
skills in order to work on advanced and updated technologies so as to achieve better possible
result. It help them in identifying market trends and customer's requirements so as to fulfil them
as quickly as possible. Due To such skill, both entrepreneurs achieve benefits such as
competitive advantage, more market share, increase profit and sustainability etc.
P6: Entrepreneurial personality reflects entrepreneurial motivation and mind-set
Mark Zuckerberg and Bill gates are such two successful entrepreneurs which has attained
extraordinary skills and traits as already mentioned as above. There are huge contribution of such
skills and traits in order to bring motivation among individuals of UK to start their own business
venture. As such two entrepreneurs inspires lots of people and influences their mind to achieve
success. Due to having huge number of followers, it is important for both entrepreneurs to
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behave and work in ethical way which makes positive impact on their followers. Both the
entrepreneurs comes from middle class family thus exactly know the value of success which
brings motivation among them to work hard and contribute their maximum efforts in achieving
desired goals within shorter period of time. It will influences other people to think for the
betterment of world with their new and innovative ideas (Impact of small-business in UK
economy, 2017).
OCEAN Theory:
This theory includes five dimensions which are given as below:
Openness: It refers to the process of thinking something new and innovative that makes
business more successful and ahead than their rivals. It simply says that an entrepreneurs should
be open-minded and think over imagination in order to achieve strong position in competitive
market.
Conscientiousness: It directs an entrepreneurs to give their maximum possible efforts in
achieving desired goals and objectives within shorter period of time. It will bring efficiency in
business activities which in result bring profitable outcomes.
Extraversion: An entrepreneur must have attain leadership qualities so as to run business
more smoothly and successfully. They should be more energetic and social in order to build
brand image in market.
Agreeableness: It directs an entrepreneur to be more reliable and cooperative towards
their staff members in order to get maximum outcome from them.
Neuroticism: An entrepreneur must be calm while dealing with complex environment
and should not be influences and affected from any factors that affect their performance (What is
Entrepreneurship, 2017).
TASK 4
P7: Contextual and experience that can restrict and promote entrepreneurship
It has been seen in every business organisation to make utilisation of various skills and
experience of an entrepreneurs in effective manner. There are certain advantage and
disadvantage which is needed to be followed to deal with entrepreneurship. Some of them are
mentioned underneath:
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Advantage: Some crucial benefits related with wide number of benefits can be associated with
country and entrepreneurs by using their innovative ideas in promoting the new venture. Some of
them are:
 To perform their role in total potential.
 Generate maximum number of profits for their business as well their individual growth.
 Transform their own destiny
 Contribution must be made for the purpose of development to society and economy.
Disadvantage:
 There are certain uncertainties those are related with the total profit generate by the
company.
 Wide number of risks that are associated with regards to overall capital investments.
 Need maximum time for success and to make maximum efforts in their hard work.
There valuable contribution to deal with all kind of restriction and achievement for
entrepreneurship:
It has been analysing that there is maximum contribution of contextual framework and
their inner skills in relation to support and avoid all activity of the business those are creating bad
impact on the venture. Bill gates need to have huge interest in digital technology from childhood
this will assist them in building Microsoft. While, Mark Zuckerberg is associated with very small
family that used to provide maximum support in order to become great entrepreneur by their own
skills and ability. The result of their hard work lead to the creation of Facebook. It has been
observed that there is huge implication on their background and capability on business events in
positive and negative ways. Some of them are mentioned underneath:
Education level: It is utmost vital for an individual to has huge impacts on the perception
of thinking ability of a person in regards to choosing their career. In the case of Bills gates and
Zuckerberg they all interest in technology from their childhood (Big Five Personality Traits of
Entrepreneur, 2018).
Family support: This seems to be playing huge role in supporting a person to become
more popular in their coming career. Just like it has been seen in the case of Mark Zuckerberg,
they belong to small family that provided all valuable help or assistance to become more
successful in their life.
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CONCLUSION
It has been concluded from the above project report that entrepreneurial ventures
contributes maximum support in the growth of GDP through creating lots of employment
opportunities. Therefore, it is must required for government to support them in starting a new
venture which increases their treasury as well. There are specific skills and traits which should
required to be present in an individual to become a successful entrepreneur such as
communication skills, risk taking abilities etc.
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REFERENCES
Books and Journals
Ács, Z. J., Autio, E and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy. 43(3). pp.476-494.
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Carsrud, A. and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to
know?. Journal of Small Business Management. 49(1). pp.9-26.
Delgado, M., Porter, M. E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
economic geography. 10(4). pp.495-518.
Desa, G., 2012. Resource mobilization in international social entrepreneurship: Bricolage as a
mechanism of institutional transformation. Entrepreneurship Theory and
Practice.36(4). pp.727-751.
Gedajlovic, E and et. al., 2013. Social capital and entrepreneurship: A schema and research
agenda. Entrepreneurship Theory and Practice. 37(3). pp.455-478.
Herrington, M., Kew, J., and Monitor, G. E., 2010. Tracking entrepreneurship in South Africa: A
GEM perspective. South Africa: Graduate School of Business, University of Cape
Town.
Islam, M.A. 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.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Naudé, W., 2010. Entrepreneurship, developing countries, and development economics: new
approaches and insights. Small business economics. 34(1). pp.1-12.
Pott, O. and Pott, A., 2012. Entrepreneurship. Unternehmensgründung, unternehmerisches
Handeln und rechtliche Aspekte, Heidelberg.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Online
Impact of small-business in UK economy. 2017. [Online].Available
through:<http://smallbusiness.chron.com/important-small-businesses-local-economies-
5251.html>
What is Entrepreneurship?. 2017. [Online]. Available through:
<http://www.businessnewsdaily.com/2642-entrepreneurship.html>.
Big Five Personality Traits of Entrepreneur. 2018. [Online]. Available through:
<https://catalog.flatworldknowledge.com/bookhub/5?e=carpenter-ch02_s01>.
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