Entrepreneurship Research: Trends & Challenges

This assignment delves into current trends and challenges within entrepreneurship research. It examines influential works, identifies gaps in knowledge, and discusses the evolving nature of entrepreneurial motivations, the role of knowledge management in SMEs, barriers to small business growth, and internationalization's impact on entrepreneurship. The assignment emphasizes the need for continued exploration and theoretical development in this dynamic field.

Entrepreneurship
and Small Business
Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Types of entrepreneurial ventures and their relation with typology of entrepreneurship 1
P2. Different types of entrepreneurial ventures and their similarities and differences..........2
The characteristic and roles of various types of ventures are as follows:-.............................3
P3. Impact of micro and small business on economy............................................................4
P4. Importance of small businesses and business start-ups have on the business growth of
social economy.......................................................................................................................5
TASK 2............................................................................................................................................6
P5. Successful entrepreneur's characteristics traits and skills................................................6
P6. Entrepreneurial motivation and their mindset, their personality shaped with factors......7
P7. Way in which person's background can hinder or foster entrepreneurship......................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is a dynamic process in which they usually engage with the different
activities such as designing, introducing, offering products, selling them and moving to their new
business (Sciascia and et. al, 2012). An a individual person who make efforts and create such
type of business is known as entrepreneur. This small business and midget business
entrepreneurship is basically a venture and every business person have to go through by this path
way. Every big organisation initially starts with small one. They basically come up with the
creative ideas, innovative thinking and spirit of doing something new.
This assignment is going to present all the basic aspects of entrepreneurship and small
business management. Along with this, it also involves types of the entrepreneurship and study
this will evaluate information of the macro and micro business. It examines the behaviour of
entrepreneur and their characteristic traits which influence their business and lead to the growth
and other economic development.
TASK 1
P1. Types of entrepreneurial ventures and their relation with typology of entrepreneurship
Entrepreneur is quite contrasting and they establish various kind of the business although,
it is better know all the possible risk of the failure along with the success. The entrepreneur is
very brave and instead of to blame and afraid of the failure they learn from it and take that
experience along with them. Enterpriser basically make action plan and compel them along with
the limited resources and capital funds with them.
There are various types of the entrepreneurship among which some of them are as follows:-
Scalable start up entrepreneurship: - This is basically initiated from the investors of
silicon valley and their respective stakeholders of venture. Comparison view from the small
entrepreneurship, these entrepreneur usually start journey along with basic knowledgable process
that scheme so their through can change world. They already set up the vision which try to make
change the world. They attract financial investors which spend at the good place (Storey, 2016).
Large company entrepreneurship: - These big companies always demand for the large
amount of resources. They carry out with maintaining the growth and goodwill. The large
companies generally peruse varieties of the variations and fluctuations in the size, colour,
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product, innovation, launching of the product at the specific interval of the time. They utilize
advanced technologies through which they produce the unique product.
Small business entrepreneur: - The small business entrepreneur actually determines
particular products which define consumer and create a strong business strategies. This small
business basically consists of the saloons, grocery stores, electricians, travel agents, internet
commerce, carpenter and plumbers as well as many more. These types of businesses does not
need such promotions along with this, they also consider the funds from the loans
(Vanevenhoven, 2013).
Social entrepreneur: - This is basically focused on the social issues which help in the
funds for their respective business which actually serves them. They willing to improve the
society in better way without expect back the profit in return from them.
Typologies of the entrepreneurship are as follows:-
Survival venture: - These types of ventures make their livelihood. They go with the
barter system instead of the cash systems rather than to carrying out any contract with the land
sites and banks. They barely register themselves in the authorities (Schaper, 2016).
Lifestyle venture: - They provide stable income on the basis of model of business. They
also invest on maintenance through which they can survive in the competitive market. They
usually have a very few number of the employees.
Managed growth ventures: - They ensure the stable progress with practicable model of
entrepreneurship. They invest in the improved managed services. They manage growth ratio with
a few staff members.
Aggressive growth venture: - They smoothly run their venture with the help of technical
and creative innovations which are not funded by the equality capital (Storey, 2011).
P2. Different types of entrepreneurial ventures and their similarities and differences
Entrepreneur venture Similarities Difference
Survival venture The presentation of
entrepreneurial as survival and
lifestyles are lower and their
approach exist at the same
time .
This is very activated and
unique from others. Their
growth is analysed at last ,
accordingly they maintain their
growth.
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Example shutdown
Lifestyle venture They arrange financial funds
from family, friends and by
own, they give reward
according to employees
performance (Welter and
Smallbone, 2011).
They go with ordinary manage
structure and action plan which
is different from others.
Managed growth Exit growth and assertive
growth is another name of
managed growth .
Example :- Sell motives of
economics for earning wealth.
They have action plan and
various style of entrepreneur
which manage moderating
orientation.
Aggressive growth This managed turnover is
utilise by the skill management
which consider by the
preparation and payment
according to interest.
This investment of the
application is entrepreneur's
emplacement which is high as
different from ventures.
The characteristic and roles of various types of ventures are as follows:-
Private enterprise: - Main objective of private sector is maximisation of profit and they
are also in the favour of economic growth and provide opportunity to the local people by giving
employment. They make various strategies and action plans through which they can make their
profit at large.
Public enterprise: - Their main motive is to make society better by providing goods and
services. They are basically engaged in the activities which are related to the public welfare.
They work on the economic, social, backwards, consumer development by generating facilities
and growth (Onett and et. al., 2012). They also generate their profits as well as invest in public
and society’s welfare.
Social enterprise: - They are totally devoted to the society and they invest all their profit
in society’s welfare as well as they try to raise the economic growth and their objective is to
become a successful social enterprise this purposely influence many other communities.
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P3. Impact of micro and small business on economy
Small business is also defined as micro enterprises which employ some of the workers
within organisations in order to get particular profit from the market. This type of business is
very flexible they can carry on at any time, age, gender, religion and the person got their own
policies, norms and terms through which they run their business. This micro business available
to the annually income, trade factors, impact on the economy capital and investment too.
According to the framework of business, they actually increase increment at maximum with the
help of employees. They consider almost 500 employees. There are some of the factors which
gradually influence economy like:-
Regional impact: - This impact on regional, local market and their maximal in the market
influence the economy of country. These some regional initiates from the particular areas that
impact on the market productivity, prove, choices and the current trends in the industry.
Programmes which is occur in the regional locality in this infrastructure, housing,
education, parks, hospital and other developments are include (Leitch, Hill and Neergaard,
2010). They also engage with some of the agricultural activities which fulfil the needs of public.
These regional and real state actually promote activity of the economy through which increase
the capital and the impact on the GDP of country.
Local impact: - These largely put their impact on the regional market. They directly or
indirectly influence the economy of nation along with new pricing start, providing funds, fresh
norms and legislation for some specific market. This helps in increasing the employment by
providing earning capital as well as raising the submitted taxes of government.
They develop the local areas which also conceal other regional communities. They
increase the income of any state which list in that locality in poor and elite list. Sometimes, small
businesses make efforts in make city into the large organisation by pair up woth all income at the
particular place.
International and national economic impact: - These types of businesses generally go
with the large amount of turnover in trillions they provide number of employment to nation. This
automatically largely influence there industry's product price, quality of goods and services,
government policies, ratio of national income. They have to pay taxes and also transaction
money in the market which affect to the investment at national level. The economical condition
makes the country developed and net income of the per person.
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Small business helps in reducing the unemployment by offering job to the youth in
various sectors. This assist the country in maintaining and building high goodwill at international
level (Hughes and et.al, 2012). It increases the resources and jobs which are offered to the
foreigners to join and compel these opportunities.
P4. Importance of small businesses and business start-ups have on the business growth of social
economy
Major strengths of the nations like UK are start-ups firms and small businesses in order to
invest, funds and employee they increase their nations growth as in development at the
international level. These kinds of start-ups and small businesses actually play a crucial role in
the UK social economy as they are dealing with capital and youth employment. Small businesses
affect the society in several ways. There are some of the factors which are as follows:- Small
businesses contribute in the social system by doing innovation along with some creative concepts
in economic and financial scheme of society. These business contribute as by raise the funds and
add more product value in which employee are engage with the economy of the nation.
 Employment, creative concepts, innovation, technology change and redder jobs are the
major terms which change nation by small business enterprises. These businesses
provide the good and services by the affordable process and in the convenient areas from
where an consumer can easily get the goods and services.
 These types of businesses affect some of the rivals, sponsors in the market as well as
investors. They actually help society, religion and locality by giving job opportunities to
youth (Gill and Biger, 2012).
 These types of the businesses also consider various communities, region too. They serve
facilities stop the societies which affect to the locality through which they improve there
particular locality. As according, to this types of the approaches they change economic
practices which make large part of nation economic income.
 Small business create the compatible environment at the business market which establish
themselves in the entire society. This also promote and encourage to do work on the
more innovation and creativity which leads to the success and achieve their respective
goals.
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TASK 2
P5. Successful entrepreneur's characteristics traits and skills
There are lots of qualities which influence the good entrepreneur such as determination,
leadership, discipline, punctuality, creativity, hard working and many more. Entrepreneur is the
one who leads organisation towards growth and success along with innovation ideas. They work
for the innovative and creative concept which is able to bring change in the business. For
example: Steve jobs, who never imagined that one day people will be using his technologies in
large number like smart phones and other gadgets. The determination and hard work of Steve
jobs take him and his company far which make him a successful entrepreneur. Here are some of
the traits and characteristics of entrepreneur which change the vision of organisation like-
Risk taking: - When any of the individual doing business then they have to face risk in
son of particular sector they have to deal with such as financial, failure, dangered investments
many more. They already prepare themselves for facing that risk and make all the things worthy
by investing time,money, efforts and try to learn experience each of them (Durst and Runar
Edvardsson, 2012).
Determination: - Entrepreneur always set the target and the clear vision and goals. To
promote the growth of company, they recruit some deserving skilled people which help them in
gaining all objectives and targets. They divide their targets in the long as well as short term
objectives and try to accomplish them in order.
Learning crave: - Market is dynamic and evolving. It keep changing with the new
technologies and trending innovative industry. They need to be flexible so they can make change
as according to the market. A good entrepreneur always go for the new knowledge and always
curious for learning something new.
High confidence :- The entrepreneur have that enough boosted positivity and confidence
that, they can also get over from the most stressful condition and again start with some fresh
concept and idea. They realize some major troubles and threats which reward the new business
with the new concepts and plans.
EXAMPLES
Some of the few entrepreneur who started from the small business and after the
innovative and hard work they accomplish their target by changing the dynamic trend in the
market. The CEO and Co founder of the Facebook is great example, initially he started his
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website from the one single room (Down, 2010). Later on with the lots of failure and handwork
that consistency made him one of the youngest successful entrepreneur in the world. He found
some lack of the communication through this website named Facebook now any one can connect
from any one at the any time. This is come with as a good communication tool.
P6. Entrepreneurial motivation and their mindset, their personality shaped with factors
Patience and struggle is the demand of the market which successfully needs to sustain
market with full of the complexities. As according to the research, this is examined that
entrepreneur is very crucial member of the organisation as in the sector of the growth and
progress of the company. An entrepreneur needs and demands for the lots of patience and
struggle so they can survive in the entrepreneurial environment. In this all the situations and
sequences are usually more complex and unpredictable they have to deal with dynamic situations
which actually assist them to become successful one.
For example Bill gates is the co founder of the Microsoft company and he count in the
most successful entrepreneur and he got the position in top three most richest person in the
world. He used to belong from the very ordinary middle class family but he got some of the
values and terms from their heredity in which he learn patience, confidence, never loose hope
many things which he carry on with himself at the carrier path. Which also plays very cruicial
role in the success . when he started his own company of Microsoft he initially learn many things
from the struggle and the practical work field such as failure, risk, market trends, investment
strategies and many more. He fail many times for just one success that show he learn from there
mistakes and wrong decision which make him more learn and build up the quality of good
decision making. So, entrepreneur learn on the platform of the practical work and field there
they do struggle many times and adopting risk. Soon when he started work dedicatedly and
passionately he known as the computer revolution.
P7. Way in which person's background can hinder or foster entrepreneurship
It can be referred as the venture of the initial idea and their concept in the order so they
can sustain in the business so they can develop their thought with the market which change the
idea. The entrepreneur which separate the establishment that will be so easier in order to meet
their goals for the company and scope to their passion. Their ability, characteristics and attribute
provide their entrepreneur to organisation's s objectives indirectly as well as directly. Their
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experiences have inspired which mad them creative and innovative their new technologies and
practices (Bosma, 2013).
The Co founder and CEO of the Facebook he is the great example as a entrepreneur. He
changed the world of social networking and brig revolution with him. Behind his success there is
a lots of discipline, hard work failure and desire to achieve the respective targets. He studied
from the Harvard university since then he used to do experimenting and was master n the
computers but he never give up on his dedication on the work. When he started work on the
Facebook at initially there were very few people and many of them criticised him too and then he
ignored and consider their respective feedbacks as well as suggestion and then he established
their organisation at big level (10 Traits All Successful Entrepreneurs Share. 2015). Now, he is
youngest entrepreneur in the world who s billionaire. He got the quality of passionate and never
give up thing on that particular project so he successful because of their effort he did and other
failure as well as experiences.
Same as with the Bills gates he was the college drop out from the Harvard university In
the 2000, the company was handover to the bill gates and his passion and past experiences make
him that successful Because he was highly creative and believe in new fresh ideas. He usually
believes in the smart work instead of hard work that the reason he didn't do much work but when
he do he fully concentrate on that project and try to do that creatively and smartly. That the
intellect he achieved the success due to these some qualities.
In UK, there is survey conducted in which it has been analysed that background of the
entrepreneur contour and shape their personality and ideas. It automatically reflects the ability of
the enterpriser with their habits and knowledge. The entrepreneur is not born will talent and
skills they learn it by time to time and after the struggles they faced from their fainters. They
learn a lot with the experience and difficult situations. Therefore, the experiences are not enough
which make it worthy to stay and survive in the market which is constantly changing mad make
their desired result and set them in great position. Their time to time experiences they learn from
the failures and efforts they make to complete it at the right place and at the right amount which
make them successful.
CONCLUSION
As according to this assignment on entrepreneurship and small business management,
these are treated as a backbone and key member in the economy a. The entrepreneur is deal with
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various types of the ventures as their concern so on it have various similarities and differences
between them in terms of the roles, characteristics and objectives. Along with this in this report
they also include the various type of ventures private, public and social enterprises. Small
business is essential for the economy of the country although it helps in generating the benefits at
various level such as local, regional national as well as international. It is concluded that the
country should promote these kind of small business because it helps in generating profits . It is
also concluded that the successful entrepreneur need to do hard work, passion as well as
dedicated for their work so, they learn from the failures and experiences and accomplish success.
. It is also examine that the background of the entrepreneur affect their mind so but accordingly
they make their decisions from their failures and struggles .
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REFERENCES
Books and Journals
Bosma, N., 2013. The Global Entrepreneurship Monitor (GEM) and its impact on
entrepreneurship research. Foundations and Trends® in Entrepreneurship. 9(2). pp. 143-248.
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.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
Durst, S. and Runar Edvardsson, I., 2012. Knowledge management in SMEs: a literature review.
Journal of Knowledge Management. 16(6). pp. 879-903.
Gill, A. and Biger, N., 2012. Barriers to small business growth in Canada. Journal of Small
Business and Enterprise Development. 19(4). pp. 656-668.
Hughes, K.D., and et.al., 2012. Extending women's entrepreneurship research in new directions.
Entrepreneurship Theory and Practice. 36(3). pp. 429-442.
Leitch, C., Hill, F. and Neergaard, H., 2010. Entrepreneurial and business growth and the quest
for a “comprehensive theory”: tilting at windmills. Entrepreneurship Theory and Practice. 34(2).
pp. 249-260.
Onetti, A., and et.al., 2012. Internationalization, innovation and entrepreneurship: business
models for new technology-based firms. Journal of Management & Governance.16(3). Pp. 337-
368.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Sciascia, S., and et.al., 2012. The role of family ownership in international entrepreneurship:
Exploring nonlinear effects. Small Business Economics. 38(1). pp. 15-31.
Storey, D.J., 2011. Optimism and chance: The elephants in the entrepreneurship room.
International Small Business Journal. 29(4). pp .303-321.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Vanevenhoven, J., 2013. Advances and challenges in entrepreneurship education. Journal of
Small Business Management. 51(3). pp .466-470.
Welter, F. and Smallbone, D., 2011. Institutional perspectives on entrepreneurial behavior in
challenging environments. Journal of Small Business Management. 49(1). pp. 107-125.
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Online
10 Traits All Successful Entrepreneurs Share. 2015. [Online]. Available through:
<https://www.entrepreneur.com/article/243792>. [Accessed on 24th August 2017].
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