The Role of Entrepreneurial Characteristics and Personal Background

This assignment discusses the importance of entrepreneurial characteristics, such as motivation, risk-taking ability, and innovation, in determining entrepreneurship success. It also highlights the significance of personal background and experience in shaping an entrepreneur's abilities and influence on others.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and its related typologies..................................1
P2 Similarities and Difference between entrepreneurial ventures..............................................3
M1 Demonstrate an understanding of entrepreneurship in both public and private sector. ......6
D1. Examine the growth, scope and development of entrepreneurial ventures. ........................6
TASK 2............................................................................................................................................6
P3 Assess and interpret how small and micro business impact on economy..............................6
P4 Importance of small firms and start-ups contribute to growth of social economy after
'Brexit'.........................................................................................................................................9
M2. Evaluate the differences that small, medium and large businesses make to the economy.
...................................................................................................................................................10
D2 . Evaluate that how a small business impact on the different level of the economy...........11
TASK 3..........................................................................................................................................11
P5 Differentiation between entrepreneurs and managers on the basis of characteristics, traits
and skills...................................................................................................................................11
P6 Examine personality of entrepreneurs which shows entrepreneurial motivation & mindset
...................................................................................................................................................13
M3. Examine the different lines of argument related to the entrepreneurial characteristics... .14
D3. Analyse the characteristics traits, motivational drivers for successful entrepreneurship...14
TASK 4..........................................................................................................................................14
P7 Examine factors which either foster or hinder entrepreneurship.........................................14
M4. The link between the entrepreneurial characteristics and influence of personal
background and experience to specific successful entrepreneurs.............................................15
D4. Evaluate how background and experience influences entrepreneurship............................16
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship can be defined as process which mainly gets executed through start of
venturing to utilise their funds, thereby bear risk of loss. Due to intense competition at market
place, environment of business has become more dynamic where changes are done on regular
manner. With this assistance, it is a duty of entrepreneurs to design system and frame budget to
bring innovative ideas into business. This would helps in delivering products or services in
according to preference of customers. Present report is going to explore how Joe Woods has
started its business in IT sector which provides payment artifacts to number of marketer. On the
other hand, entrepreneurs consists with a number of dissimilarity and sameness in respect to both
goals and business deeds or doings. Small business and start-ups impact on economy and their
importance as after Brexit is acknowledged by government. Along this, enterpriser even
necessitate to have certain characteristics, skills and traits which help them to improve business
concern in much effective manner. On the other hand, both inheritance along with experiences
that impacts upon entrepreneurship is also explained in this report.
TASK 1
P1 Different types of entrepreneurial ventures and its related typologies
An entrepreneur is person which have skills and business ideas that are required to use to
start and incorporate a new venture. It is necessary that resources that are funds, material and
manpower are utilised efficiently by individual to conduct business operations effectively. Along
this, they are responsible for losses and risks so they require to make decisions and execute
activities to deliver new and innovative products and services in market.
Mini research- It is kind of research which is being organised at the small level. As well as in
this research the sample size is being taken small. Herein, the different types of entrepreneurs are
mentioned below on the basis of mini research.
Types of entrepreneurs: Serial entrepreneurs: This tactic includes person which start a new venture to utilise
their skills and capabilities in setting up a business. But, after some time they sell it to
another person and give them ownership to conduct operations. Social entrepreneurs: These are individual whose focus is to concentrate their
knowledge and efforts to resolve issues of society by providing appropriate facilities and
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services to people. They are ambitious and capable to conduct business activities to
develop and enhance state of nation. Female entrepreneurs: This aspect comprises women which have capability and skills to
start a venture and conduct business to enhance their knowledge. Along this, they even
have determination to generate money for maintain their livelihood and gain recognition
in society.
Entrepreneurial Ventures: These are organisation which are started by an individual to
to grab and utilise market opportunities. For this, it is essential that person is innovative and
creative to design system and conduct business activities to enhance economic and social value
of country. Besides this, entrepreneur even require to take risk to create wealth and construct
appropriate position and image of business in market (Cenere and et. al., 2015).
Types of Entrepreneurial ventures- Small business entrepreneurship: These are business which are started by an individual
to utilise their skills and funds by incorporating a firm. For this, they require to spend
money to sustain their living standards. In UK, 6 million small firms are conducting
business which help in development and enhancing economy of nation. Grocery stores,
travel agents, plumber, electricians, consultants, hairdressers are various small scale
firms which are managed and run by an entrepreneur to get profits and take risks for the
same. Social Entrepreneurship: These are firms which are incorporated by businessperson to
construct innovative business idea for development of country. For this, individual
conduct market research to have knowledge about problems and requirements of
community. This help them to design system and conduct operations to provide items and
services to fulfil needs of society members. Along this, they even increase employment
opportunities and give facility to people to generate money for their livelihood
(Cremades, 2016). Scalable start-ups entrepreneurship: These are business which are started by person to
implement innovative and creative business ideas in firm. For this, transformations and
modifications in system are made by entrepreneur to execute business operations in
according to market conditions. This help individual to establish and enhance reputation
and goodwill of company in respect to competitors.
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 Large scale entrepreneurship: These are organisation which have good amount of
capital, material and workforce to establish branches in different countries.
Businessperson of such companies have good market reach and customer base to enhance
sales volume and profitability. Along this, they even provide different variety of products
and services in respect to demands and requirements of public (Dinnar and Susskind,
2018).
Relationship of ventures with its typologies: Small, social, scalable-start-ups and large
entrepreneurship are various forms of organisation which have link and relation with each other
in respect to management of growth of venture typology. Thus, these are different kinds of
typologies which have relation with ventures are described below: Lifestyle ventures: This are companies which are run and manage by entrepreneur to
generate income for their livelihood. It is necessary that individual have skills and
knowledge to provide appropriate products and services to public to satisfy their demands
and needs. Thus, purchase things and items to manage them lifestyle accordingly. Survival ventures: This are firms which are started and managed by an individual to
generate adequate money for maintaining their living standards. Barber store, grocery
store, internet cafe and many other forms of small firms are consistent of this venture
whose objective is to fulfil demands and requirements of their family.
 Managed growth ventures: These are firms which are controlled and managed by
individual which are smart and have ability to execute business in innovative and creative
manner. Along this, they even require to enhance business and grow its market position
to improve profitability.
P2 Similarities and Difference between entrepreneurial ventures
Entrepreneurial ventures have various types which are small, social, scalable start-ups
and large. These are organisation which require to have sufficient resources, so that business
activities are conducted effectively and business objectives and goals are accomplished
(Harkiolakis and Halkias, 2016). Hence, these are similarities and differences of entrepreneurial
ventures which is stated below:
Businesses Similarities Differences
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Small and social
entrepreneurial
 These are ventures which
have shortage of funds and
require execution of
innovative and creative
business ideas to attain
efficient outcomes from
business.
 Small and social firms aim
is to provide products and
services to people to fulfil
their demands and needs.
 Additionally, these
entrepreneurial consists
small level of business.
 Small enterprises are
started by individual to
utilise their money and
skills to generate income
for sustaining and
maintaining their living
standards (Horton, 2016).
 Social firms conduct
operations to deliver
appropriate facilities and
services to need people.
These companies purpose
is to reduce and overcome
issues and problems of
society. Along this, there
goal is to develop and
enhance conditions of
economy.
Large and scalable start-
ups entrepreneurship
 Large and scalable start-
ups firms aim is to have
appropriate organisation
structure to sustain their
position in market.
 Both venture purpose
require to provide
products and services in
respect to demands and
needs of people to
improve revenue potential
(Naudé, 2014).
 Scalable start-ups venture
have less amount of
resources which affect on
business activities. While,
large firms have good
quantity of money which
help businessperson to
have large market reach
and customer base to
enhance sales and
profitability.
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 Both ventures require to
conduct business activities
in according to conditions
prevailing in market to
construct appropriate
goodwill and reputation in
market.
 As well as both the
ventures operates a large
scale of operations.
 In scalable venture,
innovative and creative
business ideas are
implemented by person
which help them to
enhance company's
position in market.
Besides this, large
enterprise provide variety
of products and services
to set up competitive
advantage in respect to
rivals (Fayolle, 2013).
Lifestyles and serial
venture
 Both are venture which
are incorporated and
started by individual to
execute business for
implementation of
innovative and creative
ideas.
 Lifestyle and serial
venture are firms which
help entrepreneur to utilise
their capabilities and skills
to set up appropriate
outlets in market, thereby
generate adequate profit
from business (Fisher,
2012).
 Lifestyle business are
started by person to
generate money for
maintaining their living
standards. While, in serial
ventures individual start
business and transfer its
ownership to another
person .
Female and male  Female and male  Female Entrepreneur
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entrepreneurial entrepreneur are hard
working and have focus to
timely achieve targets.
 Both entrepreneur require
to get opportunity to
utilise their skills and
knowledge. Along this,
they even require to get
appropriate outcomes and
results from business.
 Both the entrepreneurs
focus to expand their
business so that they can
earn higher profitability.
sensible and ambitious to
make appropriate
decisions and select
options which are
beneficial and appropriate
for company.
 Male entrepreneur are
determined and their
focus is to design system
to generate money from
business (Bosma and et.
al., 2012).
M1 Demonstrate an understanding of entrepreneurship in both public and private sector.
The entrepreneurship is not limited till the development of a small venture on the basis of
creativity. It is very important in both the public and private sectors. This is why because both
the organisations need to be more creative and advanced as per the changes in the environmental
conditions. So entrepreneurship plays an important role in the public and private sector.
D1. Examine the growth, scope and development of entrepreneurial ventures.
In the recent time period, the entrepreneurial ventures are growing and developing
significantly. This is why because the government of different countries are supporting to these
ventures. As well as the entrepreneurial ventures are helping in the development and growth of
the countries. Like in the UK, these ventures help in providing good opportunities of the jobs.
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TASK 2
P3 Assess and interpret how small and micro business impact on economy
Market have different types of organisation which conduct activities to develop and
enhance conditions of country. Small, micro and medium are three forms of enterprises which
are run and managed by person to generate income for sustaining their livelihood. This help them
to increase employment opportunities and help other individuals to earn money. Hence, these are
different types of firms which are stated below: Small business: These are enterprise which are incorporated by run by an individual to
gain revenue by utilising their skills and money.
Impact of small and micro enterprises on economy:
In UK, there are large number of start-ups are which are about 600,000 in 2017. This
help government to increase employment opportunities for people, so that they are able to
generate money for maintaining their living standards. Turnover of SME's are approx £8.5
million which help entrepreneur to conduct adequate production activities which are beneficial
for growth of business and nation.
Statistical data defining affect of SME on UK:
 In 2017, small and medium enterprises in United Kingdom are approx 5.7 million which
specifies that they provide large employment opportunities which are around 67%. Micro business venture have nearly 5.4 million firms in UK which contributes in creating
employment opportunities about 33% in respect to other level firms (Miller and et. al.,
2012).
Businessperson of small and micro firms conducts research to have knowledge about
market. This help them to have information about competitor's offerings and demands of public
to design system and execute business operations effectively. Thus, these are influence of small
and micro size business have on economy is stated below:
Local impact: This tactic define companies are established in market and influence on
local areas. For this, businessperson responsibility is to concentrate their focus on demands and
requirements of society members to provide them products and services accordingly. Along this,
they even increase job opportunities to reduce unemployment rate.
Interpretation: According to above graph, it can be interpreted that small firms are
increasing which help government of UK to decline unemployment rate. Micro enterprises
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provide job chances about 18.9%, while small firms about 23.4% and medium 29.2% of
employment (Moroz and Hindle, 2012).
Regional impact: Small and micro organisation contribute and help government to
develop economy of state. They provide different variety of items and services in respect to
demands and needs of people help businessperson to satisfy customers; thereby enhance region.
(Source:Regional impact on micro and small enterprises, 2016)
Interpretation: In respect of given diagram, it is comprehended that from 2001 there is
increase in micro firms which benefits government to enhance economy at higher level.
National impact: Small and medium enterprises have opportunity to enhance operations
and increase subdivision or stores in various nations to enhance consumers in all over world.
This helps government of UK to have good employment opportunities to develop economic
conditions of nation (Acs, Autio and Szerb, 2014).
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(Source: National impact on micro and small enterprises, 2016)
Interpretation: As per mentioned data, it is concluded that United Kingdom gross
domestic product (GDP) rate has rise to 3.9% from 1% in between 2010-2015.
P4 Importance of small firms and start-ups contribute to growth of social economy after 'Brexit'
Brexit is term which was constituted by British Team and referred by them as “British
Exit”. This aspect specifies information about situation of United Kingdom withdrawal from
European Union. UK exit from EU to become an independent and separate country. This law
was constituted in 2016 when government had executed a voting process and its result was that
large number of people opinion is in favour of UK than Europe (Decker and et. al., 2014).
Government influences on business influence on per capita income of country reduced after
Brexit. Thus, countries started leaving EU to construct adequate position in world and benefit by
acknowledging this tactic importance.
Impact of Brexit on economy of UK: In UK, SME's result into freedom to government
and organisation to make policies. This result into increment in job opportunities which help
people to get employed for generating revenue for their livelihood. Through this, gross domestic
product of country and inflation created in nation. Besides this, government also have income in
large amount which aid them in improving infrastructure of country.
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Small and start-ups are enterprises which are started and run by individual to utilise
money and skills in setting up firm and outlets in market to deliver products and services in
market. This help them to generate adequate money and provide support to government to
enhance and develop economy of country. These firms increases job opportunities and also
reduce poverty rate of country. Thus, some major factors which shows contribution of small
organisation for economic development are mentioned as beneath (Zott, Amit and Massa, 2011): Social and economic development: Small and start-ups are refer to as powerhouse, as
they help government to enhance and development of economic conditions of country. In
UK, there are around 5 million SME's which provide more than 15.2 million job chances
to people to give them opportunity to gain adequate income for their livelihood. Effects on taxes and revenue: In order to improve economical situation of marketplace,
small organisations of UK give high support to government. They help in acquiring gain
good amount of money in the form of tax for development of society (George and Bock,
2012). Along this, authorities have money to provide appropriate facilities and improve
community that are road, bridge, institutions and other to people. Improvements on social economy: This is another benefit of SME's which is to stabilise
income of UK economy. These firms helps people to have regular income in cases of
death, retirement or disability situations also. Thus, community conditions enhance which
help people to live in improved society.
 Job creation: In UK, due to support of government, entrepreneurs gain opportunity to
start their businesses more easily. Due to this reason, this nation has gain advantage to
reduce unemployment. Organisations deal in small and medium level, give job
employment to local communities as per skills and educational background.
M2. Evaluate the differences that small, medium and large businesses make to the economy.
Different kind of business entities impact to the economy in various manner. Generally,
the large businesses effect to the economy effectively in compare to the small and medium. Like
the small businesses offered about 33% employment opportunities in the UK in 2017. As well as
large businesses plays a significant role in the GDP of the country.
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D2 . Evaluate that how a small business impact on the different level of the economy.
The small businesses are very important for economic development in the aspect of the
local, regional, national and international. Like at the local level, these businesses provides full
job opportunities to the eligible candidates. As well as at the regional level, improves the
lifestyles of the general public by providing quality products. Along with, at the national level
these businesses help in increasing the GDP of the country. Like in the UK these businesses play
an important role in all above context.
TASK 3
P5 Differentiation between entrepreneurs and managers on the basis of characteristics, traits and
skills
Entrepreneurs usually launch a new business to conduct operational activities for earning
high revenue and profitability. For this process, they need to possess skills and characteristics to
design system and establish appropriate position in market in respect to other firms. Elisa
Mianka and Steph Croft-Simon are two successful entrepreneurs which require to have adequate
traits which are different from manager is described beneath:
Characteristics/Skills Manager Entrepreneur
Strategic Vision It is necessary for manager to
be consist strong vision which
help them to guide employees,
thereby make them perform
tasks effectively (Zott, Amit
and Massa, 2011).
Enterpriser have to make a
enterprise successful within
the marketplace as well as
having a best innovative and
creative idea of enterprise is
not sufficient. This will also
need a strategy as well as
vision which are adopt while
organising business
activities.
Communication This is very important skills
which is necessary to have in
each supervisor. This will help
in gaining loyalty and trust of
Entrepreneur require to have
good communication skills
to create and maintain
relations with customers and
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employees. members for execution of
activities effectively and
efficient utilisation of
resources.
Delegation Managers sometimes delegated
their responsibilities to their
workers (Gedajlovic and et. al.,
2013). This will help in
completing enterprise activities
within the span of time.
Entrepreneur have limited
resources and require proper
utilisation. For this, they
divide work among team
members to make them
perform duties and secure
their time.
Critical thinking Manager require to have
knowledge about various
concepts and theories to design
system and conduct business
operations in according to
market conditions.
Entrepreneur responsibility
is to formulate innovative
and creative business ideas
to utilise resources
efficiently and construct
appropriate position of firm
in market. For this,
individual require to have
knowledge about market
situation.
Steph Croft-Simon and Elisa Mianka require to have these traits to make business
successful are stated below:
 Steph Croft-Simon and Elisa Mianka have knowledge about management concepts and
theories which help him to formulate appropriate objectives and goals for firm which he
will be able to accomplish (Choi and Majumdar, 2014).
 He is dedicated and have determination to work hard and achieve targets and construct
appropriate position and reputation of firm in market.
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 Steph Croft-Simon and Elisa Mianka has capability to take risk, as he invest money to
generate money for sustain its market share and conduct business operations accordingly.
 He even require to be confident to handle situations and face issues and difficulties
properly.
 Steph Croft-Simon and Elisa Mianka even need to have capability to grab market
opportunities and make changes in system to make business successful and grow it with
time. For this, they require to learn new things and increase their experience by attending
sessions and seminars of successful entrepreneurs.
P6 Examine personality of entrepreneurs which shows entrepreneurial motivation & mindset
Entrepreneurs are required to posses adequate personality to construct relations with
people which help them in conducting business effectively. Along this, they even needed to
consider dedication along with capableness so that effective design scheme along with strategies
to execute operations for development of society. It is essential for entrepreneur to have
appropriate traits so that business can be done successfully. Thus, these are five types of
personality traits which a successful entrepreneur must have are stated beneath:
Openness to experience – It is one of domain that used to explain personality of human.
It includes six different facts aesthetic sensitivity, preference of variety, attentiveness to the inner
feelings, active imagination and intellectual curiosity. Individuals which is high openness to
experience is flexible, adventurous, creative and curious.
Conscientiousness- It refers to one of the five traits of personality where individuals
gives priority to follow a plan instead of performing spontaneously. It shows desire to perform in
well manner and also take obligations to the others. It consists traits such as thorough, planful
and organized. These types of people tend to organized as well as efficiently as opposed to be
disorderly and also easy- going (Neck and Greene, 2011). In context to this, high
conscientiousness persons tend to mindful and also organised of details.
Extraversion – Under this factor, entrepreneurs are required to be social and energetic in
their part of work. This type of qualities help in running their business in successful manner.
Wider dimension of the extraversion encompasses like more particular traits as energetic,
assertiveness and talkative. It is characterized through sociability, more emotional
expressiveness, talkativeness and excitability. Individuals which are minimum in an extraversion
tend to be reserved more and expand their energy in the social settings.
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Agreeableness – It shows positive, cooperative as well as trustworthy nature of
entrepreneurs. It will help in generating feeling of trust in others towards them. It is personality
trait itself in behavioural characteristics of persons which are perceived as cooperative,
considerate, sympathetic and warm.
Neuroticism – This type of personality shows that people at workplace have to be
focussed as well as behave in calm manner. It will help them in completing a task in a short
period of interval. It consists the traits for an instance anxious, tense and moody.
Reflection on the entrepreneurial mindset and motivation:
Due to these above mentioned personality traits effects the mindset and motivation of the
entrepreneurs. This is why because if an entrepreneur has all the quality in the personality then it
will be easy for them to be motivated and with positive mindset.
M3. Examine the different lines of argument related to the entrepreneurial characteristics.
The different lines of the argument regarding to the entrepreneurial characteristics
consists good communication skills, critical decision making ability etc. In the absence of these
characteristics, it will difficult to influence other people in the organisation.
D3. Analyse the characteristics traits, motivational drivers for successful entrepreneurship.
It is very necessary for an entrepreneur to have all the skills, traits, and motivational
drivers to impact other employees. Eventually, all these factors act as a combined factor which
plays an important and crucial role in the entrepreneurship. For example if an entrepreneur has
no specific skills and traits then it will be difficult to manage the entrepreneurial venture.
TASK 4
P7 Examine factors which either foster or hinder entrepreneurship
Entrepreneurship is a concept that includes some of the capabilities like skills and
knowledge which are necessary for operating business in a better manner. Therefore, there are
certain components which can have an effect on behaviour of individual's performance and these
factors are explained below:
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 Family Background: An entrepreneur how he/she behaves in particular environment and
circumstances shows family background of an individual. This factor have a great impact
on decision making and choosing appropriate approaches for gaining better outcomes and
results. Steph Croft-Simon and Elisa Mianka belong from business family. Both have
financial and moral support of their family which encourage them to take risk and
manage money properly. Along this, they also get appropriate guidance in respect to
future opportunities to increase their business operations and profit. So the family
background is very important in development of quality for the entrepreneurship. Social Network: An entrepreneur must be extrovert as he/she has to interact with
different person with their business proposal so that it can attract a maximum number of
stakeholders. This includes family, friends etc., therefore if a person is able to interact
with others than it will be beneficial but if not than it can have an affect on business
operations. Steph Croft-Simon and Elisa Mianka uses social media tools to advertise and
promote their products to increase market reach and attract large number of people,
thereby enhance sales volume and revenue. As well as in the absence of social network
an individual can not learn about the different qualities to influence the people.
 Education: In order to know about nature and behaviour of an individual it is necessary
to what kind of education he/she is given. If a person is highly qualified than they can use
their views and thoughts for delivering services and facilities in a unique way. Therefore,
appropriate education will assist entrepreneur in applying innovative ideas in business
operations (Storey, 2016). Steph Croft-Simon and Elisa Mianka are two successful
entrepreneur, as they have professional skills to manage resources properly. Both, take
management classes to develop skills in respect to communication and leadership which
helps them to handle team more adequately. With this assistance, they can create new
creative or innovative ideas for enhancing performance of company. Along with the
education works as a basis to develop the quality of the entrepreneurship.
Therefore, family background, social network and education are various aspects which
help Joe Woods to utilise opportunities and set up new venture and utilise skills and funds to
generate adequate income for sustaining their livelihood.
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M4. The link between the entrepreneurial characteristics and influence of personal background
and experience to specific successful entrepreneurs.
It is very important that an entrepreneur should have all the characteristics so that he/she
can motivate the other works for better work. Apart from it, the family background and
experience of the entrepreneurs play a significant role to influence the other employees. On the
other hand, in the absence of the effective characteristics, it will be difficult for an entrepreneur
to influence others.
D4. Evaluate how background and experience influences entrepreneurship.
The entrepreneurial background and experience is very crucial in the context of
influencing others. Though, these factors can effect the other people negatively and positively.
For example if an entrepreneur has bad family back ground and less experience then it will be
difficult to influence others positively. This is why because in the absence of proper knowledge
and experience an entrepreneur can not become successful entrepreneur.
CONCLUSION
It has concluded as per mentioned project that small and medium companies play a
crucial role in development and enhancement of economy of country. Social, scalable start-ups,
small and big are various forms of venture. All have covered different typologies which
interconnect them. These organisation have similarities and differences in respect to their goal
and functionality. In UK, Brexit is tactic which define opportunities which countries have to
become independent and function accordingly. Small firms and start-ups plays important role in
nation to enhance employment opportunities and help government to develop nation. They
require to have capability to design system and conduct operations to generate adequate money
for marinating their living standards. An entrepreneur and manager have difference in respect to
their objectives and purpose. Factors which foster and hinder entrepreneurial skills of an
individuals are considered as their own experience and background of them.
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REFERENCES
Books and Journals
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