Entrepreneurship & Business Success Factors

This assignment delves into the multifaceted world of entrepreneurship. It examines various factors influencing entrepreneurial motivations and explores the impact of family involvement on small firms. Additionally, it analyzes the effect of corporate taxes on investment and entrepreneurship, highlighting their significance in fostering economic development. The assignment also considers theoretical perspectives on entrepreneurship, such as effectuation and bricolage, and discusses the evolving role of social entrepreneurship.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and relation with typology of entrepreneurship1
P2 Similarities and difference between entrepreneurial ventures...............................................3
TASK 2............................................................................................................................................5
P3 Small and micro business impact on the economy................................................................5
P4 Importance of small business and start-ups that will contribute to the growth of the social
economy......................................................................................................................................6
TASK 3............................................................................................................................................7
P5 Characteristic, skills and traits of successful entrepreneurs ..................................................7
P6 Entrepreneurial personality reflect entrepreneurial mind-set and motivation.......................7
TASK 4............................................................................................................................................8
P7 Experience and background of entrepreneur foster and finder entrepreneurship..................8
CONCLUSION ..............................................................................................................................9
REFERENCES..............................................................................................................................10
.......................................................................................................................................................11

INTRODUCTION
Entrepreneurship is identify as a process of launching, running and designing a new
business. It has been described as the willingness and capacity to organise, manage and develop
a business venture in order to make maximum profit. It is also defined as an activity of managing
and starting start-ups in an accurate manner. Entrepreneurs are the individuals who handle,
organise and take the future risk of operating and owning an enterprise. In other words,
entrepreneurship is defined as a discipline with a skill and knowledge base theory (Acs, Autio
and Szerb, 2014). It is a result of complex, psychological, social-economic, legal and
technological as well as other factors. So, it can be said as a risky and dynamic process.
This report is based on various kinds of entrepreneurial ventures and their relationship
with typology of entrepreneurship. This project also shows similarities and differences between
different number of entrepreneurs. Start-up's and small business both are beneficial for the
individual because these are provide higher employment to person, it is described in this study.
This project also determined about the skills, background, traits, characteristic and experience of
entrepreneurs, but all these hinder on their own motivation and mind-set in an effective manner.
TASK 1
P1. Different types of entrepreneurial ventures and relation with typology of entrepreneurship
Entrepreneurship: It is identified as a main part of the economy development and
growth. An entrepreneur are those person who has capability in order to organise and run
business in a smooth manner. It is described as a capacity to develop and manage a business
venture with aim of achieving more profits. It is a process which are needed to planned in an
accurate way as well as attain maximum profitability (Awogbenle and Iwuamadi, 2010). There
are various entrepreneurial venture in which a person manufacture a goods and sell them
effectively. Main purpose of this business is to attract large number of the person towards
products and services of the company.
There are different number of entrepreneurial ventures which are existing in market are
described as below:
Small Business entrepreneurship: Today, the huge number of start-up's and entrepreneur
in the US are still small entity. There are approx. 5.7 million small scale in the United States,
they formulate around 99.7 % of entire companies as well as employ 50% of whole non-
1

governmental employees. There are various business which are includes in this, such as
consultants, hairdressers, travel agent electricians, carpenters, etc. They have capability to run
and organise their own business in a planned manner. They mainly hire those person who is
belongs in the family and local employees.
Scalable start-up's entrepreneurship: These kinds of entrepreneurs are start their own
firm understanding from one day that their mission and imagination could change all over the
world (Bhachu, 2017). They mainly hire and recruit the brightest and best person who can attain
long term goals or objectives of the company. In this top and small level management are plays
as an essential role in growth of economy. This type of scale are undertake the niche marketplace
by investing low amount.
Large company entrepreneurship: They have finite or limited life cycle. Most grow and
develop through offering innovative products, sustaining innovation that are different around
business core products. Variation in advanced technology, customer taste, new challengers,
legislation, regulation, etc., it can develop pressure for very much disruptive innovation- needing
large business in order to create wholly innovative products sold into current clients in new area.
Social Entrepreneurship: These are known as innovators who mainly emphasise on
creating services and products that solve social issue and requirement in an effective manner.
This kind of business is also known as a hybrid, profit and non-profit organisation.
Typologies and different kinds of entrepreneurship which are related with entrepreneurial
ventures are determined as below:
Survival Ventures: This kind of venture refers to that specific place which help an
individual for supporting start-ups at the period of living. In the current area, entrepreneur has
the best opportunity for advertising products and services without making any kind of
competition as well as give facilities which assist the person to face difficult situations.
Serial Entrepreneur: One of the main responsibilities of this kind of people is to see new
concept for conducting effective research (Blackburn, Hart and Wainwright, 2013). So in this
role of this person is to analysis basic demands and requirement of the teenager. During the
research programme, they evaluate basic needs of the customers and market trends which help in
designing entire activity of business.
Lifestyles venture: This kind of entrepreneur has ability to change business structure and
strategy as per the current trends of marketplace. They are an individual who create a business
2

operations with the motive of changing their individual lifestyle and making maximum profits
for the some motive.
Female entrepreneur: Female manage such type of entrepreneurship in regards to
acquire financial profits. They primarily emphasis on driving out variation and other objectives
or motives which are faced by lady worker of the society.
Male entrepreneur: In every business entity, this kind of employee is more important
part of the company development and growth. They has capability in order to make difficult
decision in an easy manner (Brandstätter, 2011). This kind of personal mainly emphasised on
cost and country of country.
P2 Similarities and difference between entrepreneurial ventures
Similarities and difference between entrepreneurial venture are described as below:
Lifestyles Ventures and the business
similarities
Serial venture similarities
 This kind of business is started with the
aim of attaining growth and success of
start-up's.
 They mainly hire skilled and
knowledgable person who easily
complete all task in assigned time
period.
 This type of enterprise has capability in
order to attract million customers
within particular area (Bridge and
O'Neill, 2012). For achievement of
long term growth and development, this
entity provide innovative products and
services to clients.
 They mainly launched their own start-
ups with innovative vision and
creativity. They mainly focuses on
achieving long term objective and
goals.
 They recruit skilled and talented person
who has ability to achieve business
goals and task with specific time.
 Main motive of this type of business is
to gain maximum profit and revenues.
Difference Difference
 While launching start-ups, lifestyles
venture mainly emphasis on creating
 Serial venture operated new business
with the aim of making innovative idea
3

their own lifestyles as well as uplifting
economic & social factor.
 Their primary motive of opening new
scale, in which they require to run in
long time period and generate
maximum profit.
and hence business success and growth
aromatically increased.
 They desire various kind of plan that
are connected to services and products
which help the company to run their
business operation in a smooth way.
Female entrepreneur or business similarities Male entrepreneur with similarities of
business
 Motive of this entrepreneur is earning
maximum profit and revenue during
business operations.
 Analysation of the market is done, so in
this basic wants and requirements of
clients is analysed. So they are capable
to fulfil their needs in an essential
manner.
 They have better skills and knowledge
to accomplish business task in an
appropriate manner.
 They are similar with male
entrepreneur with motive of attracting
million customers towards business
products.
 They are also hard worker for attaining
desired and long term goals or
objectives of company in a planed
manner (Bruton, Ahlstrom and 2010).
 Modification and changes in the
services and products that tale place
link to the dynamic nature of market.
 They has capability and ability in order
to attract large number of the clients
towards innovative products and
service of enterprise.
 So both male and female entrepreneur
are similar capability and knowledgable
to accomplish project and objective of
organisation.
Difference Difference
 This kind of entrepreneur also have
ability to face difficult situation in an
accurate manner (Carsrud and
Brännback, 2011).
 According to skill, female worker have
 This type of entrepreneur has more
ability as compare to female in taking
effective decision.
 Male employees are better in making
proper decision regarding business
4

low confidence while starting new
business.
 They are main part of the company
growth and development because
confidence level of this entrepreneur is
very high.
 They mainly emphasised on
formulating social quality and
contributions.
 Female entrepreneur primly focuses on
making effective and good relationship
juniors workers.
operations and activities.
 They are also one of the important part
of the enterprise development and
success.
 They focused on cost and economy of
country.
 Male employees mainly focused on
gaining more revenue and sales as well
as developing better relationship with
customers in an effective or efficient
manner.
TASK 2
P3 Small and micro business impact on the economy
Small-business: This kind of business includes partnership, association and sole
partnership where minimum number of workers are work for achieving desired objectives and
goals. In this scale, there are around 50 to 2000 employees are function for long period
(Chittithaworn and et al., 2011).
Micro business: It is identified as a company which established in micro level. In this
employer are capable for hiring million workers within an enterprise. This kind of entity will
acquire fair amount of profits and advantages in an effective manner. There are mainly director
that plays vital role in handling all work and activity of business.
Medium sized business: This type of organisation has 300 workforce who work with
each other within an organisation (Chrisman and et. al., 2012). They needed to earn maximum
profit and revenue which retaining revenue and income of enterprise.
Nature and Characteristic of partnership, sole and private which are as follows:
Private: These kind of organisation operated and launched by an individual and the
shares are generally not distributed among the common person. They have approx 50 neutral
who invest their large amount of money in the business.
5

Sole proprietor: This type of company also launched by an individual who are liable for
making effective functions and operation of business effectively (Desai, 2013). Main aim of this
business is to gain more benefits, make effective structure in an appropriate manner. They
require few judgement making framework and gather information of all activities and functions
of enterprise.
Corporation: These kind of enterprise are launched by stakeholder and they use lawful
framework effectively. Each and every neutral have their own right and power to take an
appropriate judgements that will give benefits to the business. In size they are large and provide
maximum taxes to the clients.
There are mainly four location where effects of economy are determined as below:
Local impact: The small scale in UK if directly effects on economy success and growth.
There are approx 92 % small enterprise with the country (Djankov and et. al., 2010). Local
organisation and its scale are positively impact on economy of the country which contributing
maximum tax discharging. It is mainly identified that generating job opportunity for younger
people which assist in decreasing unemployment rate in local place. In every year, there are
approx 64% job opportunity that are creating with the support of market.
Regional impact: Both small and micro enterprise are positively impact on regional place
within the country in different ways. These business and various competitors are considered in
various concept of marketing as per the superior in small scale in different region. It will support
in decreasing unemployment at opening level as well as help in creating innovative approach for
specific views. This will straightly effect on nation system and business situation.
International and National impact: Both start-ups and small business plays an essential
role in national and international level which maximising person living standard. United
kingdom provide different facilities and services for around 25 million employment which
results in creating large number of job opportunities for them and also aid indirect jobs to around
1.6 million of people or probably more (Drucker, 2014). In a country, almost 50% of the young
population works with private sector which ultimately increase the corporate fund for a particular
nation. England is one of them where most of the people employed under private sector, that
further assist the government in making policies related to that which ultimately supports the
growth and success of business concern.
6

TASK 2
P4. Importance of firm start-up's and small business to growth of social economy
Start-up's and small business plays an important role in the growth of social economy
through providing values and employment opportunities to the nations which will maximise the
standard of living of people. It will also generate huge revenue of government through paying
certain amount of tax (Fisher, 2012). This will help in improving economic growth of country.
Starting up new business will attract more investors which will directly made a positive impact
on the country's economy. There are various importance of small and start-up business:
Employment generation: As if the new business are introduced in country then it will
help in improving economic growth by providing employment opportunities to young generation
which also them in getting valuable ideas and innovation to their business. It will directly help in
increasing profitability of company.
Awareness: Starting new business also provide an opportunity to society to get involves
in their social activities and support to raise their local or national division which results in
improving growth of economy.
Innovation of new products: The main objective of new business is to attain strong
market image in competitive market world and it can be possible only when they successfully
attract large number of customers through providing quality products and services. The company
first need to focus on the needs and demands of customers and accordingly enter into market
with some advance technology and innovation and fulfil their targeted customer's needs and
requirements.
Expansion of business: It is essential for the company to expand their business after
certain period of time in order to generate huge profit (George and Bock, 2011). The well settled
small business can focusing to locate to large number of customers by setting up their units in
crowded place.
This all help start-up business to build infrastructure by creating attractive prospect that
will help customers to pay attention towards them. As Start-up new business is looking for
investors to help them in operation their business which indirectly help in improving economic
growth of country.
7

P5. Skills, characteristic and traits of entrepreneurs
As the entrepreneur are much different from the businessman and therefore the skills and
abilities of both of them are totally different with each other (Grimaldi and et. al., 2011). For
example Brent Davidson and William Kiss are the two entrepreneur which are known as
successful entrepreneur because of their skills and capabilities of handling complex situation in
an effective and efficient manner. Skills, characteristics and traits of entrepreneurship:
Hard working: In order to achieve success and growth the entrepreneur need to acquire
specific qualities and skills. Brent Davidson, an entrepreneur need to perform hard work in order
to achieve desired goals and objectives. The quick and effective decision-making quality should
also be required to achieve success and desired targets.
Risk taker: A successful entrepreneur is one who have ability to deal with major and
small risk in an effective and efficient manner (Kuratko, 2016). As the entrepreneur work in
uncertain environment which affect the business operation either in negative or positive manner
so it is essentially required for them to get always ready to face such challenges that affect its
operation in negative manner.
Motivation: It is essentially required for successful entrepreneur to provide motivation to
their employees through which their employees able to know their roles and responsibilities and
accordingly perform in an effective way. Identifying problems and provide motivation to
workers to face such challenges brings confidence in entrepreneur and thus perform its roles and
responsibilities in effective way in order to achieve success and growth.
Communication skills: It is important for a an entrepreneur to have good communication
skills which is helpful in creating healthy relationship with employees as well as outsiders. In
order to achieve desired objective entrepreneur need to communicate with their employees and
direct them towards achieving set objective in an effective and efficient manner.
Punctual: The entrepreneur should be punctual regarding performing all activities. It is
important for a successful entrepreneur to complete task within pre-determined time period
which help in achieving growth and success in life (Light, 2011). Performing activities as per the
pre-determined schedule will bring efficiency and effectiveness in work and also bring trust and
reliability from investors.
8

TASK 3
P6 Entrepreneurial personality reflect entrepreneurial mind-set and motivation
Dimension of Personality is considered as a technique which is utilised for knowing the
components which can hinder the individual motivation level who is functioning within an
enterprise. In regrades to enhance workers performance level and make effective nature which is
needed to have proper set of approach so that these variation can be recognised (Naudé, 2013).
There are different aspects which can be followed so that employees performance level
automatically improved, these are described as below:
Illustration 1: Big Five personality Traits
(Source: Big Five personality Traits of Entrepreneur, 2018)
Neuroticism: It can be identified as an essential aspects which is followed in order to
manipulate entrepreneur motivation level. Where there is minimum ground of neuroticism, in
this, a single person is very much stable in its nature (Naudé, 2013). Confident is very essential
aspect which linked to the person who are less confidence on the similar way.
Extraversion: This type of tool mainly identified that a successful business person should
be aggressive in its nature. Along with that talkative and enthusiasm, all those are highly
9

essential for undertaking start-ups. It is pleasing that entrepreneur which consists in transmitting
with different type of person like sellers, buyers, consumers, venture capitalist and workers. It is
essential for a single person to be extraversion to attain desired objectives and goals of company
and personal.
Openness: It is identify as an important factor of entrepreneur, it is needed by every
person in a successful manner (Chittithaworn and et al., 2011). In this fact, they acquire new
plans and things in regards to attain desired objectives. It is required because with the use of this,
entrepreneur increase their basic knowledge and skills on specific mater.
Agreeableness: This type of aspect identified that an individual who is mainly
interconnected with its personal orientation level. In other words, both business person require to
be trustable or honourable in nature. These type of aspect should be selected by Brent Davidson
and William Kiss, who effort an small scale as there are minimum number of person are
considered.
Conscientiousness: It is identified those person who are motivated, hard worker and
dedicated in nature so that objectives and aims can be achieved (Chittithaworn and et al., 2011).
This should promoted and motivated by a business person in his enterprise so that workers can
acquire motivation. Thus, they can attain desired goals and can give advantages to the enterprise.
TASK 4
P7 Experience and background of entrepreneur foster and finder entrepreneurship
Entrepreneurship is identified as a process which is entirely depend upon skills and
capabilities of entrepreneur. They require to know their education details, background and
experience in an effective manner (Brandstätter, 2011). There are some factors that effects on
personal power and abilities that are determined as below:
Family background: It is identified as an important and essential factor which impact on
entrepreneur thinking which are completely different from another. Both entrepreneur such as
Brent Davidson and William Kiss are not linked with family person.
Nationality: These factor support in determining country culture in an effective and
efficient manner. William Kiss are mainly stand to London's Black wellness and he was
established the Virgin group industry where he handle more that four hundred workers in the
business. Brent Davidson, he was operator of everything limited and located in Africa.
10

Social Network: It is identify as an essential factor or source that can impact on
community in order to communicate directly with them. These kind of networking mainly
followed by William Kiss and Brent Davidson in their life appropriately.
Education: Both entrepreneur form their plans and thoughts in order to creating better
and effective judgement for the business welfare (Bruton, Ahlstrom and 2010). Education is
entirely different from start-ups and they establish their innovative concept in essential way at
marketplace.
CONCLUSION
As per the above mentioned report, it can be concluded that entrepreneurship are more
important process for running start-ups in an effective manner. Various kind of entrepreneurial
which are connected with typology of entrepreneurship. All types are essential for the
unemployed person because these are provides best opportunity to the person. All
entrepreneurial have similarities and difference in order to achieve long term targets and
objectives of the company in an essential manner. Personality, experience, traits and mindset of
the entrepreneur impact the business operation and function in an effective manner. In order to
analysis factors who hinder motivation and mode set of person, company follows OCEAN
Model. Both small business and start-ups are essential for the growth and success of economy.
11

REFERENCES
Books and Journals
Acs, Z. J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy. 43(3). pp.476-494.
Awogbenle, A. C. and Iwuamadi, K. C., 2010. Youth unemployment: Entrepreneurship
development programme as an intervention mechanism. African Journal of Business
Management. 4(6). p.831.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Brandstätter, H., 2011. Personality aspects of entrepreneurship: A look at five meta-analyses.
Personality and individual differences. 51(3). pp.222-230.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
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.
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.
Chittithaworn, C. and et al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐
economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-
293.
Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning for
Future Sustainable Growth. Himalayan Books.
Djankov, S., and et. al., 2010. The effect of corporate taxes on investment and entrepreneurship.
American Economic Journal: Macroeconomics. 2(3). pp.31-64.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fisher, G., 2012. Effectuation, causation, and bricolage: A behavioral comparison of emerging
theories in entrepreneurship research. Entrepreneurship theory and practice. 36(5).
pp.1019-1051.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Grimaldi, R. and et. al., 2011. 30 years after Bayh–Dole: Reassessing academic
entrepreneurship. Research Policy. 40(8). pp.1045-1057.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Light, P. C., 2011. The search for social entrepreneurship. Strategic Direction. 27(6).
Naudé, W., 2013. Entrepreneurship and economic development: Theory, evidence and policy.
Browser Download This Paper.
12

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>.
13