Entrepreneurship Skills for Success

This assignment delves into the crucial entrepreneurship skills and abilities necessary for achieving long-term objectives. It examines various aspects of entrepreneurship, including the role of successful entrepreneurs in shaping a conducive business environment within a country. The analysis draws upon academic research and insights from prominent scholars in the field.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................2
P2 Explore the similarities and differences between entrepreneurial ventures...........................3
TASK 2............................................................................................................................................4
P3 Assess and interpret relevant data and statistics in your mini-research, to illustrate how
micro and small businesses impact on the economy...................................................................4
P4 Explain how important small businesses and business start –ups will contribute to the
growth of the social economy.....................................................................................................5
TASK 3............................................................................................................................................7
P5 Determine the characteristics, traits and skills of successful entrepreneurs, which
differentiate them from other business managers.......................................................................7
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set................................................................................................................................9
TASK 4..........................................................................................................................................10
P7 Examine , using relevant examples obtained through your mini-research, how
background and experience can hinder or foster entrepreneurship...........................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
1

INTRODUCTION
Entrepreneurship played a vital role in the economic growth and development of any
country. It can provide a large number of job directly or indirectly. An entrepreneur is a person
who start a small business through their creative idea and transform in to large corporation. It can
also support the social wall-fare and local economy through provide new jobs, innovation and
increase trading activities in the economy (Welter,2011). The present report is based on the
Hawksmoor Group restaurants which is a London based restaurants deals in several types of
spicy and sweet eatables. This entrepreneur is employed more than 600 staff in the other branch
of he company. The report is coves a mini research such as different types of entrepreneurs and
the similarities and differences between them. Apart from that the report is also discussed about
the two successful entrepreneurs which can motivate young people towards the small business.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneurs having a great significant in the development of the economy. There are various
types of entrepreneurship which having different aims and objectives according to its size and
scope. These entrepreneurship as given below:
Small business entrepreneurship: This is one of the form of entrepreneur which is operate their
business operation in to a limited geographic area. These types of enterprises size and scope is
quite limited (George and Bock, 2011). It can be involved business consultants, barbers, grocery
stores, travel agencies etc. they operate their business at the lower scale and attain their targets in
a effective manner. This types of business can be support and promoted by the various
government agencies, bank and other corporate houses. These business contribute a extensive
role in the economic development. They generate various kind of jobs within the country and
generate revenue for the United Kingdom government.
Scalable startup entrepreneurship: This is another form of business which is related new start
up business ventures. There are various corporate houses which can promote these business
because it can make profit in the near future. Such start ups are based on knowledge and skill
based which required educational qualification and management expertise. These business units
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are related with the information technology, accounting, finance, marketing, business consultant,
and internet based business (Karlan, and Valdivia, 2011). Entrepreneurs starting these small
businesses through their creative and innovative business idea. The having capabilities to
transform these ideas in to reality and make their business profitable in the long run.
Large business entrepreneurship: The large business organisation are those which operate
their business in a large geographic area and their size ans scope also large as compare to other
business units. They operate their business in to domestic and international level. The main aim
of these business entities are to increase market share and profitability in order to provide high
quality products and services. The risk associated with these organisations are quite large
because the can be influenced by the various business environment factors which can includes
political, social, legal, environmental and so on.
Social entrepreneurship: It is different entrepreneurship which provide goods and services to
the community. There are various organisation such as charitable trust and other institutions
which can provide various services healthcare, education, environment protection, animal
welfare and community well-being. The main purpose of these institutions is to provide social
welfare in order to provide goods and services which can help them. The role of these
organisations in to poverty reduction and employment generation is too important for the country
(Sarasvathy,and Venkataraman,2011).
In addition, they are related with to the typology of entrepreneurship it means these organisations
are interlinked with the typologies. The local and SME can provide goods and services to the
society and earn profit accordingly. They also helps to increase export import activities in the
country which can help to generate foreign currency.
P2 Explore the similarities and differences between entrepreneurial ventures.
A entrepreneurship is a process of designing and developing an business idea and convert in to
the commercial form so that it can make profit for the business. These business units can support
national economy and help to provide consistent growth and development. As per the above
discussion there are two types of business forms which having various differences and
similarities according to their size and scope. These firm;s also having different aims and
objectives which can help to the United Kingdom marker development. These can be profit
making organisations and non profit making (Wiklund, and et. al.,2011). Both institutions having
different structure according to their aims. The business units can be included small ventures,
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scalable ventures and large business corporations. On the other hand non profit making entities
can be included social and charitable trusts. The similarities of these organisations are they
contribute in the development of the society and national economy. They required fund in order
to operate their activities. Social units can get funds form various sources such as government
authorities, corporate houses as he part of CSR, and public funds. Whereas, business units can
attain their financial resources form banking and financial institutions. Government also provide
and assist them to promote healthy business environment in the country. The another similarities
is that they required skilled and talented workforce which can help to perform their task in a
effective manner (Martin and et. al.,2013). There aims and objectives are different for example,
social services are focused on the social wellbeing and provide their services to the community.
On the other hand the objectives and aims of business organisation is to earn profit and provide
goods and services to their customers. Scalable business unit is focused on the innovation and
technology and try to get funds form its investors. Small business firm are concentrate on the
business and its future growth. The large business units are try to increase market share and
profitability through market expansion in to various emerging market.
TASK 2
P3 Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro
and small businesses impact on the economy.
The role of SME business units in to the growth and development is too significance for each
and every country. Therefore, they focused on these enterprises and promote their business in to
great extent. There are large number of small business enterprises in to the United Kingdom.
They can help to generate revenue in terms of tax and provide new opportunities for
employment. The United kingdom is one of the leading economy $2.8 trillion in the world. The
SME sector is covered 90 percent of UK market which is higher as compare to other countries.
According to the higher authenticity the SME sectors is provide 5 percent new job in every years
which can help create new demand for the products and services (Venkataraman, and et.
al.,2012). There are various impact on the UK market of SME which as given below:
Employment generation: The small and medium size business organisations can create new
jobs in the various fields. In the 1900 century the UK was focused on the industrial based
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economy and provide large number of jobs. But over a period of time they transform their
economy in to the knowledge based economy which can help to reduced dependability over
export. There are large number of small business which can be related with the innovation,
technology, IT, business consultant, marketing and accounting. These sectors are help to
generate new jobs which can support the national economy.
Economic growth: the small and medium-sized enterprises played a vital role in the economic
development. It can increase the trading activities and innovation which can enhanced the core
competencies of the United Kingdom. It help to increase jobs which can leads to increase per
capita income and purchasing power (Carland, and et. al., 2015). Apart for that they also supply
goods and services to the large businesses and export other countries.
Adaptability: There are large number of small business which are ready to respond and adapt
change according to the economic environment. These business organisation are related with the
innovation and technology and worked on the customer centric approach. For example, in the
present era the e business model can be adopted by the entrepreneurs which can also overcome
the operational cost of their business.
Future growth: After BREXIT the economy of UK facing economic slowdown which having a
large impact on their future growth. There are large number of workers which working in the
various EU countries. But due to BREXIT they can lose their jobs which can increase
unemployment rate in the economy. Therefore, the UK government focused on the SME sector
and increase their expenditure so they it can help to increase the demand of goods and services
and future growth.
P4 Explain how important small businesses and business start –ups will contribute to the growth
of the social economy.
The Small and medium-sized business are the backbone of any country. In the context of United
Kingdom there are large number of small entrepreneurs which are support local and national
economy. They provide new jobs and make consistent growth to the GDP of the nation. It can
increase the risk taking behaviour which can leads to increase entrepreneurial skills and
capabilities (Bosma,and et. al.,2012). The UK government also promote these business and try to
make favourable environment for ease of doing business. As the member of EU there are various
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advantages which was enjoyed by the UK. It also support the SME sector. But after the leaving
to Eu it can create a serious problem for the country. Now, the government required that to make
new loss which can help to reducing trade barriers in the country. There are various impact of
SME sectors on the social economy which as given below:
Job Creation: SME are a focal point in shaping economic growth of the United Kingdom. It can
help to support various aspects such as economic growth and development, innovation, job
creation, and social integration. According to the government authorities a SME with fewer than
250 persons employed. It can contribute 5 percent growth in the employment generation each
and every year which can overcome the dependency on the government all various aspects. It can
increase the social integration within the UK economy (Miller,and et. al., 2012). It can provide a
source of income to the individual which is a good sign of wealthy community.
Poverty reduction: This is another impact where the SME sector help to increase jobs and
making a source of income. UK is one of the leading country which per capita income is quite
good as compare to other country. But due to economic slowdown these income is going down.
Entrepreneurship can help to increase per capita income and increase the purchasing power. It
can leads to increase the demand of goods and services which can overcome the poverty line
within the economy.
Innovation:As the UK economy is transform in to the knowledge based economy. It can increase
the education base in the country. There are various young people which wants to start their
business in the innovation and technology. They create new and innovative ideas and transform
in to goods and services. The develop these business which can help to attract large number of
customer and provide consistent growth in the society.
The above given points can support the society and well being in order to provide goods and
services and earn profit so that they can earn their short and long term targets effectively
(Brandstätter, 2011).
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TASK 3
P5 Determine the characteristics, traits and skills of successful entrepreneurs, which differentiate
them from other business managers.
A successful leaders required various skills and capabilities so that they can achieve their desired
goals and targets. These skills and characteristic can be related with the management,
administrative and other aspects in order to make their business profitable. Specially as the
owner of a small business so that they can make their decision in a effective manner (Samilaand
Sorenson, 2011). They can attract and influenced their team members and develop a unique core
competencies for the business. These characteristic and traits as given below:
Personal characteristic: There are various personal traits are required in order to manage their
business organisation. These traits can be inherited or acquired form the learning by the
entrepreneurs. These are:
 As a entrepreneurs the mission and vision must be clarified so that they can provide a
future direction to their business unit.
 The another personality traits is related with the commitment. As a business they can
committed towards their desired and goals so that they can grasp their future
opportunities in a effectively manner (Welter, 2011).
 There are various market opportunities avail in the market which required to analyses and
determined by the businessman. So that they can provide a consistent growth to their
business in the ling run.
 An entrepreneurs must be risk taker so that they can take risk in order to make profit for
their business.
Interpersonal skills: This is another types of characteristic which is related with the interpersonal
capabilities. These can be:
 The positive attitude is one of the aspects which is required as an entrepreneur so that
they can self motivated towards the potential risk.
 The motivation is another factors which can help to motivate their staff in order to attain
organisational goals.
 Communication is one of the critical traits which can help to influenced their employees
and staff and interact with them (George,and Bock,2011).
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 Leadership qualities are one of the integral part as as entrepreneurs so that they can
provide their future direct and make a clear vision for their business organisation.
Critical skills:
 A businessman is required the ability to see the problem in a different manner so that they
can solve these problems effectively.
 The required decision making qualities so that they can see the opportunities and make
their decision quickly.
Practical skills: It can involved various management and administrative skills which as given
below:
 Planning: This is one of the key skills which can help to plan their future business plan
and strategies in a appropriate manner.
 Organizing: This is another critical skills which can help to organizing all business
operational activities in a effective manner.
 Control: Effective control helps to manage and maintain discipline within the
organisation which can create a positive culture.
 Business information: As a entrepreneur it is essential for them to update various market
information and data which is related with their business which can help to make their
future decision making more effective and they can overcome the impact of external
factors.
Entrepreneur is a person who start their business and make this business successful in the near
future. Whereas the business manager is a person who servers and managed all business
activities. These differences are:
Entrepreneurs Business managers.
The main aim of entrepreneur is to start a
business enterprise and transform in to large
corporation.
An entrepreneur is the owner of the business.
He can take risk in order to running their
business operations.
An entrepreneur required various qualities such
The main objectives of a manger is to provide
their services to a business unit.
On the other hand a manager is a servant and
provide their services (Karlanand
Valdivia,2011).
A manager as a servant so he does not bear any
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as leadership, management and other qualities.
The try to earn profit in order to produce goods
and services.
risk and try to overcome potential risk.
Whereas a manager is required education
qualification in order to operate business unit.
A manager is to offer goods and services and
get their remuneration in terms of salary.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.
Entrepreneurship is one of the complex and competitive things which required various skills and
capabilities in order to operate their business operations. He has the ability to influence
other people through innovation and use of advanced technology. As a
successful manager they required various traits and characteristic such as
communication, self motivation, risk taking, innovative and so on. These
skills can help to make their business successful and running its operation
in a smooth way. They can help to provide a example to the next generation
entrepreneurs and motivate them to start their own business. As stated
above, Sergey Brin and Jeff Bezos; both are famous entrepreneurs in the
present era. They have qualities to influence people and motivate them. For
example: Sergey Brin is considered as the youth icon who launched the
application named as Google (Sarasvathy, and Venkataraman, 2011).
Through this application, people around world can search anything and
enhance their knowledge and information. Discipline, determination and
innovative skills are the major characteristics of Sergey Brin which make
him successful and inspire the world to change. At young age, he started his
business and became a successful entrepreneur. . Passion, determination
and taking high risk are the major characteristics of founder of
Amazon.com. They motivated people to work with passion and develop their
own skills. People get inspired with their abilities and became more
passionate towards their work.
According to the world best entrepreneur that in the field of innovation and
technology it required time and dedication. Entrepreneurs required to
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discover a new products and services in the technology field and develop in
a attractive products. For this they try to make improvement on the regular
basis which can help improve their products characteristic. Apart from that
they can also try to implement their idea and transforming in to reality
(Wiklund, and et. al., 2011).
TASK 4
P7 Examine , using relevant examples obtained through your mini-research, how background
and experience can hinder or foster entrepreneurship.
Background of and entrepreneur play an important role in their life and their success because all
persons are motivate and make dreams and wishes by the background and family. Its important
to person which type of family environment and their surrounding of living of a particular
person. Its give positive and negative impact on them. Because a persons has meet various type
of persons in their life so its not require all persons are given proper and positive motivate and
new innovative ideas to start a business (Martin, and et. al.,2013). So entrepreneur is that
person that is affected by the many persons and motivated also. For start a entrepreneurship or a
new business has to face many problems and issues by that persons, its not require all persons are
successful in their life. For a successful entrepreneur has to face problems and has to be fight
with them and try to resolve them as soon as possible. Entrepreneur should be promote their
business by using new and different technological for promoting their products and build a image
in the market. Should build a health relationship with customers. Sellers, vendors, competitors
and all. All these are help to provide sources and goods to entrepreneur to start a business and its
also help to maintain relationship and help to build more and more persons with good relation
meet many types of persons in the market. An entrepreneur is that person has new and innovative
idea to start a new business and provide a good quality of products and goods to customers and
give proper satisfaction to them at this time an entrepreneur also make a health relationship with
customers. All entrepreneur wants to maintain maximum relationship with customers and they
will always come at in that particular shop to purchase any think. So, entrepreneur affected by
their own relations and background and history of that person like experience, education level,
friends group, family background and living area. Its all are affecting a person of thinking level ,
how much better that person think about the business, which one strategy they will adopt in their
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business and also how they will promoting business. All these thinks are given positive and
negative impact on their business and also their person (Bosma and et. al.,2012). So its require to
be set a effective and new innovative idea for their business. And also use new techniques to
promoting their products for development of business. Increase production and build a effective
image in the marketplace and also try to beat all competitors. Provide good quality of products to
customer if they has any issues so has to be resolve these and give proper satisfaction to them
and build good and health relationship with them.
CONCLUSION
As per the above mentioned report it has been concluded that entrepreneurship is played a
prominent role in the economy. They can provide various support to the local economy and
promote their products and services. It can also provide support to the society and overcome the
poverty line from the country. The report has been discussed about the various entrepreneurship
skills and capabilities which can help to attain their long term goals and objectives. Apart form
that it explained about the role of successful entrepreneurs and its background and experience in
the foster business environment in to the country.
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REFERENCES
Books and Journals
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship Theory and Practice. 35(1). pp.165-184.
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.
Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
microfinance clients and institutions. Review of Economics and statistics. 93(2). pp.510-
527.
Sarasvathy, S.D. and Venkataraman, S., 2011. Entrepreneurship as method: Open questions for
an entrepreneurial future. Entrepreneurship theory and practice. 35(1). pp.113-135.
Wiklund, J., and et. al., 2011. The future of entrepreneurship research. Entrepreneurship Theory
and Practice. 35(1). pp.1-9.
Martin, B.C., and et. al., 2013. Examining the formation of human capital in entrepreneurship: A
meta-analysis of entrepreneurship education outcomes. Journal of Business Venturing.
28(2). pp.211-224.
Venkataraman, S., and et. al., 2012. Reflections on the 2010 AMR decade award: Whither the
promise? Moving forward with entrepreneurship as a science of the artificial. Academy
of Management Review. 37(1). pp.21-33.
Carland, J.C., and et. al., 2015. Seeing what's not there: The enigma of entrepreneurship. Journal
of small business strategy. 7(1). pp.1-20.
Bosma, N., and et. al., 2012. Entrepreneurship and role models. Journal of Economic
Psychology. 33(2). pp.410-424.
Miller, T.L., and et. al., 2012. Venturing for others with heart and head: How compassion
encourages social entrepreneurship. Academy of management review. 37(4). pp.616-
640.
Brandstätter, H., 2011. Personality aspects of entrepreneurship: A look at five meta-analyses.
Personality and individual differences. 51(3). pp.222-230.
Samila, S. and Sorenson, O., 2011. Venture capital, entrepreneurship, and economic growth. The
Review of Economics and Statistics. 93(1). pp.338-349.
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