Entrepreneurship: Theory and Practice

This assignment explores the field of entrepreneurship, examining both theoretical frameworks and practical applications. It requires students to analyze various theories of entrepreneurship, such as institutional theory, social entrepreneurship, and competitive advantage, and discuss their relevance in contemporary business contexts. Students are also expected to evaluate the role of entrepreneurship education and its impact on entrepreneurial skills and motivation. The assignment draws upon a range of scholarly sources and provides insights into the dynamic nature of entrepreneurship.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Different entrepreneurial ventures and relation of those with various typology...................1
P2 Difference and similarity in various ventures........................................................................2
Task 2...............................................................................................................................................4
P3 Assess relevant data to see how small and micro business impact on economy...................4
P4 How small business start-ups are contributing in growth of social economy. ......................5
Task 3...............................................................................................................................................6
P5 Features, traits and skills of successful entrepreneurs...........................................................6
P6 Assess entrepreneurial personality reflect motivation and mindset of entrepreneurs............7
Task 4...............................................................................................................................................8
P7 Background and experience hinder in foster entrepreneurship. ............................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
The entrepreneur and entrepreneurship are related to each other and thus they are those
who bring new ideas and thoughts in their new start-up business. Entrepreneurs has capacity and
willingness to develop and organise their work and have competence to manage business
considering reducing of risk and earning a good marginal profits. Entrepreneurs has a great
feature of innovation and risk taking ability in them which make them to perform better. Even
entrepreneurship is that which change economy system of market and make money rotate in
market at higher speed which also increases economy system of country as well (Drucker,
2014). Although government of UK is also supporting entrepreneurs to start their business so
that new innovation and creativity can be seen in products and through that customers can satisfy
their needs and demands in proper manner. Therefore with new business chances of employment
increases which may decrease labour unemployment turnover. The report will discuss about
various entrepreneurial typologies which is going to have impact on overall economy and
collecting information that small and micro firms are having on country and discussion about
various skill, traits and features of entrepreneurs in way.
Task 1
P1 Different entrepreneurial ventures and relation of those with various typology.
Entrepreneurs takes risk because they have though if more risk more is gain and through
this thought they start a new business on their own risk. Generally entrepreneurship refers to how
entrepreneurs use their skill and knowledge in correct form and thus they take calculated risk
which gives them strength that they are going to perform better in market (Herrington, et. al.,
2010). Their dream to become big makes them big entrepreneurs and in starting they invest good
amount and in creative manner so that they can attract customers towards their business.
The different ventures which provide helping hand in economy of country such as
follows:
Life style growth: In this style of entrepreneurs they invest huge amount at that place
where competition is on peek level. They have thought to earn more and with this they work
according to demand and need customers are having and meeting with that with their products
and services gives them higher profits. Satisfying consumer demand bring stability in business
for longer period. There is a major drawback lies with this is that they choose single location
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where they operate their entity and customers doesn't have stable like and dislikes. Somewhere
these entrepreneurs ignore to expand there business because they don't have so much resources
available with them.
Managing venture growth: Therefore such type of venture wants to be stable in market
for long in terms of growth of business. Thus entrepreneurs would make investment in
developing new goods, on their employees and location so that convenience can be there for
customers (Kirzner, 2015). This is being for new business opened into market and they try to
modify in their products so that they can enhance entity or firm.
Male entrepreneurs: This kind of ventures are only run by male entrepreneurs, female
interference is not there in any manner. In this business male entrepreneurs thinks that they are
capable enough to manage operation of firm and somewhere male entrepreneurs are more
effective then female.
Female entrepreneurs: This is a special category in which only females work
effectively, male interference is not there and thus female are those who manages in between
there personal and professional life both, so they are confident and positive enough to work
efficiently. Females coming in this also increasing their lifestyles as well.
Different typologies are also there which is link and related with various entrepreneurship
as those typologies is as follows:
Research entrepreneurs: The people who wants to become a successful entrepreneur
goes with having a great research of market and then they come in market to have their business
and earn high profits. Research entrepreneurs always collect information of market and then they
go with changes in their product and services as well.
Social entrepreneurs: In this typology entrepreneurs who works with profit organisation
or non profit business are included in this, they are those who are not in market to earn higher
profits, even they are those who work effectively to serve people of society (Barringer, 2012).
They try not harm people of society and to provide them quality products and services to
everyone even entrepreneurs doesn't have though to earn profits they try to help poor people just
because they can also increase their standard of living.
P2 Difference and similarity in various ventures.
All entrepreneur work hard in market so that they can earn high profits by satisfying
customers in proper manner. Even businessman also plays effective role in developing economy
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of country and they also help local people of their society. The difference and similarity various
venture are having are as follows:
Managing venture growth similarities Life style growth similarities
The entrepreneur bring in modification in their
products and services which help them to
attract most customers towards there business.
They mainly invest money in their products
and location so that can satisfy consumers in
proper manner.
In entrepreneurs invest their money at that
place where competition is thus on high peek
level so that they can higher profits.
They have a believe that innovation in product
and creativity will help them to bring higher
profits and even they will be able to perform
better and can bring stability.
Differences Differences
In such business entrepreneurs work hard and
try to maintain themselves in market and in
this they spent more money on product,
location so that convenience can be there for
customers in effective manner.
In such business lifestyle is main focus even
entrepreneurs in this type of venture spent their
fund on research as such entrepreneur focus on
competition and to earn high through rivalry in
market and this has also helped business to
earn higher profit as well.
Male entrepreneur similarities Female entrepreneur similarities
They are those who think that they are capable
enough to manage whole business on their
shoulder and interference of females are not
there in any how manner.
Female entrepreneurs are those who has ability
of effective working and they are able to
manage by their own and interference of male
entrepreneurs are not there.
Difference Difference
They are those who work hard to improve
condition of their family and they have zeal to
get success in market and earn higher profits
through competition in market.
In this female entrepreneurs has zeal to
improve their standard of living and work
effectively and females have ability to manage
their personal and professional life at same
time.
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Although such kind of difference among venture help entrepreneurs to know that which
business they should adapt in future and expansion business has to be there or not so that they
can high profits in market. Male and female are going with their own thoughts and starting their
own business and they are working hard to bring stability in their business in cut throat
competition (Bosma and Levie, 2010).
Task 2
P3 Assess relevant data to see how small and micro business impact on economy.
Earlier it has seen that small entrepreneurship was not there and no entrepreneur was
ready to start their business at lower level. In modern times many entrepreneur is starting their
business which is helping in developing economy of country and thus many small business has
come up with thought of serving people with different and various products. Where UK is also
facing instability in their economy due to Brexit (Welter, 2011). In such situation it is there to
have helping hand in bringing back economy in stable position. Although UK government is also
supporting small business entrepreneurs to bring their effective ideas in market and serve people
of country with their products ad services.
Although statistics is in such regard is that:
 Small business firm is increasing job opportunity and employing many people as around
million people employed through many new start-ups of business and has made
assumption to increase further more and this is after post Brexit.
 Total number of small business registered for VAT and PAYE is approximately 2
million.
 Around 15 million people working with such firms and although it is 55% of private jobs.
It has perceived that economy of UK is going to be dependent on many small companies
and they will improve condition of economy and will help to make it stable.
 Many small firms are there who is providing jobs to women so that equality can be
bought in country and helping in enhancing their standard in society.
 It has also seen that people of UK are more conscious towards Brand, so small business
enterprises does not make themselves stable in market which affects condition of
economy as well.
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 Small business has also raised standard of living of individual as they are receiving
capacity to purchase quality goods and services.
 Even small enterprises is helping in reduction impact of external environment and
bringing stability in economy. Somewhere internal economy of country is stable then
external environment will not be able to affect economy of country.
 The government of UK has felt that after Brexit economy got unstable and to make it
stable government of UK is promoting small business entrepreneur with thought that may
be condition of economy can improve and after post Brexit demand for increase in GDP
can be seen in terms of share and development.
 Thus UK government after Brexit is creating so many things to improve condition of
country as they are making a new market where small business enterprises will get more
chance to sell their products and services so that customers can buy those (Morris,
Kuratko and Covin, 2010). New entrepreneurs has various skill and knowledge and thus
they innovate product and services in their style which attracts customers to purchase
them and earn profit with that and this makes to have rotation of money which increases
GDP of country as well.
P4 How small business start-ups are contributing in growth of social economy.
The small business start-ups are bringing so much in development of economy and with
social economy as well. Although relation of society with economy refers to social economy in
UK. Therefore it has seen that small firms are having their impact on society and thus micro
enterprises helps society to increase their level, as it is require to have a good flow of funds in
business so that they can operate in weaker section of country which will help them in bringing
standard as well (Schaper, et. al., 2014). Even government knows that supporting small scale
enterprises will bring many entrepreneurs in market which will directly impact economy of
nation and can have stability in that in proper manner. There are few things which has to be
included in contribution of small scale enterprises in social economy those is as follows:
 The small scale business entrepreneurs normally produces products at lower prices so that
consumption of goods can be there and inflation of country is also reduced at that
particular time period.
 Even small business promotes rural region of country which makes them to improve
infrastructure of such areas in effective manner.
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 Small business entrepreneurs also increases employment ratio and decreases ratio of
unemployment.
 Equality can also be seen with small scale industries as they allow women to work in
their firms which brings in standard of living and such it also enhances empowerment of
female society.
 Using resources at minimum and producing at maximum and even quality products as
well making them to get stable in market for longer period and for resource company
does not harm society at higher level.
Therefore social economy is increasing with help of small and micro firms and even with
social economy whole economy is also increasing day by day post Brexit in UK making
themselves to be stable in market. The entrepreneurs does have many new ideas and innovation
with them which is helping them to bring modification in their products or to introduce new
goods and services in market (Kuratko, 2016). Although customers are even rationale in nature
and now it has become responsibility of small companies to produce quality goods for them at
reasonable prices which will help industry to satisfy consumers and make profit out of it.
Task 3
P5 Features, traits and skills of successful entrepreneurs
Thus different feature, traits and skills are those which makes a entrepreneur unique from
others and they are responsible for bringing innovation and modification in their business which
makes them different from other people (Storey and Greene, 2010). Successful entrepreneurs are
those who utilise their characteristics in proper manner and skills with traits in effective manner
to build something better and take use of such quality in them. Although short and long term
benefits both has to be made to achieve their goal and objective they have set for their business.
Thus all things features of successful entrepreneur is as follows:
Passion and motivation: It is most important aspect a entrepreneur hold in him or
herself as passion and motivation leads businessman in right direction to achieve its goal and
objective. Passion to do something and to make career in this and motivation that I have to do
converts a individual into entrepreneur with their specific thought and different ideas.
Take risk: Entrepreneurs are those who are capable of taking risk in them as they are
those who does not get afraid of taking risk in any how manner. Even they take calculated risk
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but management of entrepreneur teaches employees and members that how they have to deal
with risk. More risk more is gain.
Although traits a entrepreneur holds in him or herself should be unique from other which
helps them in bringing difference among them. Those traits is as:
Innovators: Entrepreneur bring in new ideas of product or modification in existing
products which makes their products different from others. Although they try to attract customers
towards their goods so that they can consume those once with having a though to make that
consumer a existing customer of company with their unique innovation.
Strong leadership quality: The entrepreneur are those who has strong quality leadership
they motivate and encourage their whole team in such a way so that they can complete their task
on time (Dacin, Dacin and Matear, 2010). Leadership quality is must among entrepreneurs which
makes them different from other. Leadership quality should be strong so that they can direct
individual in right format.
The skills entrepreneur are having with them are a unique kind of thing some of those
skills is as follows:
Focus: The entrepreneurs are those who are focused towards there mission and vision
and they work hard to achieve their goal and objective in proper manner. Focus is something
which makes a person to complete their task or work on time. Bringing focus on targets help
entrepreneurs to perform effectively and efficiently with whole business as one.
Learn: The entrepreneur things that they are not having any knowledge of market which
is making them to stay backyard from others. This skills of entrepreneur is that which makes
them unique in market, they wanted to learn new things which is there in market and keeping
them up to date. Learning is a continuous process and learning can be done from any source and
entrepreneur keep learning and use such in their ideas and innovation every time.
Invest for long term: Although many entrepreneurs are there who are not patient after
making investment in some places they think that what's next now (Defourny and Nyssens,
2010). To become successful it will take time around 7 to 8 years and it is required by
entrepreneurs to create a plan and for every quarterly basis in proper manner which will them to
have a effective working in market and somewhere it will also help them to receive good return
on their investment. Be patient and wait entrepreneur has to take risk in calculate manner.
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P6 Assess entrepreneurial personality reflect motivation and mindset of entrepreneurs.
The entrepreneurial personality does include motivation and mind set of entrepreneurs as
because motivation and their mind-set help to achieve something makes them unique in market.
Thus having a positive approach and motivation to achieve something makes them able to
perform in better way and thus it also helps in making a better decision which will help in
attaining organisational goal and objectives in proper manner (Bruton, Ahlstrom and Li, 2010).
There are various ways which reflects motivation and mindset of entrepreneur and some of those
are as follows:
Cultural difference: Although this plays an effective role in setting mind of individuals.
Therefore cultural difference has played a major role in making individual a entrepreneur and
both personalities like motivation and mindset comes up with this only. Culture plays an efficient
role which makes an entrepreneur unique and deal with different people in society.
Personal motivation: All sudden entrepreneur should have a motivation skill in
themselves which makes them unique from others in various ways. Personal motivation plays an
effective role in increasing their performance in proper manner (Santos, 2012). Motivation does
help entrepreneurs to work in right direction mindset with motivation bring many great things to
do and entrepreneurs can easily attain their goal and objectives.
Life style: The life style of entrepreneur is very different and thus life style also bring
change in mind set. Different mind set with motivation help entrepreneurs to see that what time
specification they can offer to all of them. The life style is different with various people and
those who uses their life style in entrepreneurship makes them unique in market.
Family upbringing: The mind-set of entrepreneur is being created in various ways by
their families even individual behaves like there family is having. This is first phase where
entrepreneur learn leadership skill and receive motivational skill so that they can complete their
task on time (Oosterbeek, Van Praag and Ijsselstein, 2010). Family upbringing also affects mind
set and motivation level of entrepreneurship and sometimes such also becomes hinders for
development of entrepreneurs.
Background: It is something from which a entrepreneur has developed him or herself in
proper manner. Background is thus also plays an effective role in developing mind set of
entrepreneur, they always want to do something for society that what he/she has seen in their
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past that others would not see. They try to help poor society so that they can also improve their
standard of living.
Task 4
P7 Background and experience hinder in foster entrepreneurship.
Although background and experience are those which can hinder development of
effective entrepreneurship. Family is always a first place in which a individual gets knowledge
and family lifestyle also affects its thoughts and mindset (Storey, 2016). Although perception
and thinking capacity also take shapes with family background, negativity in family also
becomes hinders in developing their mindset any negative vibes can be seen in their attitude.
Another place is there school and colleges where they learn so many things to inculcate
such things for whole life. Professor and their learning are experience they receive apart from
bookish education. Although all learning scenario should be done in positive manner which will
help them in developing thoughts and capabilities in individual to become entrepreneur. At time
learning individual also learn communication skills thus it is learned through continuous learning
and speaking.
Therefore personal learning and experience also plays an effective role in developing
individual, although if past of person is not so good then it affects its learning. If any financial
loss is seen by whole family then it affects in not taking risk as he/she will be having a fear of
loosing money (George and Bock, 2011). To become a successful entrepreneur it is required to
be a risk taker, normally these circumstances also affects motivational level of individual and all
such traits and skill also hinders to become successful entrepreneur in small business.
Therefrom it has seen that all such things sometimes becomes hurdle for development of
entrepreneurs it is required that all those bad things to be far away from entrepreneurs so that
they can perform in better way. Passion, communication skill, confidence, capability and funds
availability can make a entrepreneur in market but it is needed that they should use all such in
proper manner and in creative manner with innovation as well.
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CONCLUSION
The above report has discussed about various ventures are there which can bring stability
in economy for longer period in UK after post Brexit. Different ventures do helped economy of
UK to increase in proper manner somewhere. There is a impact of small business on economy as
they affected countries economy in great manner they made them to increase. Government of
UK has also supported small business so that they can improve economy of their country in right
way. There are few ways through which entrepreneurs mindset does got affected although this
has to be seen that entrepreneurs are working hard to make their mind set in right way so that
they can use their thoughts and innovation in proper way as well. Although there are few factors
which become hinder in middle of entrepreneurship and it was discussed above that which
hinders fosters the development of entrepreneurship in right prospect. Therefore entrepreneur is
that which brings innovation and creativity in their products and services in effective manner.
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REFERENCES
Books and Journals
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
Bosma, N.S. and Levie, J., 2010. Global Entrepreneurship Monitor 2009 Executive Report.
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.
Dacin, P.A., Dacin, M.T. and Matear, M., 2010. Social entrepreneurship: Why we don't need a
new theory and how we move forward from here. The academy of management
perspectives. 24(3). pp.37-57.
Defourny, J. and Nyssens, M., 2010. Conceptions of social enterprise and social entrepreneurship
in Europe and the United States: Convergences and divergences. Journal of social
entrepreneurship. 1(1). pp.32-53.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
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.
Herrington, M., et. al., 2010. Tracking entrepreneurship in South Africa: A GEM perspective.
South Africa: Graduate School of Business, University of Cape Town.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Morris, M.H., Kuratko, D.F. and Covin, J.G., 2010. Corporate entrepreneurship & innovation.
Cengage Learning.
Oosterbeek, H., Van Praag, M. and Ijsselstein, A., 2010. The impact of entrepreneurship
education on entrepreneurship skills and motivation. European economic review. 54(3).
pp.442-454.
Santos, F.M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Schaper, M.T., et. al., 2014. Entrepreneurship and small business.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and Practice. 35(1). pp.165-184.
Online
Entrepreneurship 2017. [Online]. Available through
:<https://www.investopedia.com/terms/e/entrepreneur.asp>.
Qualities of entrepreneur 2017. [Online]. Available through :<http://under30ceo.com/10-
qualities-of-a-successful-entrepreneur/>.
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