Entrepreneurship and Personal Challenges

This assignment explores how personal background, experience, and communication skills influence entrepreneurial success. It delves into a case study of an entrepreneur who overcame significant challenges, including language barriers, to build a successful online platform. Students are tasked with analyzing the interplay between these factors and their impact on achieving entrepreneurial goals.

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Entrepreneurship and small business
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Entrepreneurship and small business
Table of Contents
Task 1....................................................................................................................................................3
Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship ventures, including examples of each type.................................................................3
Explore the similarities and differences between Social Entrepreneurship and Lifestyle
Entrepreneurship, including two existing examples of each..................................................................4
Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship, including sources and Harvard Referencing Style.....................................................5
Critically examine the scope, development, and growth of entrepreneurial ventures in the UK,
including sources and Harvard Referencing Style.................................................................................6
Task 2 (PPT)..........................................................................................................................................7
Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on
the UK economy....................................................................................................................................7
Explain the importance of small businesses and business start-ups to the growth of the social economy
in the UK...............................................................................................................................................7
Evaluate the differences small, medium and large businesses make to the UK economy, applying
relevant published data and statistics, including sources and Harvard Referencing Style......................7
Critically examine how small businesses have an impact on different levels of the UK economy (at
local, regional and national levels), making the comparison with at least one (1) another country,
including data, sources, and Harvard Referencing Style........................................................................8
Task 3....................................................................................................................................................9
Determine the most likely characteristic traits and skills of Elizabeth Gooch and Tom Mercer, stating
how they are differentiated from those of business managers................................................................9
Traits and skills of Elizabeth Gooch...................................................................................................9
Traits and skills of Tom Mercer........................................................................................................10
Assess how aspects of the entrepreneurial personality of Elizabeth Gooch (Case Study 1) and Tom
Mercer (Case Study 2) reflect their entrepreneurial motivation and mindset.......................................12
Analyze the characteristic traits, skills and motivational drivers of at least two (2) successful
entrepreneurs, supported by specific examples, including sources and Harvard Referencing Style.. . .13
Task 4..................................................................................................................................................14
Examine, using Elizabeth Gooch (Case Study 1) and Tom Mercer (Case Study 2), how personal
background and experience can hinder or foster entrepreneurship......................................................14
Analyze the link between entrepreneurial characteristics and the influence of personal background and
experience to Elizabeth Gooch (Case Study 1) and Tom Mercer (Case Study 2), including sources and
Harvard Referencing Style..................................................................................................................14
Critically evaluate how personal background and experience influences entrepreneurs, both positively
and negatively, by comparing and contrasting Donald Trump (The Trump Organisation) and Jack Ma
(Alibaba Group)..................................................................................................................................15
References...........................................................................................................................................17
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Task 1
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship ventures, including examples of each type.
There are three types of entrepreneurship ventures located in the UK’s market such as small,
micro and medium size entrepreneurship ventures. The size, scope, and structure of these
entrepreneurship ventures includes own significance that effect nation’s economy. On the
other hand, each and every entrepreneurship venture is belonged from various types of the
business structure such as sole traders, partnership entrepreneurship ventures, public limited
entrepreneurship venture and voluntary enterprises or social entrepreneurship ventures. Along
with that, micro entrepreneurship ventures can be considered as managerial entrepreneurship
ventures. In addition, small entrepreneurship venture can be compared with an entrepreneur.
Moreover, entrepreneurs are controlling the medium size entrepreneurship venture
(Longenecker et al., 2006).
On the other hand, public limited entrepreneurship venture is getting financial support from
the government. In addition, the shareholders also provide funds to operate various types of
activities inside the entrepreneurship venture. The scope and size of public limited
entrepreneurship venture are bigger than private and social entrepreneurship ventures, be that
as it may, the financial support and employee turnover are extremely high (Hisrich and
Peters, 2002).
Besides that, sole traders or private limited entrepreneurship venture includes one proprietor
or entrepreneur who has all decision making authority. According to case scenario, Elizabeth
Gooch is the CEO of EG solutions and sole proprietor of the medium size entrepreneurship
venture. Moreover, some people seek for financial help in order to run voluntary
entrepreneurship venture or social enterprise.
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Explore the similarities and differences between Social Entrepreneurship and Lifestyle
Entrepreneurship, including two existing examples of each.
Similarities between social entrepreneurship and lifestyle entrepreneurship
The social entrepreneurship venture is working as charity trust or voluntary organization.
Besides that, the annual turnover of social entrepreneurship venture is not very high because
many influential people are providing financial help to the social entrepreneurship ventures.
On the other hand, lifestyle entrepreneurship venture is influenced by personal experience
and background of an entrepreneur (Hisrich and Peters, 2002). According to the case
scenario, Elizabeth Gooch is the CEO of EG solutions. In her fist life, she worked for HSBC
Bank and quit after one year. In addition, she worked a consultancy at the age 26 financed by
$1000 from friends, family and credit card. In terms of similarities between social
entrepreneurship venture and lifestyle entrepreneurship venture is followed below:
 Both entrepreneurship venture includes low annual turnover.
 Both entrepreneurship venture needs to borrow finance as the loan.
 Both entrepreneurship venture requires a high amount of fund for the start-up
business.
Difference between social entrepreneurship and lifestyle entrepreneurship
According to the case scenario, some major difference between social entrepreneurship and
lifestyle entrepreneurship have been identified such as follows:
Social entrepreneurship venture included many employees or voluntary worker. In addition,
lifestyle entrepreneurship venture includes low employee turnover (Burns and Kippenberger,
2010). Besides that, social entrepreneurship ventures are getting financial support other
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resources, but lifestyle entrepreneurship venture is getting funds only as loans which come
with interest rate.
Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship, including sources and Harvard Referencing Style.
Micro entrepreneurial venture: this types of entrepreneurial ventures venture includes low
scope, structure, and size. Thus, this types of entrepreneurship venture work for a managerial
purpose. Moreover, annual turnover is not large of micro entrepreneurial ventures.
Small entrepreneurial venture: the size, structure, and scope of the business are larger in
the case of small entrepreneurship venture. In other words, the small entrepreneurial ventures
have larger scope than micro entrepreneurship venture because they have more financial
support to expand (Sahlman and Stevenson, 2009).
Medium entrepreneurial ventures: the medium entrepreneurial ventures are the ultimate
stage of the entrepreneurship, and in this stage, the business is rapidly expanded. Along with
that, the entrepreneur has learned various types of marketing and business strategies while
controlling medium size entrepreneurship venture.
Public limited entrepreneurial ventures: the government and shareholders provide
essential financial support to these public limited entrepreneurial ventures. In other words, the
entrepreneur has not decision making power in this public limited entrepreneurial ventures.
Private limited entrepreneurship venture: the private limited entrepreneurial ventures are
completely owned by one single proprietor, and he has all decision making authority.
Social enterprises: some people who seek for money are working for social entrepreneurship
venture. In other words, this types of entrepreneurial ventures can be recognized as charity
who provide essential help to poor and vulnerable people (Sahlman and Stevenson, 2009).
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Critically examine the scope, development, and growth of entrepreneurial ventures in the UK,
including sources and Harvard Referencing Style.
The scope of entrepreneurial ventures: The UK is one of the developed markets for
expanding newly start-up entrepreneurial ventures. In other words, the scope is completely
high for entrepreneurial ventures in the market of the UK. The competitive world of the UK
critically requires high-quality service. In other sense, the entrepreneurial ventures only have
scope to expand the business by providing high-quality service to the customers in the UK’s
market.
Development of entrepreneurial ventures: the development of entrepreneurial ventures
includes some essential aspects such as financial support, effective leadership quality,
employee performance and good quality product and services. Besides that, in the
competitive market of the UK, most of the entrepreneurial ventures can be successfully
developed by adopting technology and innovation (Shepherd and Wiklund, 2005).
The growth of entrepreneurial ventures: the consistency growth of the entrepreneurial
ventures includes some significant issues such as demand and supply chain management,
employee performance and customer satisfaction. Each and every aspect of the
entrepreneurial venture's growth
Task 2 (PPT)
Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the UK economy.
Micro and small business impact the UK economy through various way such as tax payment,
transportation, import, and export process. The economy system of UK is seriously affected
by the contribution of small and micro business. In addition, Trade license is required to
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conduct any corporate transaction which is very costly and requires proper inspection. With
the help of import and export process, the small and micro business have high offer taxes to
the government that reflected in the economic system (Amin, Cameron and Hudson, 2008).
Explain the importance of small businesses and business start-ups to the growth of the social
economy in the UK.
The social economy of the UK is very much affected by the small businesses and start-ups
business. In other words, the customers are one of the ideal factors of the social economy of
the UK who are attracted by small businesses like fast food sectors of Tom Mercer’ MOMA.
Besides that, in that particular society, Tom Mercer earned most money which critically
influences the social economy of the UK. On the other hand, Elizabeth Gooch developed
software to monitor production process which also increases the social economy of the UK.
Evaluate the differences small, medium and large businesses make to the UK economy,
applying relevant published data and statistics, including sources and Harvard Referencing
Style.
Micro entrepreneurial venture: this types of entrepreneurial ventures venture includes low
scope, structure, and size. Thus, this types of entrepreneurship venture work for a managerial
purpose. Moreover, annual turnover is not large of micro entrepreneurial ventures and put a
small effect on the UK’s Economy (Kariv, 2013).
Small entrepreneurial venture: the size, structure, and scope of the business is larger in the
case of small entrepreneurship venture. In other words, the small entrepreneurial ventures
have larger scope than micro entrepreneurship venture because they have more financial
support to expand and influence the economy of the UK.
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Medium entrepreneurial ventures: the medium entrepreneurial ventures are the ultimate
stage of the entrepreneurship, and in this stage, the business is rapidly expanded. Along with
that, the entrepreneur has learned various types of marketing and business strategies while
controlling medium size entrepreneurship venture and create a serious impression on the
economic status of the UK (Matlay, 2005).
Large Business: in the competitive market of the UK, many famous companies are
continuously expanding their business and influence and measure the economic stability of
the UK. The stock exchange is highly effected by the profit and losses of these large
companies like TESCO, Marks & Spencer and M&S.
Critically examine how small businesses have an impact on different levels of the UK
economy (at local, regional and national levels), making the comparison with at least one (1)
another country, including data, sources, and Harvard Referencing Style.
The small business, first of all, attract local population which is related with the local
economy. After business expansion process, the customer base of the small business is
increased and at present small businesses offers state level of customer services. During the
business expansion, the regional economy of the UK is affected. At the final stage, the
business takes speed, and the small business became the large business. In addition, in this
stage, the organizations conduct the high transaction with clients, suppliers, and distributors
and increase the economic value of the UK. For example, TESCO plc which was a small
departmental store and now it is one of the famous retailer chain in the UK (Matlay, 2005).
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Task 3
Determine the most likely characteristic traits and skills of Elizabeth Gooch and Tom Mercer,
stating how they are differentiated from those of business managers.
Traits and skills of Elizabeth Gooch
There are diverse sorts of traits and skills of authoritative entrepreneurs isolate them from a
different business manager. Besides that, entrepreneurs like Elizabeth Gooch had some
striking skills and parameters which a general manager don't have. Also, some essential traits
and skills of honest entrepreneurs as Elizabeth Gooch will be clarified in this report as takes
after:
Inspiration: Abraham Maslow was the trendsetter of Motivation theory which helps
Elizabeth Gooch to motivate her delegates. Alongside that, a compelling entrepreneur can
extend of the worker’s execution with the help of motivational theory. Besides that, Elizabeth
Gooch needs to motivate her supporters to become a successful entrepreneur, yet a business
can't get inspiration from a general manager (Vinturella and Erickson, 2013).
Imaginativeness and Persuasiveness: a successful entrepreneur like Elizabeth Gooch has
the innovativeness and attraction skills to understand potential opportunity and dangers.
Alongside that, the managers don't have this kind of traits since they in like manner need to
follow and comply with the management. The business expansion process requires the
innovativeness traits for reliable creation. Besides this side, Elizabeth Gooch includes some
creativity traits to develop software. In addition, Rodney Baker-Bates advised her to focus on
the software rather than consultancy work. Along with that, Elizabeth Gooch found EG
Consulting which provided training on operational management to financial services
companies (Vinturella and Erickson, 2013).
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Flexibility: Elizabeth Gooch occasionally relies on upon the staffs for giving support. In
addition, flexibility is one of the reasonable shares of Elizabeth Gooch which help her to lead
EG consulting to EG solution PLC and accomplishment. Besides that, Elizabeth Gooch had
achieved a certainty of the subordinates with the help of openness which makes the
entrepreneurial process all the more convincing. Other than that, Elizabeth Gooch must be
dependable through applying disgraceful behavior. Aside from that, reliable entrepreneurs
can draw the thought of every person of the association with the help of versatility traits
which can't be workable for a typical business person. Alongside this section, Elizabeth
Gooch can settle on the great choice for the business since she is destined by vision(Coughlin
and Thomas, 2002).
Stunning business skills
Elizabeth Gooch had a clear vision of the business and software development and in 1993 she
developed Operational Intelligence which is used to monitor production process. An
entrepreneurial business requires this types of a creative entrepreneur who will lead the whole
association to the high level of success. Besides that, Elizabeth Gooch has these sorts of
business intelligence which a general manager don't have in the master field. Alongside this
section, Elizabeth Gooch can innovate these types of software and feasible perspectives for
the future advantage which and the manager can't imagine(Coughlin and Thomas, 2002).
Traits and skills of Tom Mercer
Acknowledgment
This is a physiological perspective which ought to be incorporated into the identity an
entrepreneur. On the opposite side, a capable individual ought to not commandingly direct
operations in the workplace. Besides that, an entrepreneur like Tom Mercer needs to control
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feeling and emotions which make him very which can't be conceivable by a business
manager. In addition, Tom Mercer can adequately deal with each possible issue which might
be occurred by different operational prevail upon the help of wide consistency control.
Alongside this section, a branch manager can indicate forceful conduct here and there to
control exertion of different people of the branch. Taking all things into account, he is
allowed to show shock in the workplace in case anything turns out gravely.
Drive
This is a technique for mechanical identity express of an entrepreneurial process which aids
Tom Mercer to choose the strategy for execution and advance of work. Tom Mercer must
have this sorts of approach which an official or chief has in the work environment. On the
opposite side, the management style is the essential component of the Drive divide, for
example, Tom Mercer who need to keep up a precise teach in the workplace can be
considered as orderly initiative styles devotee(Fayolle, Jack and Chabaud, 2016). Also, a
general manager is quite recently taking after the rule of the higher individuals and oversee
diverse sorts of operational actives of the association. Alongside that, the drive has a major
influence to lead compelling choice which general director applies in the process of the
wrong decision.
Vision
Tom Mercer can focus on the manageability programs with the help of the vision thought.
Besides that, Tom Mercer constantly has a sensible vision which joins new goals and
measures of the association. Other than that, Tom Mercer can lead the business towards
achievement through correct and suitable vision. On the opposite side, a general manager
can't propose the vision to the considerable matter in light of the way that the pioneers
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starting at now had acknowledged something better as vision and give solicitations or
behavior of work to their agents including managers(Fayolle, Jack and Chabaud, 2016).
Assess how aspects of the entrepreneurial personality of Elizabeth Gooch (Case Study 1) and
Tom Mercer (Case Study 2) reflect their entrepreneurial motivation and mindset.
As indicated by case scenario, Elizabeth Gooch and Tom Mercer have skills, the technique of
entrepreneurship by motivating their subordinates. Besides that, the identity of entrepreneur
consolidates some vital points of view, for instance, skills of correspondence, passionate
insight, and agreeable conduct. Along with that, these three segments can quantify the
motivational model of Elizabeth Gooch and Tom Mercer. Moreover how each kind of
identity segments of Elizabeth Gooch and Tom Mercer effect the entrepreneurship process
will be talked about in this report with the assistance of legal contentions and avocation as
takes after beneath:
Imparting capacities: the strategy for correspondence is one of the best and critical
strategies to trade suppositions and feeling which is related with viable entrepreneurs like
Elizabeth Gooch and Tom Mercer. Besides that, Elizabeth Gooch and Tom Mercer can
sufficient exchange information with various associates of the association with the help of
effective communication. Likewise, Elizabeth Gooch and Tom Mercer can motivate disciples
by advising transparently(Duening, Hisrich and Lechter, 2010).
Passionate vision: It's a fruitful business system which helps Elizabeth Gooch and Tom
Mercer to get straightforwardly connected in with the supporters. Besides that, active learning
which is an important part of the identity of entrepreneur that incorporates some mental
technique for controlling the activity of the individuals. Besides that, Elizabeth Gooch and
Tom Mercer can motivate an optional by energetic assessment with the help of this device or
business strategy and honest to goodness, enthusiastic support. Additionally, entrepreneurship
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consolidates some critical decision which just realized after specialist adjustment, for
instance, working hour's development process.
Well-disposed Behavior: Elizabeth Gooch and Tom Mercer should be useful in light of the
fact that this unexpected approach is one of the essential and requesting perspectives of a
substantial identity of entrepreneur which affect the entrepreneurship process. Besides that,
Elizabeth Gooch and Tom Mercer need to assist and arrange the enthusiasts to meet looked
for destinations and targets. Furthermore, the corporative approach helps the entrepreneur to
lead the association adequately. Moreover, the laborers or aficionados have full trust and
certainty on the entrepreneur by tolerating steady support and appreciation(Duening, Hisrich
and Lechter, 2010).
Analyze the characteristic traits, skills and motivational drivers of at least two (2) successful
entrepreneurs, supported by specific examples, including sources and Harvard Referencing
Style.
Bill Gates: one of the successful entrepreneurs is Bill Gates who is the CEO of Microsoft. In
addition, Microsoft offers Windows operating system for PC. Bill Gates includes great vision
and excellent business skills as traits in his personality. Besides that, He also has good
motivational skills to encourage his followers.
Mark Zuckerberg: In the area of social media, Facebook is the most popular social media
which owned by the sole trader as Mark Zuckerberg. In addition, Mark Zuckerberg includes
good communication and high enthusiasm to get success as his unusual traits and
characterizes. With the help of these traits and skills, Mark Zuckerberg accomplished a long
journey of success (Scott, 2015).
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Task 4
Examine, using Elizabeth Gooch (Case Study 1) and Tom Mercer (Case Study 2), how
personal background and experience can hinder or foster entrepreneurship.
Elizabeth began her work with the joint effort with HSBC bank when the age of the
organization was just eighteen. Following one year, Elizabeth made a consultancy to get
more benefit and money related security (Sen, 2008). Elizabeth Gooch had a clear vision
about the business and software development, and in 1993 she developed Operational
Intelligence which is used to monitor production process. Additionally, they likewise
connected with many staffs in that specific consultancy to decrease work weight. Amid 2015,
Elizabeth changed their key arranging and took assistance from Alternative Investment
Market (AIM) which prompts loss of 700,000 euro and 800,000 euro in 2006-2007. On the
other hand, Tom Mercer began his business with sustenances. An entrepreneurial business
requires this types of the creative entrepreneur who will lead the whole association to the
high level of success. He sold sustenance to the stations of UK. His group MOMA had
developed its business. MOMA gathered assets from TESCO PLC. Prior, Tom spends a large
portion of the days imagining about business. An entrepreneur needs to dream about the
business thoughts. He pitches his sustenance’s to the suburbanites in trains and transports.
Along these lines, Tom Mercer and Elizabeth Gooch construct their entrepreneurship (Paton,
2003).
Analyze the link between entrepreneurial characteristics and the influence of personal
background and experience to Elizabeth Gooch (Case Study 1) and Tom Mercer (Case Study
2), including sources and Harvard Referencing Style.
There are diverse sorts of entrepreneurial qualities are seen in many articles and books. Some
individual foundation data alongside money related cost both are interrelated with
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entrepreneurship (Lawley, 2007). On account of Elizabeth Gooch, the money related
foundation is one of the fundamental reason of this entrepreneurship which helps that specific
association to wind up plainly more fruitful by acquiring a benefit. The entrepreneurship will
be assessed altogether with the assistance of various sorts of attributes. So it is undermined
that the undertaking is assuming a fundamental part alongside various attributes in the
accomplishment of an association. Additionally, a few people are searching for fast food in
their bustling calendar and discover Tom Mercer as an unusual arrangement in the United
Kingdom. Aside from that, Tom Mercer was one of the well-known fast food stores which
arranged in European Market. In another word, with the assistance of entrepreneurial
attributes, Tom Mercer ready to decide the client's need and extend their business (Justin,
2016).
Critically evaluate how personal background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting Donald Trump (The Trump
Organisation) and Jack Ma (Alibaba Group).
There are diverse sorts of private foundation and experience impacts entrepreneurs to make
progress in life (Jin, 2005). Donald Trump is the good President of USA and also an effective
business. He needs to confront many troubles and difficulties to make progress in his life. As
to, there are some positive and negative perspectives are likewise situated in their attributes.
Trump has likewise supporters and individuals who have not simply a similar conclusion
comparative can be considered as an entrepreneur trademark. Aside from that, Alibaba Group
is one of the main discount retailers which gives administrations to their clients through on
the web. Jack Ma is the proprietor of Alibaba Group, and he has an effective business
foundation. On the other hand, he had an active business which helps him to decide right and
erroneous conclusion to make progress in his life. To get the achievement, he additionally
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battled against various sorts of difficulties and troubles. Out of them, the necessary test is the
correspondence issue. This overcome man effectively controlled and sorted out a world
renowned online site which incorporates a great many client databases. Along these lines, it is
assessed that private foundation and experience impacts entrepreneurs both positive and
contrarily. He needs to endure to speak with different dialects like English thus it was not a
simple employment to receive another dialect in brief time (Cuthbertson and Reynolds,
2012).
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References
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Cuthbertson, C. and Reynolds, D. (2012). Retail Strategy. 1st ed. Hoboken: Taylor & Francis.
Duening, T., Hisrich, R. and Lechter, M. (2010). Technology entrepreneurship. 1st ed.
Burlington, MA: Academic Press.
Fayolle, A., Jack, S. and Chabaud, D. (2016). Entrepreneurial process and social networks.
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Jin, Z. (2005). Global technological change. 1st ed. Bristol, England: Intellect Books.
Justin, L. (2016). Business Management. 1st ed. Cengage Learning.
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Scott, D. (2015). The new rules of marketing & PR. 1st ed. Hoboken (New Jersey): J. Wiley
& Sons.
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Sen, M. (2008). Business management. 1st ed. Jaipur, India: Oxford Book Co.
Shepherd, D. and Wiklund, J. (2005). Entrepreneurial small businesses. 1st ed. Cheltenham,
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