Analysis of Entrepreneurship and Business Studies Assignments

This assignment requires students to analyze various entrepreneurship and business studies assignments, including those on strategic management, marketing, and small business development. The assignments are sourced from reputable journals such as the Nigerian Journal of Business Education and ADRI International Journal of Small Business and Entrepreneurship. Students need to summarize key findings, identify gaps in research, and provide recommendations for future studies. This assignment is suitable for students in entrepreneurship, business management, and related fields.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurship ventures and its relation with typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures............................................3
TASK 2............................................................................................................................................5
P3 Interpretation of data and statistics for illustrating micro and small business impact on
economy......................................................................................................................................5
P4 Important small businesses and business start –ups will contribute to the growth of the
social economy after ‘Brexit.......................................................................................................7
TASK 3............................................................................................................................................8
P5 Characteristics traits, skills of two successful entrepreneurs.................................................8
P6 Reflection on entrepreneurial motivation and mindset..........................................................9
TASK 4..........................................................................................................................................11
P7 Background and experience which can foster entrepreneurship..........................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship refers to the ability of individual to develop, manage and organise
business operation including all risk with the purpose of generating maximum revenue
(Behroozi, 2017). Basically, entrepreneurs starts new businesses with innovative ideas and
handles all of its operations in order to achieve their targeted goals and objectives. This present
report is going to elaborate about various types of entrepreneurial ventures with their typologies
of entrepreneurship. Further similarities and differences among entrepreneur venture are
described in order to understand about their working pattern more deeply. Along with this,
impact of Brexit over SMEs and social economy growth of United Kingdom will be analysed.
At last, role of family background, past experience and education over entrepreneurs and there is
defined.
TASK 1
P1 Different types of entrepreneurship ventures and its relation with typology of
entrepreneurship
An entrepreneur is the individual who owns idea and work hard to produce product and
service which is further purchased by the people. Entrepreneurship is considered as the process
of building, introducing and running of a new business. Mostly these businesses are initiated at
small level. Entrepreneurial venture refers to organisations which uses opportunities and
innovation for increasing its social value and generate profit for their growth. Majorly there are
4 types of entrepreneurial ventures and these are described below:
 Small Business Entrepreneurship: This entrepreneurial venture refers to the small
businesses like grocery stores, travel agents, electricians, hairdressers, plumbers etc.
Their main objective is to earn money for satisfying basic requirements of their family
members. These business have to arrange their capital from family and friends only as
they do not have much security to take loan from banks and other financial institutions. It
can be said that these businesses does not contribute in the economic growth of country.
 Scalable Start-up Entrepreneurship : Scalable start-up's usually starts new company
with powerful vision. In this type of entrepreneurship, owner used to hire most talented
employees in order to gain maximum profit in less time. Along with this, they are expert

in convincing financial investors to invest in their business. This provides huge capital to
the business so that they can work according their plan and generate maximum revenue.
 Large Company Entrepreneurship: These companies are the one who performs their
business at vast level. These companies often prefers to produce innovative products and
services to its customers in order to satisfy their requirements. Large company owns good
reputation at marketplace which helps them in taking loans easily from banks as well as
other investors. They also provides jobs to many people in UK which directly contributes
in economy of this country.
 Social Entrepreneurship: This type of entrepreneurship majorly emphasize on
providing products and services for the society which can resolve their need and issues.
Majorly these companies are started with the purpose of making world a better place to
live in. Here, founder of the firm works for developing products and services which can
satisfy the basic requirement of the people. And revenue which is generated by selling
products is used for the growth of company only.

Entrepreneurial typologies
 Female entrepreneurs: Female entrepreneurs are expert in developing their business as
they owns various characteristics like confidence, positive relations with customers and
employees, patience etc. All of these contributes in running business in effective manner.
 Male entrepreneur: Male entrepreneurs owns various characteristics according to their
gender which helps them in achieving their business objectives effectively. They are
expert in taking effective decisions which helps in making their business successful.
 Serial entrepreneur: These entrepreneurs works to develop their business, thus
achieving success in their operations and further selling it to the others. Serial
entrepreneurs emphasize on developing new businesses one by one in order to increase
their number of businesses. This helps them in gaining maximum profits by selling it to
the other companies.
P2 Similarities and differences between entrepreneurial ventures
Similarities of social and large company entrepreneurship.
 Social and Large company entrepreneurship both provides quality products and services
to people. As social company produces high quality products in order to serve citizens
appropriately. On the other hand, large company manufactures good products for the
purpose of earning maximum monetary benefit from marketplace.
Difference between social and large entrepreneurship.
Social Large company
 Main objective of Social
entrepreneurship is to create social
change in the world so that they can
fulfil requirement of the people.
 This type of entrepreneurship focuses
on enhancing social capital by
increasing number of social works.
 In this, capital is generated by
collecting donation and charity from
the society only. Further this gather
 Whereas, large company
entrepreneurship emphasize on earn
maximum profits from their business.
 Large company believes that wealth is
approximately similar to the profit as
they can do social service after earning
their share of money.
 In large companies, capital is raised by
involving several investors which is
further used in business operation.

amount is handed over to one trustable
individual who can easily operate for
running smooth and successful
business.
These investors also shares
responsibility of the company by
providing providing their valuable
advice in operational activities.
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Similarities of Male and Female entrepreneurs
 Male and female entrepreneurs are ambitious about their business and its growth. This
helps them in taking appropriate decisions by evaluating all perspectives of business
which results in achieving targetted goals and objectives in the given time frame.
 They also leads their company and its staff alone by using effective leadership that guides
employees to perform their work properly. As male entrepreneurs are serious about their
growth which helps them increasing their command on the employees. On the other hand,
female entrepreneurs owns positive relationship with employees which results in growth
 Difference between Male and Female entrepreneurs
Male entrepreneurs Female entrepreneurs
 Male entrepreneurs are expert in taking
decisions easily as they owns strong
personality which helps them in taking
effective decision.
 These entrepreneur majorly focuses on
earning maximum monetary profit that
will directly contribute in business
 Male entrepreneurs understand market
situation and requirement of business.
This helps them in taking financial risk
for growth of business.
 They are highly professional as they
only focuses on the achieving their
goals and objectives. Basically, Male
entrepreneurs are less interested in
building positive relationships with
employee.
 On the other hand, female
entrepreneurs consumes lots of time in
taking appropriate decision which
sometime results in huge loss for their
company.
 Whereas, females are soft hearted
which grabs their attention toward
making their contribution toward social
causes. They also emphasize on
providing quality product and services
to the customers.
 Female entrepreneurs are quite
conservative in taking financial risk as
its difficult for them to earn recover
loss which might be occurred by risk.
 These entrepreneur emphasize on
building positive relationship with the
employees. As they believes if
employees are satisfied at work place, it
will directly improve their
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performance.
TASK 2
P3 Interpretation of data and statistics for illustrating micro and small business impact on
economy
Small and micro businesses business also contribute in the economy of United Kingdom.
This also enhances the growth of the country. Business are classified into various categories
which are evaluated as below:
Micro: These enterprises performs their business operation with less than 10 employee
whose turnover is does not exceeds £2 million. Micro businesses works at very low level and
hardly contributes in the economy of UK.
Small: In small businesses number of employees can not be exceeded 50 whereas
turnover of its business is under £10 million. These business perform their business operation
effectively in order to attain their their targeted goals and objective for future growth (What is an
SME?, 2012).
Medium: Medium sized businesses operates their business with less than 250 employees
and turnover of company is below £50 million.
Types of businesses Nature and Characteristics
Private In private limited company requires at least 2 members in order to
start their business. Along with liability is limited in this type of
business as it owns huge number of shareholders who shares
profits and losses.
Sole proprietorship In this type of business, whole company is handled by single
individuals. Profit, losses and risk are not shared by anyone.
Liability of owner is unlimited in this business as all losses and
risk are managed by sole proprietor only.
Partnership Partnership is form of business structure under which two or more
persons works together and shares all kind of responsibility of
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business (Rabrenovic and et.al., 2018). Profit and losses are
shared by the partners according to their ratio of investment.
Various areas of economy enhanced with SME
Social: Socio of culture of UK is high as its citizen easily accepts products and services
which are introduced by the small business. This maintains sales of small businesses and
contributes in economy of UK.
Infrastructure: Infrastructure of UK is good, it is beneficial for small businesses as it
can easily set up their business. All kind of resources are easily available for SME which help
them in developing their business.
(Source: Infrastructure Rate in Economy, 2017)
Funding: Small businesses in United Kingdom can develop easily as there are huge
number of financial institutions present in this country which avail required fund to them. This
helps SMEs in executing their business strategies in effective manner (Rozaini, 2017).
Innovation: Brexit have increased number of small companies and start-up's in UK.
These companies focuses on developing new and innovative products for the customers. As a
result it has increased innovation and creativity in UK and contributed in economic growth of
UK.
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Illustration 1: Infrastructure Rate in Economy

P4 Important small businesses and business start –ups will contribute to the growth of the social
economy after ‘Brexit
Brexit is the combination of two words that is Britain and Exit. It is considered as the
state when United Kingdom have withdrawn themselves from European Union through the
process of voting. Due to this, many of the countries thought that Brexit will impact negatively
on the economic growth of United Kingdom.
Difference between Small business and Start-ups
Small businesses Start-up's
 Small business raises their funds banks
loans and as well as by borrowing
money their family members and
friends.
 Small businesses are riskier as
compared to start ups as in this owner
itself have invested personal amount in
the business.
 Start up raises their funds from
investors in order to start their business.
This is quite difficult for entrepreneurs
to persuade other companies to
influence them for investing in their
ideas.
 On the other hand, in start-up's
investors money is used by the
individual in order to make business
successful. It is less riskier as if
business does not succeed then
individual will not bear any kind of
financial trouble.
Impact of small business and start-up's on economy of UK after “Brexit”
Brexit have impacted positively over the economic growth of United kingdom. As it has
initiated various small businesses and start-up's in this country which have increased
employment for people (Sirait and Wildana, 2017). It has been seen that UK was continuously
contributing huge amount of money in budget of EU. After Brexit this amount is utilised by UK
government in developing their own country. This have created opportunities for new start-up's
and small businesses to develop their own business and contribute in growth of UK. Now these
business are free to trade with other countries in order to extend their business and generate more
revenue. As a result, UK have gained foreign exchanges and contributed more amount of
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revenue to government. Government have also developed their policies for poor people so that
they work on their own and fulfil their basic requirements. This was implemented easily as
employment level increased in UK which have minimised poverty level in United Kingdom.
TASK 3
P5 Characteristics traits, skills of two successful entrepreneurs
Entrepreneurs owns various traits and skills which helps them in performing their
business activities (The Big Five Personality Traits, 2018.). These skill and traits of every
successful entrepreneurs differentiates them from others managers. Some of them are described
below:
Skills
Ability to take risk: Risk is considered as the integral part of every business. It is
required by every entrepreneur to have this skill as they have to take various difficult decisions in
business. For example: Steve Jobs have introduced complete touch screen I phone when whole
world was using physical key mobile phone. It was considered as the risky decision as mobile
users were much comfortable with the older version of phones. But, user have accepted this
change in positive manner and provided huge benefits to the customers. In relation to the
business managers, they are not taking any risky decision in company as they are also one among
employees only. Business manager do not own have right of taking major decision in the
organisation.
Communication skills: Communication is used by entrepreneur to interact with their
employees in order to share their messages with each other. Effective communication skill is
required by every entrepreneur as it helps them in influencing employees as well as other people
who are related to the business. Steve Jobs and Mark Zuckerberg are successful entrepreneurs
who have used communication skill to motivate its employees in every situation. In relation to
the business manager, entrepreneurs are using this skill more effectively. This helps them
influencing employees towards their formulated goals and objectives which are further targeted
to achieve in future.
Traits:
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Flexible: Successful entrepreneurs owns the ability of adapting different situation which
exists in the market place. Steve Jobs and Marks Zuckerberg are considered as the major
example for the this trait. As both of them have updated their business according to the market
situations and competitors strategies. For example: Mark Zuckerberg have updated various
version of Facebook in order to make its social site more effective for users. This have provided
reasons to the users to remain loyal with Facebook. Whereas, business managers only takes
necessity decision in the organisation. They only follow common working format which is
continued in long directions.
Confidence: Entrepreneurs feels confident in every business situation as they believes in
themselves and have faith their work. They are expert in dealing with every kind of situations
and problems which occurs in the business. This trait helps the entrepreneur in motivating its
teammates at every phase of business. As a result this encourages employees to perform their
work without being distracted with negative situation. On the other hand, business manager also
tries to represent themselves confident but when any uncertain issues raises at work place they
looses their positivity and becomes afraid.
Strong ability of money management: Successful entrepreneur requires to own the
ability of managing money in their business. As it is essential for them to formulate various
strategies through which they can achieve their targeted goals and objectives with the limited
amount. In relation to the Marks Zuckerberg and Steve Jobs, both of these entrepreneurs have
faced various problem for becoming successful. But as both of them understood value of money
and uses it in right place and right time. This helps them in making their business successful and
long lasting. In addition to this entrepreneurs also uses money effectively as they are the only
one who are arranging in its absence (Tarasovych, 2017). On the other hand, business manager
only have to prepare budget for the business activities and approves it from top level
management.
P6 Reflection on entrepreneurial motivation and mindset
Personality plays an essential role in the life of every entrepreneur as it helps them in
achieving their goals and objectives. Majorly there are 5 dimensions of personality which
elaborates about the actual trait and characteristics of individual. These five personality trait are
evaluated below with their importance.
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 Openness: Individual who owns this types of personality have high imaginative power.
They usually loves to learn new things and experiences for understand world in different
manner. Individuals who have maximum traits of this personality are very creative,
comfortable in dealing with challenges and they also willing tries new things everyday. It
is required by entrepreneur to have openness type of personality as it supports them in
using their creativeness in expanding business. This type of personality is helpful for
entrepreneurs as it motivates them to deal with regular based challenges related to
businesses (Viles, Ormazábal and Lleó, A. eds., 2018).
 Conscientiousness: Individual who owns this type of personality are goal oriented, they
also have good control over their behaviour. In context to individual, entrepreneurs who
owns this personality usually spends more time in preparing taking appropriate decision.
They also remains attentive all the time so that important information could not be
missed. In addition to this, they also formulates appropriate schedule for the business so
that every task can be executed in right way. It can be said that if an entrepreneur owns
this type of personality it is beneficial for them. As it helps them in taking appropriate
decisions related to their business which minimises the affect of not completed work in
the given time frame. Along with this, it also avoid the chances of missing valuable of
opportunity that might provide good benefit to the business.
 Extraversion: This personality trait includes various characteristic of individuals related
to their personalities. It includes talkativeness, excitements, sociability, expression of
emotions etc. of the individual. Extraversion is considered as the beneficiary personality
trait as it helps the entrepreneur in building positive relationship with the employees as
well as external people like investors, visitors, clients, customers etc. Along with this, if
an entrepreneur owns high ratio of this personality trait then it might provide new growth
to the business. This personality also supports entrepreneur in conveying goals and
objectives of business with the employees so that they can work according to it only.
 Agreeableness: This personality trait emphasize on individual who are cooperative and
agreeable towards other. These individuals are usually interested in their surrounding,
they care for others, they believes in helping other people, they also likes to instruct other
so that they can achieve their goals and objectives. It can be said that this personality trait
is also helpful for the entrepreneurs as it helps them in leading whole company in one
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direction. Along with this, these entrepreneurs are liked by the staff as they feel more
comfortable while working with leader who thinks about them and supports in perform
business activities in effective manner.
 Neuroticism: This personality trait is negatively considered for the entrepreneurs as it
involves various characteristics like sadness, emotional instability and moodiness. It is
essential for every entrepreneur to not have characteristics of this trait as it will spread
negative energy at work place and affect performance of employees. Every business
goes through various ups and down in the industry and if the entrepreneur will own this
personality, it will demotivate all employees (Wahyudi and Maipita, 2017). As a result
business might go more down.
TASK 4
P7 Background and experience which can foster entrepreneurship
A successful entrepreneur is the one who passes all barrier which are faced in his journey.
There are various factors which affect individual in the process of becoming successful
entrepreneurs. Steve Jobs and Mark Zuckerberg are popular entrepreneurs who have worked for
their interest and achieved success in their life. These both entrepreneurs have gone through
various situation in their success journey. But family background, education and past experience
have helped them in dealing with the barriers. These factors are described as below:
Family Background: Every entrepreneur has its own family background which
influences his business as well as growth (WU and HU, 2017). If an entrepreneur belongs to
business family then it will be beneficial for him as family member can advice in decision
making process. For Example: Steve Jobs belongs to the middle class family. His parents were
educated enough to teach him basic lesson of life. This entrepreneur was supported by family at
every situation whether it was success or failure. As a result, Steve Jobs became successful
entrepreneur and developed Apple.
Education: Education of every individuals helps them in achieving understanding the
world and its consequences in more effective manner. It also supports entrepreneur to take
business decisions more effectively. As a result business achieves its targeted goals and
objectives. For example: Mark Zuckerberg is a software developer and computer scientist, his
education helps him in understanding the actual work which its employees are doing. Along with
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this, it also help the Marks Zuckerberg in planning and implementing new updates which are
going to done employees of his company. This reflects that education is the most essential factor
in Mark Zuckerberg's life which helps him in becoming one among most successful entrepreneur
in the world.
Experience: Every individual gains various types experiences from their education and
family background. These experience helps the entrepreneurs in understanding situation
properly and guides them to take effective decision. Along with past experience also teach many
lesson to every person. This helps the entrepreneur in dealing with employees in positive manner
so that they will feel encouraged and also perform their work in appropriate manner
(Tarasovych, 2017).
CONCLUSION
From the above mentioned report it has been concluded that entrepreneurship is the
procedure of developing new business with innovative ideas for earning profit. There are various
type of entrepreneurial ventures in which entrepreneur starts their business. It can be said that
entrepreneurs have many similarities in their behaviour as well as working pattern. Along with
this, they can be differentiated with their ideas of business. There are various factors like family
background, experience and education which plays essential role in the journey of entrepreneur
and also contributes in making them successful.
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ENTERPRENEURSHIP. Nigerian Journal of Business Education (NIGJBED). 4(2). pp.
149-156.
Kana, T., 2017. THE INFLUENCE OF CULTURE AND MOTIVATION TO DECISION
ENTREPRENEURSHIP. International Journal of Social Science and Business. 1(3).
pp. 209-215.
Kristiana, T., 2017. Implementation Of Tax Hotel In Sintang Region West Kalimantan Province.
ADRI International Journal Of Small Business and Enterpreneurship. 1(1). pp. 9-15.
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Odili, S. O. and Ona, A. O., 2018. ENTERPRISE MENTORING: AN INDISPENSABLE
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INDONESIAN EXPORT COMMODITIES: AN OPPORTUNITIES AND
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Online
The Big Five Personality Traits, 2018. [Online]. Available through:
<https://www.verywellmind.com/the-big-five-personality-dimensions-2795422>.
What is an SME?, 2012. [Online]. Available through:
<https://www.thecompanywarehouse.co.uk/blog/what-is-an-sme>.
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