Technology Innovation Management Review

The assignment requires a comprehensive review of Technology Innovation Management. It delves into essential concepts, theories, and successful implementation strategies within the field. The provided bibliography offers diverse sources ranging from foundational works on entrepreneurship to contemporary studies on corporate innovation. Students are expected to synthesize these insights into a cohesive analysis of technology innovation management.

ENTREPRENEURSHIP
AND
SMALL-BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1. Different kinds of entrepreneurship venture and their typology..........................................1
P.2. Similarities and differences between entrepreneurial venture.............................................2
TASK 2............................................................................................................................................4
P.3. Micro and small business impact on the economy..............................................................4
P.4. Explain how important small businesses and business start-ups will contribute to the
growth of the social economy of the UK....................................................................................5
TASK 3............................................................................................................................................6
P.5. Characteristic and traits required for successful entrepreneur.............................................6
P.6. Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set
.....................................................................................................................................................7
P.7. Examine, using relevant examples obtained through your mini-research, how background
and experience can hinder and foster entrepreneur.....................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Nowadays, an entrepreneurship effectiveness in the current economy of the UK country
can not underestimate because of due to its great impact on the growth of the country. There are
several kinds of entrepreneurship can find out and most of them are small, medium and large size
of organisation in the UK. Moreover, this investigation define about several kinds of
characteristics and traits which is needed to adopt by an entrepreneur to take their business
towards succession. We will assess various kind of entrepreneurial personality aspect of a
successful entrepreneur which motivate themselves and assist to prepare mind set in terms of
operating business in good manner. This assignment also define about to how background and
experience of an entrepreneur can hinder and foster entrepreneurship efficiently.
TASK 1
P.1. Different kinds of entrepreneurship venture and their typology
Entrepreneurship is a business exercises which involves implementing innovative ideas in
business activity by which a new product and service can be developed according to new
thoughts of an entrepreneur (Olson and Staley, 2012). In the way of setting up a new venture in
the market, there are lots of things which is needed to be mentioned in the mind of an
entrepreneur. At the starting point of a new small and large business, each business might gain
some profit and losses both in some conditions. But various times it could be seen that small
business gain profit according to business cycle and they need to maintain the profitability by
implementing innovation in the corporation. According to the business growth they expand their
venture into a large corporate business effectively. Small business venture: These kinds of business is operating in the UK in large scale.
There are several kinds of small business running well in the business and making
contribution in the UK's economy as well. These small business is barber shop, parlors,
grocery sops, consultant and medical stores, dairy shops etc. all these business is running
properly in the country and making profitability at very small level and also help in
providing sustainable life to its operator. Scalable start-up venture: Scalable start-up businesses are hight inspired in order to do a
big business to make effective economic changes within the country efficiently. Their
main vision and mission to make a big change in the world by launching innovative
product and services according to the peoples needs in the country (Storey, 2016). These
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entrepreneurs are highly motivated and skilled in term of doing their existing business in
proper manner. Large venture: Large entrepreneurs are those which is most appropriate to making
contribution in the UK economy. There are several large business operating in the
country like Morrison and they are generating high revenue by providing existing and
innovative product and services according to customer demand within the country. These
kinds of venture need to large capital investment in order to start their new business
effectively. These kinds of the business are most appropriate for the UK economy which
make great contribution in the growth of the country's economy efficiently. Social venture: Social venture specifically work for social welfare in the country and
provide efficient innovative product and services in terms of fulfil all requirement of
society's people in effective manner (Bridge and O'Neill, 2012). Their major goals and
objectives are not for making profit to the business. Their main motive to better serve
their social people in efficient manner.
 Determiner entrepreneur: Determiner entrepreneur is majorly peacemaker and they don't
follow the way in which other venture is operating and manufacturing product in
traditional way. They don't make copy of other's business.
These all kids of entrepreneurship venture is operating in the business in effective manner
and they are related to the various typology of entrepreneur in effective manner.
P.2. Similarities and differences between entrepreneurial venture
There are several kinds of entrepreneurship is operating in the UK country in order to
generating more revenue and also making contribution in country's economy in order to better
development of it in efficient manner (Butler, 2012). They have some similarities and differences
in providing product and services and their purpose as well. Major similarity among them is that
they all work for developing innovative product and services in order to fulfil all requirement of
their targeted customer in efficient form. Moreover, major differences between small business
and large business is that small business generate very less profit than large scale business
venture in the country. In respect of social venture they work for modification of new product
and services in context of fulfilment of all needs and requirements of social people within the
country in effective form. Scalable start-up venture work for generating more revenue from the
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market by furnishing existing product and service and also work for world changing dream
comes true by inventing innovative product to their targeted customer in the market efficiently. .
Furthermore, Scalable start-up and social venture comes in the market for making some
positive changes in the society in terms of formulating effective services in order to social well-
beingness in the country. Both small and large scale corporation is crucially important for each
country economy because both sector have different kinds of economic functionality to better
growth and support the country GDP in efficient manner. Further similarities and differences are
as below:
Small business
entrepreneurship
Scalable start-up
entrepreneurship
Social entrepreneurship
This kind of business start with
very few investments in the
business and this type of firm
also generate less revenue
from the market.
Scalable start-up
entrepreneurship need to high
investment in order to produce
innovative product and they
also require for higher
educated and talented
employee within the firm (Ács,
Autio and Szerb, 2014).
Social entrepreneurship do not
need large investment and
higher educated employee in
order to start this business in
the society.
They bear low level of risk in
the business and sell small
type of product and services.
They need high level of
investment and sell various
kind of small and large
innovative product and
services.
They do not take any risk in
this business and they only
work for social welfare in the
country.
Employees in the business is
not needed higher qualified in
order to run small business.
They need few people in the
business and they must be
higher qualified to invent
innovation in the business.
They need multiple numbers
of employees in the firm in
order to better service people
in the society and they do not
require higher qualified worker
in this type of business
(Naudé, 2010).
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They higher from local people
in the society in order to run
small business in effective
manner.
They hire most talented and
skilled persons in terms of
inventing innovative product
and services to change the
world.
The hire local people and less
skilled worker than other
business venture because they
need large scale of workforce.
TASK 2
P.3. Micro and small business impact on the economy
Small and medium size of the business in the UK is the most key factor of the economic
growth of the country in efficient way. European union consider that SMEs, micro business mad
small business make big impact on economic growth of the country by contributing in job
creation, social integrity, innovative production and social welfare in the society etc. Each
country's economic development is most necessary part in order to better growth of each sector
in the country (Corner and Ho, 2010). Small and micro business is generating revenue at very
small level instead of large scale. But micro and small business also make positive impact on the
growth of the economy in effective manner.
In this small investigation, it is identified that there are more than 500 employees who is
involved in the exercises and functioning of the business who work for more profitability
generation for small and micro business in the country. Furthermore, various kinds of innovative
product and services are furnishing by these small and micro businesses at very small level in
order to fulfil people requirements at very small level in sufficient form. The manner of
furnishing services are good and they make contribution in order to satisfy each customers need
in effective manner. They make several new job creation by launching innovative product and
services at very small scale. They come up in the market with launching innovative product and
services to effective satisfy each customer needs properly (Abu-Saifan, 2012). When new small
business start in the country it makes small contribution in the growth of the UK's economy.
According to small research, it is concluded that more than 91% of small and micro business are
sunning properly in the UK.
 Future growth: Brexit made direct effect on the economic growth of the UK country,
Hence, the UK government need to take some crucial action towards small and micro
business growth in the country in order to better GDP increment in effective manner,
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various kinds of import and export subsidiaries launched by the UK government in order
raising number of small and micro business in the country. They made several business
policies in the country in raise the volume of business quality in the country and also
increase the job opportunities within the country in effective manner. After, Brexit the
UK government has been launched several policies in order to raise investment in the
small business capital in the country efficiently (Naudé, 2014). There are large scale of
small and micro business running properly in the UK after leaving from European union
and it is also increased the British pound value more efficiently.
P.4. Explain how important small businesses and business start-ups will contribute to the growth
of the social economy of the UK
There are several factors which make affect the UK's economy efficiently after leaving
European Union. This is because employment opportunities within the country greatly increased
in the country. After all it could be stated that, the UK economy has been positively impacted
after Brexit in the country (Agarwal, and et. al.,2011). Government takes several actions and
formulate many policies in order to support small business and start-ups businesses in the
country and also provide subsidiaries to these kinds of businesses in the country in terms of
raising their capital and sales in the corporation.
Apart from this, with the help of research, the maximum percentage of the small and
micro business in the country has been increased effectively. Small business and start-ups
venture increase employment opportunities in the country and serve several kinds of services to
their targeted customers. Small and business start-ups represent 97% of employment in the UK
country. Both kinds of business make great contribution in the country by functioning several
business activities in corporation. Raise employment: In small and new start-ups generate more employment in the country
more effectively. In case of the UK country, there are multiple numbers of small business
is operating in various region in the country. There are several professionals and workers
needed to operate a small business sufficiently. So it helps the country to raise
employment volume and it been cause of economic growth of the UK. Income increment: Small businesses and new start-ups in the business make contribution
in increment of income of the country in sufficient manner. With the help of revenue
generation it increases the national income of the country and giving employment
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increase per person income in effective way so all this make contribution in growth of the
UK country's economy.
 UK's economic growth: Small and new start-ups businesses make contribution in local
economy of the country sufficiently. They utilise innovative techniques in their
established business and furnish employment opportunity to their regional community
people which is not capable to hire by large companies in the UK. Small and start-ups
venture attract new talent who provide innovative ideas and approaches to develop new
product in effective form.
TASK 3
P.5. Characteristic and traits required for successful entrepreneur
Numbers of characteristic and traits essential in terms of become a successful
entrepreneur in the market. Apart from innovative idea, an entrepreneur need to improve in the
quality of work and other parts as well. Moreover, characteristics and traits of the successful
entrepreneur is as following: Passionate and motivational power: An entrepreneur must be passionate towards their
work and job in their start-up business in order to sufficient development in each function
of their business and they should love to work with their approaches in the business
effectively (Morris, Kuratko and Covin, 2010). Entrepreneur must have ability to
motivate their employees and co-workers in effective way by which they will prove cost
effective to the business as well. Passionate entrepreneur enjoy their work in the business
effectively. Risk taker: An entrepreneur should be risk taker because of there are several kinds of
risks faces by an entrepreneur within initial period of their business. They must have
ability to formulate proper plan before take any risk in the firm. They also should have
risk identification approach which help them to easily determine each risk in the
corporation and also effective remove them for business growth as well. Self believe and hard worker: An entrepreneur always try to make effort in those works
in which they feel more confident. An effective entrepreneur always beliefs in themselves
and make hard work in the business in order to accomplish their desired goals and
objectives in more efficient manner. Entrepreneur believe in their ideas which will be
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proved cost effective to the business. So an entrepreneur should adopt these
characteristics. Adaptability and flexibility: An entrepreneur must adopt adaptability quality in order to
work more efficiently in some critical condition of the business. At the initial stage of
start-up faces many of issues in the firm so that they required to accept all kinds of
positive and negative circumstances in the firm more effectively and should also be
nature in flexible in context of better tackle the each situation in the business in more
effective manner. Planning: This is also a most essential traits for an entrepreneur which must be adopted
by them. An entrepreneur must be a good planner in order to formulate appropriate
strategy and panning approaches in the business in terms of their project succession in the
firm (Schaper and et.al., 2014). They do different kinds of planning in the business
according to given time duration in the corporation and also planning for proper use of
resources within the firm effectively. So an entrepreneur must be a good planner so that
according to the situational they will rectify their planning strategy towards cost
effectiveness to the business.
 Network ability: An entrepreneur ought to network ability in order to make channel for
increment of their sales in the market and also effective promote their product and
services in the firm more effectively. This is a key trait of an entrepreneur to formulate
effective network communication to their friends, family members in context of
promoting their new ideas and business among the people in more effective manner.
From above we have discussed several characteristics and traits of a successful
entrepreneur which must be have in a person who is going to set up a new start-up in the market
and these characteristics and traits will help them to accomplishment of their desired goals and
objectives in effective manner and also provide guidelines to do business in effective way.
P.6. Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set
There are some characteristic and traits which we have discussed above and these
attributes must acquire by a successful entrepreneur in order to business enhancement. There are
some aspects of an entrepreneurial personality which provide reflection to make them more
motivated towards their work and prepare a proper mind set in terms of implementation of
innovative ideas on the business effectively.
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 Reach out to customer first: An entrepreneur always try to take risk in order to more
gain in the business in more effective manner (Bosma and Levie, 2010). They make
effort in order to each out first to their targeted customer in the market by furnishing
existing product and services effectively. They prepare their mind set in order to find out
new segment product and their demand in the market and then try to make it. Find a new market for an existing product: An entrepreneur come up in the market with
new product and services. Their personality factor make them motivate in order to find
out new market in which their existing product and services can be gained efficient
revenue from their targeted customer and their ability to find new market increase their
productivity and profitability within the firm as well. Utilisation of networking to build business expansion: Various kinds of business
running and expanding with the help of networking ability in the business. An
entrepreneurial personality attributes always boost them to develop more effective
networking system in the market in order to promote their product and services in more
effective manner and also make effort in respect of find out their new existing customer
in the market which can raise the sales of their business efficiently in the market. Keep control on your vision: An entrepreneurial personality always reflect themselves in
order to keep effective control on the vision and mission of their business. They know
very well about their business vision and they often try to motivate themselves in terms
of make effort to each to their vision with the support of their employees and innovative
mind-set of effective working in the business as well. Their business vision motivate
them to work more hard in the firm efficiently. Focus on what's good for your business: An entrepreneurial personality always boost
themselves in order to find out what is good action which must be taken by them in terms
of reach to their desired goals and objectives in sufficient way (Kirzner, 2015). They
always find out what can be beneficial for their organisation and make their mind set to
effectively reach on them.
 Always maintain quality control: They always try to make keep quality control in their
product and service by making sure that their workers and employees are completing
their job in proper manner and also check out the quality of raw material which is using
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in manufacturing new products. They always try to keep their quality control in order to
maintain their brand value in the market efficiently.
P.7. Examine, using relevant examples obtained through your mini-research, how background
and experience can hinder and foster entrepreneur
For being a successful entrepreneur, each individual go through several stages in the
business. These various steps can hinder and foster the ability of an entrepreneur in effective
way. Background and knowledge of an entrepreneur skill could affect the behaviour and
psychology of an entrepreneurship in efficient manner. Various kinds of misfortune factor which
is lack of educational background, having poor financial circumstances in the family, less
supportive nature of family and other family condition in their life can hinder the talent and
experience of an entrepreneur effectively (Drucker, 2014). It's all depend on the psychology
behaviour of an entrepreneur either they take it to hinder or foster in their life to become a
successful entrepreneur. Hence, background and experience can great impact on development of
an entrepreneur in efficient manner. Cost origins: Case system has its own influences in front of occupational succession.
Social unit make structure of a large and capable environment in the society in different-
different groups of cast in the communities. This is an origin which help to encourage an
entrepreneurial succession in more efficient manner. They provide support to their people
in terms of better operate their small business and also support for effective manage their
venture as well. In case of India, there are several communities such like parsee, jainism,
budhism, muslims and rajputs etc. all communities has their own industrial exercises.
These types of communities support each entrepreneur to become success in their life and
it being foster for entrepreneurship. In India sindhis, vaishnavs, khatris, hains, muslims,
Rajputs etc. all have their separated domestic resources to operate a business and become
a successful entrepreneur.
 Family backgrounds: This factor involves various kinds of families and their status as
well. Background must be supportive for an entrepreneurship in order to boost them to
become successful and some critical condition of the firm as well. An entrepreneur
family often supportive and several times it falls to support an entrepreneurship. A poor
condition of a family can not properly support an entrepreneur to become successful in
their business efficiently. This activity hinders an entrepreneurship (Barringer and
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Ireland, 2010). A well educated family often try to make effort to support their family
person to become a successful entrepreneur in their life and provide sufficient resources
in order to fulfil all business requirement effectively. This activity foster an entrepreneur
efficiently.
CONCLUSION
In this research, this is concluded that there are several kinds of entrepreneurship existing
in the UK country which providing different kinds of product and services in the market
effectively. Moreover, this study review about similarities and differences among these all kinds
of entrepreneurial ventures and this report also describe about small research on small and micro
corporations in the UK and their impact on the country's economy effectively. Furthermore, it is
also concluded that there are different kinds of characteristic and traits need to adopt an
entrepreneur to become successful. Ultimately, take mini research about to how background and
experience can hinder and foster an entrepreneurship effectively.
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REFERENCES
Books and Journals
Abu-Saifan, S., 2012. Social entrepreneurship: definition and boundaries. Technology Innovation
Management Review. 2. 2.
Ács, Z. J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy. 43. 3. pp. 476-494.
Agarwal, R., Audretsch, D. and Sarkar, M. B., 2010. Knowledge spillovers and strategic
entrepreneurship. Strategic Entrepreneurship Journal. 4. 4. pp. 271-283.
Barringer, E. and Ireland, R. D., 2010. Successfully Launching New Ventures. Pearson.
Bosma, N. S. and Levie, J., 2010. Global Entrepreneurship Monitor 2009 Executive Report.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Palgrave Macmillan.
Butler, J. S., 2012. Entrepreneurship and self-help among black Americans: A reconsideration of
race and economics. SUNY Press.
Corner, P. D. and Ho, M., 2010. How opportunities develop in social entrepreneurship.
Entrepreneurship theory and practice. 34. 4. pp. 635-659.
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. s83-111.
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.
Naudé, W., 2010. Entrepreneurship, developing countries, and development economics: new
approaches and insights. Small business economics. 34. 1. p. 1.
Naudé, W., 2014. Entrepreneurship and economic development. International Development.
Ideas, Experiences and Prospects.
Olson, D. L. and Staley, J., 2012. Case study of open-source enterprise resource planning
implementation in a small business. Enterprise Information Systems. 6. 1. pp. 79-94.
Schaper, M. T., Volery, T., Weber, P. C. and Gibson, B., 2014. Entrepreneurship and small
business.
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Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
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