Impact of SMEs on Economic Growth

The assignment explores the significant contributions of Small and Medium Enterprises (SMEs) to economic growth. It examines various aspects, including financial valuation of startups, knowledge components related to internationalization, and the impact of managerial factors like age and focus on opportunities on business growth. Furthermore, the document delves into the broader context of SMEs within developing economies and analyzes the role of government programs in supporting their development. Finally, it considers the implications of global events like Brexit on the SME sector.

University
Entrepreneurship
By
Date
Name
Lecturers

Contents
Introduction:....................................................................................................3
LO 1. Explore and illustrate the range of venture types that might be
considered entrepreneurial..............................................................................4
There are four types of entrepreneurial ventures. Those are discussed in
the below which relate to the typology of entrepreneurship........................4
Explore the similarities and dissimilarities between entrepreneurial
ventures........................................................................................................6
LO 2. Assess the impact of small businesses on the economy........................7
Assess and interpret relevant data and statistics in your mini-research, to
illustrate how micro and small businesses impact on the economy.............7
Explain how important small businesses and business start –ups will
contribute to the growth of the social economy...........................................8
LO 3...............................................................................................................10
Key aspects of an entrepreneurial mindset................................................10
LO 4...............................................................................................................13
Different environment that fosters entrepreneurship.................................13
Conclusion.....................................................................................................15
References:....................................................................................................16
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Introduction:
The Brexit had changed the economy of UK for few months. The people of this country provided
the votes which made a huge controversy all around the world. In fact, the country was facing
economic problem for few months. Entrepreneurship has typically been explained as the
technique of preparation, commencement and organising an inventive corporation, which
naturally starts on like a minute corporation, as a pioneer company, recommending an invention,
method or checks for selling or occupy, and the populace who perform so are allowed,
entrepreneurs. It has been confidential as the potential and eagerness to enlarge, systematise, and
sprint a commerce growth all along with some of its hazards to create income. These tasks
describe and provide scrutiny with the different facet of entrepreneurship. It also comprised the
dissimilar undertakings and their individualities.
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LO 1. Explore and illustrate the range of venture types that might be considered
entrepreneurial
There are four types of entrepreneurial ventures. Those are discussed in the below which
relate to the typology of entrepreneurship.
Entrepreneurial refers as carry the enterprise in which various individual plans to start or
develop unique characteristics in products or services. It will assist to enhance profits and
revenue through business will accomplish their goals and make further investment plans. These
type of individual are known as entrepreneur and organisation is defined as entrepreneurial
venture. There are different type of ventures carried which assist to promote effective results and
outcomes at workplace. They are as follows:
i. Small business entrepreneurial venture:
There is imposing figure about the small business entrepreneurship in the United Kingdom. The
business opportunity in this country is quite impressive. Among the industrial firms, almost half
of the numbers are based on the non-government companies (Park, LiPuma and Prange, 2014).
The small business includes the grocery stores, the fabrication equipment business, travel
agencies, the broadband and other household business firms. Those businesses are being built up
by the individual personalities. The maximum number of living people is recruited as the
working staffs in these companies. The aim of this kind of small business firms is not too high.
The basic goal is to set up the business well and extract the reasonable profit from the
investment. This kind of entrepreneurial venture helps to set up and boost the thinking of new
business personalities (Scarborough, Cornwall and Zimmerer, 2016).
ii. Scalable start-up entrepreneurial venture:
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The motif of this sort of business venture is quite like the small business investment in the matter
of earning a small amount of profit. But the focus of scalable startup business is to attract the
investors not only in the United Kingdom but also all over the world (Lerm, Rollberg and Kurz,
2012). This kind of organisation use to recruit the meritorious and smart employees. But what
makes this venture different is that the scalable investment always follows the previous theories
of successful business groups. The owners of this scalable venture want to make the stakeholders
bound to invest from all around the world and for this very reason they make their products
different and attractive.
iii. Large company entrepreneurial venture:
Large organisations have restricted existence sequences. Maximum cultivate is obtained
through supporting improvement, contributing fresh foodstuffs and goods that are alternative
approximately their nucleus goods. Modification in buyer experience, latest technical
knowledge, management, new-fangled opponents, etc. can make demands for further
troublemaking modernization – wanting big firms to generate entirely new goods to be delivered
to new consumers in the newly established marketplace (K. Berger, 2015). Obtainable
corporations use to perform this by either obtaining inventive corporations or endeavouring to
construct unsettling manufactured goods in the interior. Sarcastically, great business firm’s
dimension and background build disorderly improvement exceptionally complicated to
implement.
iv. Social entrepreneurial venture:
Social entrepreneurs are trendsetters who use to cast a spotlight on producing goods and services
so as to crack social wants and troubles (Curley and Formica, 2013). But dissimilar to scalable
startups venture the ultimate objective of this kind of venture is to form the earth an excellent
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environment to live, not to receive bazaar distribution or to make to prosperity for the creators.
Those attempts can be for the earning or sometimes not related to money. In a single word, it is
quite complicated (Cumming and Vismara, 2016).
In addition to this, there are different entrepreneurial working for developing their own
outcomes to form profitability at workplace. They are as follows:
Serial entrepreneur: These types of entrepreneurs are work to start and lead business
after carrying one organisation. In this aspect, multiple enterprises are ongoing which assist to
promote and run effective results at workplace. For example, Dragons’ Den: Nick Jenkins who
has established six different businesses in one series in den which include double, slappie and
masons beans, etc. In addition to this, he is also continuous working with entrepreneurship
through various aspects and elements.
Female entrepreneurial: Female entrepreneurs are also working very well with
determines creativity that enhance brand image of business and country as well. In this way,
performances will be enhance inside and outside the boundaries which assist to promote
effective results. For instance, Gwyneth Paltrow and Zooey Deschanel are successful
entrepreneurs of UK who found online platform of start-up stories.
Lifestyle entrepreneurial: This type of entrepreneurs are working very well who have
focus on development within the organisation to handle risk element. With assessment of risk,
entrepreneur could develop effective results in successful outcomes and results which assist to
make positive functions.
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P2 Similarities and differences between entrepreneur ventures
Explore the similarities and dissimilarities between entrepreneurial ventures
There are certain elements included through similarities and differences can be measures
in various entrepreneurial ventures. They are as follows: Size and structure: In respect to this, small business enterprise is defined as the important
elements which assist to meet with needs and requirement of each customer at workplace.
In this way, unique features quality will be improves that enhance customer base in
business environment. On the other hand, in large and start up entrepreneurship size is
not big factor it is only required idea to work upon it. Aims and objectives: This is also different element which assist to create aim and
objectives in entrepreneurial venture, through entrepreneurship venture, it is very
important to arrange fund that assist to expansion of organisation in other areas.
However, it also analysed that objectives also ascertain to develop product and service
quality for each customer.
 Finance source: Different businesses requires finance as per their functions and
operations. Obtain finance assist to develop entrepreneurship program for expansion of
organisation. In this aspect, social entrepreneur are more focus on welfare of society and
without any profit. Similarities also determines with implement creativity and unique
features so that targets will be accomplished.
Similarities and differences between lifestyle and serial entrepreneur
Lifestyle entrepreneur Serial entrepreneur
Human resource management need to develop
results through recruit new people at
workplace.
Serial entrepreneur also need to implement
recruitment for increase productivity.
They are carry risk to develop functions and
operations in successful aspects.
Serial entrepreneur are also taken risk to solve
their issues in creativity and enhance
productivity.
Differences Difference
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Lifestyle entrepreneur need to make focus on
reward system so that it would be beneficial to
create results with passion and outcomes.
Serial entrepreneur only focus on strategy and
maintains ideas that incorporate with changes.
They are playing vital role in success of
organisation and promotion activity as well.
Difference and similarities between female and male entrepreneurs
Female entrepreneur Male entrepreneur
Female entrepreneur are look in expansion of
business in international market so that they
can accomplish positive image and enhance
market share as well.
Male entrepreneurs are also like to enjoy image
in market through creativity and innovative and
unique features which would be beneficial to
earn more profit.
There is less turnover take place due to
expansion of business in various part of
market.
They can make continue diversify so that
continuous expansion have been made at
workplace.
Differences Differences
In this aspect, female are working in
geographical boundaries.
They are working every part of market whether
it is geographical and commercial.
Only 1/3rd part of total population carry by
female to develop effective results at
workplace.
However, male entrepreneur are more than the
female candidates.
There are many similarities and dissimilarities in the four types of entrepreneurial ventures that
are mentioned in the above. The controversial and suitable facts among the various types of
entrepreneurial ventures are discussed in the below –
Similarities:
All the entrepreneurial ventures are quite similar in the matter of building up the business. The
small business venture is the grassroots level of business plans and start-up to set up a business.
As a successful entrepreneur, it is to be advised that any person has the capability to start the
small business (Robb and Jimmy Gandhi, 2016). This venture never brings out a huge loss in
case it’s collapse. The similarity among all the ventures is that in all kind of ventures it is
mentioned that all the ventures are created to boost and motivate the new business start-ups. In
all the ventures, the main motif is to spread the business in different areas. The small businesses
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are addressed to be spread in localities. The scalable ventures are mentioned to do the business in
broad areas or foreign countries. The large companies business ethic is to serve worldwide and
so as to the social entrepreneurial ventures (Luthans, Doh and Hodgetts, 2012).
Dissimilarities:
Apart from the various disgraces, there are many distinctions which exist among the four types
of entrepreneurial ventures (Breugst et al., 2011). At first, the small entrepreneurial venture is far
different from others because they do business, especially in the countryside. On the other hand,
the scalable ventures are formed to do business in the neighbouring countries also. The small
business venture asks to recruit employees from the locality. But the scalable venture mentions
to include the staffs of the stand meritorious institutions. Small business never thinks about the
capital, but the scalable venture requires getting huge investment and capitals. The large
company's venture is unique. They demand customer satisfactions and a good profit. So they use
to set up a strong business management, recruits quality employees and deals with the
manufacturers to deliver quality products which can make the consumers happy after purchasing
those products (Kahn, 2011).
LO 2. Assess the impact of small businesses on the economy
Assess and interpret relevant data and statistics in your mini-research, to illustrate how
micro and small businesses impact on the economy.
The presentation of the United Kingdom financial system is essential to the present appraisal of
the possessions of the Brexit on the United Kingdom. It is efficiently summed up in the Gross
Page 9 of 24

Domestic Product information which for the time of two months demonstrated a 0.6 percentage
growth in the financial system, 0.3 per cent above outlooks.
P3 Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro
and small businesses impact on the economy.
Micro businesses are operates with functions and operations at very small amount of
fund. There are few resources are material requires to perform functions and operations in
different areas of market. In respect to work in international market size of this entrepreneurship
is based on principles that are needed in run business, recording of expenses and keep proper
records. In addition to this, small business are work with privately owned in which corporation
work in fewer employees so that less income earn at workplace. There are several methods
classified which assist to analysis annual expenses, shipments and sales, etc. Further, medium
size of businesses are working with more than 100 but less than 1000 employees. They are drive
to innovate things to make ahead from competition in economic sector. It assists to ascertain
competitive results at workplace.
Privately businesses are working to share interest and ownership to trade with public
sector. In this way, small group of people invest their money to enhance profitability in their own
areas. Targets are made at workplace to create specific results in effective manner. Beside this,
sole proprietorship entrepreneurship are face high loss and taxes in personal income tax. It is the
simplest type of organisation that includes person to own and run with developing solutions.
There is no legal entity in which person are includes to responsible for debts only. In addition to
this partnership business are also work with creativity and innovative things which assist to share
profit and losses among two or more than two people. There are different types of partnership
working which have limited liability and formalities are exist. However, small business are
creating more impact on the business operations. There are certain elements which contributes to
growth of nation and enhance productivity that create effective results. In decline of UK
economy, SME affect to the operations of market. There are certain elements create impact on
SME that are as follows:
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 Contribution in increase employment: In this aspect, small business enterprise are
contributes to work in development of country results. In this aspect, employment given
to many people which assist to enhance growth of the nation at workplace.
 Economy impact: Further, economic impact also create impact to determines profitability
at workplace. In this way, innovations carry at workplace to develop solution with
positive results.
 Flexibility within the changing scenario: In changing scenario, flexibility assist to make
changes in business environment so that country can accomplish their targets and goals in
successful manner. At recession time, they can earn huge amount of profit.
 Revenue of sector: Small business enterprise also enhance productivity that assist to grow
income and outsource at workplace for development of country. In this way, revenue
generated at workplace for accomplish targets at workplace.
The Brexit vote helped the United Kingdom to be excluded from the European Union. The ruling
prime minister of the nation was against the decision, and for this very reason, he was bound to
give the resignation. But the exclusion has shown massive growth in the economy of the United
Kingdom. The small business has cast an effect on the British economy. Apart from this, the
small business firms were also affected by the change in the European Union. The economic
situations are described in the below –
According to the referendum, it is mentioned that the people and the authority of the United
Kingdom cast a vote to leave the European Union. This vote was given in the month June. But
the economy growth was implemented from the month of July, and the effect happened till
September. To place this liberate of 0.6 percent into standpoint, it is significant to note down that
the information was about 0.8 percent. So eventually it is a turn down in the rate of United
Kingdom financial system enlargement. The statistics were predictable to be awful at 0.4 percent
and perhaps poorer by several accommodations so even as constructive because it strikes
prospect, it is a motionless envoy of a turndown.
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It is factual that little and micro businesses do not acquire such a lot ability or the personnel,
although they contain an enormous collision on the financial condition of the state. Minute
businesses are usually surpassed in the information by huge trade and association (Brandimarte,
2011). They may not create as a lot returns only as big organisations, but they are necessary to
the attainment of a nation. There are few central advances that small organisations contribute to
each country-side. They award inhabitants the possibility to achieve financial dominion, bear
reconstruction and create facility cavities. Little corporations make a wide variety of new facility
alters. The power of a nation is in division predictable upon a general economy and the financial
power ensuing from these associations. Undersized companies are an engine of progress that
assigns both working class and the management to get the provisions and amenities they need to
develop. At the equivalent occasion, it authorises authentic populace with outstanding thoughts
to function ahead them and create their corporation a reality. In revolve, this stimulates adjoining
marketplace and influences others to obtain the similar constraint in the direction of becoming a
small commerce administrator (Chandler, 2010).
Explain how important small businesses and business start –ups will contribute to the
growth of the social economy.
Even if little associations may not manufacture as a lot of currency as long associations, they are
an important element and main supplier to the strength of the restricted marketplace.
Assistance: A minute manufacturing is distinguished as a corporation with fewer than 600
workers. According to the different UK, organizations symbolise 98.5% of all proprietor
associations. From 1995, little businesses have fashioned 64% of present professions, and
salaried 44% of the total United Kingdom confidential compensations (Islam, 2014).
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Profitable growth: Minute businesses bring in to confined marketplace by fetching
improvement and enhancement to the locale where the corporation is documented. Little
businesses also help to give confidence monetary increase by contributing service juncture to
populations who may not be recruit staffs by superior corporations of the United Kingdom after
the Brexit (Das, 2016). Small firms are inclined to draw aptitude that determines new
merchandise or carry out fresh clarification for simple thoughts. Superior commerce also
consistently advantage from small industry within the similar nearest region, as numerous
gigantic companies fully based on a minute organisation for the accomplishment of different
trade function via other countries (Ramli, 2015).
Flexibility for changing surroundings: A lot of small businesses also obtain the ability to act in
response and regulate rapidly to varying manufacturing impression. This is payable to the
authenticity that small corporations are frequently unbelievably client based. More than a few
restricted regulars will stay dedicated to their favoured small corporations in the heart of a
financial disaster. Small relations also accumulate fewer profits than superior associations
(CLARKE, 2017).
Schools and adjacent administration workplaces: When clientele hold up restricted little
commerce, they are charitable hard cash reverse to their local district of the United Kingdom.
The Brexit vote sometimes puts a trouble regarding this matter. A wealthy restricted corporation
will create high elevations of proceeds, which makes realises that the corporation will repay
advanced appraisal, counting ecological assessment. This sponsor is then exploited for confined
regulation enforcement and flames components, as well as discipline (Gielnik, Zacher and
Schmitt, 2016).
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Brexit :- Government of United Kingdom has taken decision for getting separated from
European Union (EU). It is termed as Brexit and it has given impact on the economy of the
nation.
Difference between small business and start ups :- Small business differ from start ups and there
is significant difference among them. Start up is a temporary firm that is being designed to
search for a scalable business model. On the other hand small business is independent and state
owned business that is independently owned and operated that is started for earning profits.
Economic and Social development :- Small business are contributing towards ensuring economic
development of nation and social development as it is helping for ensuring that positive
improvement in life of people living in local community area.
Reduction in poverty, Wealth distribution, Employment, Provision Infrastructure and social
amenities :- Small business provides job and employment opportunities for people and it help for
reducing poverty and making improvement in infrastructure.
Revenues to government, Taxes and Foreign exchanges gains :- Taxes paid by small business
helps for providing revenues to the government and it also help for making it ensure that wealth
of state should be enhanced.
Improvement in UK economic growth :- Growth of the nation is ensured by SME working in the
nation and they contributes positively for the development of the country.
Improvement in social security :- It enhances living standard of people by giving them job
opportunity and this makes improvements in social security.
Improvement in UK international trading :- International trading activities gets affected and due
to that strong presence is created on international platform.
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LO 3
Key aspects of an entrepreneurial mindset
Entrepreneurship is an inseparable and one of essential parts of today's business industry. Many
freshers are willing for a start-up business. Without entrepreneurship, most of the business count
be even established in the market. Thus the process of introducing new companies to their new
idea is ultimately turning up to be very much beneficial for the business industry of today. As per
as norms and convention, there are certain key aspects of the entrepreneurial mindset which are
mentioned in the following report (Abkowitz, 2008).
P 5
Traits and skills of successful entrepreneurs differ from each other and there traits differ
from the other individuals. for example Mark Zuckerberg who founded Facebook has ability for
taking risk and it will help for making him more innovative and successful. He has very good
communication skills and it supports him in making effective interaction with the staff members
and other stakeholders and he has very good ability for making effective interaction and
presenting his view point.
His capability and skills for adopting innovation makes him different from others and
making him successful. One more skill of him is managing the time effectively and it supports
him in completing the required task and activities on due time. J.K. Rowling who is known for
his famous book Harry potter has some different traits which differentiate her from other
entrepreneurs. She is optimistic and future oriented person and she always gives importance to
increasing profiting for long period of time.
P 6
Big five personality traits that are required in a leader are as mentioned :-
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Openness :- In this dimension a person is opened towards new ideas, emotions, experiences,
concepts and creativity. It is explained as extent to which a person is open for accepting new
ideas and imaginative concepts.
Conscientiousness :- It is personality dimension in which a person has tendency for organized
and self discipline and have for achieving dependants. A person is effective and organized and
manages all the work.
Extraversion :- It is the personality dimension in which an individual is outgoing and energetic
and he tends to seek stimulation in the company of other people.
Agreeableness :- A person or entrepreneur having friendly and compassionate and cooperative
towards other people and the individual has helpful and trusting nature.
Neuroticism :- It is the dimension in which a person is sensitive towards experiencing emotions
such as anger, depression, joy and happiness.
Target of the company
The management of the company, as well as the leader of the new company, would have to be
determined about their own business. They have to be sure about what they are going to do or
what are they willing to provide to the customers which will have something extra and unique in
comparison to the products of the other rival companies. It is not that much easy for the startup
companies to get more customers. The management of the company would have to give time and
have to perform brilliantly to attract the customers (Burns, 2012). Thus the first thing that the
company or the management of the company must do to stabilise their business is to determine
the strategies that they are going to use and to determine the key points of their product or
service that they are providing to their customers.
Management of time
Whenever a group of new people are interested in starting their own business the first thing that
they would have to provide is their valuable time and handwork. This is one of the most
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important and essential aspects of entrepreneurship. If the managers or the leaders along with the
small group of employees do not pay time to the company, they would never be successful in
getting the success that they want. At the beginning of the startup, before getting
entrepreneurship, the company or the management of the company could not afford many
employees or many numbers of works. Being a self-made business, it is quite natural that there
would be many works to do and much important decision that the leaders and the management of
the company would have to take at the right time (Coleman, 2012). Thus the management of the
company along with the leaders of the company would have to give enough time to the business
and make the future planning and the prospectus of the business that they are going to launch in
the market or the business industry.
Dealing with facts
There are some facts that the management of the company must be aware of before starting their
business. Launching a business without any investors and entrepreneurship is obviously not an
easy task to do. There are many rival companies in the market who will act as some severe
threats for a start up companies. Thus the management of the company and the leaders of the
company would have to be prepared to fight against many odds for the establishment of their
own business. According to many surveys most of the startup companies has ended up with
being bankrupted. Thus these are some real facts and real threats that the management of the
company would have to deal with every single day and every moment. The management of the
company would have to make their plans and strategies in accordance with the mentioned facts
and should always be prepared to fight against all these issues. If the management manages to
overcome all these kinds of an issue, it would be easier for them to start their business and to get
success in less time.
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Focus
As mentioned in the previous passage there will occur many issues and many trouble in the way
of establishing the new business, it is the responsibility of the management of the company and
the leaders of the company to be focused on the aim and target of the company. For that, they
would be able to make some backup plans. Most of the time their plans will fail for the lack of
investors and number of employees, thus in these cases, the management of the company would
have to use some backup plans. This will help the management and the leaders of the company to
fight against any issues at any moment of time (Giuliani and Kurson, 2007).
Traits and skills
The companies providing the same product or same services in the market can turn up to be the
most dangerous threat to the company. To avoid this kind of issue, the management of the
company would have to make strategies keeping in mind about the rival companies, their
positive aspects and their negative aspects. Then the management of the company would have to
design their product and add something extra and unique which is missing from the products or
the services of the rival companies (Lambin and Schuiling, 2012). Other than this another
strategy will help the management of the startup company which is the low price strategy. If the
company can manage to provide good quality products and services to the customers, they would
be surely attracted by the company and the management of the company would ultimately be
benefited. These are the prime and the most important aspect of the entrepreneurial mindset that
the companies or to be more précised the startup companies would have to follow for the sake of
their establishment.
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LO 4
Different environment that fosters entrepreneurship
The environment of the place I which the management of the company is willing to set their
business is again one of the most important and essential aspects for the startup companies in the
process of entrepreneurship. There will be many issues in the environment for them that the
company or the management of the company would have to face. On the other hand, there will
also be some positive aspects of the company and the management of the company would have
to identify those positive aspects and use them with proper skill and care. The impact of the
business environment, both external and internal is mentioned in the following report.
Internal environment
The internal environment of the company or the organization is one of the most important factors
for the company or the management of the company. If there is any conflicts among the
managers or leaders of the company from the beginning, they would not be successful in
launching their business in the market. Understanding and trust are one of the key points in the
process of entrepreneurship for the startup companies. For example, if the leaders of the
company have a bad and unpleasant communication with the management of the company, there
will surely be a lack of dedication from the both side which will obviously affect the company or
the future of the company. To avoid this kind of issue, the first thing that the management of the
company should do is to build a nice and pleasant communication among them (Pinto, 2015).
This will help the management, leaders as well as the employees of the company to get more
involved with the company and they will surely remain dedicated towards their job and loyal
towards the company. Thus from the above passage, it is quite clear that the internal environment
of the business has a great impact on the establishment of the company and the management of
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the company as well as the leaders of the company would have to depend on the internal
environment of the organization. If the management of the company can follow all the
mentioned guidelines for the betterment of their company or business of their company it would
be easier for them to get success and to get establishment in less time.
External environment
The external environment of the business defines the place and the society and the culture in
which the management of the company is willing to set their business. The place of the business
is again one of the most important parts of their business. It is the responsibility of the
management of the company to get all the needed and required information about the place or the
environment of the place in which they are running their business. The management of the
company would have to be accustomed to the culture, society and economy of the place for the
establishment of the company. They have to build a nice and positive relationship with the local
or the national government of the country. This will help them with the rules and legal
legislations. If the management of the company is not aware of the economy of the place, then
they would not be able to deal with the suppliers as well as the buyers of the company. To avoid
this kind of problem the management of the company has to be more conscious in choosing the
environment for they business (Worthington and Britton, 2015). It is a common fact that the first
thing that the management of the company will do is to set a target customer and then make their
product and service to in the accordance of that target customers. The next thing that the
company or the management of the company must do is to choose the appropriate place of their
business which will turn up to be beneficial for them. This is the way to use the environment for
the sake of the establishment of the business. If the management of the company can follow all
the mentioned guidelines, they will surely be successful in their mission which is to establish
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their business in the market or the business industry. Thus the process of entrepreneurship is a
beneficial factor for all the startup companies and the management and leaders.
Entrepreneurship gets affected by the back ground and due to that skills and capabilities acquired
by the entrepreneurs also gets influenced and affected. Background and experiences and due to
that entrepreneurship capabilities of the entrepreneurs gets affected. For example Mark Jukerberg
who is Founder of Facebook has been interested in computers since his childhood days and it
created his vision for developing social networking platform for the people where they can make
interaction with each other.
Hid back ground experience of computers encouraged him for starting new venture in
this sector. One more example is of Chad Burley who founded You tube which is a leading
digital platform for sharing videos. Initially video sharing idea was not new and due to that it was
a risk to start this venture. He has previous experience for taking risk and due to that his old
experiences helped him in starting a new venture for video sharing.
Conclusion
Considering the outcomes gathered from the above report it must be admitted that the
entrepreneurship is obviously one of the most important parts of the business which is helping a
lot of startup companies to get establishment. Though most of the companies are failing to get
success there are also some companies who are getting success by following the key aspects of
the entrepreneurship. There are some specific and certain characteristics of the entrepreneurship
process which should be maintained by the management of the companies. If the management of
the companies or to be more précised, the startup companies maintains the characteristics of the
process it would surely be easier for them to get success in their business.
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References:
Breugst, N., Domurath, A., Patzelt, H. and Klaukien, A. (2011). Perceptions of Entrepreneurial
Passion and Employees' Commitment to Entrepreneurial Ventures. Entrepreneurship Theory and
Practice, 36(1), pp.171-192.
Cumming, D. and Vismara, S. (2016). De-segmenting research in entrepreneurial finance.
Venture Capital, 19(1-2), pp.17-27.
Curley, M. and Formica, P. (2013). The experimental nature of new venture creation. 1st ed.
Cham: Springer.
K. Berger, P. (2015). The Role of Fear for Entrepreneurial Venture Creation. 1st ed. Wiesbaden:
Springer Fachmedien Wiesbaden.
Kahn, K. (2011). Product planning essentials. 1st ed. Armonk, N.Y.: M.E. Sharpe.
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