Higher Nationals Diploma in Business Assignment 2022

Plagiarism:
Anyactofplagiarismwillbeseriouslydealtwithaccordingtothecollegesandawardingbodies’regulations.Inthis
context,thedefinitionandscopeofplagiarismarepresentedbelow:
Plagiarismispresentingsomeone’sworkasyourown.Itincludescopyinginformationdirectlyfromthewebor books
without referencing the material; submitting joint coursework as an individual effort; copying another
student’scoursework;stealingcourseworkformanotherstudentandsubmittingitasyourownwork.Suspected
plagiarismwillbeinvestigatedandiffoundtohaveoccurredwillbedealtwithaccordingtothecollegeprocedure.
(Forfurtherdetailspleasereferto5.j.itheAcademicMisconductpolicyandprocedure;5.j.iiAcademicMisconduct
Student Guide; 5.n.v Plagiarism Student Handbook, all available on HELP.)
Date: 23.05.2019Learners Signature: Florin Luca
Learners Declaration:
Icertifythattheworksubmittedforthisunitismyownandtheresearchsourcesarefullyacknowledged.
Higher Nationals
Assignment Brief – BTEC
(RQF) Higher National Diploma
in Business
Student Name Florin Luca ID
Unit Number and
Title
09: Entrepreneurship and Small Business Management
Academic Year 2019-20 Cohort Sept 18 Block 2
Unit Leader Seethalakshmy Assesso
r
Priyangani Ariyawansha
Assignment Title Entrepreneurship and Small Business Management
Issue Date 25.03.2019
Submission Date
(Formative)
13.05.2019
IV Name Sean Barrett
Deadline for
assignment
submission
24.05.2019

Table of Contents
INTRODUCTION............................................................................................................................1
LO1..................................................................................................................................................2
P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURE AND ALSO
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF ENTREPRENEURSHIP...............2
P2 EXPLORE THE SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL
VENTURES..................................................................................................................................5
LO2..................................................................................................................................................7
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO ILLUSTRATE HOW
MICRO AND SMALL BUSINESS IMPACT ON THE ECONOMY.............................................7
P4 EXPLAIN THE IMPORTANCE OF SMALL BUSINESS AND STARTUPS FOR THE
GROWTH OF SOCIAL ECONOMY..........................................................................................10
LO3................................................................................................................................................12
P5 DETERMINE THE CHARACTERISTICS TRAITS AND SKILL OF SUCCESSFUL
ENTREPRENEUR THAT WILL DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGER.................................................................................................................................12
P6 ASSESS THE RELEVANT ASPECT OF ENTREPRENEURIAL PERSONALITY THAT
WILL FURTHER REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET.............14
LO4................................................................................................................................................16
P7 EXAMINE HOW THE BACKGROUND AND EXPERIENCE CAN HINDER OR FOSTER
ENTREPRENEURSHIP.............................................................................................................16
CONCLUSION..............................................................................................................................18
REFERENCES...............................................................................................................................19

INTRODUCTION
Entrepreneurship refers to the process of starting a new business with the purpose of
earning potential profits and assuming financial risk. The person who undertakes all the activities
to start a new venture and undertakes risk is known to be an entrepreneur (Ward and Rhodes,
2014). The purpose of the assignment is to provide cognitive knowledge in the field of
entrepreneurship and also provide deep insight into the characteristics of a successful
entrepreneur.
The report throws light on different types of an entrepreneurial venture and also explains
about the typology of entrepreneurship. Moreover, it explains the different types of the
entrepreneurial venture so as to provide a greater understanding of scope, development and
growth of different types of organization.
It also provides insight on relevant statistics of small business in the UK economy and
illustrates the importance of small business and startups to the growth of the social economy.
Moreover, it critically examines the impact of small business at different levels of the economy.
A research study is conducted with respect to Farm food limited that operates a chain of
supermarket in the UK. The company operates over more than 30 stores in the current time so as
to provide grocery products, fruits& vegetables and other similar items. It employs over 5200
people and is also planning to expand their business in the competitive market conditions (Kerr
et al., 2018).

LO1
P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURE AND ALSO
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF ENTREPRENEURSHIP
Entrepreneurship
This is said to be the activity of starting a new business. The concept of entrepreneurship
is undertaken by an entrepreneur who conducts various activities related to creation and
organization after assuming sufficient financial with the sole motive of earning profits (Lonial
and Carter, 2015).As discussed by Eisenmann, (2013), entrepreneurship is a “distinctive
approach to manage a specific stage in an organisation, its life cycle, a specific role of an
individual, or a constellation of personality attributes.”
Entrepreneurial venture
The basic purpose of an entrepreneurial venture is to generate employment and improve
the national income of the country (Kirzner, 2015). Moreover, the venture activities are
undertaken with the purpose of decentralization the economic wealth of the country.
Furthermore, it leads to improvements in the living standards of life by introducing innovative
ideas and acts as a catalyst for socio-economic transformation.
Entrepreneurs
Entrepreneurs are known to be the manager of the company who takes initiatives to
introduce innovative ideas for the purpose of developing product and marketing. The
Entrepreneurs do not undertake outside risks and is required to complete the project of the
company by accessing resources and capabilities (Leutner et al., 2014). There are different kinds
of entrepreneurs. The serial entrepreneurs are the businessmen who emerges out with new ideas
and is responsible for the stating of new business. The serial entrepreneurs have enough patience
and self-confidence into starting the same business. They differ from the general entrepreneurs
because they are the ones who move quickly into the business, however the other entrepreneurs
are the entrepreneurs who are merely related to the business. The owner-managers of the

organisations are the persons who both owns and manages the business. However he is nothing
more than a mere employee of his own organisation.
Types of ventures
Lifestyle venture- This is a type of venture that mainly focuses on achieving business goals and
targets and thereby aims to earn higher profits so as to improve their lifestyle. The venture
activities are undertaken with the purpose of providing better facilities and amenities to their
members (Kuratko, 2016). Farm Food Limited also initiates various innovative activities that
will help in enhancing the quality of life of the employees working at the supermarket. Above
this, the company is also duly concerned about its employees and provides them due care and
support.
Social entrepreneur- It is the type of business venture that focuses on improving health relation
with society. It focuses on the scalable representation of market share that can further help the
business in earning a reasonable profit. The main aims of such type of venture are to provide
quality services to their customers along with satisfying their social needs. Farm food limited
also carry out their business process so as to provide quality food to the citizens of the UK.
Female entrepreneur- Female entrepreneur encompasses 1/3 of total entrepreneur across the
globe (Kirkpatrick, 2012). A female entrepreneur is a concept where women undertake risk and
manage business activities by assuming the potential risk. It has also been noted that women
have made a significant contribution to the economic development of the country.
High Growth venture- The main focus of the venture is to achieve high growth in terms of
achieving big market share and enhancing the revenue generating a capacity of the business. An
entrepreneur is responsible to make a strategic plan for the purpose of achieving strategic growth
in next 5-6 years. Farm food ltd can plan to adopt this type of venture so as to support the
expansion plan of the business as well as achieving sustainable growth in the market.
Small scale entrepreneur- small scale entrepreneurs are the entrepreneurs who are responsible
for the small scale industries which have limited number of employees and have limited flow of
finances and materials. They have different sets of criteria to work in the market of
entrepreneurship (Henrekson and Sanandaji, 2014).

Entrepreneur typology and its relation with the venture
A typology can be defined as the technology-based entrepreneurial model that is further
based on a previous occupational background. Typologies have a connection with the personality
trait of individual ventures. There is a high propensity of people becoming an entrepreneur in the
UK. Therefore there is a distinctive personality of UK entrepreneur that are differentiated from
each other in terms of imaginations and creativity. They are empathetic and emotional for the
purpose of setting up their business rather than just accumulating wealth (Jin et al., 2017).There
are four different kinds of entrepreneurship. Based on the size, there is a small and large business
Entrepreneurship. Small entrepreneurship are the startups and the small businesses like the
grocery stores, the travel agents and anyone who runs their own business, with the aim of
forming a family and making profit. Large scale entrepreneurship acquires innovative companies
with changes in the customer tastes. Social entrepreneurs are the innovators who focus on the
creation of the products and services that aim in solving the social problems and needs. Their
goal is to make the world a better place. Public sector or corporate entrepreneurship involves the
innovative risks that the corporate firms including both the small and the large corporations take.
Also on the basis of growth rate, the entrepreneurship ventures can be typified. It might be low,
managed or fast growth rate of the corporations on basis of which the different entrepreneurs
take the risks.
Conclusion
There are different kinds of entrepreneurship ventures in the industry. It can be concluded
that the lifestyle ventures mainly focuses on achieving business goals and targets and thereby
aims to earn higher profits so as to improve their lifestyle. The high growth ventures focus to
achieve high growth in terms of achieving big market share. The social entrepreneur focuses on
improving health relation with society.

P2 EXPLORE THE SIMILARITIES AND DIFFERENCES BETWEEN
ENTREPRENEURIAL VENTURES
The comparison and contrast of the different kinds of ventures
The different kind of ventures are the lifestyle ventures, the small scale industries and the
high scale ventures. They differ from one another in many factors. In case of the Market Shares,
Lifestyle venture has long term goals and aims to enhance the market share by framing
competitive strategies (Ward and Rhodes, 2014). Lifestyle ventures have low scalability due to
the giant in size. Capital can be arranged from equity source or debt funding in case lifestyle
ventures. This kind of venture frames competitive marketing strategies that will help in
generating higher profits and attaining business goals .Lifestyle venture runs its business
activities in the form of corporation and limited partnership (Kabiri, 2014). They often face low
risks as they effectively manage their fund. The examples of the lifestyle ventures are
professional blogging, the consultants and the advisors and also the novelists or the journalists.
The small scale organization effectively carries out its business activities with the purpose of
earning potential profits. Scalability is high in case of small business by effectively framing
business strategies and actions. . Small business can arrange finance by way of taking a personal
loan and arranging fiancé from relatives or others. These kinds of businesses have no proper
structure and often run their business as sole proprietorship and partnership. They operate their
business activities at a small scale and do not have structured goals and objectives (Syed et al.,
2012). Risk shared by small business is usually high on account of huge capital investment and
low ROI. The examples of small scale businesses are the startups such as the catering services,
the business consulting or the online tutoring services.
The purpose of the high growth ventures is to achieve high growth in the long term through the
promotional campaign and innovative advertising strategies. Business activities of high scale
ventures are highly scalable due to enhanced market share. High growth venture usually arranges
capital from a venture capitalist, seed funding and other investors (Means, 2017). High growth
venture frames the strategies that will help them in maintaining a leading position in the market.
High growth venture has a complex set of organizational structure and can be in the form of

public limited and private. The entrepreneur loves to undertake more risk with the purpose of
earning higher profits. Lareg scale ventures are profitable and few examples of them are the Tea
industry, the cement and the sugar industries, as well as the other industries which has a large
venture capital
Conclusion
The three kind of ventures, the lifestyle, the small scale and the high scale ventures have
different goals and risks in the business. They do possess different market strategies in order to
gain success in the business. They also perform with different structures, where the lifestyle
ventures have a proper planned corporate structure unlike the small scale ventures.
LO2
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO ILLUSTRATE
HOW MICRO AND SMALL BUSINESS IMPACT ON THE ECONOMY
Micro and small business plays a major role in making a high contribution to the
economy of the country. In recent times, micro and small business are increasing over time and
thereby helps to generate higher revenue by offering different products or services to the
customer (Elmer and Dening, 2016).
In the UK, SME’s account for 99% of all the business in the country and constantly
increasing their market share with respect to a different industry. There are more than 4.5
million SME across the UK that also makes a higher contribution to the GDP of the economy.
Moreover, 96% of the business is considered a micro business that employs not more than 10
people. Furthermore, micro business constitutes over 33 % of employment and 22% of the total
turnover.

There is a number of small businesses in the UK as compared to medium and large
business. Microbusiness constitute turnover of 37% and also covers 38% employability
throughout the UK. Also, a small business in the UK is categorized under the head innovator,
exporter and non-exporter. Some of thebusiness generaterevenue by way of innovating the
product design or services while some of those export products so as to realize foreign currency
and contribute to the economy of UK (Hopkins, 2012).

Figur
e: Share of businesses in the UK
Source: Chemmanur et al., 2014
It is estimated that SME’s participation in future will be raised to £217 billion till 2020.
This will enable the economy to provide effective administrative and professional services under
various sectors. SME’s accounts for 27 % in form of real estate, renting and other business
activities.

According to statistical data, small and medium businesses are considered to be as the
major contributor to the development and growth of the UK economy. The sector provides
employment to more than 15 million people and ensures the creation of 25000 jobs in the near
future that will boom the economy of the UK. Also, it has been highlighted in the survey of RSA
that more than 55 per cent of small business is facing the issues and challenges related to
survival. Therefore, it is required by the UK government to frame necessary policies so as to
provide financial support and subsidies to the business operations of the small sector (Blackburn
et al., 2013).
Conclusion
Micro business constitutes over 33 % of employment and 22% of the total turnover.
Bothe the micro businesses and the macro businesses have an impact over the country’s
economy. However it can be concluded that the small scale industries do not have the same
amount of financial effect over the economy like the macro ones. Therefore UK government
needs to frame necessary policies so as to provide financial support and subsidies to the business
operations of the small sector

P4 EXPLAIN THE IMPORTANCE OF SMALL BUSINESS AND STARTUPS FOR THE
GROWTH OF SOCIAL ECONOMY
Social economy is a very important for a country I order to have an efficient budget. This
part of economy has the purpose to make profits for other than owners or investors and it is
mostly applied to the ventures people which help the economy to grow. It is formed by
cooperatives, associations, small businesses and others. They operate in many parts of the
economy, like manufacturing, commercial and service activities. Business startups have ahigh
influence on the growth of UKeconomies as they lead to the introduction of a new idea and
thereby providing the benefit to the customer in terms of meeting their certain needs and
requirements. This further leads to healthy competition amongst domestic competitors in the
UK.Startupbusinesses are also able to capture market share and thereby manages to generate
high profitability in a very short span of time (Audretsch, 2012).
Besides this, the business also needs to pay taxes over their profits that can further be
helpful in the growth of the economy. The business also generates employment opportunity in
the country by hiring and providing good salaries and incentives. Therefore, it further helps the
UK economy to decrease the rate of unemployment (Brammer et al., 2012).
Apart from this, startups businesses also required to make a contribution to the CSR
activities that support societal development and upliftment of the weaker sections of the society.
This can be done by providing education in rural areas with poor financial background.
Education acts as abase for the economic growth of the country. Therefore, it can be said that
startup businesses make a high contribution to the growth of GDP of the UK economy.

Figure: Impact of small business enterprise on social economy
[ Source: Barringer, 2015]
The growth of the social economy in the UK is driven by efforts of entrepreneur and new
start-up business. Small business and other startup play a major role in the social development
and well-being of the people in the society (Chemmanur et al., 2014). The businesses activities
are synchronized in a manner for the purpose of resolving social issues and improving the living
standard of society.
Significance of business startups to the UK economy
SME’s business and other startups make a significant contribution to the UK economy by
fulfilling the requirement of the people and providing them great opportunity to excel their skills
and support career growth.
 This lead to the rise of entrepreneurial concept and innovative ideas.
 Enhancing the living standard of the society.
 Improvement of national income.
 Encouraging youth to become economically independent.
 Exploring opportunities to achieve sustainable development (Dees, 2017).
The SME’s business and the startups were successful when there were incorporation of different
entrepreneurial concept s and innovative ideas regarding the different strategies and plans of the
businesses. The innovative ideas of the entrepreneurs help to increase and fulfil the expected
standards of living of the people. The entrepreneurial talents with the high potential are very

scarce and they represent the most important human resource of the nation. The startups improve
the national income of the nation and help to improve the economy of the nation. The startups
also have a positive effect upon the youth of the nation (Shaw, 2014).They help to encourage
more amount of people and they get motivated to invest new ideas in the industry and create
something of their own. This eventually makes the youth of the nation to become self-dependent
and earn for themselves. They can regain the self-confidence and can ultimately help the nation
to have an access to direct income. Thus the sustainability development is achieved as the startup
entrepreneurship changes the values of the society and bring new mind-set in line with the
society. The population also will begin to realize their responsibility of their work and career
development (Inyang, 2013).
Conclusion
Thus it can be concluded that an appropriate entrepreneurship ecosystem promotes the
research and development and innovative ideas among the new young minds, so that they can
contribute financially as well as intellectually to the economy of the nation.

LO3
P5 DETERMINE THE CHARACTERISTICS TRAITS AND SKILL OF SUCCESSFUL
ENTREPRENEUR THAT WILL DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGER
A successful entrepreneur must possess skills and traits in order to set up a successful
business and achieve business growth. Such characteristics are different from that of managers
and also help the entrepreneur to conduct the business operation effectively and efficiently
(Elmer and Dening, 2016).
The personal characteristics of an entrepreneur as follows:
 Passionate
A successful entrepreneur must be passionate about achieving the specified targets and
goals. The organization like Farm food limited is also managed by successful leaders who
provide their passionate efforts for developing effective business strategies and taking the
business to the new heights of success (Hopkins, 2012).
 Decisive
An entrepreneur must be able to provide reliable to the complex problem faced by the
business. This will further help the organization to prosper growth and success.
 Risk-taking
A successful entrepreneur never hesitates to take the risk as it is one of the important
elements of the business. The capability of risk-taking will enable farm food limited to
expand its business operations and generates profits.
 Autonomy and control
Autonomy and control are also an important trait of a successful entrepreneur that will
help the business to take control over their business activities. The trait of autonomy will

enable Farm food to expand the chain of supermarket in the global economy (Kabiri,
2014).
 Tenacity
This is an important factor that helps in achieving rapid growth and development. The
manager at farm food must possess this quality so as to expand the business operations
and attaining the organizational goal.
The personal skill of an entrepreneur
The entrepreneur must have excellent communication skill so as to interact with a diverse
set of people that includes suppliers, subordinates, clients, distributors and others.Leadership
skill is required so as to provide direction and proper guidance to the employees (Means,
2017).A negotiation skill will enable the entrepreneur to crack an effective deal with the clients
and thereby also helps to mitigate internal problems.Time management skill is also vital for an
entrepreneur so as to complete the task on time and achieving the desired targets.The managers
are able to prioritize the tasks and they are focused onto driving the tasks forward however they
differ from the entrepreneurs because they ah e integrity, honesty and they have the ability to
hold themselves and the others accountable for their actions.
Personal characteristics of an entrepreneur
Must be able to generate new and innovative business ideas. They also must possess ability to
assume greater risk in response to greater profitability. They must have a clear vision and goal
with a specific time frame.Good management skills are important so as to effectively manage the
financial resources and human resources (Storey, 2016). The prime different between the
business manager s and the entrepreneurs is that the managers do not possess the traits of the
entrepreneurs and they do not develop new ideas, within the companies where they already work.
They are willing to acknowledge whenever they need more information.
Are entrepreneurs born or made?
The entrepreneurs are not born. They are the normal people who gain knowledge through their
course of education and also foster their personal traits. They traits that they are born with are the

proper logical bent of mind and the confidence to take up challenges and face them. In their
course of development, they learn to take up risks and have proper successful ideas which they
strategize and channelize to gain success in the business.
These characteristics are something that everyone can learn or adapt, as they need to have a
positive attitude to life and a positive attitudes to the risks and challenges. For example, Walter
Driver, had a creative writing degree. He had the idea of a gaming network. And with his idea
and a proper plan, he is now the co-founder of California’s gaming network named Scopeley.
Conclusion
The entrepreneurs and the business managers do not have the same characteristics. They do have
proper communication skills but the manager lack the development of ideas and the method of
strategizing them into a proper plan. The manager scan also become entrepreneurs if they have a
positive attitude towards the business, can take up risks and face the challenges with proper
ideas.


P6 ASSESS THE RELEVANT ASPECT OF ENTREPRENEURIAL PERSONALITY THAT
WILL FURTHER REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET
Entrepreneurial personality is an important aspect to set up business motivation and
further providing effective ways for dealing with the problems effectively (Ward and Rhodes,
2014). Personality involves different traits and characteristics of an individual that will help in
generating new ideas and generating potential revenue to the business. These ideas can be turned
into action so as to meet the potential demand of the customer.
An entrepreneur must possess the capability of taking a risk and utilizing the resources
effectively for the benefits of the business. The aspects of personality enable a businessman to
set the goal, vision and business strategies and thereby needs to be self-motivated so as to give
the mindset of achieving the goal effectively (Syed et al., 2012).
Some of the elements of personality traits that will help in understanding the mindset of
an individual:
CONSCIENTIOUSNESS This refers to the quality of focusing on the targets and achieving the
business goal. This will involve a huge financial risk and also requires taking
a lot of decisions.
EXTRAVERSION This can be determined in terms of individual thinking and capability to
maintain a healthy and fruitful relationship with professional colleagues. This
quality can be helpful for the purpose of coordinating and communicating
with different types of peoples (Ward and Rhodes, 2014).
AGREEABLENESS This is an important personality trait that helps in understanding the feelings
of others so as to provide an appropriate solution to their problems.
NEUROTICISM This trait is possessed by a successful entrepreneur who is willing to handle
the work pressure and tension and thereby finding out the ways so as to
appropriately deal with it.
FLEXIBILITY Flexibility is an essential personality trait that determines the individual
attitude in particular circumstances. This can be beneficial in terms of
attaining well defined organizational goals (Jin et al., 2017).

Therefore, the personality trait of an individual is impacted by cultural and geographical
background. Cultural background is determined in terms of individuals' perception, personality,
communication and other factors. Also, the business strategies are planned after taking into
consideration the cultural background of an individual (Kerr et al., 2018).
Aspects of personal entrepreneurial tendency
The entrepreneurs need to have different personal entrepreneurial tendencies to have a
successful business. The most important of them being personal motivation.
The entrepreneurs must be goal-oriented. Setting goals and planning on the strategies and putting
all the ideas into achieving the same, are required to achieve success in the particular business. A
clear bent of mind and proper ideas are exactly what an entrepreneur needs to be successful in
taking their risks.There must be commitment on the behalf of the entrepreneurs. It is very
important for the entrepreneurs to know that they are not the ones who get defeated. If even they
fail for the first time, success can only be achieved if they remain committed to their business
and have a positive attitude towards every failure.
Entrepreneurs must be proactive always and even if they thrive on uncertainty, they know that
they need to have proper existing standards. They must keep calm and coll in any situation. True
entrepreneurs know that secretly they will flourish and grow by taking up abd facing the
challenges on the way. Their business is nothing but a personal extension of themselves. Thus
only if they remain positive, they can earn positive benefits and profits for their
business.Entrepreneurs must be willing to take risks. And they must be open to any kind of
learning and knowledge. They must have great people skills with which they could easily
interact and communicate with the people and the clients or the employees of their business and
make a proper relation which would help them flourish their business.
Apart from all these the family upbringing is extremely important, for the success of the
entrepreneurs. There must be personal motivations and driving forces that would help the
entrepreneurs to remain encouraged to take risks. The family background can help us to know
whether the entrepreneurs are ready for any kind of challenges and whether they are brought up
in a very positive way and are taught to face risks in every situation.

Conclusion
It can be concluded from the above discussion that the aspects of personality and the
personality traits do influence and have an impact on the motivational drivers in a person. They
do require independence and power and control over their character traits so that they can
channelize them into proper strategies and lead the business into a success. Innovation and new
ideas are extremely important for an entrepreneur to be successful in their field.

LO4
P7 EXAMINE HOW THE BACKGROUND AND EXPERIENCE CAN HINDER OR
FOSTER ENTREPRENEURSHIP
PERSONAL BACKGROUND
This is an important criterion to judge individual attitude and behaviour towards work. A
career of an entrepreneur is much influenced by the personal lifestyle of an individual and
perception of parents towards individual characteristics (Kirkpatrick, 2012). An entrepreneur
with strong personal background need not have to bother about the arrangement of financial
resources rather than he is required to use his innovative skills and creativity towards business
prosperity and success.
FAMILY SUPPORT
Family support and love is another important criterion that fosters the growth of a
successful entrepreneur (Kirzner, 2015). Afamily is the one that stands behind every mistake of
an individual and providing the ways to an individual to effectively cope up with the situation.
Thus, it is right to say that the family provides deep insight in reflecting the individual
personality. Thus, it is also seen that an individual with strong family support and care can
strongly fight with tough situations and making efforts to take the business to the new heights of
success.
PAST EXPERIENCE
Past experience also plays an important role in fostering entrepreneurship. An
entrepreneur with previous past experience is able to analyze the market situation and draw
effective strategies in order to start up a new business. Also, past experience provides an
opportunity for an individual to enhance his skills and proficiency in a particular field. Thus, it
providesa learning base to an entrepreneur for future growth and prospects.
EDUCATION AND QUALIFICATION

The level of education determines the influences on entrepreneurship (Kozubíková et al.,
2015). Education and other professional qualification help in determining individual knowledge
and capabilities that help in putting the ideas into actions. It also sharpens the skill of an
individual and also provides opportunities for future career growth plan.
CHARACTER TRAIT
There are different characteristic of an individual that will further help in the
development and growth of the business (Kuratko, 2016). This includes the level of innovation
and creative thinking for the purpose of making sound business decisions and judgments.
Moreover, there are several other parameters on the basis of which an individual character can be
determined. This will further help in identifying the aspects of hindering or fostering
entrepreneurship.
Sir Richard Branson is known to be the famous entrepreneur of the UK and is the well-
known founder of the Virgin group (Leutner et al., 2014). This group is a combination and
conglomerate version of Virgin Airways, Virgin Megastore and Virgin Mega mobile. Sir Richard
Branson is famous on account of its democratic leadership style and he is also a firm believer of
mentorship.
Family background
He was born in London on 18th July of 1950 and completed his schooling from Scaitcliffe. He is
a person who loves to take a risk andthereby strongly passionate to become the billionaire by his
creative work style. He is an aspiring entrepreneur and fun loving guy that further enables him to
solve excellent problems in a simple manner.
Past Experiences
He possesses the excellent capability in the field of entrepreneurship and also develops his
proficiency from his past experience. He is also famous for finding virgin mail order when he
was just 19. Thereafter he releases mike old field that successfully gains popularity in 1973.
Thus, his past experience enables him to achieve competitive advantage through the
conglomerate merger of Virgin group (Lonial and Carter, 2015).

Examples of people’s background and experience into fostering and hindering
entrepreneurship
Tom Webster is an example of Local entrepreneur. He is from the United Kingdom and is the co-
founder of GrowUp Urban Farms. His focus was on his idea of creation of a way to make the
farm fresh healthy food options available to everyone. Webster and his co-founders created an
aquaporin system so that the people in the urban setting can grow and produce fresh fish,
anytime and anywhere. He also aims into solving such social problems in the U.K as well as
across the world.
Another successful international entrepreneur is John Knific. He successfully founded the
Decision Desk which provides a platform for the streamline admission and application procedure
for different universities and institutions. However, he too did not have a great educational
background. He did not go to any business school and instead studied music at Case Western
Reserve. The Decision Desk first started as a streamline auction process for the music schools, so
that the applicants would be able to upload digital auction recordings. Thus John Knific is
anointer example of a successful entrepreneur who had no basic educational background of
business but had gained and achieved success at a very early age.
Jane Wurwand is a very successful social woman entrepreneur, who alike John Knific had no
knowledge of business and had never studied business. However she struggled and reached a
height in her career where she is now a multimillionaire. She is from England and her job is to
invest in women entrepreneurial ventures. With her only certificate of a beauty school, she
established the International Dermal Institute and a school of skin care. He had a very clear aim
in her mind. She had the idea of changing the mission, having a clear focus over the health and
not ion beauty of the women. Dermalogica, being one of the most successful skincare business in
the world had initially started with her work as a teacher. She is one of the leading example of
the fact that people can draw on the basic knowledge that they have into finding a successful
business idea and achieving success.
These entrepreneurs were successful in their own fields since they had the characteristic that is
very essential for achieving success as an entrepreneur. Not always the educational and the
family background matter. They had a very proper focus onto what they want and they had plans

onto how they would carry out their strategies. They had self-confidence and a healthy opinion
of their skills and abilities. Most importantly they had proper ideas and determination about the
business. Therefore the personal trait is very essential for gaining name and fame in the
entrepreneur world. The educational background does influence the knowledge of the
entrepreneurs but not always is that required to be successful.
CONCLUSION
The above report concluded that small and medium business makes a bigger contribution
to the GDP of the economy. It also highlights the importance of an entrepreneur that is required
to set up the business by considering different risk (Wasson, 2017). The report explains the
different types of ventures and also helps us to assess the impact of small business on the
economy. It further determines the key aspect of the entrepreneurial mindset and highlights the
potential characteristics of a successful entrepreneur. The last part of the report examines
different department that fosters or hinder the growth of entrepreneurship.

REFERENCES
Audretsch, D., 2012. Entrepreneurship research. Management Decision, 50(5), pp.755-764
Barringer, B.R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development, 20(1), pp.8-27.
Brammer, S., Hoejmose, S. and Marchant, K., 2012. Environmental Management in SME s in
the UK: Practices, Pressures and Perceived Benefits. Business Strategy and the Environment,
21(7), pp.423-434.
Chemmanur, T.J., Loutskina, E. and Tian, X., 2014. Corporate venture capital, value creation,
and innovation. The Review of Financial Studies, 27(8), pp.2434-2473.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case of Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Eisenmann, T.R., 2013. Entrepreneurship: A working definition. Harvard Business Review, 10.
Elmer, S. and Dening, G., 2016. The London clearances. City, 20(2), pp.271-277.
Henrekson, M. and Sanandaji, T., 2014. Small business activity does not measure
entrepreneurship. Proceedings of the National Academy of Sciences, 111(5), pp.1760-1765.
Hopkins, M., 2012. The planetary bargain: Corporate social responsibility matters. Routledge.
Inyang, B.J., 2013. Defining the role engagement of small and medium-sized enterprises (SMEs)
in corporate social responsibility (CSR). International business research, 6(5), p.123.
Jin, L., Madison, K., Kraiczy, N.D., Kellermanns, F.W., Crook, T.R. and Xi, J., 2017.
Entrepreneurial Team Composition Characteristics and New Venture Performance: A Meta‐
Analysis. Entrepreneurship Theory and Practice, 41(5), pp.743-771.
Kabiri, F., 2014. The Role of Entrepreneurial O Fruits and Ve.
Kerr, S.P., Kerr, W.R. and Xu, T., 2018. Personality traits of entrepreneurs: a review of recent
literature. Foundations and Trends® in Entrepreneurship, 14(3), pp.279-356.
Kirkpatrick, D., 2012. The Facebook effect: The real inside story of Mark Zuckerberg and the
world's fastest growing company. Random House.

Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago Press.
Kozubíková, L., Belás, J., Bilan, Y. and Bartoš, P., 2015. Personal characteristics of
entrepreneurs in the context of perception and management of business risk in the SME segment.
Economics and Sociology.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Lechner, C. and Gudmundsson, S.V., 2014. Entrepreneurial orientation, firm strategy and small
firm performance. International Small Business Journal, 32(1), pp.36-60.
Leutner, F., Ahmetoglu, G., Akhtar, R. and Chamorro-Premuzic, T., 2014. The relationship
between the entrepreneurial personality and the Big Five personality traits. Personality and
individual differences, 63, pp.58-63.
Lonial, S.C. and Carter, R.E., 2015. The impact of organizational orientations on medium and
small firm performance: A resource‐based perspective. Journal of Small Business Management,
53(1), pp.94-113.
Means, G., 2017. The modern corporation and private property. Routledge.
Shaw, G., 2014. Entrepreneurial cultures and small business enterprises in tourism. The Wiley
Blackwell companion to tourism, pp.120-131.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Syed, A.A.S.G., Ahmadani, M.M., Shaikh, N. and Shaikh, F.M., 2012. Impact analysis of the
SMEs sector in the economic development of Pakistan: A case of Sindh. Journal of Asian
Business Strategy, 2(2), pp.44-53.
Ward, M. and Rhodes, C., 2014. Small businesses and the UK economy. The report, House.