Managing Entrepreneurship for Success

This report discusses the importance of managing entrepreneurship for success, the impact of small and medium-sized businesses on the economy, the characteristics and traits of successful entrepreneurs, and how experience and background can influence entrepreneurship. It also includes typologies of entrepreneurial ventures and the value of small enterprises and new start-ups to social economic growth.

Managing
Entrepreneurship for
Success

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
PART 1 ( covered in PPT)...............................................................................................................1
PART 2............................................................................................................................................1
Interpreting and assessing relevant data and statistics that illustrate how small and micro
business impact on the economy.................................................................................................1
Evaluating the importance of small businesses and new start-ups to the social economy growth
.....................................................................................................................................................2
Evaluating the differences small, medium and large businesses make of the economy.............3
Evaluating how small businesses have an impact on different levels of the economy ( local,
regional, national) and in an international context......................................................................3
PART 3............................................................................................................................................3
Determining the characteristics traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................3
Assessing how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset..................................................................................................................................4
Exploring different lines of arguments relating to entrepreneurial characteristics......................5
Analysing the characteristic traits, skills and motivational drivers of successful entrepreneurs.5
Examining how background and experience can hinder or foster entrepreneurship...................5
Analysing the link between the entrepreneurial characteristic and influence of personal
background and experience to specific successful entrepreneurs................................................6
Analysing how background and experience influences entrepreneurs both positively and
negatively.....................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The meaning of Entrepreneurship described an act of starting and running a business or a
attitude of an individual to do creative and wish to work in their own ventures in effective
manner (Kumar, 2020). Managing entrepreneurship for success is an effective way in order to
help entrepreneurs to manage and operate their business in effective manner. Entrepreneurs are
essential to the economies because they help in improving as well as increasing the economic
growth of the country in effective manner. The following reports includes different type of
entrepreneurial ventures and typologies that are important to be considered by entrepreneurs
along with consequence of small enterprise on the economy. It further analyse the important
feature of an enterprising attitude as well as various surround that surrogate or obstruct
entrepreneurship.
PART 1 ( covered in PPT)
PART 2
Rendering and assessing applicable data and statistics that exemplify how small and medium
enterprise effect on the economy
Small and medium sized business plays a important role for the growth of economy
because they has a major contribution in creating the employment and development of the
economy of the country in effective manner (Chang and Chen, 2020). It assist economy in
effective production, great contribution to export, serving equal distribution and employment
creation for improving their growth in effective manner.
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According to the preceding statistical data, it is summarised that medium, small and large
enterprise provide great effect on the development of the economy. By creating maximum
employment help in the development of the economy. Around 48% of employment is created by
the small businesses, 40% by large and rest by medium sized business. In recent past years, small
entrepreneurs are increasing rapidly in the economy (Jin, 2020). Their increasing turnover also
help in the growth of the economy in effective manner. Around 33% turnover increased by the
small enterprises, 53% by large and rest from medium enterprises.
Evaluating the value of small enterprises and new start-ups to the social economy growth
Social economic system is a collection of associations, foundations, cooperatives and
mutual organisation that operate their business for certain values and social intention. Small
businesses and new start-ups supports the social economic growth through opening new market
opportunities, employment generations and increasing growth in effectual manner (Al-ali, 2019).
The importance of small entrepreneurship and new start-ups in social economic growth are
mentioned below:
Respond and adapt changes quickly- Small businesses and new start-ups assist social
economy to respond and adapt changes effectively as well quickly in order to improve their
growth in effective manner.
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Generate employment opportunities- Economic growth of UK is improved due to
increase in small and start up business because they help in generating employment in effective
manner. This help skilled and unskilled workers to get employment in appropriate manner.
Generate competition and encourage further innovation- Small businesses and new
start-ups are operating their business with new and creative ideas which cause great competition
in the economy. It also encourage dynamic innovation in the economy.
Evaluating the differences medium, small and large enterprises make of the economy
Turnover in between medium, small and large enterprises are different which also affects
the growth of the economy in different manner (Staniewski and Awruk, 2019). Large business
has a great impact on the growth of the economy because they earn maximum turnover and also
create maximum employment generations in effective manner. Small businesses is also has
impact on the economy because many individual wants to conduct their own business with their
creative ideas.
Evaluating how small enterprises have an effect the local, national, regional and international
level of the economy
Small business consist an effective impact on local, regional national and international
level of the economy in effective manner. They also have effective contribution on the
development of the economy. They render employment opportunities to the local people as well
as attract expert who devise new products as well as apply new solutions. It is also contribute to
the governments by paying higher taxes, which includes property tax, sales tax, etc.
PART 3
Analysing the characteristics skills and traits of booming entrepreneurs that distinguish them
from another enterprise managers
Skills and traits are the ability of an person that help them to operate their business in
effective manner. The skills and traits of booming entrepreneurs are too different from enterprise
managers because they have not only manage the business but they have also operate whole
business from starting to till in effective manner (Araújo, 2021). Large business entrepreneurs
has different skills and traits in comparison to local business entrepreneurs. The skills and traits
of local and large business entrepreneurs are described below:
Global business entrepreneurs
3

Curiosity- The large business entrepreneurs have an ability of curiosity that allows them
to ceaselessly look for new opportunities in effective manner. This will makes entrepreneurs to
ask challenging questions as well as explore different avenues that helps them to operate their
business most effectual manner.
Adaptability- Business has ever- changing nature which provides new challenges and
opportunities to entrepreneurs in order to operate their business in effective manner
(Papagiannis, 2018). This is essential for entrepreneurs to evaluate situations as well as adapt
them in order to run their business when unexpected changes occurs.
Decisiveness- Every entrepreneurs has to make many difficult decisions in order to
operate their business in effective manner. The successful entrepreneur has a confidence to make
challenging decisions and see them done.
Local Business entrepreneurs
Team Building- The entrepreneurs is aware about their strengths and weaknesses in order
to manage their team work in among their team members in effective manner. The local
business entrepreneurs has an ability to build a team in appropriate manner.
Creativity- Small entrepreneurs have creative skills in order to produce goods and
services more creative and unique from their competitors in order to operate their business in
effective manner.
Risk Taking- This is a most effective traits are found in local entrepreneurs because they
does not have large amount to start a business but they start their business by taking risk with
small amount of capital in effective manner.
Analysing how characteristic of the entrepreneurial attribute indicate entrepreneurial condition
and mentality.
Entrepreneurs has certain personality which includes persuasiveness, flexibility,
creativity, tenacity, passion and self motivation which supports their mindset as well as
motivated them in order to start a new business in effective manner (Kaciak and Welsh, 2020).
Flexibility makes them to adopt many challenges in order to operate their business in effective
manner. Their passion leads them to take risk in order to start a new business with their creative
ideas and thinking in effective manner.
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Exploring various lines of arguments associate with entrepreneurial characteristics
The entrepreneurial characteristics are creativity, risk pickings, professionalism, passion,
planning, knowledge, social skills and open minded towards learning, people and even failure
makes an entrepreneur effective in order to operate and manage their business in successful
manner as well as achieve their objectives and goals in effective manner (Abe and Abe, 2021).
They has passion for creation as well as ability to follows ideas in order to start an
entrepreneurship in effective manner. They want to perform for themselves, this makes them to
take risks for the success of their ideas and products in effective manner.
Describing the characteristic skills, traits as well as motivational mechanism of booming
entrepreneurs
A booming entrepreneurs has effective characteristic traits, skills and motivational
drivers that makes them to operate and manage their business in effective manner. They want to
make something different and unique for the world. They wants to achieve, improve and meet
their certain standards with the help of their products in effective manner. In order to conduct
effective business they want to achieve satisfaction for doing something great in their life in
effective manner.
Examining how experience and background can foster or hinder entrepreneurship
Experience and background can consist higher impact on a enterprise as well as foster
and hinder the entrepreneurship in effective manner. Background and experiences of local and
global entrepreneurs that can hinder and foster their entrepreneurship with relevant example are
described below:
Small entrepreneur- Broadsword Event House is a small business of UK, which is
found by Martin Edward Walton. Who is a Britisher and lived in England and he is born in
September of 1967. From his childhood he was very creative as well as curious in order to
conduct their work in effective manner (Wang, 2019). He has a passion to do something very
creative in order to support their ideas in effective manner. This will makes him to start a start-up
of event management in order to provide effective service to their customers as well as earn
effective profit from it. So, he established its business that is Broadsword Event House in UK on
1 August 2006. It refers to an award wining event agency that provides services of virtual, live
and hybrid events to its target customers in relevant manner.
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Global entrepreneurs- HSBC is global business based on UK and its founders is Sir
Thomas Sutherland who was a British Politician and Banker as well as born in Aberdeen,
Scotland, United Kingdom on 16 August 1834. He was popular after the establishment of The
HongKong and Shanghai Banking Corporation which is a director of P&O company along with
the member of HSBC group. He stopped his studies in early age as well join his uncle bank in
America. But his grandfather's wants that he became politician. Instead of it he choose to work
under with his Uncle's guidance in a bank. This will become the main reason in order to
established HSBC in UK in effective manner.
Analysing the link among the entrepreneurial influence and characteristic of personal experience
and background to particular successful entrepreneurs
Entrepreneurial characteristic and personal experience and background of an successful
entrepreneurs has a direct link in between them. Personal background and experience makes an
entrepreneur effective in order to get certain skill that match with the entrepreneurial
characteristic in order to helps to run an entrepreneurship in effective manner as well as achieve
their goals in effective manner (Kumar, 2020). This will tends to achieve effective growth of the
business as well as improve their skills in order to make their business effective. Experience
helps them to effectively respond and adapt challenges that may occurs while operating their
business in the market in the effective manner. This helps small business improve their
operations as well as expand their business in international level.
Describing how experience and background influences entrepreneurs both negatively and
positively
The background and experience of an entrepreneur can impacts them positive as well as
negative. If an entrepreneurs has less experience this will tend to produce fewer ideas whereas
highly experienced entrepreneurs has an effective ability in order to generate creative ideas as
well as operate their business in effective manner. They learn many things from their background
and experiences which makes them to operate their business, ensure for long term survival as
well as achieve their goals in effective manner. If the does learn things from their experience
may cause problems to them in order to operate their business in effective manner.
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CONCLUSION
From the above mentioned report, it is concluded that managing entrepreneurship to
success helps entrepreneurs in order to manage and operate their business, increase their business
growth as well as achieve their objectives in effective manner. Various kind of entrepreneurial
ventures as well as typologies help entrepreneurs to understand the nature of their start-ups in
effective manner. Impacts of small businesses on the economy assists in increasing the growth as
well as generate employment in effective in manner. Creativity, passion, flexibility, motivation,
persuasiveness and tenacity has some key feature of an entrepreneurial attitude. Entrepreneurs
personal background and experiences are different environment that foster or hinder
entrepreneurship in effective manner.
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REFERENCES
Books and Journals:
Kumar, S.S., 2020. Managing Paradoxical Tensions at the Intersection of the Triple Bottom Line
Goals: The Case of Under The Mango Tree. International Review of
Entrepreneurship, 18(4).
Chang, Y.Y. and Chen, M.H., 2020. Creative entrepreneurs’ creativity, opportunity recognition,
and career success: Is resource availability a double-edged sword?. European
Management Journal, 38(5), pp.750-762.
Jin, B., 2020. The practical intelligence of social entrepreneurs: Managing the hybridity of social
enterprises. Entrepreneurship Research Journal, 10(1).
Al-ali, A.H., 2019. ARE ENTREPRENEURSHIP INSTRUCTORS REALLY
ENTREPRENEURIALS? A JORDANIAN PERSPECTIVE. Academy of
Entrepreneurship Journal, 25(2), pp.1-13.
Staniewski, M.W. and Awruk, K., 2019. Entrepreneurial success and achievement motivation–A
preliminary report on a validation study of the questionnaire of entrepreneurial
success. Journal of Business Research, 101, pp.433-440.
Araújo, L., 2021. Measuring tourism success: how European National Tourism Organisations are
shifting the paradigm. Worldwide Hospitality and Tourism Themes.
Papagiannis, G.D., 2018. Entrepreneurship education programs: The contribution of courses,
seminars and competitions to entrepreneurial activity decision and to entrepreneurial
spirit and mindset of young people in Greece. Journal of Entrepreneurship
Education, 21(1), pp.1-21.
Kaciak, E. and Welsh, D.H., 2020. Women entrepreneurs and work–life interface: The impact of
sustainable economies on success. Journal of Business Research, 112, pp.281-290.
Abe, E.N. and Abe, I.I., 2021. Institutional Support and Entrepreneurial Self-Efficacy: Recipe for
Successful Entrepreneurship in Sub-Saharan Africa. In Reshaping Entrepreneurship
Education With Strategy and Innovation (pp. 148-166). IGI Global.
Wang, Q., 2019. Gender, race/ethnicity, and entrepreneurship: women entrepreneurs in a US
south city. International Journal of Entrepreneurial Behavior & Research.
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