Entrepreneurship Development & Management

This assignment delves into the multifaceted aspects of entrepreneurship development and management. It examines various theoretical frameworks, research findings, and practical implications related to fostering entrepreneurial ventures and promoting sustainable growth. Key topics covered include business model innovation, the impact of educational systems on entrepreneurship, legal factors influencing entrepreneurship, and the role of social entrepreneurship.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and their relation to the typology of
entrepreneurship.....................................................................................................................3
M1...........................................................................................................................................5
P2 Similarities and differences between different entrepreneur ventures..............................5
M2...........................................................................................................................................7
D1...........................................................................................................................................7
TASK 2............................................................................................................................................8
P3 Impact of micro and small business in the economy........................................................8
P4 Important small business and business start-ups will contribute to the social economy. .9
M3.........................................................................................................................................10
D2.........................................................................................................................................10
TASK 3..........................................................................................................................................11
P5 Characters, traits and skills of successful entrepreneurs.................................................11
M4.........................................................................................................................................12
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set................12
D3.........................................................................................................................................14
TASK 4..........................................................................................................................................14
P7 Background and experience can hinder or foster entrepreneurship................................14
D4.........................................................................................................................................16
CONCLUSION..............................................................................................................................16
REFRENCES................................................................................................................................17

INTRODUCTION
Entrepreneurship meaning covers a wide range of aspects. Entrepreneurship is the
capability and desire to start-up a new venture offering services and specific product, managing
of business and driving profit through the venture.
The word entrepreneur has French origin, which refers “to undertake”. In context with
the business it refers to start an enterprise or venture. According to Merriam-Webster Dictionary
entrepreneur means that the person who is capable to bear risk and organises and manages
enterprise (Bosma and Levie, 2010).
Many of times the terms “small business” and “entrepreneur” are used interchangeably.
But these two terms differs from each other by the factors like speed of wealth creation and
amount of wealth creation is more in entrepreneur than the small business.
Entrepreneurship directly affects the economic growth and countries. The poor countries
supports the entrepreneurship largely from last decades for their economic growth and
development of countries. China and countries of East Asia develop their economy with help of
establishing new enterprise for exponential growth.
Brexit is developed economic growth and the business community. Post Brexit leads to
the collaboration of business entity with the government which is important for the economic
relationship of nation in coming years. After the implementation of Brexit the UK government is
enhancing the entrepreneurial activities in the country for their development.
TASK 1
P1 Different types of entrepreneurial ventures and their relation to the typology of
entrepreneurship
The capability and desire to manage and the organise a venture with risk taking spirit in
return to develop profit from the organisation. Entrepreneurship is developing new ideas and new
thing by different people (Morris, Kuratko and Covin, 2010). Entrepreneurship is the
management of land, labour, capital and the resources and all put together to earn profit. Ex.
Some one develop tech geniuses from the silicon valley ventures.
The entrepreneur is the person who is self- motivated and confident towards the
innovative idea, passionate towards the work and risk bearing capability. The entrepreneur aren

willing to fail and learn from their mistakes and start over again and result in profitable
establishes enterprise.
Entrepreneur venture is the enterprise which is self funded and managed by the
entrepreneur with confidence and the new innovative ideas. There are different types of ventures
depending on the typology of different entrepreneurship are like social entrepreneurship, serial
entrepreneurship, female entrepreneurship etc.
Serial entrepreneurship refers to that entrepreneurship in which the entrepreneur has a
lots of new innovative ideas and continuously jumps to the new new ventures with next new
ideas after establishing the one ventures (Storey and Greene, 2010). The serial entrepreneur sells
its venture to some one and succeed further with new ideas. Serial entrepreneur if full of ideas
and self motivated and accepts changes in his life. There are many serial entrepreneurs who
keeps on moving with new ideas like Steve jobs who continuously used to came up with new
ideas and establish new ventures.
Serial entrepreneur venture of Niklas Zennstrom and Janus Fris, belongs to Sweden and
Denmark established a chain of tech companies with new ideas including Vdio, Rdio, Kazaa, and
Skype. The establish ventures with series of ideas to earn profit.
Women Entrepreneurship defines the management and establishment of an profitable
ventures which are established by the woman or group of self motivated women. These women
are actively working in the establishment and the organising of the company by own investment
and risk bearing capabilities (Bridge and O'Neill, 2012).
Ex. Women Enterpriser venture Adafruit Industries UK founded by Limor Fried in 2005.
It all starts when she made an MP3 player. Now this company is having employees around 85
who are engaged in making hardware kits and 25000 sq. ft. factory. These hardware kits are
designed to produce anything from the GPS dog collar or an LED wig. This company also
provide E-learning portal for engineers.
Social Entrepreneur is the person who serves services and product with an innovative
idea for the betterment of society and helping the social community in solving their problems.
The entrepreneur is having risk bearing capability and create some profitable for the
development of the society. Social entrepreneur contribute to the social innovation and leads to
the changes in education, health and environment development. They basically focuses on the
poverty alleviation goals and the betterment of environment with the zeal of entrepreneurship

and overcome the traditional cultures and approaches for development of community people.
This may be non profit organisation or may be semi profit organisation depending on the
organisational model.
Ex. Bilikiss AdeBiyi-Abiola is the founder and the CEO of social entrepreneurship
venture namely WeCyclers. Bilikiss is an Nigerian entrepreneur. Bilikiss founded a company
with a innovative idea of generating the profit from the waste from the neighbourhood. They
developed an incentive based recycling program for cleaning the society. This company also
motivate the youngsters for empowering them as a micro entrepreneurs (Dacin, Dacin and
Matear, 2010).
M1
The different types of entrepreneurial ventures are engaged in delivering their services in
both public and corporate sector. The corporate sector venture are basically focusing on earning
more profit while the public sector venture are focusing on delivery of efficient services to the
citizens. The public sector enterprise of Tesco while the private sector enterprise are privately
owned businesses with creative ideas. The entrepreneurship in public companies largely helps
coining a new innovative ideas to serve the public with better services. The Tesco is an large
organisation which is following Intrapreneur in their actions. Intrapreneur is an approach to
modern entrepreneurship which involves assigning an special project or task to develop in
marketplace to existing employee or higher management of big organisation. This is working ion
different concept along with working with a big organisation.
P2 Similarities and differences between different entrepreneur ventures
The lifestyle entrepreneur venture and the social entrepreneur ventures have share some
similarities with each other. The major similarities between theses entrepreneur ventures are as
follows:
 Innovation: This is the criteria which is similar in both the lifestyle entrepreneur and the
social entrepreneur. As both the ventures are developed with an new idea that serves for
the untouched market space.
 Time management: Time is the first valuable asset for the company growth. So, every
type of entrepreneurial venture should emphasis on the time management for increasing
the profitably of organisation.

 Risk bearer: Every type of entrepreneur has this trait. Risk bearer is the capability to
bear risk in adverse condition which is common to all type of entrepreneur venture.
 Motivation: Passionate work and the motivated entrepreneur is the utmost trait of all
typology of entrepreneurial enterprises (Defourny and Nyssens, 2010).
Some of the difference between the lifestyle entrepreneurial venture and the social
entrepreneurial business are:
 Goals: The major difference between the lifestyle entrepreneur and the social
entrepreneur is the variation in their goals, mission and vision. The lifestyle entrepreneur
focusses on the majorly the financial and business goals of profitability. While the social
entrepreneur has missions and goals related to the social benefits and the impact of their
ideas on the society development.
 Mindset: There is major difference between the mindset of the social entrepreneur
venture and the lifestyle entrepreneur venture. The mindset of an lifestyle venture lies in
the chasing around the money. While the social entrepreneurial venture focuses on the
passion and the social benefits served by the organisation.
 Value creation: Lifestyle entrepreneur focuses on the serving valued services to the
customers through competitive advantage. Social entrepreneur venture majorly works for
the social value creation and the social advantages provided by the venture as a whole to
the community.
 Marketing communication: sales is the major operations and motivation for the lifestyle
entrepreneurial ventures. The lifestyle entrepreneur enterprise are basically engaged in
the communicating their services in market through different media to capture the
potential market (Bruton, Ahlstrom and Li, 2010). While the social ventures are involved
in the word of moth communication to the people only to aware about the social benefit
services.
The difference and the similarities between the men entrepreneur and the women
entrepreneur are as follows:
There are many common factors between the venture established by the men and women
both. Some of these similarities are described below:
 Both men and women are passionate toward the work.
 Both the entrepreneur ensures the financial security in their enterprise.

 Both are responsive towards the profitably index of the venture.
 Both starts up their business with an innovative idea.
 Both men and women entrepreneur want to be their own boss.
 Both type of ventures are motivated to earn more wealth and profit.
According to survey it is found that women entrepreneur strength are 56% more as
multitasking than the men (Oosterbeek, Van Praag and Ijsselstein, 2010). Difference between the
men empowered venture and the women empowered venture are as follows:
Women Entrepreneurial Venture Men Entrepreneurial Venture
1. Women are sociable and connected with the
people.
1. While men are less sociably connected.
2. women are less focused towards the work as
she as nature of making more choices and
options.
2. Men entrepreneur are more focussed than
women entrepreneur.
3. The women entrepreneurial venture mainly
dislike the risk incurred in the opportunity.
3.Men are more likely to take risk for future
growth.
M2
About 43% of the GDP growth is contributed by the profitability earned by the small
enterprises in UK. While 12% contribution is of medium privately owned enterprise in the
development of economy of country rest of the hike in GDP come from the profit of large
business in UK. Large organisation like Tesco contribute highly in economic development of
country. This is the major contributing part of the business organisation in the economic growth
of nation. Big organisation provide large numbers of employment and also contribute to hike in
GDP rates and also contributes in internation trade also.
D1
Entrepreneurial venture is having great scope of development as it is working with the
new creative ideas and engaged in delivering services to customers targeting through an critical
analysis of their needs and wants.

TASK 2
P3 Impact of micro and small business in the economy
Micro enterprise has the employee approximate 10 in numbers and the annual turnover of
the firm is fewer than €2 million. Small enterprise has less than 50 employees and the yearly
turnover of the firm is below 10 million euro. Medium-sized enterprise have less than 250
employees and the annual turnover of the venture is approximately 50 million euro (Welter,
2011). Large Enterprise is associated with full job titles and the IT department and the
management department for various functioning of the venture.
The major difference between the SMEs and the large enterprises lies between the
management techniques. SMEs focuses on the proprietor enterprise while the large enterprise
depends on the partnerships. Private company is organised with few individuals privately. There
is 505 sharing of shares. The shares of the private company is not sold publicly. In private
company there should be at-least 2 members and the the no can goes to 200 people. Sole
proprietorship is flexible system of enterprise (George and Bock, 2011). A sole proprietorship
venture include single person ownership and all revenue generated is contributed to that single
person only. This type of structure is followed by micro enterprise. Partnership deals with
relation between the different people carrying out the business and engaged in the same mission
of revenue generation from the firm.
The SMEs ventures plays very important role in the economic growth and development.
The effect of SMEs on economy are as follows:
 SMEs affect the labour turnover contribute to the employee income to large extent hence
influencing the economy of the country.
 The developing country like Taiwan is growing very fast with development of SMEs
from last 50 years.
 Colombia,s shows high rate of expansion between 1960s to 1970s with help of
manufacturing medium sized entrepreneurship.
 SMEs are around 90% of business economy contributed in EU (Santos, 2012).
 Small medium sized entrepreneurial venture creates 2 jobs out of 3 in the country.
 In 2013 about 90 million jobs are engaged by people through the 21 million medium
sized ventures in EU (Delgado, Porter and Stern, 2010).

The SMEs are the backbone of the economic growth in organisation. Entrepreneurship is
the major source for employment and the revenue generation for the development of country and
economical growth through innovative ideas of entrepreneurs.
P4 Important small business and business start-ups will contribute to the social economy
According to world scenario entrepreneurship diversifies new business opportunities. By
updating new products services it creates employment opportunities through out the world and
facing different challenges and business ongoing as well as outgoing situations. It changes the
lifestyle of the people and business including working conditions and business environment,
growing entrepreneurs helpful in implementation of standard of living and innovate new ideas
for the business culture (Awogbenle and Iwuamadi, 2010). It creates employment opportunities,
in order to attain prosperous life and wealth by starting their ventures capital investment. It id
found to be a resource an advantage to be harvested, stimulated and reimburse.
Creation of business :-
Different industries like business process outsourcing,bps,hardware, software and other
equipment companies linked with businesses. Organizations related with infrastructure
development and real estate like landed property or immovables, there is a migration of
employees to job agencies for searching new and better opportunities. Likewise there is a need of
strong logistic support, capital investment and educated workforce for underdeveloped nations.
Entrepreneur impotent the benefit between a programmer and construction worker within a
wider group.
Add value to national income :-
The national income is associated with entrepreneur and at the same time entrepreneur
connect to national income. The sources of wealth has been generated by entrepreneurial
ventures. It is difficult for other markets to glorifies the wealth challenges because entrepreneur
adopt innovative technologies and goods and services. The effect of increasing employment and
higher earnings contribute to better national income in form of higher tax revenue and higher
government spending. The government can use these revenue in struggling sectors and human
capital.
Social cahange :-
Entrepreneur generates societal change. By providing distinct and innovative logistics it
focus on advance methods and breaks traditional methods of obsolete technologies. As well, it

results in improved standard of living, high morale and economic independence. Globalization
also has a impact on entrepreneurs because the technological entrepreneurship in globalization
means entrepreneurs prevailing in fewer developed countries as it integrates the business of
world with the particular country. It transform the work and settle across the globe. For an
instance smart phones and smart devices are subjected to across the world and transform its
work as they are common to rich people and developed countries, the huge technological
advancement of chinas smart devices has profound the world and has great challenge and
competition within the countries. The popular entrepreneur like bill gates has spent their money
sources in good reasons like providing eduction to children, health benefits for public, the quality
of the entrepreneur that to make an entrepreneur is same as that you pay further that you make.
Norms plays a vital role growing entrepreneurship. By following certain regulations and rules
entrepreneurship can be improvised.
M3
The different character line of entrepreneurial defines that the person ins able to take
higher risk and confident and passionate in achieving their goals effectively. The individual is
reactive towards the various grabbing various profitable opportunities in marketplace. The
government of UK is going with order scope of development of retail sector entrepreneur with
faster rate. The government Retail Agenda of 2015 defines that regulatory bodies are supporting
enterprises through making more than 20 agreement with companies till now. The government of
UK also providing Easy loans facilities to the entrepreneurial ventures of UK to flourish in
highly profitable marketplace by developing an schemes with Bank of England.
D2
Small business helps in growth of economy at all acting level like national, international
and local level. Small businesses contributes in increasing disposable involve of regional area
and also helps in increasing employment in many folds at national level. While these businesses
develop an healthy competitive market which contribute in attraction of foreign investment
towards country ad helps in increasing economic growth of country.

TASK 3
P5 Characters, traits and skills of successful entrepreneurs
The validation of successful entrepreneurs which differentiates from business managers
are as follows:-
Passion :-
The basic fundamental characteristic of an entrepreneur is its passion, which is very
important to run a business and how to achieve targets (Desai, 2013). Its like something that
cannot bored from your work by doing the same things again and again, you cannot take rest
while working because your work is yet not completed, whatever you built you have to revise
those ideas again and again to improve and updates, whatever you find best and enjoy, want to
continue for the whole life. For successful life it is important to validate passion and motivation,
it measure your achievement in entrepreneurial venture.
Risk factor :-
entrepreneurs ready to take risks for their future diversions and in uncertain conditions.
It is not possible that all the risk taker entrepreneurs are successful because success totally
depends on how to take decisions in relation with risk factor and how to evaluate plans for taking
risk by keep in mind, whether it benefits in future to provide income sources.
Self confidence, hard work and disipline:-
Entrepreneurs believe in self enhancement and they are very comm passionate towards
their work and they do what they want. They are passionate and dedicated towards their work.
Most importantly they are self disciplined doing their work with complete sincerity.
Flexibility and adatabiliy :-
Entrepreneurs are very inflexible towards their customers and clients, they believe in,
whatever they do and decide is right but this is not good for business and leads to failure.
Successful business is totally about obeying regulations (Garba, 2010). There are vast marketing
requirements, changes are the reimbursing phenomenon. Successful entrepreneurs adopting all
suggestions and recommendations for the satisfaction of customers requirement.
Capital management :-
To gain success and profit in any entrepreneurial venture time is needed, by the time
income sources are limited and there is a requirement for using them adequately. To deal with
future financial obligations there is a requirement for planning the capital management sources.

For this it is important for an entrepreneur to realize the temporary money management needs.
This is the most important criteria for any business.
Networking conditions :-
Networking capabilities are very important in successful business entrepreneurship. It is a
chain of foundation between employees, managers, team members, leaders and mentors,
basically its is a link between lower level employees and higher level employees. In difficult
situations the employee can prefer to more experience and talented employee to come with the
problem and seeks valuable advice.
M4
There is an significant link between the entrepreneurial characteristics in person and the
past life experience and from his background experiences. Like for an example the founder of
virgin mobile learns from his failure ideas and concepts in products development and constantly
keep trying for developing an profitable acceptable new creative product in market.
Richard Branson was founder of Virgin groups who is having characteristics and traits
in his behavioural action to become an successful enterpriser as he is consistent with his work
and having ability to learn from his mistakes. This helps in bringing an successful entrepreneur
of world and comes with new innovative ideas in market.
While Steve Jobs CEO of Apple was consistent and hard working person. He is having
characteristic of bringing passion towards duties and work with higher dedication. Steve Jobs
never learn to stop and he keep going forward with many new innovative ideas which help him
in becoming an successful serial entrepreneur.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-
set
There are different entrepreneurial personalities which reflect entrepreneurial motivation
and mind set as well. Bill gates is the chairman of Microsoft corporation the worlds largest
software company. As an entrepreneur he becomes successful and wealthiest man.
Today hundred million of PCs including dos and ms dos of Microsoft operating systems
can be use. There are 200 products related with not only computer related products but also
education, entertainment and many more (Hashi and Krasniqi, 2011). Bill gates is one of the
scarce entrepreneur made by astounding strategies and great credibility to achieve targets and
aims. His thoughts suggest that by mid 70s each and every desk has computer as an instrument.

He selects the best and brightest talent and provide recognition as well. Company provides
employment to thousands millions of people and attained benefits to the company and employees
both, by their outstanding performance. He provides other opportunities for people for the
important aspects of the business and believes in creation of opportunities for employment in
every aspect of life for the benefits of the nation. By taking collaboration between work groups
Microsoft has taking experience and keen to adapt changing environment.
The famous entrepreneur Steve jobs has an extra ordinary carrier and he set up an
example for entrepreneurs that how business should be done. In spite of his professional
founding, health issues are the struggling factors for employment. in mid 2004, his email for
apple employees said that he undergone to an operation to remove a cancerous tumour from his
pancreas, in Jan 2011 he had a liver transplant, for these reasons he was taking a medical leave
from apple and but said he'd continue working as a CEO and gave full involvement in all
operations in the company. Eight months later the board of directors of the company announced
that Job's had resigns from CEO and replaced by some other. But he said he hasn't resigned from
the post and whenever he decides, let them know. Steve job is a very self dependent man, with
great reliability, comparability. He made strategic development programmes for become a good
entrepreneur by planing process through innovative ideas and by finding best possible methods
for strategic entrepreneurship resources and how to revolutionized the entrepreneurship and also
hoe entrepreneurship can be helpful in creating employment opportunities. These are the
examples of entrepreneurs to envisages and motivate them, to provide awareness about
entrepreneurship and methods of achieving success in business.
Cognitive style indicator tool to identify the mindset and thinking of entrepreneurial
ability. This defines three actions of the individual that shown the person characteristics of
entrepreneur that are motives to the mindset of individual. The actions are like individual
decisions, actions and behaviours of the entrepreneur and in its development of new start up.
Cognitive theory defines individual planning style, creating style and knowing style and helps in
development of successful business. Entrepreneurs are risk takers. The entrepreneur
characteristics can be from birth or developed later. It s found that 60% of characteristics, skills
and traits of the person are inheritable and inherited from the parents to next generation.
The entrepreneurial personalty can be defined with the analysing individual mind set and
perception through Ocean acronym. OCEAN stands for Openness, Extroversion, Agreeableness,

Conscientiousness, Neuroticism which defined the orientation of behavioural traits and
perception of an person. Higher the openness traits in personalty of the individual will having
good traits to become entrepreneur and should have lower level of Neuroticism characteristics in
his personalty.
D3
The various traits of an entrepreneur is passionate and hard-worker. The entrepreneur has
to adopt some motivational drivers like attending seminars which boost his moral and raise his
confidence. For example; Warren Buffet, who is one of the most successful entrepreneur has
always believed in creating something for the society which acts as motivation for him to work
more effectively.
TASK 4
P7 Background and experience can hinder or foster entrepreneurship
Entrepreneurs experience and background affects the susceptibility of characters to
become entrepreneurs and possibility of achieving their aims. Experience refers to ability and
capability of previous works and situations, and affecting positively on inventive
entrepreneurship and influence in a better way (Lee and et. al., 2011). The concern of business
and entrepreneurial competencies is apparently in relation with skilled labours, migration and
attitudes in the direction of to entrepreneurship. Inventive entrepreneurship need management
skills and capability to manage change. Self characteristics are complicated for innovative
entrepreneurship including innovative ability, changing orientation and leadership vision. The
experience inculcate the positive upbringings on entrepreneurship they give the basis of
company's dynamic responsibility toward business. There is an argument that entrepreneur is not
a study and it is rooted by experience and background and success is by chance. Society can be
educated by entrepreneurial spirit. Improvized public administration, jobs and working
conditions. Support services can be visible in a better way. Through entrepreneurship research
and technological developmental programmes can be made. It can made successful online
business representation and small business support of class can be develop.
In most countries , regions and sectors majority of manages, owners are male, the
percentage is like 65% to 75% of women are interested in entrepreneurship in 2004, the first
annual report on developments towards gender equality and orientations. It presents the idea that

the rate of women employees growing more rapidly as compared to overall employees rate.
Female entrepreneurs plays vital role in the entrepreneurship by creating employment
opportunities for themselves and for others and it highly influenced by society.
Role models plays very important role in entrepreneur development. Role model are the
experienced, desirable, credible choice foe entrepreneurship (Lee and et. al., 2011). There is a
requirement of female entrepreneurs in the business because a women can understand the
problems and situations of women more specifically than men.
Many disabled persons starting their own business because they faced many challenges
while searching for different jobs, obstacles like physical accommodations and flexible working
environment. By entrepreneurship they make a path for their carrier opportunities, and research
found that, there is a higher no of self employment practice of disabled persons than the normal
persons. For disabled persons programmes related with self employment and small scale
business have not been allowed.
Age factor is another important cause for entrepreneurship, to start the business the
minimum age of the entrepreneur should be above 30 and in other case above 40 (Mathew,
2010). policy and researches has been focusing on the position of young entrepreneurs is below
40 years.
The rewards for the entrepreneurship in starting new business organisation is that the
person is his own boss. He does not have to work under someone other. E choose own style of
working for the growth of his own new start-up. This gives opportunity top grow and build
equity and pass to next generation. The Steve jobs contributes in the country economy and
technology development in the country through development of revolutionary computers through
his new business start-up. There is some hindrance in the entrepreneurship which are higher risk
and longer period of working hard and reduced quality life till the business successfully
established in the market.
Background experiences of an individual can be defined through hos development by
analysing his education level, family perception and mind set. The nationality and religion of an
person also contribute in fostering or hindering entrepreneurial characteristics development in an
person.

D4
Background and past experiences of an person can act as motivation to do work more
passionately or some time this may negatively affect the development of entrepreneurial spirit in
individual behaviour because of large number of failures in the start-ups of new creative ideas.
CONCLUSION
From the above report it has been concluded that by adoption of different methods in
entrepreneurship including strategies, motivational factors, traits, responsibility of entrepreneurs
it encompasses the diversification of economy. It creates large scale of employment
opportunities and awareness among the people. Motivation factor plays a vital role within
individual and groups of people about entrepreneurship.

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