Entrepreneurial Skills for Business Success

This assignment focuses on analyzing the key skills needed by entrepreneurs to succeed in establishing businesses within new and uncharted markets. It delves into the specific competencies required for identifying opportunities, navigating challenges, and driving growth in these unfamiliar territories.

UNIT 9
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P.1 Different types of entrepreneurial venture and link with typology of entrepreneurship......1
P.2 Similarity and difference between entrepreneur venture......................................................2
TASK 2............................................................................................................................................3
P.3 Micro and small business impact on economic ...................................................................3
P.5 Small business and start up importance................................................................................4
TASK 3............................................................................................................................................5
P.5 Characteristic, traits and skills of two successful entrepreneurs...........................................5
P.6 Entrepreneurial motivation and mind set..............................................................................7
TASK 4............................................................................................................................................8
P.7 Background and experience help entrepreneurship..............................................................8
CONCLUSION................................................................................................................................9
REFERENCE...................................................................................................................................1

INTRODUCTION
Entrepreneur is a person who believes in action at work place. Entrepreneurship is a
process of designing, launching and running new business which is basically a small scale
enterprise. In this context, present report is based on the small business enterprises in UK. In this
way, entrepreneur is help to solve business issue and development on the nation (Drucker and
et.al 2014). This report is based on VANARAMA small sector system and provide different
kind of serves furnish auto-mobile sector. In this report is focus on entrepreneur mind set is help
to motivate other people and different types of businessperson venture. With the help of
enterprising activity in small business increase the level of performance in market.
TASK 1
P.1 Different types of entrepreneurial venture and link with typology of entrepreneurship
In small business enterprises is help to many kinds on venture. An entrepreneur venture
who start a run business in limited resource and planing. It is also inculcated that taking account
of all risks in small business. In this, business idea is based upon innovation and introduce new
product or services introduce in market (Kirzner and et.al , 2015). Entrepreneurial venture is

help to increase the level of execution in new business in market. In such a way different types
of entrepreneur venture are as follows :-
 Small business enterprises: - In small enterprise enterprises is inculcated grocery store,
plumbers and consultant. All such are work in small business enterprise and increase then
level of execution in market. They are anyone who own business. They are hire local and
family member in midget business (Kuratko and et.al 2016). In such factor most are
hardly profitable in market and use new techniques in small business to increase income
ratio. In such business definition of success is to feed the family and make a profit only.
Not to take up in next level in small business.
 Scalable start up enterprise: - In this factor is help to increase the performance level
and maintained increase and focus on vision form day one. This kind of entrepreneur start
an establishment to knows form their vision could change the world. They are focus on
attract investment with the help of financial investors (Storey and et.al 2016). This type
of entrepreneur is hire the best financial adversary. In this context they are focus on the
more venture capital and future expansion.
 Large company entrepreneurship: - In such case large company is like an exhaustible
life cycle. It is help to introduce new things with the help of innovation and around there
core products. This type of entrepreneur is focus on change in taste of consumer and
introduce new technology and new competitors in market. All such factor is to be used in
large organisation (Shepherd and et.al 2015.). Introduce new products in market is not an
easy task in market. With the help of innovation and research work is most important
factor.
 Social entrepreneurship: - In social entrepreneurship is to be focus on create new
products and services to solve social need and help them to increase level of production
and remove any problem. This type of entrepreneurial venture is may be non profit, for
profit or hybrid.
In typology of entrepreneurship is to be focus on proper classification of work are doing in work
place. It is help to study and interpretation of types and symbols are per the social science.
P.2 Similarity and difference between entrepreneur venture
In such a way there are some similarity between the entrepreneurial venture and some
difference as well (Schaper and et.al 2014). In this report is to be focus on both the factor to

increase the level of performance and maintained the market rate. In this way, difference and
similarity between the entrepreneur venture are as follows :-
Similarity
Small business enterprise Large business enterprise
In small business is to be focus on the profit
only.
Large company is also focus on profit rate in
business.
In small business is use innovation in market.
(Schaper, and et.al 2014)
In large company is also used innovation in
products and services.
Introduce new technology in market and
increase customer traffic.
In large business is introduced new technology
and market efforts.
In such business definition of success is to feed
the family and make a profit.
In large business is also focused on provide
food for family and maintained organisation
goodwill in market. (Link, and et.al , 2015)
Difference
Small business venture Large business venture
In small business is focus on introduce new
things in market only for local people.
In large business is introduced new things in
market in large concrete.
In small business is hire local worker in work
place. (Storey and et.al 2016)
In large organisation hire anybody, as per the
qualification.
In small business not to take up in next level in
small business. Only focus on small level.
Large entrepreneur is focus on change in taste
of consumer and introduce new technology and
new competitors in market is help to increase
performance level in new market.
In such a way, there is all about the similarity and difference between the small sector business
and large sector business. It is help to introduction new products in market and increase the level
of performance in market (Baum and et.al 2014). In large sector entrepreneurial activity is most
important because they are focus on new technology in market and increase level of competition

in market. In this way, it is help to need of investment and work force to introduce new
technology in market. With the help of marketing is to be solve any problem related to customer.
TASK 2
P.3 Micro and small business impact on economic
Micro business is a business is own and operate by only one person. In micro business is
give mobility and flexibility in they provide in business. It is help to increase the level of
performance and maintained the economic growth. In this context micro and small business is
give negative impact on economy (Hart, and et.al 2015). In this way the business cycle is give
up and down and that factor is give negative impact on performance and growth rate in system.
In economic condition the period of expansion and rescission is give negative impact. In this
context the effect of inflation is give negative impact on performance level in market. In such a
way micro and small business is give impact on economy are as follows :-
 Job creation :- In this factor small business is help to introduce new job in market and
help to increase the level of productivity. It is help to economic activity and maintained
the growth rate in market (Burrows and et.al 2015). In small firm tends to more labour
incentive reather than capital incentive. It is help to increase job in economy and help to
development of economy. In economy job are to be created and help to expansion of
small business and development of economic activity. The rate of jobs creation is
significantly higher in economic and help provide securities.
 Employment practices :- In small firm are focus on unskilled worker and those who
have no work experience. Small business give chance to do work in small business. It is
help to increase performance level and reduce the duration of work in organisation
(Bhachu and et.al 2017). In small business is rise there productive and give proper on the
job training provide employees in system. It is help to and get work experience in small
business.
 High work productivity :- In such a way, in small business is less problem in work and
there structure of work place. In small business owner and manger are more well
perceiver of employees and working condition. In small business is fewer wages and
lower productivity (Bhachu and et.al 2017). They are help to economic environment and
increase the level of performance in market.

 Unemployment reduction :- In this factor small business play a most important role in
organisation. It is help to increase the performance level and maintained the growth rate
in market (Link, and et.al , 2015). In small business is focus on new schemes like short
tram temporary job creation is help to economic development.
In this all kinds of factor is help to economic development and maintained the growth rate in
market. It is help to maintained the performance level and reduce unemployment in economic
condition. In economic sector to increase the level of performance is most important and increase
performance level in market.
P.5 Small business and start up importance
In such a way small business and start up is help in development in nation. In business
cycle is give up and down and that factor is give negative impact on performance and growth
rate in system. In economic condition the period of expansion and rescission is give negative
impact. Small business play a most important role to increased the level of performance in
market (Bae and et.al 2014.). In economic condition is help to increase the level of execution in
development and help to reduce unemployment in economic condition. Small business and
business star-up is help to economic development with the help of innovation. In such a case
innovation is help to increase the number of performance in market. In such way importance of
small business in economic are as follows :-
 Increased productivity :- In small business is help to increase productivity in economic
condition and help to economic development (Bae and et.al 2014.). Small business are
well positioned to introduce and development of new ideas in market. All such factor is
to be achieve with the help of quick decision in small business and business start up.
 Low overheads :- In small business and business start up is low overheads and increase
the level of performance in market. Due to small scale of operation, small business have
low overheads (Link, and et.al , 2015). In small business is focus on low operating
activity in work place. It is to be included low rent, low cost and have different rate to
pay is also low. In this low cost is help to the consumer is pay low pricer for the product.
 Responding flexibility to problem and challenges :- In this small business is little
business structure and chain of command. It is help to solve any internal problem easily
with less time. It is help to economic growth and increase the level of productivity. This

is help to take new decision in small business. In this context flexibility is help to
increase the level carrying into action.
 Environment benefit :- In such case small business on environment factor at working
condition. It is help smart growth rate and maintained growth rate in market. It is help to
increase the level of productivity in small business (Link, and et.al , 2015). Small
business and business star-up is help to economic development with the help of
innovation.
In the Brexit economic development is focus on the job, growth and public finance in economic
developmental. In this way, it is help to increase the job factor and finance factor in economic
condition. After Brexit small business is help to introduce new jobs and finance factor, this facor
is help to economic development (De and et.al 2015). Entrepreneur say money is not every thing
in business. It is an entrepreneur mind set, because they focus on goal in work place. With the
help of proper planing achieve success.
TASK 3
P.5 Characteristic, traits and skills of two successful entrepreneurs
With the help of research is to be focus on two successful entrepreneurs is help to
introduce innovation in market and increase the entrepreneur is a person who introduce new
ideas in market and development in nation. In such way, innovation is help to increase the level
of performance. Inn such a way two successful entrepreneurs are as follows :-
 Steve jobs :- Steve jobs was an American entrepreneur and business management
inventor. He was the chairman and co- founder of apple organisation. He is focus on
innovation in market. It is help to increase the more number of customer in market. Steve
jobs was feel work and focus work (Piperopoulos, . and Dimov, , 2015). It is one of the
best quality of work and help to increase the number of customer. His never to give up
attitude in working environment. He can say, the people to buy the product in innovate
way in market. They can focus on convince people to buy the product in market with a
innovative idea.
 Mark Zuckerberg :- Mark Zuckerberg is an American computer programmer and
internet entrepreneur. He is a co- founder of Facebook and current operate as its
chairman. He is focus on critical thinking and problem solving.

There are all two different entrepreneurs and small beef introduction about them. In this way
entrepreneur skills and traits is most important to increase the level of performance and
maintained the growth rate in market (Link, and et.al , 2015). In this way skills of a successful
entrepreneur are as follows :-
 Problem solving :- It is one of the most important skills is to solve problems in
organisation. It is help to increase the level of performance and help to increase growth
rate. To solve internal as well as external problem (Read, and et.al 2016). These skills
are most important to start a new business.
 Effective communication :- In such a way to start a business effective communication is
play a most important role and increase the level of performance in market. With the help
of communication work to be done easily and proper convincing is help to increase the
level of performance.
 Focus :- In such a way, entrepreneur is use focus before start a new business. It is help to
increase the level of performance and maintained the growth rate in market (Read, and
et.al 2016). Proper focus on help to increase the level of performance and increase growth
rate.
 Managing staff :- In this way, to mange staff is most important to increase the level of
performance (Link, and et.al , 2015). To start a new business is to focus on mange proper
staff internal working environment.
 Trained new staff :- In such factor entrepreneur is focus on to provide training in new
staff member and increase the level of performance. In this way, training is most
important for new employees in organisation (Garcia and et.al , 2017). It is help to for
future development in organisation.
 Ability to connect with social networking site :- An entrepreneur is to be focus on
social networking site it is help to increase the level of performance and maintained the
growth rate in market (Garcia and et.al , 2017). Social networking is help to increase
customer traffic. More and more advertisement is help to increase profit in organisation.
P.6 Entrepreneurial motivation and mind set
Entrepreneur is person who focus on the increase the level of performance and
maintained the mind set. Motivation is help to increase the level of performance of a person I

work place (Chell, and et.al 2016). It is help to maintained the internal as well as external factor
in organisation. In such a way some important point of entrepreneur mind set are as follows :-
 Money is not every things :- In this way entrepreneur is a person is to be focus on goals
in work place. Entrepreneur say money is not every thing in business. It is an
entrepreneur mind set, because they focus on goal in work place. With the help of proper
planing achieve success.
 Imagen good things ;- An entrepreneur is person is focus on good thing in work place
and help to increase the performance level (Chell, and et.al 2016). In such a way good
things is help to increase the internal as well as external factor in organisation.
 Take positive action :- Entrepreneur is focus on take positive action and increase the
level of performance in market. Positive action is help to increase out put in positive way
in business (Link, and et.al , 2015). To start a new business is take positive action is help
to maintained internal as well as external factor in market.
 Grab opportunities :- In this way entrepreneur is focus on grab opportunities in market.
It is help to increase performance level and grab them in both hand and focus on your
best way of working in business. Changing in mind set is also helped to convincing idea
and create new opportunities in working condition.
 Positive attitude :- In business positive attitude is most important factor to which
motivate the individual become more successful entrepreneur (Davidsson and et.al
2015). It is help to development of power full thinking power in work place. This is most
important to increase the performance level.
 Hard work :- In each and every business is most important to increase the performance
with ding hard work in business (Link, and et.al , 2015). Hard work is most important to
increase the level of performance and maintained growth rate in market.
All such factor is help to motivate each n and every one. This factor is help to increase internal
working environment and external working environment in business. Due to small scale of
operation, small business have low overheads. In small business is focus on low operating
activity in work place (Davidsson and et.al 2015). Motivation is help to increase level of
performance and motivate to do hard work in your business. It is help to teak a new motive
action and increase the level of performance in market. Entrepreneur is focus on the positive
action in work place is help to increase internal as well as external factor.

TASK 4
P.7 Background and experience help entrepreneurship
With the help of research work Steve jobs was an American entrepreneur and business
management inventor. He was the chairman and co- founder of apple organisation. He is focus
on innovation in market. It is help to increase the more number of customer in market. Family
background is help to motivate about the work. In this way Family background, occupational
background and a person’s own experience in a job motivates him/her to become an entrepreneur
(McKeever, and et.al 2015). It is help to increase the level of performance in market and
maintained the growth rate in market. Family support is most important before start a new
business in any filed. It is help to increase the performance level and maintained the internal as
well as external factor in market.
Family background of Mark Zuckerberg is an American computer programmer and
internet entrepreneur. He is a co- founder of Facebook and current operate as its chairman. It is
help to motivate to do new work with full innovate way in market. It is help to increase the
execution level and well-kept the development rate in marketplace. Entrepreneur is help to
increase level of working capacity. Having entrepreneurial background act as the clear path to do
work in market, with a more powerful and successful manner (Piperopoulos, . and Dimov, ,
2015). In this way financial background is most important to increase market and business in
new way. In this way finance is most important factor to introduce new market and expansion of
market.
Family prospect, financial backup and technical support is most important to each
entrepreneur before start a new venture. It is most important to introduce invention in market.
Specialized support is most important to increase level of show and preserved development rate
(Link, and et.al , 2015). Family background support effective and emotional level to increase
performance in business. It is help to increase the effectiveness in business and profit is to be
increased in business.
CONCLUSION
Form the above report is to be focus on entrepreneurial is a person who believe in action
in work place. As per the above report Brexit economic development is focus on the job, growth
and public finance in economic developmental. In this way, it is help to increase the job factor

and finance factor in economic condition. After Brexit small business is help to introduce new
jobs and finance factor, this factor is help to economic development. In this report is to be focus
on the family background and motivation and mind set is to be change in business.
Entrepreneurial venture is most important to increase the performance level. In this report is
Steve jobs was an American entrepreneur and business management inventor. He was the
chairman and co- founder of apple organisation and Mark Zuckerberg is an American computer
programmer and internet entrepreneur. He is a co- founder of Facebook and current operate as its
chairman. Entrepreneur is to be focus on internal as well as external activity to set up the
organisation. It is help to increase the level of performance and maintained thee growth rate. In
this way Family background, occupational background and a person’s own experience in a job
motivates him/her to become an entrepreneur. In this report is to be focus on skills of a good
entrepreneur to help to increase business in new filed and achieve success in the future.
REFERENCE
Books and journals
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Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.
Shepherd, D.A., 2015. Party On! A call for entrepreneurship research that is more interactive,
activity based, cognitively hot, compassionate, and prosocial. Journal of Business
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Schaper, M.T and et.al 2014. Entrepreneurship and small business.
Baum, J.R and et.al 2014. The psychology of entrepreneurship. Psychology Press.
Hart, M and et.al 2015. Global Entrepreneurship Monitor United Kingdom 2014 Monitoring
Report.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.

Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Bae, T.J and et.al 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
practice. 38(2). pp.217-254.
Link, A.N and et.al 2015. The Chicago handbook of university technology transfer and
academic entrepreneurship. University of Chicago Press.
De Massis and et.al 2018. Sector-Based Entrepreneurial Capabilities and the Promise of Sector
Studies in Entrepreneurship.
Piperopoulos, P. and Dimov, D., 2015. Burst bubbles or build steam? Entrepreneurship
education, entrepreneurial self‐efficacy, and entrepreneurial intentions. Journal of Small
Business Management. 53(4). pp.970-985.
Read, S and et.al 2016. Effectual entrepreneurship. Taylor & Francis.
Chell, E and et.al 2016. Social entrepreneurship and business ethics: does social equal ethical?.
Journal of Business Ethics. 133(4). pp.619-625.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing. 30(5). pp.674-695.
McKeever, E and et.al 2015. Embedded entrepreneurship in the creative re-construction of
place. Journal of Business Venturing. 30(1). pp.50-65.