Entrepreneurship and Business Success

This assignment delves into the multifaceted aspects of entrepreneurship and business success. It examines various theoretical frameworks and empirical studies on topics such as entrepreneurial orientation, strategic decision-making, family business dynamics, and the influence of personal characteristics on entrepreneurial ventures. The provided research papers offer insights into the role of innovation, risk management, leadership styles, and market orientation in shaping the trajectory of successful businesses.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Examining different types of entrepreneurial ventures and explaining the way in which
they relate to the typology of entrepreneurship...........................................................................3
P2. Exploring similarities and differences between entrepreneurial ventures............................4
TASK 2............................................................................................................................................5
P3Assess and interpret relevant data and statistics in your mini-research, to illustrate how
micro and small businesses impact on the economy...................................................................5
TASK 3............................................................................................................................................8
P5Determine the characteristics, traits and skills of successful entrepreneurs, which
differentiate them from other business managers.......................................................................8
P6Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set..............................................................................................................................10
CONCLUSION..............................................................................................................................12
REFERECES.................................................................................................................................13

INTRODUCTION
Entrepreneurship is planning, building and creating new business by the procedure of
making new product or doing sale of any goods and services. An entrepreneur has to show a lot
of passion and zeal with courage to take decision along with adequate knowledge and
experience. The person who carries this whole process of Entrepreneurship is known as
Entrepreneur (Gronum, Verreynne and Kastelle, 2012). A single entrepreneur or group of
entrepreneur can establish an Enterprise. An entrepreneur is a person with these traits I.e. passion
and zeal to start a new venture. They cannot work under any other person. There are certain risk
which comes with entrepreneurship such as leaving of secured source of income by entrepreneur
, leaving of family due to work pressure and leaving behind all social life behind, it is very
difficult to set up business in the already established market, it is also very difficult to raise
capital without creditability in the market (Altman, Sabato and Wilson, 2010).
The present report will discuss the forms of entrepreneurship, similarities and differences
among different ventures of Business unit, any risk which comes with and consequences of
organisation on the economy of UK.
TASK 1
P1. Examining different types of entrepreneurial ventures and explaining the way in which they
relate to the typology of entrepreneurship
Entrepreneurial ventures refer to create, develop and launch a business which generally
starts at small scale. They offer innovate products and services to their potential customers in
order to attain profits. Main objectives of such business units is to develop capabilities and
competencies which can help to earn revenue in the long run (Cowling, Liu and Ledger, 2012).
There are various challenges which can be faced by the entrepreneurs due to lack of capital, lack
of knowledge and expertise as well as mis-management. In order to make profit and success in a
business, it requires appropriate strategies and market plan which can help in attaining their long
term goals and objectives. There are various types of entrepreneurships as mentioned below:
Small business ventures: There are large number of small and medium scale businesses
that operate their business in the United Kingdom such as grocery stores, hair dresser, carpenter,
and plumber. All these entrepreneurs are conducting their business activities in a small area and
require lower capital investment as compared to other forms of businesses. Such business

ventures are managed and owned by individual persons. Government plays a prominent role in
the growth and development of these businesses because they provide finance, expertise and
promote which can support the local economy (Islam, Khan, Obaidullah, and Alam, 2010).
Scalable start-up ventures: This is another form of entrepreneurship which is related with
innovation, information technology, aerospace and business research. Main motive of such
business venture is to create and develop innovative products or services which can provide
stable growth in the near future. There are various large companies and government agencies
which can provide funds, share knowledge and experience in order to earn profit in the future.
Large Scale Corporation: This kind of business is quite large which can operate their
business in various countries. These multinational corporations require large amount of funds in
order to start a business. The risk associated with these organisations is high due to various
internal and external factors. These business units provide high rate of employment and generate
attractive revenue which can contribute in nation’s economic development (Borisov, and
Zazzaro, 2010).
Social entrepreneurship: This type of unit concentrates on creating and developing new
products and services which can help the community to a high extent. These organisations are
non-profit and funded by other business units or governmental authorities.
Above mentioned entrepreneurship forms are related with typology of start-ups. Small
business units are associated with high risk due to lack of expertise, experience and funds. Main
objectives of such organisations are to make innovative products and services which can provide
potential growth and attract large number of investors.
P2. Exploring similarities and differences between entrepreneurial ventures
There are different enterprises which having various goals and objectives according to its size
and scope. But there are various differences between social and business venture. A social start
up is focused on community’s welfare while, on the other hand, business units have main motive
to provide goods and services along with earning profit (Forsman,and Temel, 2011). These
differences and similarities are given as below:
There are different types of business organisation such as small and medium size,
multinational corporations which having different goals. These objectives set by the owner
according to its size and scope. For example, a small business entity conduct their business in a

limited area which main motive is to selling goods and services and make profit out of them.
Whereas, international business organisations are conduct their business in large area. Their main
objectives is to increase sales and make profit. On the other hand, social ventures are working for
the society and its well-being.
Other differences between these entrepreneurial ventures are like; large business units are
more risky due to global factors. Organisational structure of SMEs are unstructured and of
traditional forms, whereas, in large corporations, firm's structure is professionally designed
according to its size and requirement. For example, in a large company, manager can divide their
operations according to geographic area (Acquaah, 2013).
Value creation: This is another distinguseh between the buisness organisation and
charitable trust. The SME is concentrate through providing goods and services to its customers
which can leads to value creation. On the other hand social start ups make value creation through
provide community wellfare services.
Further, there are various similarities between different entrepreneurship ventures. All
organisations require funds to manage their operations in order to attain their goals and
objectives. In SME, funds can be arrenged by various sources such as bank loan, capital venture
or other government authorities. Whereas, social units can arrange their finanace from charity
and memebership fee. To start such kind of start ups, it requires a small amount of investment as
well as sufficient human resources. To manage and conduct these activities, it needs a variety of
skills and capabilities which can help to attain their long term goals as well as objectives (Ahmad
and Kadir, 2013).
TASK 2
P3Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro
and small businesses impact on the economy.
The role of entrepreneurship in the economic growth and development in United
Kingdom is too significant. Because these entrepreneurship ventures are provide employment,
revenue and support nation economic development. As the UK is one of the leading economy
with approx. $2.6 trillion, these business units contribute in a large portion. According to the data
of government agencies these ventures are share $1.9 Trillion approx 50% of total economy. It

can also support various trading activities such as import export, foreign direct investment etc.
there are various implication of micro business on the economy as given below:
 Support economic development: SME played a prominent role in the economy
development of any country. According to the higher authorities there are approx. 5.5
million private sectors micro business start in last year. It can increase approx 97000 as
compare to 2015. This sector is accounted 99.3% in SME last year (Autio and et .al.,
2014). These data shows that entrepreneurship ventures can help to increase the growth
momentum in the country and make the economy stable. It can also enhance the foreign
investment in the country.
 Employment generation: Start up ventures also provide large number of jobs through
various sectors such as hospitality, retail, tourism, transportation etc. according to the
government authorities the annual growth of employment is approx. 4% which is quite
good in the European countries. Micro sector can provide millions of jobs every year
which is essential for economic growth of the United Kingdom (Ayala, and Manzano,
2014).
 Support domestic economy: United Kingdom is one of the attractive financial destination
for foreign investors. Because, they having a strong local and domestic industry in the
country which are related with the different sectors. SME can provide employment which
can leads to increase the demand and reducing country external dependency such as
export-import.
 Reducing poverty: Unemployment create major issues “Poverty” which is not a good sign
for developed economy like United Kingdom. Therefore, government also promote SME
business in the country which can increase jobs and reducing poverty line.
 Improve standard of living: Per capita income of UK is quite good as compare to other
countries. But in last decade there are various economic uncertainties which can leads to
increase the unemployment rate and reducing standard of living. SME can overcome such
issues and enhance economic growth of the country.
As per the above discussed factors, it is clear that micro business played a significant role
in the growth and development of the country. It can also create a sound image of United
Kingdom and attract large number of investment opportunities in the economy (Barbieri, 2013).

P4 Explain how important small businesses and business start –ups will contribute to the growth
of the social economy.
Social economy is a pert of economic structure where non profit institutions and
cooperative societies are working for the community and provide benefits and welfare to them.
This is the third sector which is a combination of private and public sector business units. Such
entrepreneurship having a large role in the growth of the UK economy which as given below:
Job creator: There are various SME business organisation provide new job opportunities
to the society. Because they required a large number of workforce in order to conduct their
business activities. These workforce can be related with the marketing, finance, HR, research and
development etc. Both private and public sector players make collective efforts and create new
opportunities in the market (Boso, Story and Cadogan, 2013).
Idea generator: Small business start ups are required creative and innovative idea which
can help to convert in to reality. In the social economy, various institutions including private and
government can promote these business. They can provide support like financial assistance,
expertise, knowledge, legal protection like copy right and patents.
Innovation: Most of the start ups are related with the technology, research and
development, information technology and so on. It can create a favourable start up environment
in the country which can transform a industry base economy to knowledge base economy.
Skill and capacity development: These business units also enhance the capacity
development of society. Because entrepreneurship ventures are required qualified, skilled and
semi skilled workforce to operate these business activities. SME provide opportunities to gain
expertise and learning skills in various fields suck as marketing, accounting, production, science
and technology (Fried and Tauer, 2015).
Reduces dependency: The main motive of economic development of a country is to
removing dependency form another country. Because it having large implication on the global
factors on the domestic economy specially for the UK. After Brexit government of UK is try to
overcome such dependency and implication through promote micro business.

TASK 3
P5Determine the characteristics, traits and skills of successful entrepreneurs, which differentiate
them from other business managers.
Entrepreneur is a person who start a business make efforts and transform such small
organisation in to large corporation. There are various skills re required as entrepreneur in order
to conduct and operate business activities effectively. These characteristic and skills can be
innovation, decision making, self motivated, confidence level etc. These all skills can help to
make him/her best entrepreneur and also help in attaining long term goals and objectives. These
skills and traits can de divided in to personal, Interpersonal, critical thinking and practical skills
(King, 2013).
Personal skills: These skills are related with the personal characteristic of a person
which are required ton operate business activities:
Vision: It is essential characteristic of a business owner with a clear vision. Withput
vision a company can not perform a long term business. Therefore, it is required that as a
entrepreneur he can decide firm vision in advance.
Initiative:It is another personal traits which can help to start problem solving or improve
in their business activities. For example, if a goods and services can not attract customer, they
required to modify or improve product performance and then launch in the market.
Risk taker: Risk is also important in a business in order to make profit. As a entrepreneur,
risk taking behaviour are required to attain its vision (Kozubíková and et.al., 2015).
Desire to control:It is important for the business owner is to make effective control over
the operational activities. This is one of the significant characteristic of an entrepreneur which
can help to maintain discipline in the company.
Interpersonal skills: As a successful entrepreneur there are various interpersonal traits
which can help in interacting with their subordinates, customers, suppliers, shareholders and
other stakeholders. These skills are help to attract another person which as given below:
Leadership: It is one of the significant traits in an entrepreneur. Without leadership a
business organisation can not perform effectively. A leader can motivate their teams in order to
attain firm goals and objectives.

Motivation: A motivated entrepreneur having the ability to change the behaviour of their
staff. Motivated employees can perform confidently and help to achieving their long term target
effectively (Gronum, Verreynne and Kastelle, 2012).
Communication skills:This is another important skills is required as an entrepreneur,
because effective communication skills help to attract and insipre another person and easily sole
organisational conflicts.
Personal relation:Interpersonal skills also important in order to maintain consistency in
the business. Therefore, the business owner is required to maintain sound relation with their
employees.
Ethics:Business ethics is the basic principle in the business. This characteristic are help to
implement fair and ethical business practices in their operation which can also help to increase
image of the company.
Critical thinking skills: As a entrepreneur there are various other skills also required to
make good decision regarding the market opportunities and other potential customers.
Problem solving:As a entrepreneur, there are various problems and issues which can be
faced by them. These required the ability to solve these issues and attain their organisational
goals and objectives (Altman, Sabato and Wilson 2010).
Recognizing opportunities: There are various opportunities avail in the market which
required that the ability to recognize potential customer needs and act accordingly. Therefore, as
a entrepreneur he can gain the knowledge about the market on a regular basis.
Practical skills: It is essential for a business man is to acquire practical knowledge and
skills in order to produce goods and services. These skills can be:
Business knowledge:Information about the business and competitors products and
services are also having the also important in order to make success. As an entrepreneur, they
required to conduct latest information about the market, customer taste and preferences, so that it
can help to make their products and services accordingly.
Planning and organizing:As a business owner, planning and organizing business
activities are also characteristic of ideal entrepreneur. It can help to provide more consistent and
overcoming the potential risk of the business.

Decision making: There are various decisions which can be performed by the
entrepreneur. These decisions can provide the long direction to the business. Therefore, a good
decision making are essential for a business owner (Cowling, Liu and Ledger, 2012).
Difference between entrepreneur and business manager
Entrepreneur Business manager
The main objectives of entrepreneur is to start
a business with a small scale and gain
experience form it, transform this business in
to large corporation.
The main motive of a manager is to provide
their services with an existing set business unit.
An entrepreneur is the owner of the firm and
he is responsible for all risk and uncertainty
involved in the business.
On the other hand, manage is an employee of
the company and he does not accept such risk.
To manage and conducting business does not
required any qualification. It required only few
skills which are essential such as leadership,
management, risk taking etc.
It required certain qualification in order to
manage and control the operating activities of
the business.
He is having more challenges for example,
producing goods and services to meet customer
expectations, and making change their plan and
strategies according to the market requirement
(Islam,Khan, Obaidullah, and Alam, M.S.,
2011).
He only design the business and market plan,
execute these plans prepared by the owner of
the organisation.
It is full of confidence and self motivation
which makes him to achieve the goals set
respectively.
A Business managers has to motivate its staff
in order to attain the set goals and objectives of
business unit by higher authorities.
P6Assess how aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mind-set.
Personality traits having a great impact on the business and subordinates. Therefore, it is
important that entrepreneur have to develop and build abilities in order to earn profit. These traits

and characteristic are differentiate best entrepreneur among other leaders in the world. These
personalities have an ability to attract and inspire other persons or upcoming new start runner
(Bellucci, Borisov and Zazzaro, 2010). It can help to make their business success in the future.
For example, Steve Jobs and Bill gates are one of the well known personalities in the world.
Steve Jobs who was the owner of Apple Inc. which is one of the leading smartphone company.
According to him self motivation and dedication are useful tool in order to success in the
business. On the other hand, Bill Gates which is the owner of Microsoft are also inseparable for
the young entrepreneurs. There opinion is that to use opportunities and overcome upcoming treat
and weakness which can help to make them competitive in the market. they also suggested that
communication skills also important for an entrepreneur in order to communicate with there
various stakeholders such as customers, employees, suppliers, government and society, so that
they can attain their long term goals effectively (Acquaah, 2013).
P7 Examine , using relevant examples obtained through your mini-research, how background
and experience can hinder or foster entrepreneurship.
Experience and background of entrepreneur plays a very important role in the whole
procedure of Entrepreneur. Many entrepreneur have a very large influence of there experience
and background during the course of entrepreneurship and success of the new venture depends
on the skill attained by the entrepreneur from his past knowledge. The past knowledge of the
person can be judged by knowing the family background, education background, any previous
job experience etc. This knowledge will help to gather the data of the person and determine the
level of thinking and thinking process of the person. Majorly 2 types of experience which
influence the entrepreneur such as positive and negative (Ahmad and Kadir, 2013). The success
rate of any business venture depends on the the past experience of the entrepreneur related to the
failure & success of the previous venture. The failure of the previous business will create a
negative approach in mind while success of the previous business will motivate the entrepreneur
to continue the success rate.
The Educational background of the person also plays a key role in the success of the firm
as it will give the entrepreneur the idea of the various field of business such as marketing,
finance, HR etc. Any experience gained by the person in any corporation after completing the
education will boost the confidence and it will play a vital role in increasing the probability of
success in the new venture. From this we can state that experience plays a prominent role in

small business organisation. Background and experience are the foster factor for entrepreneurs
and increase their potentials increase the success rate of start ups business. If the entrepreneur
has the past job experience it help the person to understand its employee needs better and
business-owner will provide them with great job opportunity. It is said that entrepreneur are
made not born because family environment plays a key role in the entrepreneur. The person
having the self employed parents are tend to be more risk friendly (Autio and et .al. 2014). From
the founder of Google Larry page and Sergey brin we can understand that education and family
background plays a important role in the success of the organisation. As both the founders are
highly educated from the Stanford university.
CONCLUSION
As per the above mentioned report it has been concluded researches on entrepreneurship
and the skills required as an entrepreneur in order to operate business effectively. This report is
discussed about the SME and its role in the economic and social growth and development of
United Kingdom. Apart from that, it also concluded that what characteristic can help to make
success in the business such as personal, interpersonal, practical and other skills. Generally
entrepreneur is start their business form a idea and make efforts to transform in a large business
entity. The business owner can make random change in the business according to the
requirement of the environment and contribute in the development of local economy.

REFERECES
Books and Journals
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enterprise-level analysis. International Journal of Innovation Management. 15(03).
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Online
The Role of Small Business in Economic Development. 2017. [Online]. Available Through:
<http://isbdc.org/small-business-in-economic-development/>. [Accessed on 14th March
2017].