Exploring the Teachability of Entrepreneurial Mindset

The provided content focuses on the concept of entrepreneurship and its various aspects. The articles discuss topics such as the 'teachability dilemma' of entrepreneurship, entrepreneurial mindset, firm characteristics, student attitudes towards entrepreneurial activity, instilling entrepreneurial mindset into engineering undergraduates, entrepreneurship education, personality traits, demographic factors, creative arts higher education in Australia, entrepreneurial spirals, organizational culture, small business and entrepreneurship, university entrepreneurship education investment, entrepreneurial assets and mindsets. The online resources include the importance of entrepreneurial background in detecting and utilizing information, as well as the 10 characteristics of successful entrepreneurs.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1.Different types of entrepreneurial ventures typology of entrepreneurship...........................1
P2. Similarities and differences between entrepreneurial ventures............................................2
M1.Entrepreneurship in public and corporate sector..................................................................2
D1. Scope, development and growth of entrepreneurial ventures..............................................3
TASK 2............................................................................................................................................3
P3 Impact of micro and small businesses on the economy.........................................................3
P4 Important small businesses to the growth of the social economy after ‘Brexit’....................4
M2 Small, medium and large businesses make to the economy.................................................4
D2. Impact of Small Scale Industries on different levels of Economy.......................................5
TASK 3............................................................................................................................................6
P5. Characteristic, traits and skills of Successful Entrepreneurs,...............................................6
P6. Entrepreneurial Motivation and Mindset.............................................................................7
M3 Entrepreneurial characteristics.............................................................................................7
D3. Traits, skills and motivational drivers of Successful Entrepreneurs...................................7
TASK 4............................................................................................................................................8
P7. Background and Experience Affecting Entrepreneurship....................................................8
M4. Relation between the entrepreneurs, background and characteristics.................................9
D4. Positive and Negative Experience influences entrepreneurs..............................................9
Conclusion.....................................................................................................................................10
References......................................................................................................................................11

INTRODUCTION
This report is based on the entrepreneurship. It is a activity of carrying out various
business transactions in order to generate profit. Small enterprises plays a big role in the growth
of the economy by providing various employment opportunities to the unemployed people of the
nation and at the same time promotes the skills and of artisan. There are different type of
entrepreneurs who undertake business operation some undertake it to earn profit while some
others done this to solve the social problems. Small, medium and large business enterprises
affect the economy of the nation. Main traits, skills and characteristics which should be there in
every successful entrepreneur are give under this report. Background and past experience affect
the type of decision taken by the enterprise. There is a link between the skills of the employees
and success of the enterprise because these are the employees or man power which affect the
business process.
TASK 1
P1.Different types of entrepreneurial ventures typology of entrepreneurship.
Entrepreneurs are the one who undertake business activity take risks in order to earn
profit. They undertake various business activities to satisfy the different needs and wants of
different customers( Solesvik and et. al., 2013). Most of the entrepreneurs starts with the
objective of earn profit while some under this activity in order to solve the social problems or
needs.
Different type of entrepreneurial ventures
 Small business enterprises: These type of entrepreneurs start with a small amount of
money invested in their operations. Small number of employees work in this. These
entrepreneurs start with a very innovative idea and attract large number of investors to
investing the fund. These enterprises plays an important role in the growth of the
economy.
 Large business enterprises: These enterprises undertake business operations at a large
level. A huge amount of money is invested in this of enterprises. These entrepreneurs
helps the nation in earning foreign exchange by doing the transactions internationally.
 Social entrepreneurs: Main objective of most of the enterprises is to earn profit but these
entrepreneurs undertake business operations to solve the social problems. Profit is the
secondary objective of these enterprises.
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 Scalable start up entrepreneurs: These are the newly start up enterprises who start with
an innovative business idea to capture a large market share.
Topology of entrepreneurs
Topology of entrepreneurs influence the enterprises to undertake the business operations
in an innovative way(Baines, Bull and Woolrych,2010). It helps in attaining business objectives
at the same time perform social responsibility.
P2. Similarities and differences between entrepreneurial ventures.
Type of enterprise Similarities Differences
Small entrepreneurs v/s large
entrepreneurs
The main objective of both the
enterprises is to maximise
profit by effective utilisation
business resources at the same
time achieving the objective of
minimising cost.
Small entrepreneurs undertake
business activity on a small
scale on the other hand
operations undertake on a large
basis of large business
entrepreneurs. Small amount
of fund is invested in the
operations of small business
enterprises as compare to the
fund of large bushiness
enterprises.
Social v/s start up
entrepreneurs
Both the entrepreneurs try to
solve or satisfy the various
needs and wants of the
customers.
The main objective of social
entrepreneurs is to solve the
social problems on the other
hand achieve or capture greater
market share is the main
objective of a start up
enterprise.
M1.Entrepreneurship in public and corporate sector.
Entrepreneurs run the business in both public and corporate sector. It be seen or studies
also shows that entrepreneurs in corporate sector perform well in corporate sector in comparing
of public entrepreneurs. Corporate entrepreneurs run or undertake all the business activities after
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collecting all the relevant data and achieve success in very short span of time. Public sector
entrepreneurs undertake activities not does not give much attention on the changing needs and
wants of the customers and fails to achieve the set target(Chittithaworn and et. al, 2011).
Government provide lot of support to the public enterprises in order to better the results of their
business operations. Corporate entrepreneurs tries to improve the business efficiency by
optimum utilisation of scarce resources and do all the efforts to maximise the results of business
operations. Operations done by the public enterprises can be improved by giving proper
emphasis on it. There is a need to do some effort by the public enterprises in order to increase the
effectiveness of business operations.
D1. Scope, development and growth of entrepreneurial ventures.
Enterprises plays an important role in the growth of the economy of the nation whether a
small or large enterprise. Enterprises provides lot of employment opportunities to the
unemployed people and contribute in increasing their standard of living. In today's environment
needs and wants of the customers are changing very fast and it is very important to satisfy all the
dynamic and complex needs of the customers and enterprises undertake research in studying the
complex needs of the customers and than start an enterprise to undertake a process to satisfy the
needs of the customer. There is lot of scope of enterprises because they help in satisfying the
needs of the customers and by introducing a unique product the enterprise can capture a large
market share(Dennis, 2011). These enterprises not only satisfy the needs and wants of the
customers abut also provide employment to the local people and increase their wealth. There are
many opportunities in the market for the growth of the enterprises. There is a lot of scope of
small enterprises as they contribute in increasing the growth of the economy and produce
various products to satisfy the needs and wants of the enterprise.
TASK 2
P3 Impact of micro and small businesses on the economy.
Micro and small business enterprises plays a big role in the growth of the economy.
These enterprises start the business with and innovative business ideas and attract a large
numbers of investors by providing opportunity to get high return on their investment. Other than
this these enterprises undertake business operations and provide various employment
opportunities to number of people. These enterprises satisfy the needs and wants of the
customers(Drucker, 2014). These entrepreneurs generate large amount of revenue every year
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and increase the wealth of the country. These enterprises contribute a lot in the GDP of the
country. Importance of small and micro business enterprises can not denied because these
enterprises give a chance to small artisans by giving them a chance to explore their skills to the
whole world and give them employment. Small business helps and give training to the unskilled
people in order to increase their competencies to make them ready for the competitive work
environment. The managers of these enterprises give emphasis on the ethical issues and
encourage an environment of ethical decisions and this results in achieving the transparency in
all the business operations(Fassin, Rossem and Buelens,2011). So micro and small business
enterprise plays a big and important role in the growth of the economy and at the same time
increasing the wealth of the country.
P4 Important small businesses to the growth of the social economy after ‘Brexit’.
'Brexit' term tells about the economic changes that takes place between the United
Kingdom and European union. Brexit affect a lot the economic situation of the nation and in this
situation small business enterprises helps the nation to make a balance among the trading
operations. Brexit affect all the large business enterprises and affect their business operations
and in this situation small business enterprises helps the nation to cope up with the changing
situations an make a balance among all the business transactions. Large business enterprises are
perform on an international level so these business get more affected by the Brexit. A small
business enterprise carry on its business activities on a national or small level so it does not get
more affected by the Brexit(Gorgievski, Ascalon and Stephan, 2011). Brexit happens on a
international level so this affect the large ventures companies who undertake the business
operations on an international level. This results in stops in trading activities between the two
countries and in this situation small business enterprises helps the country by regularly undertake
the business operation and generate wealth for the nation. Small and micro business enterprises
helps in boosting up the economic condition of the nation by regularly undertaking the business
operations.
M2 Small, medium and large businesses make to the economy.
All type of enterprises whether small, medium or large helps in making or improving the
economic conditions of the nation by undertaking business operations and by generating
employment.
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Small business enterprises plays an important role in making the economy of the narration.
These enterprises undertake business operations on a small level with very little amount of fund
invested in their operation. These enterprises give chance to the artisans and small skilled labour
to show their talent to the world. These enterprise provides employment opportunities to the
small skilled labour and gives training to them to make them ready to face the more competitive
environment.
Large business enterprises plays a link between the small and large business enterprises. They
provide financial help to the small enterprises in order to smoothly running of their business
operations and provide consonantal and equipments help to the large business enterprises in
order to effectively undertake all the business operations.
Large business enterprises plays an important role in improving the economy of the nation.
These enterprises undertake business operations on a large basis and helps the nation in earning
foreign exchange by doing international transactions(Haase and Lautenschläger, 2011). These
enterprises gives high return to investors in their investment and give them opportunity to earn
more.
Large, small, medium enterprises all play an important role in enhancing the economy of the
nation
D2. Impact of Small Scale Industries on different levels of Economy.
Hand-looms and handicrafts products include in the small scale industries. These
enterprises give chances to the small skilled labour top show their talent to the whole world. This
helps in providing employment to small skilled labour. These enterprises contribute a lot in the
national income and in the GDP. Development of small business enterprises is an important part
of the economy. Small business enterprises face a lot of challenges in the performing various
business operations and this increase their efficiency performing business operation.
Development of small business enterprises is depend on many factors including political factors
and cultural environment of the country(Haynie and et. al 2010). All theses factors affect the
growth of the enterprises. Small scale industries affect the different levels of economy. Al local
level these businesses attract local investors to invest the funds and at international level these
attract lot of people from other countries to see and appraise the art or skill of artisans. Small
scale businesses affect the economy of a country in various ways
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TASK 3
P5. Characteristic, traits and skills of Successful Entrepreneurs,
Characteristics are the main features which differentiates the one enterprise from the
other. Characteristics of the enterprise contribute or helps in deciding the success of the
enterprise. More will be the characteristic more there are chances that the enterprise can get or
achieve the success.
Traits of two successful entrepreneurs(Facebook and Microsoft)are as follows:
 Communication : Communication helps the enterprise in communicating with all
the public, suppliers or intermediates included in the business. Effective
communication results in resolving any issue(Islam and et. al, 2011). The main
trait of these enterprises that both use an effective communication tool.
 Strategies: Strategies involve the plan decided for doing the business operations.
Both these enterprises make and use and effective strategy to undertake the
business operations and to achieve business results.
 Finance: Finance is required to undertake all the business activities. Both these
enterprises are able to effective evaluate and manage the accounting reports in
order to minimise the expenses.
 Branding: Branding is on of the main trait of these enterprises. Because of their
branding number of customers buy the products of these enterprises.
 Sales: To increasable the sales both the enterprises use number of promotional
activities.
Skills of these enterprises are as follows:
 Risk raking ability: To be successful it is very important for an enterprise to take the risk
and this is one of the most important skill of these enterprises that they always try to do
the innovations or try something new in their business operation.
 Motivation: Employees plays and big role in achieving the success of the enterprise and
to make employees able to do their best or perform their best it is very necessary to
motivate them. leaders of both the enterprises adopt different and unique approach to
motivate the employees.
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Other than these traits or skills there are number of traits which should be there in the enterprise
to be successful in the competitive environment. These skills and traits helps the enterprise in
achieving its objectives.
P6. Entrepreneurial Motivation and Mindset.
To be successful it is very important for every enterprise have motivation and positive
mindset. Both the enterprises listed above carry the positive mindset and motivation with them in
order to achieve the success(Jones and et. al 2011). Leaders of these enterprises adopt an
effective approach to motivate all the staff in order to give effective results. Positive mindset of
the business owner of these enterprises motivate them to continue try something new and
regularly do some kind of innovation. In the process of undertaking all the business operations it
can be happen that the enterprises some time have to face the situation of failures and in this
situation it is very necessary for the owners and mangers of the enterprises to have a positive
mindset and try to make the efforts to recover from the negative situation instead of lose the
confidence. Positive mindset of the owner of the business influence the employees also to
perform well. Negative mindset discourage the business owners to take risk or implement the
concept of innovation in the business enterprise.
Mark Zuckerberg and Bill gates are one of the effective example of successful
entrepreneurs. There positive mindset encourage them to learn form their failures. Both of them
face many challenges in the process of their business life but every time they learn something
new. Positive mindset and motivation is one of the main characteristic and quality which must be
there in an individual to become a successful entrepreneur. Culture from which an individual
belongs play a big role in formulating his mindset and his style of thinking.
M3 Entrepreneurial characteristics.
Characteristics are the different skills of the enterprises that makes it different from the
other. Skilled employees contribute a in the success of the enterprise. Skilled employees helps in
making enterprise different from the other enterprise. Successful enterprises are directly linked
with the characteristics of employees more skilled worker will contribute more in the success of
the enterprise. Success of the enterprise is based on two factors first its own specific
characteristics or the characteristics of personnel(Kriewall and Mekemson,2010). If an
enterprises has more skilled taskforce than the other than it will achieve success earlier than the
other. If the personnel of the enterprises are not much skilled than it is the responsibility of the
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manager to develop the training programmes to enhance their skills and to make them ready
from the for the competitive environment. Talented task force is the essential requirement of
every successful enterprise otherwise the enterprise can never achieve success. Optimum
utilisation of resources also helps in developing better results for the enterprise.
D3. Traits, skills and motivational drivers of Successful Entrepreneurs.
Skills of successful entrepreneurs.
 Vision: Vision means in the long run or in the coming years where the enterprises sees
itself. It is necessary for an enterprise to set a effective vision(Lee-Ross and Lashley,
2010). Every activity in the enterprises is don to achieve the vision.
 Money management: How enterprises manage their money how they do the management
of their financial report is come under the skills of the enterprise. Effective money
management results in success of the enterprise.
 Flexibility: Flexibility means do the necessary changes or adapt the changes according to
the changing situations. An enterprise who do the necessary changes according to the
changing conditions achieve success fast than the other enterprise who has lack of
flexibility.
Traits of the enterprise includes the following:
 Money management
 Communication
 Finance
 Skilled labour
 Human resource development
TASK 4
P7. Background and Experience Affecting Entrepreneurship.
Background and experience of the enterprises affect its process in various ways. If the
past experience is positive than it will affect the enterprise activities in a positive way(Neck and
Greene, 2011). On the other hand negative experience from the past activities affect the
enterprises in a negative way. The real life example is Facebook and Microsoft. Both the
enterprises are the successful enterprises in today but before many year in the past when both the
company starts the business owner of both the companies faces many hurdles and sometimes
they face the failures of an operation also. But these activities fails to lose the confidence of both
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the enterprises and motivate the enterprises to learn from the failures instead of lose confidence.
So it is must to have a positive experience about the past activities or decision taken in the past
and if not than the owners should learn from its mistakes.
Number of activities and experiences are there which affect the activities and whole
process of entrepreneurship. While positive past experience encourage the individual to accept
challenges and face new things on the other hand negative experience create fear in the mind of a
person in taking challenges. Further it is not necessary negative past experience always
demotivate the individuals it is the personality and thinking style of an individual which affect its
decision making ability and process. Financial conditions, upbringing, education level and
personal traits all are the main factors which affect the precess of entrepreneurship. But mainly
positive past experience foster the activities of an entrepreneur on the other hand negative
experience do the opposite.
M4. Relation between the entrepreneurs, background and characteristics.
Characteristics of the enterprises helps to achieve success. Characteristics include the
specific or unique features which make the enter[prises different from thy other less skilled
enterprises. To be successful in the competitive work environment it is the responsibility of the
manager to develop training or development programmes to enhance the skills of the labours or
employees. Success of the enterprise is directly related with the characteristics of the employees
and enterprise. More skilled labour contribute more in the success of the enterprise. Other than
the characteristics of the employees the personal background of the employees also affect the
success of the enterprise in many ways. Background of the business owner affect the decisions
taken by him for the enterprise. From the past experience everyone learns something. Learning
can be come from the positive decisions or can be from the wrong decision. Positive results
influence the business owner to take risk in the business operations and always try something
new or apply the concept of innovation(Neneh, 2012). On the other hand negative experience
will hinder the ability of manager or business owner to effectively take the decision.
D4. Positive and Negative Experience influences entrepreneurs.
Positive and negative both the experiences affect the business activities. Effect of positive
experience on business:
 Increased self confidence: One of the main effect of positive experience on the business
operations is that it increase confidence of the business owner and of employees also.
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 Faster response time: Positive experience helps the enterprise in effectively response to
the customer problems or queries.
 Better customer service: It helps the enterprises in provisioning better customers
services.
 Improved communication: Positive experience or results of the enterprise affect the
communication process of the enterprise.
Effect of Negative on business :
 Less confidence
 Lack of coordination
 Decrease the morale
Past experience of the enterprise can be negative or can be positive. When one side positive
experience faster the decision making process of the enterprise on the other hand negative
experience hampers or slow down the decision making process of the enterprise. But success or
failures are the part of the business like the two side of the coin. So manager of the enterprises
should try to learn from the mistakes done in the past.
Conclusion
From the information above given in the report it can be concluded that Brexit affect the
economy of the United Kingdom and European kingdom in various ways and in this situation
small business enterprises plays a big role in maintaining a balance between. Enterprises get
affected by their topologies and to be successful there should be minimum or basic traits should
be there in every enterprise. Managers of the big enterprises should learn from the mistakes done
in the past and should try not to do the same mistakes in the future to effectively achieve the
results. Past experience and background affect the decision taken by the manager. Past
experience can be positive or can be the negative. Success of the enterprise is directly link with
the qualities of the employees work in it. Small, medium and large business enterprises affect the
economy in various ways.
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Online
The Importance of the Entrepreneurial Background in the Detection and the
Utilization of the Information. 2013. [Online]. Available through.
<http://www.sciencedirect.com/science/article/pii/S1877042813003856>.
[Accessed on 13th May,2017].
10 Characteristics of Successful Entrepreneurs. 2016. [Online]. Available through.
<http://www.investopedia.com/articles/personal-finance/101014/10-
characteristics-successful-entrepreneurs.asp>. [Accessed on 13th
May,2017].
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