Report on Entrepreneurial Ventures

In this document, we will discuss Entrepreneurial Ventures. Entrepreneurship is the broad process of designing, organizing, launching, and effectively managing a business, which can be many types of enterprises according to people's diverse types of goals and visions. The diversity of options when someone starts developing a business structure greatly depends on their personality, abilities, and aspirations. Some people have great work ethics, while others may have substantial financial resources.

Dicho Nikolaev Dichev
Table of Contents
INTRODUCTION 03
ACTIVITY 1
P1 SIMILARITIES AND DIFFERENCES OF ENTREPRENURES 04
P2 TYPES OF ENTRPERENURE
06
P3 SCOPE AND DEVELOPMENT 08
P4 IMPORTANCE OF SMALL BUSINESS 10
ACTIVITY 2 12
P4 COMPARISON OF SUCCESSFUL COMPANIES
P5ENTREPRENEUR PERSONALITY
P6 POSITIVE AND NEGATIVE NOTE 16
21
Entrepreneurial Ventures
UNIT 9

CONCLUSION 18
RFERENCES
20
3
Introduction
According to Drucker (2009), “Entrepreneurship is based upon the same principles, weather the
entrepreneur is an existing large institution or an individual starting his or her new venture
single handed. It makes little or no difference whether the entrepreneur is a business or a
nonbusiness public-service organization, nor even weather the entrepreneur is government or
nongovernment institution. The rules are pretty much the same, and so are the kinds of
innovation and where to look for them.”
As claimed by the founder of Apple Company, late Steve Jobs, “Making an enduring company is
both far harder and more important than making a great product.” These days the small
business organizations are preparing to cope up with the present business world by pursuing
several types of venture entrepreneurial opportunities. A lot of people want to start their career as
an entrepreneur but hesitate because of a plenty of reasons. Regardless a various kinds of
enterprise similarities, challenges, and differences in public and private enterprises New Moon
organization is ready to guide the start-up community by providing proper ideas, chances, also in
many other ways such as assisting about the statistical figures on the impact and importance of
start-up businesses in the economic growth of any nation, not only small businesses but also the
medium businesses worthiness in the country’s economy. The New Moon Company is also
determined to provide the necessary evaluation on the mission and vision of different
entrepreneurial businesses and the impact of them in the different levels of the economy of a
country. In this context, research will analyze different kinds of entrepreneurial ventures and
types of entrepreneurs. It also discuss the characteristics of successful entrepreneurs and critical
analysis of growth and development of overall entrepreneurial ventures (Klapper et al., 2014).
Analysis:
Examining and demonstrating the various types of business ventures that can be labeled as
entrepreneurial
Entrepreneurship is basically an overall process of creating, developing, structuring, starting up
and properly administrating a business, which can be various types of ventures because of
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people’s different types of mission and vision. When someone initiates planning a business
structure, the variety depends a lot on their own personality, skills and dreams. There are people
who believe in their own hard work and on the other hand some might have strong capital to help

them reach the position they desire. There can be multiple types of ventures which can be
considered entrepreneurial such as, survival ventures, lifestyle ventures, manages growth
ventures, scalable, social, e-pruner, and corporate kind of enterprises can be considered as
entrepreneurial (Blundel et al., 2018). New Moon Company is pleased and determines to guide
all these kinds of different entrepreneur ventures which are accepted by all local start-up
communities.
2.2Examining and elucidating a variety of entrepreneurial ventures and their relationships
to entrepreneurship typology
Depending on different inspiration, incentives and risks the differences in execution varies in the
independent and corporate start-ups (Kunkel, 2000). New Moon Company suggests some
options for entrepreneurial enterprise that any new developing organization can acquire to
conduct their business activities, which are described below:
Survival ventures:
This type of enterprises usually just provides a minimal amount to the entrepreneur and does not
make much of a profit. The nature of this kind of business is it might not be registered, might not
have much of assets, unavailable banking relationships and usually run on cash service. This
kind is apparently exists to support the basic financial needs of the entrepreneur and when the
desirable amount is already gained commonly the entrepreneur stops inventing again. Survival
venture habitually structured based on the entrepreneur’s temporarily needs and other push
factors. (Morris, et al., 2016)
Lifestyle ventures:
Based on a proper business model life style ventures usually gives and reasonably stable amount
of output to the owner of the enterprise. To maintain the competition in local industry there are
investments made and monitored by the entrepreneur himself. Even though this kind of ventures
does not intend to grow their business in a large position but they do have establishment,
employees or workers where the number of employee’s remains same most of the time based on
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their necessity, and can be situated in a single location. Because of limited opportunities it might
be difficult for this kinds of ventures to gain economies in their activates. (Morris, et al., 2016)
Scalable start-up:
Scalable ventures usually being structured more often by young generation who has the confident
in their organization and also believes strongly the organization can change the world into a
better living place. The main motive of scalable business is they find the requiring facts in the
society that are missing which are also very important to have in the industry and they create
solutions for those missing facts. They are mostly technology-based start-ups which usually
establish at the Silicon Valley, they want a speedy growth of their company and so that they
always find the way to gain more and more inventers to have a large scale of profit margin.
Facebook and Uber can be great example for this kind of ventures (Blundel, et al., 2018)
Social ventures:
The social venture indicates to those who are the initiatorof the enterprises who works for
expanded plans of social changes. One of the main characteristics of this venture is that the
entrepreneur’s goal is to identify the issues in society and in the environment and find solutions
rather than planning to achieve the corporate objectives. Because of many people’s interest in
social entrepreneurship recent years it has give rise to many competitive factors (Blundel, et al.,
2018).
Different types of entrepreneurial ventures
Small business entrepreneurship: These are small scale firm or start-ups established by one or
more individuals with an aim to maximize profit. In UK, there are many small scale ventures
which are also known sole proprietorship. These small ventures carry out business at local level
and hires local staff or family members in business. For example, Grocery stores, hairdressers,
consultants and other ventures.
Large company venture: This can be public and private companies started by two or more
entrepreneurial in order to make a difference in industry. Entrepreneurs establish large scale
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entrepreneurs by taking huge amount of investment from shareholders. Large scale ventures
carry out business operations at national and global level for purpose of increasing brand
recognition and maximizing profits. They have more than 250 employees within UK. For
example Tesco, Asda, Marks and Spencer and Apple Inc. are large scale venture.
Scalable venture: This is a kind of entrepreneurship in which entrepreneur believe that their
organization can transform the world. They usually receive funds from venture capitalists and
hire specialized workforce. These start-ups looks for the things which are not available in
market and create new solutions for them by establishing business. These ventures seek rapid
expansion and high profit returns. For example Facebook, Instagram and Uber was scalable
startups.
Social entrepreneurial venture: These ventures are established by two more individuals with an
aim to solve social issues by developing new products and services in this category of
entrepreneurship. Their main target is to make the world a better place. They don’t work to
make high profit or wealth. These kinds of entrepreneurs intend to start nonprofits or firms that
dedicate themselves to working towards social good (Klapper et al., 2014).
These ventures are related with Typology (types) of entrepreneurs.
Lifestyle entrepreneurs: These entrepreneurs establish business with ideas based on
improvement of customer lifestyle. Their products and services also depend on providing
satisfaction to people and changing their lifestyles.
Social entrepreneurs: These entrepreneurs establish social organization for solving issues of
society such as medical and health issues, employment issues, sanitation and other problems of
society. A social venture aims to earn profits for the welfare of people. These entrepreneurs get
investment from donations.
Female entrepreneurs: There are large number females owners of entrepreneurial venture who
have started their business with an aim to develop their image of successful entrepreneur.
E-pruner:
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E-pruners are basically the business organizations who are totally depended to conduct all their
business activities via internet. This is also may call as e-commerce business. The e-pruner or
ecommerce business is defining in this era that any person who does not even have any office
place can do business online while staying at home, buying and selling products, maintain good
customer relationship and also gain profits at the end of the month, as the expansion of internet
based business grows rapidly every day. This venture type also includes buying from and selling
to different online based platform such as eBay and Amazon. (Blundel, et al., 2018).
Corporate entrepreneur:
Corporate entrepreneur indicates when a person who make a move entrepreneurially in a medium
or large enduring organization and also in government or charitable agency. Rather than being a
free individual company or organization, this kind of organization works along side with a
company to help the both party grow. Within these types of organization it is easier to grow
innovatively and adapting skills and for these reasons some of the organizations arepositively
welcome corporate entrepreneurship. (Blundel, et al., 2018).
2.3Similarities and differences between entrepreneurial ventures
As the types of entrepreneur ventures are different, so it is very common to have similarities and
dissimilarities among the ventures. Out of the different types described above, survival and
scalable ventures have some similar terms in their business because there is chance that both
might conducted by young generation just to support themselves initially. Also they start their
business with very low amount of capital in the beginning. Because the goal of these business
concepts are not to create significant profits, they require little venture capital investments in the
start. On the other hand, the other described ventures mostly need a large amount of capital in the
bargaining of their business and with that they expect a high profitable outcome as well (Blundel,
et al., 2018).
Similarities
Investment and Resources: overall entrepreneurial venture needs financial resources for starting
business operations. These ventures get investment from shareholders, banks, personal saving
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and other sources of investment. Also, these ventures need other resources such as equipment,
technologies, machinery and manpower to carry out business activities.
Qualified workforce: Every entrepreneurial venture needs qualified workforce to accomplish
business activities.
Marketing and promotion: Each of these ventures performs marketing for expansion of
business.
Differences:
Scope of expansion: Small venture and social organization have limited scope of business
expansion due to low amount of investment as compared large scale ventures that receive huge
investment from shareholders (Neagu, 2016).
Size of business: All these ventures have different size and structure to carry out business
operations. These start-ups are created and regulated at small scale whereas large scale ventures
have a huge hierarchy of positions.
The diverse range of entrepreneurial ventures to understand the role of entrepreneurship
in both the public and corporate sector
An analysisof wide verity entrepreneurial endeavors can helpthe local start-up communities to
understand the success of start-up business strategies and choose the best option based on their
current business scenario and venture capital funding availability. During the discussion the
various types of entrepreneur ventures such as survival, lifestyle, scalable, social, e-pruner and
corporate ideas were discussed and here most of them are related to the public entrepreneurship
sectors but excluding the social entrepreneurship. The purpose of social entrepreneurship is to
serve for the public and it is mostly implemented by public sector organizations or entrepreneurs.
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In according to the tainted venture capital, the rest of the venture type ideas are mostly to gain
profit. In this list of ventures except for social and survival entrepreneurship venture, all of them
are mostly concerned on highest return of the capital they invests which mainly indicates the zest
idea of corporate sector of entrepreneurs and on the other hand, to be clear about public sector of
the entrepreneurship concept is wiser to follow the social entrepreneurs as they care less on
making much profit but more on the social good works they want to accomplish (Hayter, 2018).
Critical examination of the scope, development, and growth of entrepreneurial ventures
Most of the business organizations centre their main attention on the activities of business
development. For the enterprisers who are just initiating their business are primarily concerned
with enhancing their organization’s potentiality through creativity. The companies with start-up
characteristics are often centered on offering distinctive and new items in order to attract
customers to such alternates. Keeping the main focus on gaining more profit margins, the startup
companies plans to promote creative and trendy products to their targeted customers.
Furthermore, small-scale enterprises are typically regarded to as firms that are concerned with
profit margin (Kerr, 2013). These types of business usually operate on a small scale of the
industry. Non-profit organizations that aid in the effective consideration of social development
are referred to as social scale organizations. They typically aim to cover their operating costs
while also ensuring that the entire society gets benefitted by the service they want to provide to
them.
Scope, development and growth of any entrepreneur venture cannot be always flexible and also
in a good shape because there are several factors that effects the organization directly. Since the
global pandemic started, most of the local and state government has implemented strict
restrictions on travelling and conducting most of the business activities due to lockdown.
Nevertheless, social, small and e-prenuer ventures can still be practicable during the pandemic
situation because the nature of these organizations which are greatly helpful for public and have
lesser investments in their company (Coronavirus: US economy, 2020).
Even though during the pandemic the venture which can develop and grow the most is e-pruner
or widely known as e-commerce due to their variety and flexibility in business nature.
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Ecommerce companies can develop their strategies and try selling the goods which have very
good demand in market due to crisis situation.
The economic impact of small businesses
Entrepreneurs have the ability to alter the way of living for general people as their innovative
ideas, if successes could raise our way and level of living and in addition to acquiring revenue
through their entrepreneurial endeavors they also provide jobs and the conditions for a
prosperous society (Alwrafi, 2019). More details description is written below:
Small and micro business firms have contributed 47% of revenue to the economy, small and
medium size firms also have key roles in boosting productivity but they need support to expand
business and increase impact. SME consists of large part of UK economy and boosting SMEs
productivity growth will have positive impact on overall UK productivity (Kerr, 2013). They
positively contribute towards growth of innovation. SMEs and small business are accountable
for more 60% of private sector employment in UK that is 16.3 million. This is essential for local
economies in town and cities as well as national economy.
Comprehension & evaluation of essential facts and information to show the economic
impact of micro and small businesses
From a point of view of Corl, (2019), small businesses account for 15 percent of all public and
private sector entities the United States. Nevertheless, these businesses still account for half of all
new jobs that are being produced each and every year. According to this data, micro and small
companies have had a significant impact on the countries economical quality. Each year these
business organizations lower the number of unemployment rate, demonstrating that the economy
of the country is actually growing. In industrial countries, nearly 40% to 50% of the workforce is
employed in small and medium sized business founded by entrepreneurs. As a result, it is clear
that entrepreneurs can have a significant impact on an economy by creating jobs scopes and also
generating revenue (Alwrafi, 2019). Global start-up economy (2019), shows in a recent survey,
that micro and small business organizations have grown by 20% in the last two years, with a total
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value of about 3 trillion UK dollars, which is not insignificant in the economy. However,
(Blundel et al., 2018) argued that small and micro entrepreneur provide less contribution towards
GDP of economy as compared to large scale ventures. Large scale ventures have provided
several global opportunities and raise foreign direct investment from other countries in UK.
Small and Micro firms have less potential to survive in competitive business environment. The
UK economy is based on these small and medium size ventures mainly involved in private sector
that generate revenues.
Importance of small business and startup organizations to the growth of the social economy
The significance and usefulness of small business and start-up organizations are derived from
several characteristics that distinguish them from large corporations for an instance, bringing
alternative opportunities and creating an environment that encourages individuals to enhance
their skills in order to transfer to larger companies with higher incentives and continuous
encouragement for innovative ideas and adaptability. Numerous different creative products and
technological processes were developed by small and start-up organizations where large
corporations spite of having strong research departments, prefer to focus their efforts on
improving the existing products that they want to produce in larger quantities to take advantages
of geometrical economy’s. Large corporations do not have the same schedule facilities as any
entrepreneur company. To be successful, small business and start-ups must concentrate their
efforts on developing new products and services and allowing them to adapt their output more
quickly to changing market demands (Neagu, 2016).
Importance of small business and start-ups towards growth of social economy
Small entrepreneurial ventures and start-ups provide their contribution towards social economy
by bringing growth, innovation and change in the community in which business is established.
Social entrepreneurs help resolving social issues such as employment, health and environment
impacts. These small ventures and start-ups generate employment for various people and bring
new products which are not available in market. Business strategies of start-ups and small scale
entrepreneur provide recognition to the society where they establish business. These venture
also influence people to generate new business ideas and establish their own companies.
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Evaluation of small, medium, and large size business organizations and that impact on the
economy with the application of relevant data and statistics
In the year of 2014, The World Bank Entrepreneurship Database provided one of a kind attribute
of small, medium and large business registration, enabling for comparative analysis of
entrepreneurial activity across economies and over time. According to the latest survey reports,
approximately 56% of the countries throughout the world had reached the level of creating new
start-up organizations have achieved prior to the global financial crisis in 2007. In the developing
economies the rate of start-up development has been slightly faster in the established countries.
In addition, the developing world currently has a bigger share of economies with year on year
growth in the rate of start-ups creation than the already developed world.
Participation percentages of small, medium and large organization vary greatly among
economies and economic categories and are strongly linked to a country’s degree of
development. In high-income economies, around 5 new public beneficial businesses were
formed for every 1000 working aged persons in the year of 2012. New business registration
frequency was around 3 in upper-middle-income countries, approximately 1 in relatively low
economies and nearly zero in low-income economies, by a comparison in reference to the below
figure 01. (Klapper.et al., 2014)
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Source: (Entrepreneurship around the world- Before, during and after the crisis 2014)
Small business impact on all levels of the economy and in the worldwide market
Economic growth is a critical metric for determining whether a country is progressing or
regressing. It becomes a benchmark against which other nations are judged. This statement is
influenced by a number of factors. Entrepreneurship is a factor, and it is one of those things that
is difficult to define precisely (Turan, 2013). Based on economical differences, the impacts can
be divided into four segments such as:
Local economical impact: According to Brown (2018), by providing growth and innovation to
the communities where they are based, small businesses have a substantial impact on the on the
local economy.Stimulating the local economy by providing a huge number of job options for
persons who may not be eligible for employment with bigger corporation.
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Regional economic impact: Small business enterprises such as small entrepreneurs, large
entrepreneurs and hustling entrepreneurs have a significant impact on the area economy,
accounting for around half of all job possibilities in the region (Ruchkunaet et,al., 2017).
National economic impact: Entrepreneurs frequently support the enterprises of other sameminded
people. They also support local charities by investing in community projects and providing
financial assistance. These are greatly supportable for the growth of the nation’s economy
(Alwrafi, 2019).
International economic impact: Entrepreneurship is helping the world’s economy all together. As
economies continue to integrate as a result of entrepreneurs will increasingly hunt for markets
outside for their native area, producing international money and enhancing the economy’s
overall prosperity (Alwrafi, 2019).
P5 Characteristics of successful entrepreneurs and other business managers.
Curiosity: Successful entrepreneurs have curiosity that enables them to continuously seek new
opportunities.
Structure experimentation: Successful entrepreneurs always strive to undertake structured
experimentation. They focus on identifying new ideas for establishing successful business
operations and increase their recognition in industry.
Confidence: Successful entrepreneurs always have confidence on their ideas and knowledge
based on which they strive to take risk and establish business operations.
Strategic thinking: It is an important characteristics of entrepreneur and managers because they
think strategically to establish business, organizing activities and adopt strategic directions for
expansion of business.
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Part 2
Introduction
As claimed by () when a person begin interpret things like an entrepreneur on a regular basis, it
can be said that he or she have truly adopted the entrepreneurial attitude or mindset.
Entrepreneurs should be able to take sensible precautions in order to improve in the future.
Various enterprises in the community’s local state have distinct experiences. Entrepreneurship
and innovation skills and qualities, entrepreneurial personality and its influence on employee
motivation and mindset, strong entrepreneurial characteristics, and a reconfigurable
entrepreneurial environment are among the factors that are New Moon Company is responsible
for guiding entrepreneurs. Moving on to deeper in the study, entrepreneurial background and
capability, the correlation between entrepreneurial attributes, entrepreneur inspiration and
knowledge, as well as the good and bad impacts of entrepreneurial encounters will be discussed.
This paper will thoroughly examine all of these above described area while using pertinent
examples and information to better comprehend the various aspects that influence
entrepreneurship.
Analysis
2.1 Mindset of entrepreneurs
It is actually possible for any person to make a habit and develop their mindset just like a
successful entrepreneur. According to Henry Ford, the founder of Ford Motor Company
“Whether you think you can or thinks you can’t- you are right.” Entrepreneurship is more than
just a set of management and business skills. There is many principles of mindset, mentality, and
behavior in entrepreneurship as it is sophisticated and repetitive also it cannot be separated from
the ingenuity and innovation. An entrepreneur must have both aggressive attitudes towards him
business as well as having environmental consciousness (Putriana, et al., 2018). There can be
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several different types of mindset that entrepreneurs have and also should have. These are
described below:
Independency: Among the most crucial parts of the entrepreneurial mindset is the ability to see
opportunities. Entrepreneurs do not follow the herd or wait for orders from others. Rather they
trust their instincts and follow their own path. Steve Jobs, the founder of the Apple once said,
“Don’t let the noise of other’s opinions drown out your own inner voice”(Thomas, 2020).
Responsibilities: Taking complete responsibility is the source of successful entrepreneur’s
autonomous thinking. Entrepreneurs do not blame other for their difficulties instead, they
empower themselves by taking charge of their own destiny. It makes no difference whether an
entrepreneur is succeed or fail or what their life circumstances are. Regardless when something
is not the entrepreneur’s problem, accepting responsibility for it gives them the ability to make
things better in their own organization(Thomas, 2020).
Capable of adapting: Entrepreneurs posse’s lofty ambitions and they recognize that seeing the
full staircase beforehand climbing is not possible but they continue to climb, confident in their
ability to adapt to new situations (Thomas, 2020).
Problem solving skills: Entrepreneurship seeks out difficulties and attempt to solve them. This is
the foundation of every business and it is a considerable fact. Plumbers, for example, repair
clogged drains, Netflix alleviates monotony and automobile makes assist people in getting
around (Thomas, 2020).
How aspects of entrepreneurial personality reflect the entrepreneurial motivation and
mindset
The mindset of entrepreneurs is unique in that one must be creative, communicative and highly
motivated towards success yet they are open to risk and failure. Many times the success or failure
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of an enterprise comes down towards the characteristics of the entrepreneurs themselves.
Entrepreneurs with confident and innovative personality reflect their innovative mindset from
their actions and tasks they perform to attain growth in industry. For example, Mark Zuckerberg
is an entrepreneurial personality with innovative mindset and his ideas always depends on
increasing innovation to maximize profits.
Accepting own self: Self-acceptance is a problem for many people. It is easy to discount or even
detest oneself when someone do not like something about themselves. However if the
entrepreneurs adopt a growth mentality, they will realize that they can always evolve and
progress (Thomas, 2020).
Comparison between successful companies & other business managers in terms of
personality traits
Successful entrepreneurs such as Jeff Bezoz and Mark Zukerberg have distinct qualities from
other business executives. Between these two, there is a distinct difference that is noticeable.
Successful entrepreneurs have the ability to think creatively and act on their ideas. The risks they
take after evaluating the target market and communicating with all of their networks in order to
obtain a thorough understanding of the market’s needs, indicating that they are taking calculated
risks. Furthermore, it is tough to deliver anything new to their target clients, and as a result brand
loyalty is lost(Miller, 2020).
Successful entrepreneurs have exceptional leadership abilities which enable them to motivate and
urge their people to achieve better in the future by being more innovative. Furthermore,
leadership abilities enable successful entrepreneurs to engage with employees and urge them to
work more efficiently through various performance-based pay and extra awards and
compensation packages (Miller 2020).
Entrepreneurs with a positive attitude are more likely to succeed. One of the attributes that
distinguishes successful entrepreneurs from ordinary business managers is optimism.
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For example, Mark Zuckerberg is a famous entrepreneur with positive attitude towards business
and always resolve their issues with innovative ideas. Traditionally, normal business managers
have led businesses that have failed to achieve first market success. Successful entrepreneurs on
the other hand, are optimistic about the products and services they have providing and so
everything they can to secure their success (Miller, 2020).
Enthusiasm and perspective are influenced by entrepreneurial personality
Despite the facts that entrepreneurial research has broadened, two major sub-areas emerge as key
determinants in basic entrepreneurial intentions modeling techniques which are personality factor
characteristics and entrepreneurs training. The first section, as according Linan & Fayolle
(2015), comprises the impact of personality traits, psychological factors, social and economic
parameters, whereas the second analysis educational programmes or links them to the intentions.
The entrepreneur’s characteristics assist start-up firms in remaining motivated and optimistic. All
start-up companies mist cultivates an unstoppable personality that will keep entrepreneurs
engaged and encouraged in all of the endeavors they intend to launch. Entrepreneurs must be
self-motivated and possess the ability to motivate others in the manner of a great leader (Iolanda
& Nelu, 2019).
Entrepreneurial characteristics
A person must possess or develop the attributes or characteristics of an entrepreneur in order to
think and work like one. There are some main characteristics entrepreneur posses are described
below:
Motivating skill:Motivation skills are naturally built in any entrepreneur’s personality. After all,
people often work long hours to get their businesses up and running while investing enormous
sums of money, perhaps their whole life savings just to chase their aspirations. Despite all this,
they refuse to succumb to their dread of failure. To continue with initiatives over the longer term,
tremendous motivation as well as rigorous focus is required (Rojas, 2021).
Being passionate: Entrepreneurs are also known for their passionate behaviors. Whereas a high
payment at the end of the month can be motivating, entrepreneurs are more likely to be
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motivated by a passion for their products and a desire to make difference into the society (Rojas,
2021).
Having vision: The most successful entrepreneurs have a clear vision of whatever they desire to
accomplish, how they plan to achieve their objectives and who they will need on their team to
get in that desired place (Rojas, 2021).
Decision making skills: The ability to make quick decisions is a crucial trait for entrepreneurs
because the decisions can become a difference between success and failure. Entrepreneurs must
not just be good decision-makers but also be able to make such decisions fast in order to avoid
missing out on possibilities (Rojas, 2021).
Analysis of characteristic traits, skills, and motivational drivers of successful entrepreneurs
All of the entrepreneur’s talents and attributes that have been covered thus far needs to applied to
the circumstance. Entrepreneur’s needs to have the ability to assess situations and determine
when the proper talent should be used and when may not. As a result, a reasonable approach
necessitates strong entrepreneurial qualities. A precise assessment of the circumstance, talent,
potentiality and experiences can aid in the development of a standard that promotes an
entrepreneur-friendly atmosphere (Patel, 2015). If Amazon had not deployed the “Alexa”
innovation, then that would have lagged far behind Google in terms of offering voice assistance
to the potential consumers, as Google already had continued with Google Assistant. The
introduction of Alexa technology to the whole Google assistant was a timely and situational
move made by a significant entrepreneurs like Chief Visuals. Entrepreneur’s momentary actions
can prevent a whole company from falling behind its competition. Furthermore, entrepreneurs
overlook the need of having the confidence and fortitude to take measured risks. Calculated risks
can have a significant impact on an organization’s income or the value of the brand(Pakkala, et
al., 2018).
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Environmental factors on entrepreneurship
The environment can be thought as a collection of interconnected and interdependent
characteristics that influence how businesses run. The business environment is characterized by
high level of activity, which allows enterprises to maintain control over their operations and
activities. It is critical for policymakers to comprehend the dynamic character of
entrepreneurship development as well as how dynamism affects entrepreneurship development
(Shobayo & Oyinlola, 2018).
Impact of environmental background and experience on entrepreneurship
Internal contextual elements such as entrepreneurial history and experience have a substantial
impact on the development of entrepreneurial activities. An entrepreneur’s entrepreneurial past
experience can be both hindrance and also inspiration. Organizational experience and knowledge
produce high expectations that aren’t always met, as well as exaggeration that has negative
impact on entrepreneurial performance. And from the other hand, it encourages entrepreneurs to
put up greater effort in order to achieve better results than before.
Relationship between entrepreneur characteristics and the influence of personal
background and the experience of successful entrepreneurship
The entrepreneur’s personal background has a tremendous influence on his or her entrepreneurial
characteristics and inspirations. Successful entrepreneurs are the result of the right combination
of entrepreneur characteristics with personal history and experience. The bonding promotes
positivism, which ensures the cusses of the company in the long run. Entrepreneurial purpose is
an individual’s belief in starting a new business with a defined and passionate idea within
specific time frame (Thompson, 2009). For instance, Elon Musk, the CEO of Tesla has expertly
managed the corporation’s past experience and brand using his ingenuity and determination to
increase Tesla’s core market in both developing and underdeveloped countries (Hadzic & Sait,
2016).
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Relevant examples as to how background can foster or hinder entrepreneurial
Individuals that belongs to the business families usually concentrate on starting own business
operations for creating own identity or existence in industry. People from education background
strive to generate innovative and technology based ventures. For example, Mark Zuckerberg and
Elon Musk who belongs to educational family backgrounds and their families have also
motivated them in establishing new business operations. Individuals from technological
backgrounds start their own technology based ventures with unique ideas.
Critical analysis of the influence of experiences both on a positive and negative note with
contrasting examples
All of the architectural elements considerations have demonstrated that prior expertise and
background have both good and harmful consequences on a business venture. To examine the
effects of earlier positive experiences and background, consider the Tesla and general Motor
companies. Previous experiences, on the other hand can prove more pressure to entrepreneurs
perhaps lower their competency level. This is what happed to Apple. Apple had a history of
innovating new products and providing cutting-edge technology to their target clients. They
have, however, failed to create anything that someone can accept for several generations of
iPhone following Steve Job’s death. As a result inheritance or legacy has both beneficial and
negative effects(Zamanian & Myint, 2017).
Conclusion
The overall paper evaluated and described the elements that influence the entrepreneurial
attitude, including such environmental variables and experience factors and also how these affect
start-up owners. Different features and attributes of entrepreneurs have been addressed in order
to gain access to the information of successful entrepreneurs in local start-up groups. With
pertinent examples, the paper discusses both the beneficial and negative effects of
entrepreneurial culture and legacy as well as the experience.
21

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