Entrepreneurship: Theory and Practice

This assignment delves into the multifaceted world of entrepreneurship, examining the interplay between various factors that contribute to entrepreneurial success. It investigates the impact of entrepreneurial personality traits on entrepreneurial intentions and behavior. Additionally, it explores how job characteristics influence entrepreneurial satisfaction and venture performance. The analysis draws upon academic research and real-world examples to shed light on the complex dynamics shaping the entrepreneurial landscape.

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ENTREPRENEURSHIP
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Contents
Task 1...........................................................................................................................................................3
P1. A mini research for investigating different types of entrepreneurial ventures and elucidate how
they narrate to the typology of entrepreneurship...................................................................................3
P2. The similarities and differences between entrepreneurial ventures.................................................5
Task 2...........................................................................................................................................................6
P3. Assessing and interpreting relevant data and statistics in the mini-research for illustrating how
micro and small businesses impact on the economy...............................................................................6
P4. Explanation of how important small businesses and business start –ups will contribute to the
growth of the social economy after ‘Brexit’.............................................................................................8
Task 3.........................................................................................................................................................10
P5. Carrying out a mini-research for determining the traits, skills as well as characteristics of two
successful entrepreneurs, which differentiate them from other business managers............................10
P6. Assessing how aspects of the entrepreneurial behavior as discussed in P5, reflect entrepreneurial
motivation and mindset.........................................................................................................................12
Task 4.........................................................................................................................................................13
P7. With concrete examples obtained through your mini-research, scrutinize how background and
experience can hinder or foster entrepreneurship................................................................................13
References.................................................................................................................................................16
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Task 1
P.1 Mini research for investigating different types of entrepreneurial ventures and elucidate how
they narrate to the typology of entrepreneurship.
Each and every business is built upon entrepreneurship. Moreover, in upgraded and developed
companies unrealistic capacities have a tremendous demand. Most of the broad and little
business organizations started a free ramble which is driven by the employees. Here, different
sorts of entrepreneurial attempts are depicted (Seavey, 2009). The particular program helps the
understudies to perceive their calling decisions in private ramble. Besides that, the
Entrepreneurship and Small Business Management is needed to collect entrepreneurial aptitudes
very much requested. Various types of entrepreneurial ventures are discussed below:
Corporate-Level Entrepreneurial
The activity of corporate level entrepreneurial can be delineated as the essential renovation of a
certain plan of recognizing quality units that make up the endeavor (Smilor and Sexton, 2001).
Also, this kind of business activity is popularly known as Corporate Improvement. For example,
Jack Welch 10 understood a total re-trying of General Electric when diverse inspectors predicted
that the general electricity was sound and not needing remarkable change. The corporate
entrepreneurship encompasses of two different types of phenomenon and process surrounding
them. Two phenomenon are the birth of new business within existing enterprise that can be
through venturing or internal innovation. The other process is transformation of business unit
through renewal of core ideas on which they are built such as renewal of strategies. The third
activity include establishment of new business unit outside the auspices of existing enterprise. A
hierarchical system and classification of factor at each level enables to create typology of
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entrepreneurial activities. The entrepreneur activity include identifying of new business
organization.
Social Entrepreneurial
The entrepreneurs who use techniques based on the involvement of society during a start-up are
known as social entrepreneurs. The total process is known as social entrepreneuring. The
particular concept can be applied to a variety of companies with difference in aims, objectives,
sizes as well as beliefs. Besides that, during the time of profit-making, the social entrepreneurs
support the cultural and social objectives of the company but not as an end in itself. Apart from
these, during the year 2010, the social entrepreneurs was facilitated by the utilization of the
internet such as social media website and social networking. Today, each and every
organizations are using social networking sites as a promotional tool for the company (Special
Issue of Journal of Social Entrepreneurship, 2012).The social entrepreneur typology allows
owner to identify similarities and differences among wide range of individual and business unit
that are engaged in social entrepreneurship.
Enterprise-Level Entrepreneurial
The activity of Enterprise-Level Entrepreneurial is a full reconsideration of the purposes behind
which the business firm exists (Seavey, 2009). An illustration of boundless business level
entrepreneurial activity is showed up in the way in which the March of Dimes retitled its
inspiration and brightening of the organization behind being after the Salk polio inoculation
acting authority made its character with finding a cure for polio outdated. Its development is
called for when the objectives for which the organization exists observe the chance to be
generally seen as either being unattainable or old.
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Small Business Entrepreneurial
The individual who is engaged with small business is known as a small business entrepreneur
and the method by which he or she is operating his or her own business is known as small
business entrepreneurial. Small business are hairdressers, travel agents, internet commerce,
carpenters, plumbers, electricians, consultants and so on (Special Issue of Journal of Social
Entrepreneurship, 2012). Moreover, these entrepreneurs hire local employees or members from
their own family to work in the business. Most of small business are barely profitable. Aside
from, their definition of success is to feed the family as well as make a profit. Small business do
not have the aim to take over large companies or to accomplish competitive advantage.
P.2 The similarities and differences between entrepreneurial ventures.
The probability of the market structure and change of large business firms have progressed and
changed over years for highlighting the improvements of the miscellaneous entrepreneurial
challenges. Besides that, the abilities for all intents and purposes indistinguishable attributes of
the entrepreneurial attempts can be conferred and investigated for appraising the accumulations
of the examinations and perspectives of the differing business thinkers (Ivy, 2016). The activities
of entrepreneurial strategies are to influence activities and development for an establishment of
the fundamental things and companies. The imaginative, entrepreneurial meander tries to
develop new developments for the things and markets. These includes the depicting as well as
discovering new products for making resources of inventive nature who makes and surveys the
market beginnings. Research of materials matters in any advancement and projection works that
draw in the expert, here the business visionaries to add up to a not too shocking learning of the
market and their needs. The particular structure not simply fortifies the movement of the
economy approach of the country. Moreover, in prospering, rights and condition change of the
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pro and diverse individuals. The social business thinkers are the most innovative bundling that
developments the distinctive valuable, get ready and human resource fields into supportive yield
keeping in right issues and directions (Ivy, 2016). The directors of these large organizations have
pity improvements and genuinely extend their objective to do change with the imperatives of
business practices to beat the typical burdens.
Female entrepreneur businesses similarities Male entrepreneur businesses similarities
Females looks forward to enlarging their
business in the global market.
Females looks forward to developing their
business in the global market.
Turnover is less than a hundred million but
more than fifty million
Turnover is less than a hundred million but
more than fifty million
Differences Differences
All the tycoons are females The businesspersons are male
Encompass around 1/3rd of all entrepreneurs
internationally.
Female entrepreneurs are less than males
internationally.
Serial entrepreneurs ventures similarities Lifestyle ventures or businesses
similarities
Have advanced features for future
improvement of the business
Lifestyle ventures have innovative features
for future expansion of the business
Needs human resource management team to
recruit expert employees
Needs human resource management team to
recruit skilful employees
Have risk capacities Have risk capacities
Differences Differences
Serial entrepreneurs focus on the ideas and
strategy to start a new company and then see it
through and play an important role in the
regular functioning of the new company.
Lifestyle entrepreneur’s focus more in the
life rewards provided to people that enjoy
and have the passion for what they are doing.
Change of the societal overseers. Regardless, the closeness passes on a typical goal for all and
that makes a level out affirmation for obliging this matter (Busch, 2014). Irrespective, the
entrepreneurial portion tries to keep with or without these matters and focus on the modification
of the business and needs to pass on each one of the particles of society and progress.
The difference between small business and Entrepreneurial venture
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Small business usually deal with known and established products and services while
entrepreneur Venture have focus on offering innovative products and attractive services.
Small enterprise aims for limited growth and profitability On the other hand the purpose of
entrepreneur venture include rapid growth and high productivity return.
The small organization has the potential deals with known risks whereas big venture have
potential to deal with unknown threat.
Bid organization have great impact on economy and communities on the other hand small
venture do not have influence or effect on economy or society.
Task 2
P.3 Assessing and interpreting relevant data and statistics in the mini-research for illustrating
how micro and small businesses impact on the economy.
The economy of a particular country depends upon the small businesses and some independent
organizations. Moreover, it drives opportunities and latest technologies for strengthening the
economy of the country. The contributions of these micro and small business is very essential for
maintaining and balancing the economy. These companies strengthen contention and bring fresh
surveys that throw an open trial for the sake of improvement. Some independent organizations
survive as well as grows due to the strong economy of the country (Kourilsky and Walstad,
2003). In the developed countries, the independent companies are referred to as the most
flourishing business. Also, it does work and results in rousing people in new groups as well as
make pay. On the other hand, the autonomous companies have the capability to make attempts to
make an impact on the economy of small scale industries of many producing countries by
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offering reassurance to political and social quality. The business managers of privately owned
company are one of the core strategies for the advancement of financial department.
Only self-ruling managers can run and operate a privately owned business. The managers of
autonomous companies meet special gages of size as for yearly laborers and receipts. Based on
the recent research, there is an absence of formed authentication as for measurable duties
provided by free ramble managers. The autonomous managers of some organizations are
incorporated into every type of zones in business (Kourilsky and Walstad, 2003). The
achievement of an independent ramble depends on upon the business environment in which they
work. Besides that, some internal as well as external factors impact the accomplishment of a free
organization and its impact on the economy. The impact of micro and small business on the
economy of a particular country can be well understood by following some factors. These factors
are described below:
Control
The leaders and managers of a particular company are responsible for monitoring the
performance of the employees and count them with their previous styles of working. It is done
for bringing out their performance as well as motivating them to work more.
Organizing
Each and every entrepreneur needs a strategic plan for organizing their individual work. The
action is measured to be the second most significant part of the management team. It is the
responsibility of the managers and leaders of that particular company to assign jobs to specific
employees (Schwienbacher and Larralde, 2017). Moreover, a good sense of proper allocation
and organizing tasks helps the organization to accomplish their goals.
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Planning
Planning is one of the significant job of a company. Each and every work in a company needs a
planning system. The managers plan how to perform a particular task and the employees fulfills
them and helps the organization to achieve organizational goals.
Influence
Influence means motivation. The leaders of an enterprise are responsible to motivate and
influence group members to perform well in a particular project or task. Motivation is the
essential part of the management team and it is connected with creating mental support for the
employees. Motivation also balances the workflow of the company.
P.4 Explanation of how important small businesses and business start –ups will contribute to the
growth of the social economy after ‘Br exit’.
Existence of Brexit has increase the difficulty for small enterprise in carrying out
business activities in the nation. Due to EU the organization posses the ability to carry out free
trade activities among several cities. Because of this there was decline in business profitability
and it has great influence on the economic growth of country.
When 2016 started, it was to be expected that ‘Br exit’ would impact the medium term financial
prospect of United Kingdom. Unrelated, more than eight percent of the economy of Britain
would be advanced after ‘Br exit’. On the other hand, the private managers should be more
gainful. Moreover, the small business and business start-ups contribute to ‘Br exit’ by bringing
the innovation and growth to the community in which the business is established (Tsuruta, 2016).
Besides that, these small business and business start-ups aids the organization to stimulate the
economic growth by providing opportunities regarding employment to the individuals. The
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people who cannot enter large organizations are helped by these small companies. The small
companies attract talented and skillful people from the corners of a particular area and recruits
them in the company. With the help of these talented people, the organization is able to make
innovative and new products and services by which they attract their potential customers.
However, the larger business also benefits from the small business within the same local
community. Most of the large organizations depend on small business because these small
business offer such services to large business which is impossible for the large companies to
make it (Tsuruta, 2016).
Many small business and business start-ups have the adaptability to changing climates. They
possess the ability to respond as well as adapt quickly to changing economic climate. The
reasons are that small business are less customer oriented rather than large business. Only a few
selected clients shows trust and loyalty to these business start-ups. During an economic crisis,
these potential customers help the company to maintain the financial balance (Vass, 2016).
Moreover, these small business also accumulates less revenue than the larger ones. It means that
they have nothing to lose during an economic crisis. When consumers support local small
businesses, they are principally giving money back to their local public. A flourishing local
business will produce high levels of income. It means that the business will pay higher taxes
which includes local taxes. After that, the particular money is then used for fire departments,
colleges, schools and local police. If the small business is strategically managed, then the small
business entrepreneurs can achieve the objectives of the business regarding the future growth of
the company. For example, Microsoft which was once a small business and now it became
famous all over the world (Murthy and Paul, 2016).
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Task 3
P5. Carrying out a mini-research for determining the traits, skills as well as characteristics of two
successful entrepreneurs, which differentiate them from other business managers.
Entrepreneurs are responsible for the risks that they are taking as well as self-motivation which
settle all the crisis issues of business. Measurable change is depicted by the traverse of the
business. Besides, these are related to the quantitative ones to satisfy business targets.
Entrepreneurs accept an immense part in economic and particular change (Murthy and Paul,
2016). Generally, entrepreneurship starts with a movement, which concerns the foundation of
business. It also impacts business execution. A couple of leaders have the skills and traits of an
entrepreneur and they consider development as their main motive. Insecurity, risk, imaginative
auspicious position and comparing managerial limit should not be slighted in entrepreneurship.
A nice entrepreneur should have some total practices, for instance, rendezvous of advantages,
formation of stock, perceiving the business openings, setting up a business, propelling the service
and the product and responding to business environment (Ao and Yin, 2014). The entrepreneur
should go about as a leader, which cause inventive devastation. An entrepreneur should have the
ability to grasp any hazardous hypothesis. There are two sub-thoughts of entrepreneurship, for
instance, regard creation that is away for the eventual outcomes of entrepreneurship and
improvement, uniqueness and advancement which is revolved around the characteristics of
entrepreneurship (Sidik, 2012). As showed by a couple of experts, the characteristics of an
entrepreneur are: prepared to settle on free decisions, be autonomous, to have an energetic
changing and insecure condition, accomplishment arranged, being a better than average
organizer and being resolute, manager, taught, basic confirmation vitality of new information.
Mark Zuckerberg
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Mark Zuckerberg is a famous entrepreneur who founded the popular social networking sites
known as Facebook. According to him, the mission of Facebook is to provide the people with
power to share as well as make the world a more open and connected place to live (Mathieu and
St-Jean, 2013). One might undertake that the information would thrive on the creator of a multi-
billion-dollar and high profile social networking sites. Mark Zuckerberg is one of the renounced
and popular computer programmer of the internet professionals in the world. Apart from being
an entrepreneur, he has programming skills which makes him a unique person of the world
(Bignotti and le Roux, 2016). He can grow the business into an amazing level. Besides that,
Mark is a good leader who has the responsibility to recruit the best and talented employees for
achieving the organizational objectives and goals. He motivates his employees and office staffs
by providing them with reward benefits within the company. In the year 2013, April, Zuckeberg
became the CEO or Chief Executive Officer and Chairman of Facebook. According to his vision,
the management should be very persuasive with respect to style(LI, GONG and ZHANG, 2013).
Steve Jobs
Steve Jobs also belong to the technical field just as compared to Mark Zuckerberg. Steve Jobs is
the founder of the famous company, Apple Inc. He is an American entrepreneur and was widely
recognized as the design-driven and charismatic leader of the revolution of personal computer.
He was the legend of invention of personal computer systems. Moreover, the management
principles and leadership of Steve Jobs is based on the requirements of behaving with people
with great respect (Kiesner, 2010). Apart from it, the employees of the organization are
responsible for the day-to-day operations of the business. The employees of Steve are always
treated as significant team players. Aside from, he was very ambitious person with new and
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innovative ideas. He died in the year 2011. Today, Apple has become the most popular brand in
the field of technology.
The difference between Mark Zuckerberg and Steve Jobs verses skills of other business
manager
The Mark Zuckerberg and Steve Jobs have unique leadership skills that make them unique leader
as compared to other business managers. Mark Zuckerg uses participate leadership style and
Steve Jobs has adopted autocratic leadership style. On the other hand the local business manager
does not use particular leadership style. They both believe in innovation and while other business
manager have focus on business growth and profitability.
P6. Assessing how aspects of the entrepreneurial behavior as discussed in P5, reflect
entrepreneurial motivation and mindset.
This part is a reflective section where I as an entrepreneur will assess the aspects of
entrepreneurial behavior. A business man with a high internal locus of control convictions they
can get things operating in their organization (Foster, 2017). Also, each and every business firm
has an appropriate hierarchical structure. It is the responsibility of the members of the
organization to maintain the hierarchical structure. Based on some present research, the process
which occurs within the company depends upon the behavior of the entrepreneur. These
entrepreneurial actions are controllable. At first, considering the entrepreneur personality
characteristics. Most of the entrepreneurs from all over the world has some personality
characteristics. Based on personality characteristics, I took numerous assessment on
entrepreneurship (Van Ness and Seifert, 2015). A person can become a successful entrepreneur if
he or she has the nature to lead to a company. Most of the successful entrepreneurs are witnessed
to have the individual internal drive that endures their improvement and pursuit of success.
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Nearly all the entrepreneurs strongly trust in themselves as well as confidence in their own
capacity to convey a change in the company. A businessperson can be competitive without any
dread due to a good and effectual personality. An individual will be disposed to competition if he
or she is in business. Entrepreneurs are open for censure and guidance (Schjoedt, 2009).
On the other hand, communication is significant for an entrepreneur to successfully run a
business. In my opinion, if an entrepreneur can make himself or herself capable good in
communication then he or she can handle and control the potential customers along with the
stakeholders and other business complements. Moreover, I have the ability to take risk during
problematic situations in the organization. Apart from it, I also have the marketing capability
which is the essential aspect of an entrepreneurial personality. Since marketing is crucial for a
business, therefore, an entrepreneur should be conscious about all the present marketing
approaches and developments. Additionally, an entrepreneur should have the capability to lead a
particular team. Therefore, the entrepreneur should have a leadership competence (Schjoedt,
2009). Leadership helps the person to accomplish success in the business. I believe that I should
go through a leadership test. Leadership test helps an individual to prove that how much he or
she is capable to become a potential leader of a particular company. With the help of this
assignment, I figured out my weaknesses and strengths. After identifying my strengths and
weakness, I am able to make appropriate decisions for overcoming the business challenges. At
last, entrepreneurship is significant for economy. Tough problems can be solved with the help of
innovative and creative ideas. These innovative ideas' comes from the minds of a good
entrepreneur.
The five basic personality traits are Extra versions, Agreeableness, Consciousness, Neurotic ism,
and Openness.
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Task 4
P. With concrete examples obtained through your mini-research, scrutinize how background and
experience can hinder or foster entrepreneurship.
It is fact that the entrepreneurs are creative in nature. From childhood, if he or she is observed by
anyone that he has some skills in something that means the child has the capability to do
something unique. Therefore, a person with skillful background can become entrepreneurs. The
entrepreneurship skills and experiences in business impact the inclination of the individuals to
become successful entrepreneurs and achieve success. A person with innovative thinking can
become a successful entrepreneur. Entrepreneurs with patience, skills and capability to manage
time can become successful in life. Innovative entrepreneurship will require management skills
as well as the ability to manage the change of business environment. Besides that, converging
skills and advanced knowledge-intensive skills are more significant for innovation purpose (Van
Ness and Seifert, 2015). Today, in this competitive world, advanced skills are more necessary
and important than basic skills. Entrepreneurs must have two components such as an active
component and an absorptive component. The propensity of an entrepreneur to drive innovation
falls in the category of active component. On the other hand, absorptive component is concerned
about the capacity of an entrepreneur for welcoming and identifying the innovation provided by
external factors. Moreover, the entrepreneur must have the capability to make market strategies
to achieve competitive advantage. Apart from academic skills, the entrepreneurs must have
business skills and marketing skills. The person should have the competence to deal with the
clients of the company.
Entrepreneurship in Europe – Green Paper
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During the year 2002, at Barcelona European Council, the commission disclosed the objective of
representing an entrepreneurship based on Green Paper. Besides that, the significance of
entrepreneurship was endorsed by a report of commission. The restatement was processed during
the spring time of the year 2002. Consequently, the investment for the business was increased
along with the increment of job and growth by means of entrepreneurial, innovation and
knowledge dynamic. On 21st of January 2003, the “Entrepreneurship in Europe – Green Paper”
was presented. The entrepreneurship was presented by the commission. The objectives of the
Green Paper were eliminating the barriers of the growth and development of the business firms
and creating a society that values the spirit of entrepreneurship. The objectives also includes
measuring the rewards and risks of the entrepreneurial spirit.
Luxembourg Process and Amsterdam Treaty
The Luxembourg Process, with work presentations for the Community and the transpositions for
the national Action Plans, it allowed the diminished of unemployment in Europe. Taking after
the common contention on the impact appraisal and possible destiny of the EES, the Commission
made a formal suggestion of Guidelines and Recommendations on 08 April 2003. The
Employment Guidelines address a game plan of targets which, until 2003, were assembled under
four segments, for instance, employ ability, entrepreneurship, flexibility and equal open
entrances. The Guidelines were circulated in the Official Journal of the European Union in fifth
of August 2004.
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References
Ao, J. and Yin, M. (2014). Impacts of Entrepreneur Traits on Proactive Behaviors
Strategy. Applied Mechanics and Materials, 687-691, pp.4616-4621.
Bignotti, A. and le Roux, I. (2016). Unravelling the conundrum of entrepreneurial
intentions, entrepreneurship education, and entrepreneurial characteristics. Acta Commercii,
16(1).
Buschke, F. (2014). The startup culture of conservation entrepreneurship. Conservation
Biology, 29(1), pp.300-302.
Foster, D. (2017). Social Enterprise and Social Entrepreneurship. SSRN Electronic Journal.
Ivy, E. (2016). Lifestyle entrepreneurship. 1st ed.
Kiesner, F. (2010). Creating entrepreneurs. 1st ed. Singapore: World Scientific.
Kourilsky, M. and Walstad, W. (2003). Social Entrepreneurship. 1st ed. Birmingham:
Senate Hall Academic Pub.
LI, H., GONG, Y. and ZHANG, W. (2013). Review of Research on Entrepreneurial
Personality. Advances in Psychological Science, 20(3), pp.403-411.
Mathieu, C. and St-Jean, É. (2013). Entrepreneurial personality: The role of
narcissism. Personality and Individual Differences, 55(5), pp.527-531.
Murthy, V. and Paul, B. (2016). Nature of Buyer-Supplier Relationship: Small Businesses in
a Small City. Journal of Small Business Management.
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Schjoedt, L. (2009). Entrepreneurial Job Characteristics: An Examination of Their Effect on
Entrepreneurial Satisfaction1. Entrepreneurship Theory and Practice, 33(3), pp.619-644.
Schwienbacher, A. and Larralde, B. (2017). Crowdfunding of Small Entrepreneurial
Ventures. SSRN Electronic Journal.
Seavey, W. (2009). Crisis investing and entrepreneuring. 1st ed. Cambria, CA: Crisis
Response Publishing.
Sidik, I. (2012). Conceptual Framework of Factors Affecting SME Development: Mediating
Factors on the Relationship of Entrepreneur Traits and SME Performance. Procedia
Economics and Finance, 4, pp.373-383.
Smilor, R. and Sexton, D. (2001). Leadership and entrepreneurship. 1st ed. Westport,
Conn.: Quorum.
Special Issue ofJournal of Social Entrepreneurship. (2012). Journal of Social
Entrepreneurship, 3(1), pp.113-114.
Tsuruta, D. (2016). Variance of Firm Performance and Leverage of Small
Businesses. Journal of Small Business Management.
Van Ness, R. and Seifert, C. (2015). A Theoretical Analysis of the Role of Characteristics in
Entrepreneurial Propensity. Strategic Entrepreneurship Journal, 10(1), pp.89-96.
Vass, T. (2016). Why Does Economic Growth Occur in Some Cities and Not Others? The
Importance of Small Amounts of Capital for Small Businesses Innovation. SSRN Electronic
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YAMORI, (2009). What Types of Small and Medium-Sized Businesses are Utilizing New
Financial Products?. iBusiness, 1(2).
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