Entrepreneurship and Background Influence

This assignment delves into the impact of personal backgrounds on entrepreneurial success. It examines how experiences, education, family support, and networking influence an individual's ability to become a successful entrepreneur. The focus is on UK-based entrepreneurs, analyzing how their journeys demonstrate the connection between background and entrepreneurial capabilities.

ENTREPRENUERSHIP

INTRODUCTION
In this era, Entrepreneurship is a new trend to groom a business. As the entrepreneur is
the main person who develop the business and take its into the new heights through their
consistent efforts and dedication (Alsos, Carter and Ljunggren, 2011). He or She is the person
who sat a business in his /her own risk with the perception of profits in mind. invented his own
ideas and implemented such ideas into the business reality so that the business can create a
unique sense of competitive advantages.
Entrepreneurship and small and mid size enterprises are usually expressed the same
terms. But these are different terms. Numerous enterprises form a small business and then the
entrepreneur create new ideas to grow and prosper a business for the betterment of the enterprise.
Entrepreneurship is the activity of inventing new things and generating inventions via
individual,organisational,environmental and process in the businesses to accomplish the targets
of the company.
TASK 1.
P.1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship.
Entrepreneurship is the procedure of strategic intelligent and risks taking task which
appear in rendering new opportunities for entrepreneur and the administration. Basically, there
are three types of entrepreneurs (Awogbenle and Iwuamadi, 2010). There are mentioned as
below:
a). Schumpeterian entrepreneurs are those entrepreneurs who operate their business
activity in the small organisation sector. Entrepreneurs are the key persons of such organisations
which are mainly concerned to profits and objectives, tries to follow and get the opportunities by
unique practice. When the goals and objectives are achieved and opportunities have been
exploited, often-ally Schumpeterian entrepreneurs are going to generate themselves into
managerial business owners. But it is not possible for all the entrepreneurs, some create new

ventures that follow new opportunities and work in a pioneer way to emerge new products to
offer in a new markets or mould the existing one in a better way.
b). Intrapreneurs: These are classified as entrepreneurs. Intrapreneurs are the persons
who apply the most important principles of entrepreneurship, not for themselves and by way of
implement of their own venture. In some occasions intrapreneur tends to create new start up.
When they implement this, they becomes Schumpeterian entrepreneurs (Barringer, 2012).
c). Managerial business entrepreneurs are covered in three kinds of entrepreneurs but it
has only been covered in formal manner as people get in trouble with original entrepreneurs.
The main purpose of all enterprises is to innovate brand-new products or things by
taking risk in their organisation. Every enterprise is dedicated to their work to attain the
objectives with high level of spirit. Typology means various kinds of entrepreneurs in various
ventures and it is classificatory scheme. There are various entrepreneurial types:
1). Small business enterprises: Now, everyone is busy in creating their own start ups that is
why there are tremendous of entrepreneurs who are connected to their business as their
main aim is to create their firm profit motive for their own benefits by offering innovative
products and services. There are some of the examples of small business enterprises such
as hair saloon, departmental stores, consultants etc. they can be anyone who run their self
firm (Bosma and Levie, 2010).2). Scalable Start up Entrepreneurship: These are the one in which their investor invest in
the business. These kind of entrepreneurs form a firm on the basis of knowing about the
company's vision from the first day of formation of the company. They attract the the
investors on the basis of their great sense of innovation.3). Large company Entrepreneurship: they have limited life cycles. Many of the firms
develop via sustaining creativity offer new products which are different from their
existing main products. Innovation can create by altering in consumer taste, adopting
advanced technology etc.4). Social entrepreneurship: they are the creator who concentrate on innovating products and
services that resolve social requirements. As they might be non-profit, profit oriented or
mixed.5). Copycat: These are the such type of entrepreneur who copy some other personnel with a
motive to earn and generate more and more profit. Along with this, they also get attracted

from the side of other entrepreneur so that they are going to generate and gain the
lifestyle of such individuals.6). Craftsman: They use their skills and talent for performing a specific task and project.
Along with this, they are going to provide best and effective service through their
enterprise.
7). Determine: These type of entrepreneur are very dedicated for their working and
attainment of targets in an adequate manner. By follow this sort of typology in business,
all targets and objectives get ascertain in minimum time frame.
P.2 The similarities and differences between entrepreneurial ventures:
There are some similarities and dissimilarities between Entrepreneurs and Intrpreneurs,
social, start up or small entrepreneur and large organisation entrepreneurs (Bruton, Ahlstrom
and Li, 2010).e Which are as follows:
Entrepreneurs are often used in this competitive world. Most people uses these term
interchangeably as they believed that both meanings are the same. Although, the reality is that
there exist a fine line surroundings these two terms. The Entrepreneurs means to a person who
form his own firm with advance concept. While the Entrapreneurs refers to an employees who
promotes creativity in the firm.
Social venture is that sort of undertaking which forms advance products and services as
per the consumers' demand. So that such entrepreneurs can make much revenue from the
consumers by offering ample of products due to its demand in the market. social entrepreneurs
are the one which complete their objectives as per the society desire.
On the other hand, Start up ventures or small size enterprises are those where they want
less money to start (Carraher and Paridon, 2015). But in case of big enterprises, huge capital
investment is required. So there are some similarities and dissimilarities among them. All the
enterprises essentially required immense risks at their personal stage and they all make efforts to
have sustainable development for the survival. It is requisite for the employees and company as
well.
Entrepreneur Social entrepreneur
Their major objective is to ascertain objectives
and generate more and more profit.
Their major objective is to provide social
services to society.

They require more amount of fund. They do not require huge amount of money.
Some dissimilarities are also occurred in all above mentioned enterprises:-
Registration: The small entrepreneur is obligatory to be registered as SSI units. While
big size organisation are mandatory to be certified in schedule of the Industrial Development and
regulation of Acts that are subjects to licensing.
Government intervention: There are many of the Government intervention have in large
scale enterprises and less government formalities are required in small and mid size enterprises.
Capital investment: Huge capital investment is required in large scale enterprises as it
operates its operational activities at the broad level. While heavy capital investment is not
required in small scale entities.
Under small and large entities, the main intent is to accomplish the goals and long term
objectives of the company (Carsrud and Brännback, 2011).
P.3 micro and small businesses impact on the economy:
Small business enterprises are majorly play a key role in the development of the countries
growth. Because, there are so many small enterprises which operates at the large scale. Small
businesses bring to local economies by delivering development and creation to the society where
business operations are done (Martin, McNally and Kay, 2013). Small businesses also assist in
prospering the countries economic growth by supplying work possibility to the general public so
that such employees would able to contribute to the government by way of taxes. Small
businesses tend to pull talent in their side so that they can give the uniqueness in the business for
offering advance products or use new solutions for existing ideas. Bigger enterprises lead to the
small organisation due to large scale operations and use of huge amount of human and other
resources. As many big corporations look on small enterprises for the completion of different
business role through outsourcing. Mainly there are two impacts which are as mentioned
hereunder:
Direct impact: Small organisations form a direct impact on the community where they
operates their routine activities. They supply an adequate base for the country's economic growth
and works as a support system for the economy. of the entities are running or controlled by
private venturers (Onetti and et. al., 2012). These ventures create the employment opportunities
and work on labour intensive techniques instead of capital intensive. These enterprises introduce
new growth opportunities for unemployed people and it helps in declining the rate of

unemployment. The young generation is attracted towards these breaks and are getting
employed. The entrepreneurs generate more profits by introducing new opportunities.
Indirect impact: These organisations giving opportunities to large number of unemployed
sector of the society and through that they are increasing the economic growth. They supply
ancillary products which helps the large firms in production of goods. These ventures are
supplementary organisation for the large enterprises so they can earn maximum profit. The small
businesses generates innovative ideas so they can attain their targets in effective manner. The
following are the indirect impact.
Change in the business ideas – The small business organisation are having many new
ideas which will generate the new quality of products and services and satisfy the needs of
customers according to their desires only (Welter, 2011).
Employment – These small enterprises are providing the opportunities to unemployed
people so that they can improve their life styles and it will also improve the economic condition
of the country.
The above points are directly impacting on the UK economy and through this it will also
support the economy. While providing the job opportunities to unemployed people it can
decrease the negative affects which are creating by the external authorities (Business and
entrepreneurship skills and experience, 2013). The direct and indirect impact will help the
country to handle the recessional conditions of the country.

Little concern accounted for more than 99% of all business in private sector through
which they are responsible for increase more and more employment in a country. Total
employment of SME's is close to 15 million that makes it 60% of total population involved in
private sector. The contribution of SME's to economy now mounts to 2 trillion pound.
TASK 2
P4 Importance of Small business and start up to grow in social economy
For small business and start up business is are important in modern era. Social economy
is a type of joint venture where the private or public sector organisation works together for the
achievement of their targets. These organisation may be non profits organisation, charities.
Social economy is a third sector of economy. It also studies relationship between social
behaviour and economy. It analyse that how the consumer behaviour is influence is by the social
morals and ethics. The successful social economy plays a important role in fulfilling the
government policies and organisation objectives like; it increase the productivity and
competitiveness, it also demonstrate the new ways in which organisation can deliver the best
public services (Chittithaworn and et. al., 2011). There following are the some points which
describes the importance of small business enterprises.
Innovative thinking – Many of the entrepreneur are using their minds to get innovative
and ideas for starting up their new business. Through this they can help the organisation to
improve their productivity and regarding the products and services. The enterprises can spread
their innovative ideas in society which will increase the thinking level of people. Through this
there will be a different view points of people will arise and help the organisation to maximize
there profits.
Motivator for self development – The small business enterprises organisations are
motivating the unemployed people by giving them a number of opportunity in job sector.
Through this the people can also improve their life style and can fulfil the various needs and
desires by doing the job. Ultimately it will also increase the earnings. The people get self
motivated if the organisation are providing the good job opportunities.
Financial supporter – The organisation can support the employees in terms of financial
who are living in the societies. Through the financial support employees get motivated and

perform their work in effective manner. On other side, the it will be easy for the company to hit
their targets with in time period (Dacin, Dacin and Matear, 2010). The knowledge of employees
will also increase and can give their best possible outcome results from the allocated resources.
Job creator – These types of small business organisation are providing the job
opportunities in society which is directly impact on the social economy of the country. These
organisation are creating the contact with the large organisation so that they recruit the most
potential employees for the company.
Social economy refer to as the process in which whole growth is related with society. By
applying this concept, chances in business deviation get minimise. This is related with
employment rate, business rate, number of exports which are taking place in a country. This get
grow with the help of providing job opportunities to all sort of person which are more educated
but less concern in getting job opportunity. Hence, social economy grow by providing more and
more job opportunities and increase number of employment in a country.
The small business enterprises and entrepreneur are alliances with the public companies
so that they can use modern technologies and techniques for the improvement of there quality of
services and products. There will be also improvement in the economic growth and future
growth and attract the large number of people for the job opportunities so that they can improve
their lifestyles (Defourny and Nyssens, 2010).
TASK 3
P5 Characteristics, skills and traits of two entrepreneur
Entrepreneur is the person who utilising the individual creativity so that he/she can bring
changes in existing business or to start a new initiative business. Entrepreneur is the person who
takes the risk to operate the business in competitive market. They also have to monitor and
control all the activities which are performing by the employees in organisation. There are two
successful entrepreneur who has given the best definition of entrepreneur. The first one is Bill
gates and second is Mark Zuckerberg. Both the business man has bring the revolutionary
changes in information technology industry (The Role of Small Business in Economic
Development, 2017). Bill gates launches the Microsoft software for computers and this is leading
software in this industry. This software has bring new innovative features and technologies in

computers. On other side, Mark Zuckerberg establish Face book which is one of the leading
social websites and it connects the large number of people at a single platform. For the
successful entrepreneur there are different characteristics, traits and skills which differentiate
from each other and it changes according to their lifestyle (Dennis Jr, 2011). The following are
the characteristics of successful entrepreneur are as follows.
Motivated – The entrepreneur is motivated by those things which remain same in their
positions. The successful entrepreneur wait for the right time where they will get progress and
get the success in further stages by doing the efforts. For the successful it is important that they
should be self motivated as no financial reward will be given.
Confidence – The entrepreneurs having the full confident about what they are doing.
Whatever they are having the knowledge it gives them benefits and ready to take risk to run their
business successfully. The having good knowledge will give the best experience also about their
work.
Innovative – The successful entrepreneur is having the new and innovative ideas which
to offer new products and services to customers. Innovative ideas will lead in the improvement in
modern technologies and better production of products (Drucker, 2014).
Perseverances – Entrepreneurs are having this much capability to deal with obstacles.
They make the resolution for getting successful in their life. In modern era, it become difficult
for the successful entrepreneur to launch the new and innovative ideas because customer
requirements are changing according to generation.
Bill gates and Mark Zuckerberg both are different from business managers. They have
new idea which managers do not have along with this entrepreneur is risk taking work but
managers never take risk which is related with an organisation. Apart from thinking about
society they just work with more willingness. Thus, this thing state that managers and
entrepreneur both are different from each other.
Difference between the business manage and entrepreneur
Basis of difference Manager Entrepreneur
Risk bearing They are those person who
take the responsibilities to
They take risk regarding the
financial to gain the high

monitor and control all the
activities which are performing
by the other members of the
company.
amount of profits.
Status They are employee of the
enterprises which is owned by
the entrepreneur.
They are owner of the
company.
Focus The managers mainly focus on
to manage the ongoing
operations.
Entrepreneurs focus on the to
start up the business in proper
manner.
Salary They get the fixed amount of
remuneration for the work
which they have performed in
the organisation (Durst and
Runar Edvardsson, 2012).
The profits is the reward for
the entrepreneur.
P6 Aspects of entrepreneurial personality which reflect the entrepreneur motivation and mind-set
Entrepreneurs have this much capability to take the risk and to earn the high amount of
profits. They are having the different characteristic which is unique from the other persons. The
upcoming entrepreneur can be motivated through the skills and traits of the successful
entrepreneur. As discussed above, Bill gates and Mark Zuckerberg are most of the successful
entrepreneur and through them youth also inspired by their unique skills and characteristics.
These both entrepreneur have this much ability to influence the life of normal people and
motivate them to achieve their targets (Ebert and et. al., 2014). They both have set the best idea
for next generation entrepreneur to innovate the new technologies which can influence the
people life in terms of quality also. Mark Zuckerberg has launches one application which is
named as Facebook. In this application the people are connected with large number of people
and can share their photos, videos. Facebook application is used as the social media sites because
in this the people can put their view whether negative or positive regarding the different topics.
Motivated, daring, generous and determined are the traits for Mark Zuckerberg which gives him
strength to stand in the competitive market. Along with this mark Zuckerberg has created the

passion for the young generation entrepreneur to continue the work until and unless it is
achieved.
On other side, Bill Gates have launched the Microsoft software which is now leading
software in the world. Motivate, confidence and taking more risk are the traits and skills of Bill
gates. The self motivation should not be turn into the overconfidence which may give the loss to
the company. He also taught that there should be an effective communication relationship which
will be best for the company to gain the targets. These both entrepreneur also convey the
message to person that they should rise early in the morning which can give more energy about
their work. The personality of individuals can be understood by the Ocean acronym. Both of the
entrepreneur state about their personality:
 Openness is there as it is reflected by strong intellectual curiosity and variety and novelty.
 Conscientiousness there in both of them as they are highly disciplined, acquirement
oriented.
 Extraversion is stated by a higher degree of assertiveness, talkativeness.
 Agreeableness refers to being more helpful, co-ordinative and co-operative with each and
every individuals.
 Neuroticism states about individual stability that is existing in an individual.
An entrepreneur also have direct or indirect impact upon his personality. These are the
elements that builds an individual background, character, etc:
 Upbringing: Th way a person is bought up from his childhood has major impact upon his
character. So to develop entrepreneurial qualities his upbringing has to be as per
requirement.
 Lifestyle: The lifestyle that a person lives states about his ability to cope with issues and
problems.
Culture: The environment prevalent in society also boost individual ability to conduit activities.
The successful entrepreneur have passion to perform their task and and they can take risk
with positive attitude to accomplish with their goals. The positive result will also motivate the
stakeholders and employee of the company (Fayolle, 2013). The proper discipline of
entrepreneur will also help them to hit their targets in appropriate manner. From the view point
of Bill Gates if there is proper communication in the organisation then the results will also
positively in efficient manner. It will also impact on the young generation of entrepreneur to

achieve their targets in appropriate manner. There are many people who are inspired by the skills
of Mark Zuckerberg and he didn't miss those opportunities which gives them a success in life. In
modern era, there are numerous people who are inspired and motivated by the successful
entrepreneurs and they are also innovating new ideas and technologies to get more success in
there life.
TASK 4
P7 Impact on background and experience on entrepreneurship
The background of every entrepreneurship have great impact. There are many
entrepreneurs who are influenced by their history. Every entrepreneur is having own background
and family which have to be maintain their status in the society. If the background of
entrepreneur is good and supportive which will also influence the business activities. As it
determines the level of thinking of entrepreneur that how they will handle the work. It set the
mind of entrepreneur to think positive about their work (George and Bock, 2011). If they are
thinking negative then it become difficult to gain the profits and to retain in the market for a long
period of time. If the educational background of entrepreneur whether good or bad then they can
also set their own business to start. Most of the entrepreneur are influenced by their educational
background that if their education is not good then they can not start the business. They should
have positive thinking that they can start the business with out even having a good education.
While starting the new business they can increase their educational learning also.
Experience give the positive or negative impact to the entrepreneur about their work. If
they are having good experience then they can take best decision for the company that what is
good or bad for them (Herrington and et. al., 2010). On other side if they are having the bad
experience then it may be impact on the business. The entrepreneurs should divide the
experience into two parts i.e. good or bad. If they are having bad experience then from that they
should learn something and can increase their efforts for making the decision power more
strongly. Through the bad experience the entrepreneur can be suffer from the demotivating factor
and can affect the business objectives and profits.
Basically, if every thing is concluded at a single place then it can be said that person background
fosters entrepreneurship skills in him to a great extent. There are various examples of it, for
example Bill Gates, who was always motivates to do something bigger due to the circumstances

that he faced. Also, Mark Zuckerberg failed in his first two projects but at the end made
Facebook which is a part of everyone's life today. These two individuals shows how a person can
use his background and experience in fostering entrepreneurial capabilities. There are certain
factors that enhances individual entrepreneurial qualities:
 Education: This is a way which allows him in getting very crucial knowledge regarding
his field of interest.
 Family Support: They are the ones who are very first teacher for a person. He learns basic
manners and antiquates from them.
 Network: This is what a person builds in his lifetime. He earns people loyalty and
respect.
There are various things that has to be developed in a person for enhancing his
entrepreneurial qualities. Basically, a person needs to evolve with time so that he can achieve his
goals in set period of time.
It is important for the entrepreneur and entrepreneurship to recognise those conditions
which can affect the venture as there are numerous reasons which can create the difficult for the
to get succeed in competitive market. The experience of entrepreneur affect the propensity of
individual to become a successful entrepreneur. The suitable education programme can help to
create the mindset of entrepreneur to make the best decision for the organisation and can easily
achieve their targets which are set for a long and short term period of time (Leitch, Hill and
Neergaard, 2010). The positive attitudes towards the worst background and experience then
entrepreneur can learn something new and can take the positive ideas for the achievement of
business objectives.
CONCLUSION
From above assignment it is concluded that a detailed research has been done on the
successful entrepreneurs of UK and how these are influencing on economy. It is mandatory for
entrepreneurs to have more experience in their own filed so that they can take efficient decisions
in different sectors such as marketing, research and development, sales department and many
more. Many of the entrepreneur starts there small business which helps them to convert the idea
into reality. Through this they can also achieve their targets in life. Along with this most of the
people are inspired by the skills of Mark Zuckerberg and Bill Gates.

REFERENCES
Books and Journals