Exploring the Conceptual and Empirical Insights of Entrepreneurship Education

The provided assignment content focuses on entrepreneurship education, with various studies and articles discussing the concept of entrepreneurial competencies, entrepreneurial intentions, and the impact of entrepreneurship education on entrepreneurial skills and motivation. The articles explore the relationship between education and entrepreneurial activity, the effectiveness of university-based entrepreneurship education, and the role of teachers in promoting entrepreneurship education.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Different types of entrepreneurship ventures and their typology..........................................4
P2 Similarities and dissimilarities between the entrepreneurial ventures...................................5
TASK 2..........................................................................................................................................7
P3 Impact of micro and small business on the economy............................................................7
P4 Explain how important small businesses and business start –ups will contribute to the
growth of the social economy ....................................................................................................8
TASK 3............................................................................................................................................9
P5 Characteristic, skills and traits of two successful entrepreneur.............................................9
TASK 4..........................................................................................................................................11
P6. Reflection of entrepreneurial motivation and mindset by aspects of entrepreneurial-
personality.................................................................................................................................11
P7 Impact of background and experience on entrepreneurship................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship refers to the ability of the individual to bear the risk and establish new
venture and reach new skies in the market. Entrepreneur is the person who have special attribute
to sense the opportunities present in the existing market and develop innovative ideas to
capitalize their ideas into profitable concern. Some entrepreneurs utilize their experience and
some try to resolve the problems present in the society for the betterment of the society as a
whole like UNICEF (Arogundade, 2011). Thus, Entrepreneurship having a great significant in
the growth and development of a country. Entrepreneurship is the approach of thinking and
acting to achieve the desired goals with the prospective of changing the world. The present report
refers different types of entrepreneurial ventures and their significance in the economic growth
of the country. Mo rover, it also explains the traits and skills of the successful entrepreneurs like
Rita Sharma and Steve Jobs that differentiate them from other business managers. Its main
purpose of this report is to determine the role of SME in the United Kingdom economy and its
future growth (Bae, T.J and et.al., 2014).
TASK 1
P1 Different types of entrepreneurship ventures and their typology
Entrepreneurship plays vital role in enhancing the economic growth and employment
opportunities in the society as a whole. In the fast growing world small business ventures
contributing high job creation, income growth and poverty reduction. Thus, Entrepreneurship is
the process to take actions and exploit new ideas to grab the new opportunities present in the
market for gaining high profits. Though, it involves various risks and uncertainties but
entrepreneurs have enough courage and passion to achieve their goals.. Different types of
entrepreneurship ventures are as follows:
Small Business Ventures: Small business ventures are the independently owned
enterprises with the objective to sustain in the market for long run but do not try to dominate in
the industry. These business are mainly the family business like restaurants, retail stores,
construction firms etc that are hand over to the family member as inheritance. These small
business ventures are mainly establish through bank loan, micro loan or the personal loan to
satisfy the basic leisure needs of the customers (Blenker and et.al., 2011). For example,
Razzamataz school was established in the and it offers the aiming in dance, singing and culture

programmes. This school covers more the additional as well as other singing and dance inside
the Industry. Its aim is to help and develop the confidence and culture program mes to develop
the potential in the business
Life Style Business: Life style ventures are enterprises established by the passionate and
skilled entrepreneurs to reach the new skies in the specific market in which they operate. These
entrepreneurs are mainly experienced and expertise in their field which have the capabilities to
sustain long in the market. But these establishments are mainly self employed business which
have the basic objective to enhance their quality of life. Thus, they are not job creators but
continues with the specific employees and their generations. For example, Surana Jewellers in
Jaipur, Rajasthan have long experience to create antique jewellery and are continued with the
same from generations and specific skilled employees. But these self employed business have
high opportunity to be scalable ventures (Duval‐Couetil, 2013).
Social Venture: These are the ventures who do not act to attain profit or stand in the
market as the market king but innovate new products and services for the betterment of the
society and improve the life style of the local people . Thus, these ventures have the basic
objective to resolve the problems faced by the local people in the region it operates like UNICEF
which if expands has special motive to change the world and make it best.
Scalable Venture: These ventures have dream to be the market king, thus they are
passionate to achieve what they desire. They hire well educated work force with innovative ideas
to introduce new product and services to customers and attract them to convert their desires into
high profits. These institutions are mainly financed by the large financial institutions and venture
capitalists who are also known as the business angels who prefers to invest in the new start ups
and give them chance to explore high in the market (Fayolle and Gailly, 2015). These business
angels are experiences professional who have the specific capability to sense the feasibility and
profitability of the project in which they are investing. For example, IT companies developing
B2B software.
P2 Similarities and dissimilarities between the entrepreneurial ventures
Entrepreneurship refers to the significant change in the economy as a whole and also
offers the possibility of the higher financial rewards as compare to working under anyone in the
service. The entrepreneur has the capability to eliminate all the risks and keep on striving until
the destiny is achieved of being a new path maker rather than the follower. These entrepreneurs

have some extra ordinary skills and characteristics to organise and manage all the challenges
without scaring of the results and are confident of being succeeded in establishing the new and
successful venture (Rideout and Gray, 2013). As per the different skills and attributes of the
entrepreneurs, there are different type of entrepreneurial ventures with some similarities and
differences too.
Bases Small Business
Ventures
Life style
Ventures
Social
Ventures
Scalable start up
Ventures
Goal These ventures have
the long term goal to
sustain in the market.
These ventures
have the long term
goal to sustain in
the market and
keep aside some
residual income
too.
Social ventures
have basic
objective to
work for the
betterment of
the society.
These ventures Theses
are the ventures
established with the
objective to explore the
business idea into the
profitable concern to
reach the high sky in the
industry in which it is
operating.
Kind Of Business Grocery,plumbing,
carpenters,restaurants
that have the basic
objective to provide
necessary parts and
services to the city to
satisfy the customers
basic and leisure
needs.
Self employed
individuals with
the high passion
and skills to stand
in the market and
have the prestige
to be the person in
charge (Fayolle,
2013 ).
These ventures
work to solve
various health
and social
issues as non
profit
organisation.
These ventures are
operated by the highly
educated and skilled
employees thus, attain
high revenues in millions
in short period of time .
Finance Providers Bank loan and
personal loans by
family and friends.
Bank loans and
personal savings
and revenue
Non profit
organisations
Like UNICEF
These ventures thus are
mainly funded by the
institutional equity

generated by the
business itself.
and WHO who
work for the
welfare of the
society thus,
facilitates others
too, to start the
ventures in the
same field.
investors and venture
capitalists who are very
confident about the
project business research
made by the entrepreneur.
Outcome Generate jobs but are
not large
organisations.
They are not job
creators but
revenue generator
to enhance the
owner's quality of
life.
Their potential
lead to improve
the lives of the
people in
society.
Have potential to create
significant revenue. Jobs
and economic impact.
TASK 2
P3 Impact of micro and small business on the economy
SME played a significant role in the growth and development of the nation economy. It
can help to generate new jobs which can increase the demand of products and services. They
may not generate large revenue such as large corporate houses but helps to sustain local
economy. UK is one of the large economy in the world with approx. $2.6 trillion. They
contribute 85 percent trading in the economy. Thus, these enterprises are now exploring in the
markets of UK.
Turnover: Small and medium size business have combined turnover of about 1.6
Trillion Pounds in 2014, which shows that small and medium business enterprises are highly
exploring now days and covers 47% of overall private sector turnover (Fayolle, 2013). These
enterprises are the enterprises which regularly takes the effective steps to sustain in the market
for the long run thus, generate job opportunities and enhance the overall economy of the country.
There aim may not be to generate huge amount of profits as compare with the large organisation

but their practices is to retain in the competitive market for a long period of time. This
sustainability leads to increase the economy of country and overall per capita income too.
Employment: The small and medium business ventures are not the high job providers
but are independently owned enterprises but then too contributes high in providing jobs to local
people in UK. In 2014, SME's have provided about 24.3 million people which accounts 60% of
overall private sector employment ( Martin, McNally and Kay, 2013). Small-business ventures
do not have much capital to hire skilled employees from other countries like large scale
organisation nor they have such objective that they need such employees so they prefers local
employees and thus leads to increase employment generation rate in country.
Business Growth: UK has 99% of small and medium business ventures, thus these
ventures play vital role in enhancing the market growth. Small business entrepreneurs have the
capability to develop innovative ideas to grab the opportunities present in the market which
ultimately leads to increase the competition level and then the growth in the market. After Brexit,
UK government is allowing the small entrepreneurs to take effective steps to try something new
and develop new markets to enhance the demand and supply position in the market which
increases the money circulation and economy of the country. For this, The government has
declared various export and import subsidies and incentives to enhance these export and import
in the country. They have also simplify the export procedures to and policies in this regard so
that the small business enterprise can explore internationally and enhance the GDP of the country
(Morris, and et.al., 2013). As per one of the survey in UK, 37% of the small business enterprises
are engaged in innovative activities which contributed 46% of total revenues generated from
enterprises throughout the country.
P4 Explain how important small businesses and business start –ups will contribute to the growth
of the social economy
Small business enterprises have the vital role in the today's globally dynamic
environment to enhance the economy of the country in which it operates. These enterprises are
the enterprises which regularly takes the effective steps to sustain in the market for the long run
thus, generate job opportunities and enhance the overall economy of the country. There aim may
not be to generate huge amount of profits as compare with the large organisation but their
practices is to retain in the competitive market for a long period of time. UK is the one of the
largest economy in the world with 99% of the small business venture thus it directly contributes

the economy of UK (Samwel Mwasalwiba, 2010). These ventures have following contribution in
the social economy:
Job creation: Small business ventures are the ventures where entrepreneurs love taking
risk to create innovative ideas and add value to its product and services to sustain in the market
for long run. This passion and courage of small business owners to sense the opportunity present
in the market and grab it to attain high rate of return, ultimately leads to expansion of the
enterprise. This expansion of the enterprises directly contribute the employment generation rate
of the country. Similarly, failures and closures of these enterprises have adverse affect too on the
employment opportunities. Thus, small enterprises directly affects the social economy of the
country. Moreover, these ventures also reduces the duration of transitional period by employing
less skilled workers and individuals with no experience (Nabi and Liñán, 2011). Transitional
period means the period which an unskilled labour need to enhance its skill up-to the mark so
that they can attain secure jobs. Since, the large organisations have high objectives to achieve
thus they prefer skilled and experienced employees and small ventures help to reduces this
transitional gap by increasing their productivity through training and experience.
High Worker Productivity: Small business ventures mainly employees the unskilled
workers and individuals with no experience, that means it employs young blood which is highly
energetic and passionate to achieve something in their lives. Thus, this passion and enthusiasm
helps the small ventures to increase their productivity and enhance their quality work and
ultimately the rate of return. Since, small business ventures are small in size and nature and
owners have direct contact with all its employees which help them to communicate with them
effectively and ensure the productivity of the employees by giving them right assistance on time.
But these enterprises can even lead to lower productivity as they lack the effective management
and infrastructure and provides less wages which could demotivate the employees too (Neck,
and Greene, 2011). Thus, small business ventures have both benefits and adverse effects on the
social economy of the country.
TASK 3
P5 Characteristic, skills and traits of two successful entrepreneur
Entrepreneurship creates the opportunity for an individual to contribute to the economy
of the country as a whole. There are various reasons which motivate the individuals to establish

their own ventures rather than working under other person in service. Entrepreneurship provides
greater opportunity to utilize its innovative ideas and achieve high returns which get suppress
working under any other person due to bureaucracy and politics within the organisation. These
people have strong desire to start new business with an innovative idea and have the capability to
perform careful planning and management and convert the idea into a profitable venture. Rita
Sharma is one of the successful female entrepreneur in Britain in tourism sector. She started her
business from a garage with 4000 Pounds and now her total turnover is about 100 million
Pounds. Similarly John Caudwell started his telecom business with 25000 Pounds and now
estimated turnover of his company is more than 1 Billion (O'Connor, 2013). These entrepreneurs
have special attributes and skills that make them differ from others and have succeeded in their
lives. Some of the traits and skills of these entrepreneurs are as follows:
Risk Taking Attitude: Both the entrepreneurs are passionate enough to achieve their
ultimate goals thus do not hesitate to take any risk associated with the goal to be achieved. They
believe in the saying that risk walks parallel to the success thus it can be avoided but need to be
faced to overcome through it. If the entrepreneur is facing any risk then they know how to handle
to minimize the risk (Samwel Mwasalwiba, 2010).
Determination: Both the entrepreneurs have the clear vision about what they need to
achieve and how. They are desperate and passionate about the business idea they have and are
confident enough to achieving the desire goals. They have clear view regarding when and how to
execute the strategies of increasing sales, marketing, hiring new employees and other functions
without any hesitation and stress.
High Level of Confidence: The entrepreneurs knows risks and hurdles walk parallel to
the success thus they have high level confidence which make them capable to work even under
the stress conditions. They have the capability to sense the opportunities even from their failures
and convert them into profitable end (Oosterbeek, Van Praag, and Ijsselstein, 2010). They
understand that failure is the part of the game and one step ahead to success.
The difference between the entrepreneur and managers are as follows.
Basis Entrepreneur Manager
Definition Entrepreneur is the person who
have capability to take the
financial risk and start the new
Manager is the person who
take the responsibility to
control and mange the

venture to achieve the high
profits in future.
administration of the
organisation.
Focus Entrepreneur focuses on
establishing new start-up.
Manager is employed to
manage and control on going
operations in the organisation.
Owner Entrepreneur has the prestige
to be the owner of the
enterprise.
Manager is the employee of
the organisation.
Risk Taking They do not bear any risk
which are involved in the
enterprises.
As entrepreneur is the owner
of the enterprises so he/she
assumes all the risk which are
attached with the targets.
TASK 4
P6. Reflection of entrepreneurial motivation and mindset by aspects of entrepreneurial-
personality
Entrepreneurship is the way to mark a high impact on the social and economical society.
But it is not the easy going to be an entrepreneur. They face high challenges and strive hard to
overcome these challenges. But these individuals have special attribute to sense the
opportunities present nearby and strive until the success is achieved. Rita Sharma initially
focussed only on selling business class tickets as she had in depth research about Britain as one
of the famous business hub of the country so the people there, plans business trips in large
number. Thus, Rita Sharma has the specific attribute to sense the marketing conditions and
respond accordingly. This facilitate her to ensure the profitability of her new concern . But,At
the time of rescission in 1988 when stock market crashed in Britain and people started avoiding
the business trips she faced the high losses but this loss didn't demotivated her but she quickly
responded to the changes and started selling economy class tickets too and regain her position in
the market (Packham and et.al., 2010). Thus, Entrepreneurs are passionate of their dreams so
they do not give up until they reach their destiny.

Entrepreneurs are the pace makers rather than followers because they have ability to find
out the better solutions to the problems exist in the market with the innovative ideas rather than
waiting for some one to remove the constraints present. They have the ability to sense the future
opportunities as John Caudwell become aware of the new technology- mobile phones and
quickly responded and join hands with the American Handset maker Motorola and develop a
huge mobile chain and now have the turnover of about I Billion pounds. Thus these
entrepreneurs are passionate enough to work for long hours and have high pain tolerance spirit.
Entrepreneur should not get demotivated from failures that occur, He/she should rather have such
a mindset that adopts every failure as an opportunity or experience to learn from.
For establishing themselves as a successful entity in economy, they need to take risky
decisions without the fear of failure (Pittaway and Edwards, 2012). So they need to be decisive
about the decisions they make. Because these decisions will affect their business as a whole, they
need to involve the risk factor as well. So, motivation will play a key role in determining the
crucial decisions taken by them for which they need to have a very clear and focussed mindset.
P7 Impact of background and experience on entrepreneurship
Entrepreneurs have the specific attribute and skills which make them differ from others.
But this attribute and skills may not be god gift to them there background and experience lead
them to work efficiently. Rita Sharma have the courage to stand herself as the new business
starter after being dropped out from the Sussex University. Rita Sharma had utilize her good
upbringing to sense the right and wrong and do not hesitate to follow the right path until the
destiny have not been achieved. She have been built up with the knowledge that challenges
makes the person strong and every hurdle and obstacle confirms the success by just keeping
some patience and be confident about yourself. Her mother was her backbone to encourage her
to stand on her foot rather than just marrying and look after her family. Whereas, Caudwell lost
his father at the age of 14 and thus work as apprentice at Michelin as an engineering foreman for
several years. Thus, the entrepreneur faces worst as well as good experience. But from worst
experience they have learn that how to manage their problems and how the biggest problem can
be solved. An entrepreneur have to think critically and beyond their background so that their
performance can be improved in an efficient manner (Raposo and Do Paço,2011). Along with
this, an entrepreneurship is get affected or hindered due to some barriers that can be related to the
technology, cost, innovation, limited number of ventures, customers and so on. Experience of an

entrepreneur also plays an important role in establishing the business. If an individual is not
experienced then they will not be able to perform their operations in well manner and that will
lead towards the failure.
CONCLUSION
After summing up we concluded that successful entrepreneurs have special attributes to
grab the opportunities and overcome all the hurdles and obstacles present in the path to achieve
the desired goals. Entrepreneurs are one who prefers to establish new ventures rather than
following someone in service. In order to generate more revenues they are ready to take some
risks that can be related to the finance and other investments. These entrepreneurs have the
unique characteristics to grab the opportunity in the market and strive for the destiny until they
do not achieve it. Moreover, it also signifies that the small and medium business ventures
provide a large number of jobs directly or indirectly. These micro business support the local
economy through revenue and employment generation.

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