Entrepreneurship: Theory and Practice

This assignment delves into the multifaceted world of entrepreneurship, encompassing theoretical foundations, practical applications, and its impact on emerging economies. It encourages critical analysis of various aspects like academic entrepreneurship, sustainable practices, social entrepreneurship, and youth unemployment. Students are tasked with examining relevant research articles and applying their understanding to current trends in the field.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship................1
P2 Similarities and differences between entrepreneurial ventures.........................................2
TASK 2 ...........................................................................................................................................4
P3 Impact of micro and small businesses on the economy....................................................4
P4 Importance of small business and business start-ups on growth of social economy........6
TASK 3............................................................................................................................................8
P5 Characteristics, traits and skills of two successful entrepreneurs.....................................8
P6 Entrepreneurial attribute effect their mind-set and encouragement................................10
TASK 4..........................................................................................................................................10
P7 Experience and background can foster and protect entrepreneurship.............................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
The term entrepreneurship can be described as an effective process of designing,
launching and running new business to achieve desired outcomes properly. It is all about the
capability and will power of develop, organise and manage new business venture to attain better
outputs. Entrepreneur refers to an individual who work as an employee founds and run small
business, assuming all risks & rewards of venture. It can be considered as an innovator and
source of fresh concepts or thoughts to improve quality of goods and services to gain better
outcomes (Fayolle, 2013). An entrepreneur has special skill of take creative initiative to fulfil
present and future requirements by introducing new ideas in market. This assignment will
discuss about different types of entrepreneurial ventures related to typology of entrepreneurship.
It also includes explanation of impacts of Brexit on small and medium enterprises.
Characteristics, traits and skills of two successful entrepreneurs is described below.
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurial: - This can be described as an innovative events in which an effective
design should be prepared in desired way to gain required outcomes. It is all about to utilise
available resources and creative ideas to start new business or improve productivity of an
organisation. An entrepreneurial ventures has target to attaining high rate of returns to achieve
better growth of business along with increased profitability.
Entrepreneurship refers to an appropriate procedure of planning and organising new
business with an innovative idea or concept to attain desired outcomes along with introducing
new fashion in market. It includes the criteria of completing current and future needs properly by
more creative and satisfactory technique (Hlady‐Rispal and Jouison‐Laffitte, 2014). There are
different types of entrepreneurial ventures which are given below:
Entrepreneurial ventures
Survival venture: - This can be defined as those ventures which belongs to common
market and they hire an individual to apply some innovative techniques to survive properly. It is
necessary to implement creative strategies to attract new customers along with retaining the
current ones to improve regular sales and complete targets properly. In such ventures, an
entrepreneur facilitate the way of surviving with fresh concept successfully in market.

Aggressive growth: - It refers to kind of venture that includes to utilise several advanced
techniques and other policies to attain growth of business. It will provide support carrying out
regular process in more effective manner to produce better quality of goods or services.
Providing products with improved features render help to make pole satisfies that facilitate to
achieve loyalty of customers properly (Kiss, Danis and Cavusgil, 2012). It will ensure to gain
increased productivity as well as profitability of an organisation. Such ventures have to attain
better growth compulsorily.
Managed growth venture: - This is all about such ventures which have to maintain their
growth of business by certain techniques. It includes to modify features of current goods or
launching new products as per requirements of customer and trends of market. They basically
need regular growth in an organisation top improve better outcome to gain desired profitability.
Lifestyle venture: - The lifestyle ventures involves criteria of following various kinds of
changing fashion and different choices of people to fulfil them properly. It is all about serve at
those locations which are out of reach but has scope to expand business to boost up profits on
daily basis.
Kinds of typologies
Scalable start-up: - This can be described as top limited investment of businesses which
has limited scope of grabbing more profit share in market by investing less amount of capital.
They have small amount of resources then it is mandatory to utilise them in more effective as
well as efficient manner to get desired outcomes.
Large company entrepreneur: - This refers to large scale organisations that improve
products and target high levelled person to get better outcomes. It will provide support to gain an
appropriate benefits on terms of boosting up growth of business (Kuratko, 2016).
Private venture entrepreneurship: - The private venture entrepreneurship includes
several enterprises that are privately owned by individual has limited period of time fro
authority. They have to focus on actual needs and demands of customers and try to fulfil them
properly along with increasing profits as well.
P2 Similarities and differences between entrepreneurial ventures
There are various kinds of entrepreneurial ventures that are having their own criteria of
implementing innovative strategies to fulfil particular purpose and gain better outcomes along

with growth of business properly. Different types of entrepreneurial ventures with several
similarities as well as differences between them. Some of them are described below:
Ventures Differences Similarities
Female and male
entrepreneurial
 The female
entrepreneurs tackles
each situation properly
by making desired
decision while male
ones are more practical
and focus on facts
rather than thoughts
(Meyer, 2011).
 Female entrepreneur
remain more careful
while making decision
in serious situation and
male are normally
conduct their tasks
completely.
 Male and female both
are concentrated
towards required
objectives and put more
effective efforts in
correct direction to
generate desired
outcomes on regular
basis.
 They both tried their
best and do hard work
to achieve better
growth of an
organisation in order to
improve productivity as
well as profitability.
Large and scalable
entrepreneurs
 Large entrepreneur can
better capital of
investment and scalable
has quite small amount
of resources through
which they have to
apply new innovative
techniques properly.
 Scalable entrepreneurs
has very limited
 Both of them have to
user creative ideas or
concepts to implement
various kinds of
beneficial strategies for
boosting up regular
productivity to gain
better profits (Neck and
Greene, 2011).
 They both want to

opportunity and large
one has several chances
to get desired profits.
attain growth of
business which can
achieved by increasing
efficiencies of firm.
Lifestyle venture and serial
entrepreneurial ventures
 According to changing
trends, small firms will
not follow lifestyle
whereas they will
consider serial
entrepreneurial
ventures (Rasmussen,
2011).
 In case of lifestyle
venture, they provide
certain assets that
facilitate business in
comfortable zone
continuously and serial
one requires different
thought or concepts to
run business in prop[er
manner.
 They both has an
appropriate goal of
carrying out business in
different marketplace
and grab more profit
share.
 Both of them want to
apply an effective as
well as efficient
innovative ideas to gain
desired profits
properly.
TASK 2
P3 Impact of micro and small businesses on the economy
Small business are having major impact on entire economy because they are engaged in
introducing unique products or services for entire society (Schaltegger and Wagner, 2011). Their
main objective is to facilitate overall community with creative ideas which may attract the
domestic as well as foreign customers towards nation. Number of small business are emerging at
marketplace with distinct motives and purposes but indirectly develop the economy of nation.

Growth of society is only possible if UK is having numerous opportunities of individual
development such as; employment, awareness programmes, public sessions and so on. As a
result, if every person is having job then they can easily enhance their livelihood as well as able
to fulfils basic needs in a defined time frame. It means, social economy is basically depend upon
entire community enhancement as nation is being from people only (Ziegler, 2011). Apart from
this, number of factors are shows that micro and small association are having major influence on
social economy as products are finally consumed by innocent people.
 Employment opportunities:- One of the most important reason for promoting micro or
small business is to offer best success chance to every individual. It helps in developing
whole nation by conducting several programmes or sessions for individuals to maximise
their working approaches easily. All these activities are used to getting maximise
opportunities for new and skilled candidate to build their effective career through such
possibilities. Small scale organisation always provide most possible chances to their new
candidate to maximise their skills in a specific working location.
 Development of living standard – Small scale business organisation maximise standard
of living of proper in a country. These business firms basically analyse requirement and
need of different candidates to serve exact services to them easily . Their main objective
is to analyse trends and changes in market to implement them properly in new business
ideas. These are the development tools of individuals and organisation.
Micro business organisation cater their products and services at micro level. These kind
of business organisation maximise opportunities for employees as well as customers to get
higher satisfaction by quality services (Alsos, Carter and Ljunggren, 2011). In these organisation
manager and owner operate their business activities in effective manner to maximise structure of
their business firm in competitive market. These types of business organisation are operate their
business activities in several divisions in which several employees provide their quality services
to customers on the bases of their requirement and need.
Characteristics and nature of Private, sole and Partnership
Private – These are privately owned organisations on which individual and owner has
proper control to mange activities in effective manner. These organisations are basically
established with a specific objectives that requires to accomplish properly. All these employees
of organisation are perform to attain goals in effective manner.

Sole proprietor – These business firms are operated by a individual person who has
responsibility to manage all the business activities in effective manner. Main objective of owner
of such business firms is to gaining higher competitive advantages in order to accomplish their
target gaols and objectives easily.
Corporation – These organisations has a most specific and lawful business structure that
used to manage operational and functional business activities. On these firms, stakeholder has
major control to manage all the activities in effective manner. For them, it is require to follow a
specific legal framework to create a specific path for future success (Audretsch, Falck and
Heblich, 2011).
P4 Importance of small business and business start-ups on growth of social economy
The growth of social economy is necessary to be improved as it helps to build strong
country amongst the whole world. Small business and new busies start- ups can support to gain
more effective opportunities that helps to achieve development properly. These small firms
provide several employment chances for citizens that helps them to earn money for improving
their standards of living which facilitate to increase growth of the nation successfully. It is
necessary to get an accurate amount of taxes from such companies that results into improved
annual income of country which provide support to carrying out required developmental
activities at different places to render desired facilities to common people.
Brexit: - The Brexit refers to exit of Britain from the European Union which was
organised on 23rd June 2016 according to decision of authorities of United Kingdom. This event
breaking down of country will become very popular. Small business and start ups will provide
certain opportunities to the nations which are really beneficial to attain desired development in
proper manner (Awogbenle and Iwuamadi, 2010). Now, difference between small businesses and
business start ups is given below:
Significance Small business Business start-up's
Expanding in annual income
of country through tax
 The small businesses
are provide support to
boost up their targets of
sales to earn better
profits which facilitate
 This kind of firms are
helpful to render
various kinds of
employment
opportunities to people

to contribute precious
amount of to annual
income.
which facilitate top
improve their standards
of living and make
economic condition
strong.
Social and Economical
evolvement
 This can be considered
as an important
resource of job chances
for people so that they
will provide large
amount of of funds to
government on order to
render large amount of
taxes and maintain
social and economic
condition stable
(Bruton, Ahlstrom and
Li, 2010).
 These kinds of
enterprises are capable
to provide more
employment to citizens
which render support to
them for boosting up
their living status along
with providing better
products to customers.
Impression in economical
parts
 Small business
basically focus on
earning more profits
properly which render
helps to nations as they
provide more amount
of funds to annual
income of the same to
conduct developmental
activities in country.
 Business start ups are
mostly beneficial for
attain more number of
job opportunities for
people as they are
unemployed then
country is considered
as non developed.
Therese new firms are
supportive to make
citizens employed and
fulfil their regular

needs properly.
Reduction in conveniences of
society and growth of
employment opportunities
 Small business are
helpful for introducing
new innovative
concepts in market that
facilitate development
in business industry
and get better quality
of products at
marketplace by
boosting working
quality of people
(Desai, 2013).
 Start ups provide new
job opportunities which
provide help to make
people capable to fulfil
their regular needs,
wants ad demands
along with the country
can become bale to
reduce unemployment
rate of the same to
make strong nation.
TASK 3
P5 Characteristics, traits and skills of two successful entrepreneurs
Entrepreneur is a person who take initiative for organisation to earn profits and success. Is an
individual who rather work as employee found a small business venture by taking all risks and
rewards. Successful entrepreneur is a person whose focus is not on opening more and more
venture in every few days but has the right attitude towards business and its strategies.
Flourishing entrepreneur have the following traits -
 Creativity refer to thinking out of the box.
 Vision is capacity of seeing the future state.
 Adaptable and Flexible about clients or market needs make business grow.
 Passion is a spirit which is beyond from earning money. It's a thing which make people
awake at night,motivate for continuous work without getting bored and so on.
 Strong work ethic represent that the head should follow the rules and regulation if they
want to be fulfilled by others.
Steve Jobs and Bill Gates are two booming entrepreneur who carry above written traits
and many more.

Bill Gates is one of the most successful entrepreneur of the 20th century. He started
technology revolution after dropping out Harvard in 1974 by developing a software company.
Bill gates is a co founder of Microsoft. After founding , in 1975 he becomes richest man in the
world. Concerned Company has rises to top operating system brand windows,which has been
modify various times to make it more advantageous.
They have various characteristics ,traits and skills which stand them separate from other
entrepreneur and business persons. Bill gates gave important skill lessons to young
entrepreneurs.
 Be committed about what you love and passionate what you perform. If the person is
unable or find hard to execute things that indicate they are on a wrong track.
 Patience to success help to surpass the struggles which was encountered in route.
 Learning not depends upon the university knowledge it based on the practical life.
 Risk taking ability is necessary for every business. Starting business is little bit like
gambling, you don't know if you win or not.
 Focus on unhappy customer as they are the greatest source of learning. On the basis of
client action, improvement can be done on their suggestions (Djankov and et. al., 2010).
 Proud and confident about unique abilities. Need not to be frustrated as they are not
smart,talented like other person as they have some different qualities.
 Positive about new learning happen due to criticism and bad feedback.
 Accept failures as it teach life lessons and the knowledge to change, fail scenario.
 Never repeat any mistake twice as it harms the success and development of the business.
Steve jobs is an entrepreneur who founded apple company with co founder Steve wozanik in
1976 after dropping out educational institution. Jobs founded mac computer, iPod, iPad etc .
Apple's growth without him, is not possible as it lose its right direction. According to jobs,
passion and people are two thing which require to be successful business. Some skills are present
here which make him successful.
 Big risk,big reward make business to survive for long run .Steve job never hesitate to
take risk as with the case of iPhone launch could make iPad obsolete.
 Always ready to learn whether from family persons, life or through travel or by any
means. It s not compulsory to learn from universities.
 Keeps customer in mind that what they want today and what they will want in future.

 Broader view help to expand the business. It can be in the context of wide range of
product and services or new category of product to get attracted.
 Surround with bright people so that they can accomplish the task you need which you
cant.
P6 Entrepreneurial attribute effect their mind-set and encouragement
Mind set of entrepreneur is based on their creative ideas and thoughts that they wants to
implement in their business procedure. All these approaches are based on behaviour, creativity,
culture and background of individual that affect their learning and implementation procedure. A
entrepreneur faces several challenges while set up a new venture in target market. Thee
challenges can be from existing organisations and situated entrepreneurs. For this they needs to
adopt unique ideas and creative thoughts to make effective changes in their services to attract
maximum customers toward them. Through this they can easily get higher growth and
profitability. For a entrepreneur, it is required to make their plan more creative and unique to
others that helps to create a specific image of organisation in target market. All these traits are
based on acquiring and implementation process to grab maximum opportunities easily.
There are various kinds of habits, influence sub- ordinates and way of working that
impacts positively on other people that make them motivated to follow instructions of an
entrepreneur (Drucker, 2014). It will help to carrying out desired activities or events properly to
attain required goals or outcomes successfully. They have several attractive and impressive trait
or characteristics which influence other in an appropriate manner. Some of technique which are
provide help to different types of entrepreneurs is given below:
Hard working: - This can be described as effective trait of an entrepreneur to do hard
work that provide support boost up umber of sales sand facilitate to gain desired profits properly.
Risk bearing of losses: - The entrepreneurs have an ability to face several critical
situations and do certain sacrifices to attain better profits and growth of business and achieve
more success.
TASK 4
P7 Experience and background can foster and protect entrepreneurship
A person has various habits and characteristics that are usually influence regular working
styles or thinking effectively. Similarly, an entrepreneur is also a normal individual having their

own family background and culture which impacts on their way of thinking and style of
conducting any particular project properly. Some of those factors which are relevant to
background and experience of an entrepreneur that foster entrepreneurship are given below:
Education: - This can be described about qualification of an entrepreneur which make
sure the field of expertise of an individual that helps them for making an appropriate decision
properly. Hence, knowledge about any specific battlefield provide support to build more
successful strategies that facilitate to to gain required profits as well.
Nationality: - The term nationality includes several cultural value or thoughts that are
reflects into working style of an entrepreneur and facilitate to make decision in correct manner. It
involves cultural or morale values like honesty which indicates to perform their task with
truthfulness. Several entrepreneurs follow their own thoughts which gains from culture manage
large empire of business properly.
Social network: - This can be described as link up from society and other committees
relevant to social network because it will help to conduct communication directly with citizens.
It is necessary to make an effective as well as efficient conversation of an entrepreneur with
society that helps to attain better outcomes.
Family background: - This can be explained as family values, beliefs, culture, religion
and morale norms that are mandatory to be followed by an individuals. Thus, all these factors
impacts on performing technique, thinking method and view point of an entrepreneur. According
to family values of a person, they will make a decision to conduct various tasks to complete
desires goals successfully.
CONCLUSION
The above report has concluded that an entrepreneurship can be described as an effective
process of designing, launching and running new business to achieve desired outcomes properly.
An entrepreneurial ventures has target to attaining high rate of returns to achieve better growth of
business along with increased profitability. Different types of entrepreneurial ventures with
several similarities as well as differences between them. The growth of social economy is
necessary to be improved as it helps to build strong country amongst the whole world. Successful
entrepreneur is a person whose focus is not on opening more and more venture in every few days
but has the right attitude towards business and its strategies. Mind set of entrepreneur is based on
their creative ideas and thoughts that they wants to implement in their business procedure. A

person has various habits and characteristics that are usually influence regular working styles or
thinking effectively.

REFERENCES
Books and journals
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Hlady‐Rispal, M. and Jouison‐Laffitte, E., 2014. Qualitative research methods and
epistemological frameworks: A review of publication trends in entrepreneurship.
Journal of Small Business Management. 52(4). pp.594-614.
Kiss, A. N., Danis, W. M. and Cavusgil, S. T., 2012. International entrepreneurship research in
emerging economies: A critical review and research agenda. Journal of Business
Venturing. 27(2). pp.266-290.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Meyer, G. D., 2011. The reinvention of academic entrepreneurship. Journal of Small Business
Management. 49(1). pp.1-8.
Neck, H. M and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Rasmussen, E., 2011. Understanding academic entrepreneurship: Exploring the emergence of
university spin-off ventures using process theories. International Small Business
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Schaltegger, S and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Ziegler, R., 2011. An introduction to social entrepreneurship. Edward Elgar Publishing.
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entrepreneurship in agriculture and rural development. Edward Elgar Publishing.
Audretsch, D. B., Falck, O. and Heblich, S. eds., 2011. Handbook of research on innovation and
entrepreneurship. Edward Elgar Publishing.
Awogbenle, A. C. and Iwuamadi, K. C., 2010. Youth unemployment: Entrepreneurship
development programme as an intervention mechanism. African Journal of Business
Management. 4(6). p.831.
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning for
Future Sustainable Growth. Himalayan Books.
Djankov, S., and et. al., 2010. The effect of corporate taxes on investment and entrepreneurship.
American Economic Journal: Macroeconomics. 2(3). pp.31-64.
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Online
What is Entrepreneurship?. 2017. [Online]. Available through:
<http://www.businessnewsdaily.com/2642-entrepreneurship.html>.