Entrepreneurship and Small Business Impact
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AI Summary
This assignment delves into the significant role of entrepreneurship and small businesses within economic development frameworks. It requires students to analyze various aspects, including the impact of personality traits, demographic factors, and public policy on entrepreneurial ventures. Additionally, the assignment examines the sustainability of small businesses and their contributions to environmental engagement. Students are expected to demonstrate a comprehensive understanding of these concepts and their interconnectedness within the context of economic growth.
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UNDERSTANDING
ENTREPRENEURSHIP
ENTREPRENEURSHIP
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Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their typologies...........................................1
P2 Similarities and differences between each entrepreneur ventures.........................................2
P3 Small and micro businesses influence in economy...............................................................3
P4 Importance of small businesses and start ups on growth of economy...................................4
TASK 2............................................................................................................................................5
P5 Points that make a successful entrepreneur...........................................................................5
P6 Entrepreneur aspects essential for entrepreneur motivation and mindset..............................6
P7 Past experience influences in entrepreneurship.....................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their typologies...........................................1
P2 Similarities and differences between each entrepreneur ventures.........................................2
P3 Small and micro businesses influence in economy...............................................................3
P4 Importance of small businesses and start ups on growth of economy...................................4
TASK 2............................................................................................................................................5
P5 Points that make a successful entrepreneur...........................................................................5
P6 Entrepreneur aspects essential for entrepreneur motivation and mindset..............................6
P7 Past experience influences in entrepreneurship.....................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
INTRODUCTION
Understanding entrepreneurship is not an easy thing but understanding definition of
entrepreneurs is very simple. There can be many individuals who inspire to become a good
entrepreneurship so they basically boil down to pretty much the same ingredients as the other
(Bridge and O'Neill, 2012). Entrepreneur is one person that starts and operates a businesses by
taking some financial risks and then they rely on their creativity and personal motivation to
achieve their targets. This report is based on concept of making an analysis of promoting positive
entrepreneurship among local and remote areas. There is encouragement and support to
potential entrepreneurs so that they start new businesses which will lastly affect the economy of
the country. The main purpose of this report is to understand different types of entrepreneurial
ventures and their typologies also with an aim of drawing similarities between those different
ventures. In this report there is discussion about the impacts that micro and small businesses has
on economy.
TASK 1
P1 Different types of entrepreneurial ventures and their typologies.
Entrepreneur is a person who stats and run the business with limited resources and
planning. They takes into account of all the risks and advantages their business venture. Their
main job is to bring new and useful innovations, products and services that is never come up in
minds of any other entrepreneur (Burns, 2010). They have to bring more and more strategies to
cultivate existing business model and make it new and happening according to latest trends.
Types of entrepreneurial ventures are:
Small Business: This is privately owned corporations that basically have very few
members, employees and their annual income is even less than a regular sized business. Since
they come under small business category, they are not accustomed to pay some tax and have
support of the government with some preferential tax policies.
Life Style Business: This is a type of set up which is run by its founder members
primarily with aim of maintaining particular level of income and no other planning. They ought
to provide a foundation which basically allows to enjoy particular lifestyle for any individual.
These basically require extensive capital which sometimes become difficult to launch and sustain
lifestyle business person.
1
Understanding entrepreneurship is not an easy thing but understanding definition of
entrepreneurs is very simple. There can be many individuals who inspire to become a good
entrepreneurship so they basically boil down to pretty much the same ingredients as the other
(Bridge and O'Neill, 2012). Entrepreneur is one person that starts and operates a businesses by
taking some financial risks and then they rely on their creativity and personal motivation to
achieve their targets. This report is based on concept of making an analysis of promoting positive
entrepreneurship among local and remote areas. There is encouragement and support to
potential entrepreneurs so that they start new businesses which will lastly affect the economy of
the country. The main purpose of this report is to understand different types of entrepreneurial
ventures and their typologies also with an aim of drawing similarities between those different
ventures. In this report there is discussion about the impacts that micro and small businesses has
on economy.
TASK 1
P1 Different types of entrepreneurial ventures and their typologies.
Entrepreneur is a person who stats and run the business with limited resources and
planning. They takes into account of all the risks and advantages their business venture. Their
main job is to bring new and useful innovations, products and services that is never come up in
minds of any other entrepreneur (Burns, 2010). They have to bring more and more strategies to
cultivate existing business model and make it new and happening according to latest trends.
Types of entrepreneurial ventures are:
Small Business: This is privately owned corporations that basically have very few
members, employees and their annual income is even less than a regular sized business. Since
they come under small business category, they are not accustomed to pay some tax and have
support of the government with some preferential tax policies.
Life Style Business: This is a type of set up which is run by its founder members
primarily with aim of maintaining particular level of income and no other planning. They ought
to provide a foundation which basically allows to enjoy particular lifestyle for any individual.
These basically require extensive capital which sometimes become difficult to launch and sustain
lifestyle business person.
1
Social enterprise: It is an organisation that apply some commercial strategies to improve
in maximizing human and development well being. This venture includes social impact along
with profit for external shareholders. This enterprise can be made for both profit and non profit
forms.
Big business: This involves large scale corporate controlled financial activities. It
describes action that run huge transactions and basically involve more general instruction of
doing big things which include big investment (Carland and Carland, 2015).
Scalable business: Most of the people tend to start their enterprise as a small business.
There are very few people that are fortunate enough to capitalize the massive market opportunity
as on taking risk they can be short of money so badly that their business would be affected
adversely. In financial market, scalability basically refers to financial institution which has the
ability to control their increased demands of customer. In the corporate set up a scalable
company can be one of them which can maintain and improve profit margins while sales value
could be increasing.
Second stage business: In an early stage, entrepreneurs keep their focus on creating an
innovative and new ideas and services. But after completing that level they tend to prepare for
the next level which is second stage level. This venture is basically required to deal with large
amount of employee force and consider large revenue scale. It is not an easy task and not every
entrepreneur can tackle this type of challenge.
Intrapreneurship is the act of behaving like an entrepreneur while working in any large
organisation. It is known as practise of a corporate management style which integrates risk
taking and innovation approaches which would reward with motivational techniques, that would
traditionally thought of being province of entrepreneurship. To identify managerial styles of
small business managers are at every stage of any organisational life cycle which basically are
responsible for considering managers work and their approaches to process and roles.
P2 Similarities and differences between each entrepreneur ventures.
Small business and Lifestyle business: There are many differences as well as
similarities between the two ventures. In small business it can also be considered as high growth
start up which is designed to be repeated and scalable (Dennis Jr, 2011). Which is totally
opposite to a lifestyle business that is not primarily concerned with scalability but actually aims
to sustain a particular level of income so that they can enjoy their particular lifestyle. Small
2
in maximizing human and development well being. This venture includes social impact along
with profit for external shareholders. This enterprise can be made for both profit and non profit
forms.
Big business: This involves large scale corporate controlled financial activities. It
describes action that run huge transactions and basically involve more general instruction of
doing big things which include big investment (Carland and Carland, 2015).
Scalable business: Most of the people tend to start their enterprise as a small business.
There are very few people that are fortunate enough to capitalize the massive market opportunity
as on taking risk they can be short of money so badly that their business would be affected
adversely. In financial market, scalability basically refers to financial institution which has the
ability to control their increased demands of customer. In the corporate set up a scalable
company can be one of them which can maintain and improve profit margins while sales value
could be increasing.
Second stage business: In an early stage, entrepreneurs keep their focus on creating an
innovative and new ideas and services. But after completing that level they tend to prepare for
the next level which is second stage level. This venture is basically required to deal with large
amount of employee force and consider large revenue scale. It is not an easy task and not every
entrepreneur can tackle this type of challenge.
Intrapreneurship is the act of behaving like an entrepreneur while working in any large
organisation. It is known as practise of a corporate management style which integrates risk
taking and innovation approaches which would reward with motivational techniques, that would
traditionally thought of being province of entrepreneurship. To identify managerial styles of
small business managers are at every stage of any organisational life cycle which basically are
responsible for considering managers work and their approaches to process and roles.
P2 Similarities and differences between each entrepreneur ventures.
Small business and Lifestyle business: There are many differences as well as
similarities between the two ventures. In small business it can also be considered as high growth
start up which is designed to be repeated and scalable (Dennis Jr, 2011). Which is totally
opposite to a lifestyle business that is not primarily concerned with scalability but actually aims
to sustain a particular level of income so that they can enjoy their particular lifestyle. Small
2
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business is something which cannot reach to a scale easily. For example an auto repair shop.
Another difference between these two ventures is the funding capacity. Both have different
source of income for achieving their capital. Both of them do not have so many sources of
achieving capital they have limited capital to invest for their business, this is one similarities
between the two.
Social enterprise and large enterprise: Basically social enterprise is one which works
according to benefits of the society but large enterprise is not focused on giving any advantage or
benefit to any section of the society but they are developed for making profit and money in their
business. Social venture indicates that market is growing very fast as compared to large size
enterprise. Difference between the two is in number of employees and amount of data that both
of them possess. In social enterprise there would be considerable number of employee and data
production but in large business there would be so many employees.
Scalable start up and second stage company: There is vast difference between these
two ventures. One is a start up who takes innovative ideas and searches for scalable and repeated
business methods as they are safe and secures and guaranteed success. In second stage company
there are large number of employees and working load is very high. There is large contracts
provided to such a firm but as scalable start-up's is concerned, only small contracts that too after
getting some recognition (Down, 2010). There is less number of employees in this firm as it is a
start up company which has just started with a new idea. If the idea strike to the world then it can
grow and become big like the second stage company else it will not progress.
P3 Small and micro businesses influence in economy.
Small business can be defined as one in which there is only one owner and very less
number of employees. There are so many people like individuals of every age, caste, creed, sex
but very especially most of the minority and women are establishing micro business due to much
of flexibility and mobility which is usually achieved in small and micro business. These
enterprise require some particular types of skills, passion, conditions and various people.
Entrepreneurs and small business actually cover large percentage of UK trade. Small trades are
the one which is accessed by single individual support in changing the types of wealth creation,
income and quality of life. Small business can be termed as profit making trades which are
actually run and owned by individual person. They both are of great importance to the economy
of the country and they have several impacts:
3
Another difference between these two ventures is the funding capacity. Both have different
source of income for achieving their capital. Both of them do not have so many sources of
achieving capital they have limited capital to invest for their business, this is one similarities
between the two.
Social enterprise and large enterprise: Basically social enterprise is one which works
according to benefits of the society but large enterprise is not focused on giving any advantage or
benefit to any section of the society but they are developed for making profit and money in their
business. Social venture indicates that market is growing very fast as compared to large size
enterprise. Difference between the two is in number of employees and amount of data that both
of them possess. In social enterprise there would be considerable number of employee and data
production but in large business there would be so many employees.
Scalable start up and second stage company: There is vast difference between these
two ventures. One is a start up who takes innovative ideas and searches for scalable and repeated
business methods as they are safe and secures and guaranteed success. In second stage company
there are large number of employees and working load is very high. There is large contracts
provided to such a firm but as scalable start-up's is concerned, only small contracts that too after
getting some recognition (Down, 2010). There is less number of employees in this firm as it is a
start up company which has just started with a new idea. If the idea strike to the world then it can
grow and become big like the second stage company else it will not progress.
P3 Small and micro businesses influence in economy.
Small business can be defined as one in which there is only one owner and very less
number of employees. There are so many people like individuals of every age, caste, creed, sex
but very especially most of the minority and women are establishing micro business due to much
of flexibility and mobility which is usually achieved in small and micro business. These
enterprise require some particular types of skills, passion, conditions and various people.
Entrepreneurs and small business actually cover large percentage of UK trade. Small trades are
the one which is accessed by single individual support in changing the types of wealth creation,
income and quality of life. Small business can be termed as profit making trades which are
actually run and owned by individual person. They both are of great importance to the economy
of the country and they have several impacts:
3
Impact on region: Small and micro business make their availability in various areas and
have their influence. There can be many start-up in every region and they effect directly
employment. Supply sides also affect in several regions and for such purpose there are many
competitors who exist in such regions that will make changes in their supply process.
Impact on local: These ventures basically affect the society greatly and specially to local
communities. All these type of business has been analysed to give large amount of contribution
to local communities by providing new jobs and opportunities through micro and small business
which basically contribute for the growth of local economy.
Impact on international and national economy: These small and micro business have
great impact on the national as well as international economy. Such trades has lead to high
turnover in the beginning of 2014 (George and Bock, 2011). Also there was some part of major
employment which was mostly generated in UK that year. Most of part of such a business is
based on innovation activities and produce creative services for their customers.
P4 Importance of small businesses and start ups on growth of economy.
Brexit is a process in which UK withdraws money from EU. The abbreviation of Brexit is
British Exit. This policy gives an existential right to parliamentary system and political parties.
Small airports of European Union also suffer from Brexit and also give threats to economic
prosperity. A start up can be defined as temporary business which is constructed to make
scalable and repeatable model of business. It is basically kind of company which has proven their
business model but in real scenario when it comes to operations then it will significantly effect
the current market. On the other hand if considered rationally then small business is proven to
bes self content business whose boundaries are fixed and the one who want to make global
impact by expanding their collaboration (Gorgievski, Ascalon and Stephan, 2011). A start-up
desire to have large effect on people and wants to be disruptive. They usually get funding
through their family and friends. Small business and start-up are backbone of economy of UK. It
provides contribution in development of employment opportunities. It is realised that small
business make contribution of almost so many private sectors. Their importance can be seen as:
They contribute in bringing new business enterprise in the country and play vital role in
increasing employment and turnover. This will assist in social growth of economy. They
are supporters of job production in many of the private sector and mostly responsible for
creating efficient workforce.
4
have their influence. There can be many start-up in every region and they effect directly
employment. Supply sides also affect in several regions and for such purpose there are many
competitors who exist in such regions that will make changes in their supply process.
Impact on local: These ventures basically affect the society greatly and specially to local
communities. All these type of business has been analysed to give large amount of contribution
to local communities by providing new jobs and opportunities through micro and small business
which basically contribute for the growth of local economy.
Impact on international and national economy: These small and micro business have
great impact on the national as well as international economy. Such trades has lead to high
turnover in the beginning of 2014 (George and Bock, 2011). Also there was some part of major
employment which was mostly generated in UK that year. Most of part of such a business is
based on innovation activities and produce creative services for their customers.
P4 Importance of small businesses and start ups on growth of economy.
Brexit is a process in which UK withdraws money from EU. The abbreviation of Brexit is
British Exit. This policy gives an existential right to parliamentary system and political parties.
Small airports of European Union also suffer from Brexit and also give threats to economic
prosperity. A start up can be defined as temporary business which is constructed to make
scalable and repeatable model of business. It is basically kind of company which has proven their
business model but in real scenario when it comes to operations then it will significantly effect
the current market. On the other hand if considered rationally then small business is proven to
bes self content business whose boundaries are fixed and the one who want to make global
impact by expanding their collaboration (Gorgievski, Ascalon and Stephan, 2011). A start-up
desire to have large effect on people and wants to be disruptive. They usually get funding
through their family and friends. Small business and start-up are backbone of economy of UK. It
provides contribution in development of employment opportunities. It is realised that small
business make contribution of almost so many private sectors. Their importance can be seen as:
They contribute in bringing new business enterprise in the country and play vital role in
increasing employment and turnover. This will assist in social growth of economy. They
are supporters of job production in many of the private sector and mostly responsible for
creating efficient workforce.
4
These help in creation, innovation, employment and adaptability for UK economy. Small
business and start-ups are generally required to innovative and creative methods which
had appropriate growth in development of product.
These ventures are also attracts individual in UK and create competition for guests as
well as investors. Their main focus is to provide variety and diversity of products in many
cities by playing important role in society and community. When ever there would be
increase in competition in the market, then this firm tries to make improvement in their
working pattern and strategies to generate high turnovers. Although they tend to have
productivity face problem sometimes.
These business also provide their contribution in local economies development as they
provide some creativity and innovations (Hall, Daneke and Lenox, 2010). They are also
supportive and large hearted for large organisation as they give them with adequate
resources and help them in completing various business functionalities.
TASK 2
P5 Points that make a successful entrepreneur
There are number of characteristics that are required for building of a successful
entrepreneur or a business man. Most of these characteristics can be installed through practice
with time but some of them are inherited and naturally required which is difficult for an outside
to understand. Any individual should develop winning attitude and should set their goals and
apply strategies to work for the progress of those goals (Leitch, Hill and Neergaard, 2011). There
are certain musts and dos that need to be fulfilled, implemented and managed for business to
succeed. Some of the qualities which should be present in any successful entrepreneur are:
Personal satisfaction: An individual should choose a business which interests him and
gives him personal satisfaction, thus it will give him financial gain, stability and enjoyment in
doing his work. All these factors if in actual is felt by the person will automatically reflect in the
business. If the person is not enjoying his work then there can be lack of innovations, idea
invention and creativity in the working procedures. Chances would be more of not succeeding.
Seriously involved in the work: The person doing any type of business should take
things seriously by getting involved in the working procedure effectively and bring successful
ideas in business planning. If the person no do believe in their business and it would be very
5
business and start-ups are generally required to innovative and creative methods which
had appropriate growth in development of product.
These ventures are also attracts individual in UK and create competition for guests as
well as investors. Their main focus is to provide variety and diversity of products in many
cities by playing important role in society and community. When ever there would be
increase in competition in the market, then this firm tries to make improvement in their
working pattern and strategies to generate high turnovers. Although they tend to have
productivity face problem sometimes.
These business also provide their contribution in local economies development as they
provide some creativity and innovations (Hall, Daneke and Lenox, 2010). They are also
supportive and large hearted for large organisation as they give them with adequate
resources and help them in completing various business functionalities.
TASK 2
P5 Points that make a successful entrepreneur
There are number of characteristics that are required for building of a successful
entrepreneur or a business man. Most of these characteristics can be installed through practice
with time but some of them are inherited and naturally required which is difficult for an outside
to understand. Any individual should develop winning attitude and should set their goals and
apply strategies to work for the progress of those goals (Leitch, Hill and Neergaard, 2011). There
are certain musts and dos that need to be fulfilled, implemented and managed for business to
succeed. Some of the qualities which should be present in any successful entrepreneur are:
Personal satisfaction: An individual should choose a business which interests him and
gives him personal satisfaction, thus it will give him financial gain, stability and enjoyment in
doing his work. All these factors if in actual is felt by the person will automatically reflect in the
business. If the person is not enjoying his work then there can be lack of innovations, idea
invention and creativity in the working procedures. Chances would be more of not succeeding.
Seriously involved in the work: The person doing any type of business should take
things seriously by getting involved in the working procedure effectively and bring successful
ideas in business planning. If the person no do believe in their business and it would be very
5
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difficult for them to make it successful because he cannot do it with full convection. Too many
home business owner failure occur because they do not take their own business seriously thus it
is an important factor for any one to become successful.
Plan everything: This strategies is not only must but also makes a person's habit for
starting any kind of work. This makes him organised individual which prepares a suitable plan
for anything he wants to accomplish. This quality should be adopted, developed, implemented
and maintained by every business man.
Manage money wisely: The main aim for any business man is to manage the cash flow.
There is large requirement of money for every aspect such as for buying inventory, paying for
services, promotions, marketing business, repair and replacing tools and equipments. Revenue is
required for continual of work (Ligthelm, 2010). All the successful business man must use
money wisely and should be money managers to ensure that cash should keep flowing in more
and less outside. There should be a proper management of economy where bills should be paid
and stills money should be in surplus for the company to expand and gain some success.
P6 Entrepreneur aspects essential for entrepreneur motivation and mindset.
All the entrepreneurs have different personalities and mindset that provide them support
for achieving success. Cultural differences, lifestyles and family guidelines has very important
impact in the development of entrepreneurial personality which can either contribute in success
of enterprise. Natural instincts of a person and its cultural differences are something which
would reflect in decisioning of that person for any situation. This decide their interpretation of
the world and their mindset for performing any kind of work (Nga and Shamuganathan, 2010).
These factors are required to help the person to focus on their achievements. These can be
those factors which provides help to become an entrepreneur and development of qualities like
passion which would be necessary for enhancing personality for an entrepreneur and help them
for working for the progress of achieving those defined goals and objectives.
Discipline is necessary to focus on work and avoid distractions and difficulties that
comes in the way for achieving goals. An individual should be just confident about his
knowledge and skills which would basically help them to achieve success. For becoming
entrepreneurs, confidence is very much required as it will support in obtaining objective for any
organisation. Entrepreneur basically have creative mind which help them in making innovative
6
home business owner failure occur because they do not take their own business seriously thus it
is an important factor for any one to become successful.
Plan everything: This strategies is not only must but also makes a person's habit for
starting any kind of work. This makes him organised individual which prepares a suitable plan
for anything he wants to accomplish. This quality should be adopted, developed, implemented
and maintained by every business man.
Manage money wisely: The main aim for any business man is to manage the cash flow.
There is large requirement of money for every aspect such as for buying inventory, paying for
services, promotions, marketing business, repair and replacing tools and equipments. Revenue is
required for continual of work (Ligthelm, 2010). All the successful business man must use
money wisely and should be money managers to ensure that cash should keep flowing in more
and less outside. There should be a proper management of economy where bills should be paid
and stills money should be in surplus for the company to expand and gain some success.
P6 Entrepreneur aspects essential for entrepreneur motivation and mindset.
All the entrepreneurs have different personalities and mindset that provide them support
for achieving success. Cultural differences, lifestyles and family guidelines has very important
impact in the development of entrepreneurial personality which can either contribute in success
of enterprise. Natural instincts of a person and its cultural differences are something which
would reflect in decisioning of that person for any situation. This decide their interpretation of
the world and their mindset for performing any kind of work (Nga and Shamuganathan, 2010).
These factors are required to help the person to focus on their achievements. These can be
those factors which provides help to become an entrepreneur and development of qualities like
passion which would be necessary for enhancing personality for an entrepreneur and help them
for working for the progress of achieving those defined goals and objectives.
Discipline is necessary to focus on work and avoid distractions and difficulties that
comes in the way for achieving goals. An individual should be just confident about his
knowledge and skills which would basically help them to achieve success. For becoming
entrepreneurs, confidence is very much required as it will support in obtaining objective for any
organisation. Entrepreneur basically have creative mind which help them in making innovative
6
network among various situations and events and also provide ideas for product recreation in
new market.
Entrepreneurs are the ones who are successful believers who can thing of any kind of
strategy and make it work enormously. They as passive thinkers which never fails to do any job,
they can never say that a job cannot be done. There can be entrepreneurs who would have some
problems in overcoming some issues like funds or financial problems, those problems can be
solved by working efficiently towards it (Preuss, 2011). Self sense and self motivation is also an
important aspect which supports entrepreneur to overcome depression or anxiety if it arise due to
tough situations.
P7 Past experience influences in entrepreneurship.
Entrepreneurs are termed as a risk taker and innovators. They need to think originally
with lots of creativity and conviction to make others also believe in his ideas and strategies. They
are solely responsible for their activities. They tend to set high goals and targets to become
something good and renounce in this world and work effectively and accordingly to achieve
those objectives. Traits, education, culture and economic condition of the family background for
any individual plays an important role in building any type of perception for that partular
individual (Sampaio, Thomas and Font, 2012). The kind of culture and upbringing which a
person gets from his family posses some characteristics and ideologies for becoming an
entrepreneur or not. This may either motivate the person to become a good entrepreneur and also
it may prevent the person to become a normal individual who can never be a good entrepreneur.
They sometimes posses very less knowledge due to family inheritance and ideas which will not
allow them to innovate and be creative work and apply those skills in production of useful
products. They could easily adjust in market and situation. There are self motivated and self
managed for taking any risk. They may not have so much fear in creating new services and
products then it try to achieve those goals and objectives.
CONCLUSION
From the above report, it has been analysed that there is much importance of micro and
small businesses to improve the economy of the country. They help in growth of the income of
the state and also encourage more and more entrepreneurs to rise and start their business with no
hesitation. The major aim of this report is to explore the range of business ventures and analysis
7
new market.
Entrepreneurs are the ones who are successful believers who can thing of any kind of
strategy and make it work enormously. They as passive thinkers which never fails to do any job,
they can never say that a job cannot be done. There can be entrepreneurs who would have some
problems in overcoming some issues like funds or financial problems, those problems can be
solved by working efficiently towards it (Preuss, 2011). Self sense and self motivation is also an
important aspect which supports entrepreneur to overcome depression or anxiety if it arise due to
tough situations.
P7 Past experience influences in entrepreneurship.
Entrepreneurs are termed as a risk taker and innovators. They need to think originally
with lots of creativity and conviction to make others also believe in his ideas and strategies. They
are solely responsible for their activities. They tend to set high goals and targets to become
something good and renounce in this world and work effectively and accordingly to achieve
those objectives. Traits, education, culture and economic condition of the family background for
any individual plays an important role in building any type of perception for that partular
individual (Sampaio, Thomas and Font, 2012). The kind of culture and upbringing which a
person gets from his family posses some characteristics and ideologies for becoming an
entrepreneur or not. This may either motivate the person to become a good entrepreneur and also
it may prevent the person to become a normal individual who can never be a good entrepreneur.
They sometimes posses very less knowledge due to family inheritance and ideas which will not
allow them to innovate and be creative work and apply those skills in production of useful
products. They could easily adjust in market and situation. There are self motivated and self
managed for taking any risk. They may not have so much fear in creating new services and
products then it try to achieve those goals and objectives.
CONCLUSION
From the above report, it has been analysed that there is much importance of micro and
small businesses to improve the economy of the country. They help in growth of the income of
the state and also encourage more and more entrepreneurs to rise and start their business with no
hesitation. The major aim of this report is to explore the range of business ventures and analysis
7
the affects of those business on the economy of country. Also there can be different backgrounds
from where people come and thus they have strong impact on the idea of entrepreneurship for
either fostering it or hindering them. In this report there is also some traits and skills which are
defined for any successful entrepreneur, this can basically help in enlightening the mindset of
young individuals who are wanting to start their own business. There is also great impact of the
family and background of any person to become an entrepreneur which is also discussed in this
report.
8
from where people come and thus they have strong impact on the idea of entrepreneurship for
either fostering it or hindering them. In this report there is also some traits and skills which are
defined for any successful entrepreneur, this can basically help in enlightening the mindset of
young individuals who are wanting to start their own business. There is also great impact of the
family and background of any person to become an entrepreneur which is also discussed in this
report.
8
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REFERENCES
Books and Journals
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Carland, J.W. and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management, 49(1), pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
George, G. and Bock, A.J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Gorgievski, M.J., Ascalon, M.E. and Stephan, U., 2011. Small business owners' success criteria,
a values approach to personal differences. Journal of Small Business Management.
49(2). pp.207-232.
Hall, J.K., Daneke, G.A. and Lenox, M.J., 2010. Sustainable development and entrepreneurship:
Past contributions and future directions. Journal of Business Venturing. 25(5). pp.439-
448.
Leitch, C., Hill, F. and Neergaard, H., 2010. Entrepreneurial and business growth and the quest
for a “comprehensive theory”: tilting at windmills?. Entrepreneurship Theory and
Practice. 34(2). pp.249-260.
Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern African
Business Review. 14(3).
Nga, J.K.H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Sampaio, A.R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.
Schaper, M.T., and et.al., 2014. Entrepreneurship and small business.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Online
The Role of Small Business in Economic Development. 2017. [Online]. Available Through:
<http://isbdc.org/small-business-in-economic-development/>. [Accessed on 27th JULY
2017].
9
Books and Journals
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Carland, J.W. and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management, 49(1), pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
George, G. and Bock, A.J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Gorgievski, M.J., Ascalon, M.E. and Stephan, U., 2011. Small business owners' success criteria,
a values approach to personal differences. Journal of Small Business Management.
49(2). pp.207-232.
Hall, J.K., Daneke, G.A. and Lenox, M.J., 2010. Sustainable development and entrepreneurship:
Past contributions and future directions. Journal of Business Venturing. 25(5). pp.439-
448.
Leitch, C., Hill, F. and Neergaard, H., 2010. Entrepreneurial and business growth and the quest
for a “comprehensive theory”: tilting at windmills?. Entrepreneurship Theory and
Practice. 34(2). pp.249-260.
Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern African
Business Review. 14(3).
Nga, J.K.H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Sampaio, A.R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.
Schaper, M.T., and et.al., 2014. Entrepreneurship and small business.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Online
The Role of Small Business in Economic Development. 2017. [Online]. Available Through:
<http://isbdc.org/small-business-in-economic-development/>. [Accessed on 27th JULY
2017].
9
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