Understanding Entrepreneurship: Types, Impact, and Success Factors

This report delves into the diverse world of entrepreneurship, exploring its various typologies, including corporate, social, and private ventures. It examines the significant contributions of small and medium-sized enterprises (SMEs) to the UK and global economies, highlighting their impact on employment, innovation, and economic growth. The report further investigates the characteristics and skills that contribute to entrepreneurial success, analyzing the influence of personality, background, and experience on entrepreneurial motivation and mindset. It also explores the risks and rewards associated with starting a business, providing insights into the factors that can hinder or foster entrepreneurial ventures.

Understanding entrepreneurship
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Table of Contents
Introduction......................................................................................................................................3
Part 1................................................................................................................................................4
Part 2..............................................................................................................................................14
Conclusion.....................................................................................................................................20
Reference List................................................................................................................................21
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Introduction
The term 'Entrepreneurship' came into existence in the era of 1700, referring to the starting of
the business by an individual. According to Schumpeter, entrepreneurship is a kind of creative
destruction, where innovation plays a vital role in creating new products and business (Burns,
2016). Entrepreneurship actually identifies the opportunity and makes the most out of the
opportunity, creating wealth and value in exchange. An entrepreneur develops business that
takes the shape of large-scale enterprises in future. The entrepreneurs actually take helps from
local franchise outlet, plans small retail shop and operate with self-employed service business.
Individuals cater to the needs the society, bringing in the concept of innovation in products and
processes. The entrepreneur to become successful should have the aim to earn profits from the
new business. In this report, different kinds of entrepreneurship are discussed along with the
contribution of SMEs in social economy of UK. The various skills and characteristics of an
entrepreneur are discussed in this report.
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Part 1
Introduction
This report sheds light on the different typologies of entrepreneurship identified in the market.
The difference between public, private, social and corporate entrepreneurship is illustrated in the
report. SMEs in UK economy has made great contribution and offered employment opportunity
to many individuals. SMEs though exist for shorter period but have contributed in the UK
market.
P1: Provide an introduction to the report by examining different types of entrepreneurial
ventures and explaining how they relate to the typology (different types) of
entrepreneurship. Your introduction should aim to define entrepreneurship and explore
entrepreneurship scope and typology.
Entrepreneurship helps in spurring economic growth in free markets, thereby acting as the
catalyst helping in development. Entrepreneurship is the entrepreneurial process while an
entrepreneur with skills and attributes executes the process to receive exchange and value.
Different typology of entrepreneur is discussed below:
Corporate entrepreneurship:
Corporate entrepreneurship develops innovative products in an existing market with the aim of
making maximum profit (Anderson et al., 2017). A corporate entrepreneur should possess strong
communication skills, effective teamwork ensuring coordination and have well-developed
strategic actions. In corporate entrepreneurship, entrepreneurial activities are conducted in large
corporations where the management encourages the employees to come up with new and unique
ideas and concepts. To sustain its existence, large companies require expanding their business by
creating new innovative products. The scope of the corporate entrepreneurship is to instigate
innovation in the organization, explore research activities, attempt to take calculated risks and
makes investments in new promising zones. This typology creates an environment that has the
strength to bear risks and failures and conducts experiment in business activities.
Intrapreneurs:
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Intrapreneurship is an innovative corporate management strategy that motivates the employees to
have innovation in creating new ideas and products. Once the innovative ideas suggested by the
employees are approved then the management provides finances, conducts research and
development for the product, thus sharing an equitable partnership with employees. The
entrepreneurial activities in this typology take place within an organization.
Academic Entrepreneurship:
The entrepreneurial activities take place in academic and research institutions. The research and
development of products takes place with the goal to achieve intellectual property rights and
commercialization through sales of technology licensing or creation of new ventures.
Private Entrepreneurship:
In this typology, entrepreneurial activities takes place in independent firms were the innovation
process is most prevalent. The process begins with the identification of the opportunity, setting-
up of business entity in the market with the aim to achieve the highest position and maximum
profit through harvest strategy.
Public Entrepreneurship:
The scope of innovation is less, as the organizational structure is rigid. Incentives are not offered
to the employees serving as de- motivation (Colombo et al., 2016). The entrepreneurial activities
are mainly conducted by government-linked organizations or state-owned enterprises. Majority
of public enterprises are formed with the aim to provide efficient services to the individuals.
State-owned enterprises perform through joint ventures, management buyouts and equity
participation, entrusted with the job of conducting entrepreneurship development in respective
states.
Social Entrepreneurship:
The focus of social entrepreneurs is to cater to the needs of the society, resolving social issues
with the help of products. Incentives are offered to the employees in the form of social welfare.
Social enterprises identify the social problem and entrepreneurial approach to organize, create
and manage venture with the aim of gaining social ROI.
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Lifestyle Entrepreneurship:
Lifestyle entrepreneurship is the process of creating new ventures based on an individual’s
passion and without focusing much on profit. This typology involves the combination of an
entrepreneur’s personal interest to achieve profit and wealth for long run. Proper location and
flexibility in working hours is the requirement for such entrepreneurships to develop and create
business. The enterprise enjoys kind of personal autonomy in business and the profit value is
high.
Others (Technopreneurs, Infopreneurs, Agripreneurs)
Technopreneurs are those entrepreneurs who are technology savvy in nature and earn profit
utilizing their skills and expertise in respective technologies. Some of the famous technopreneurs
are Michael Dell and Bill Gates who have achieved success in development of technology based
industries. Technopreneurs work in the field of e-commerce, biotechnology, multi-media based
technology, pharmaceuticals, thereby influencing all over the world. Agripeneurs creates
innovation in the agricultural field. The entrepreneurs in this field focus on planting and
producing agricultural products for consumption such as down streaming activities like
packaging and processing. Infopreneurs utilize information as commodity for sale. Infopreneurs
sell information’s to those who develops information as business strategy and for promotional
activities.
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Figure 1: Types of Entrepreneurship
Source: Created by learner
P2: Building on the different types of entrepreneurial ventures explored in P1, you are now
required to explore the similarities and differences between each. You could consider the
roles, characteristics and objectives of different types of ventures: private; public; social
enterprises - as well as different sized ventures: micro; small; medium.
To expand the business globally, entrepreneurs ventured into different kinds of business types.
The focus of the entrepreneurs is to earn profit and wealth for the business. Range of ventures
ranges from public to private, corporate to social ventures. However, the similarities and
differences are discussed below:
Similarity and difference between private and public entrepreneurship
Similarities
 Both the entrepreneurships adopt
customer service oriented in approach.
Though the customer base is different,
yet the operations are customer-
Difference
 Public sector enterprises are run and
controlled by the government while
private entrepreneurships are owned by
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CorporateIntrapreneurshipSocialentrepreneurshipPrivateEntrepreneurshipPublicEntrepreneurshipAcademicEntrapreneurship

focused.
 Both the entrepreneurships are open to
changes in technology and workforce.
 In both entrepreneurships, support is
given by the executive staff.
private or independent firms.
 The profits earned in public
entrepreneurships are either invested
back to the organizations or taken by
the government. In private
entrepreneurships, the profits are shared
by the owners and shareholders.
Table 1: Similarity and difference between private and public entrepreneurship
Source: Created by learner
Similarity and difference between corporate and social entrepreneurship
Social Entrepreneurship focuses on achieving social welfare of the individuals while corporate
entrepreneurships focus on achieving profits for the organization.
Similarities
 Both the entrepreneurships focus on
gaining profits either for the
organization or for social well-being.
 Both the entrepreneurship pursues
success with the help of creating value
for the organizations.
Differences
 Corporate entrepreneurship
develops business line to earn profit
while social entrepreneurships
focus on solving social issues rather
than earning profit.
 The main objectives of social
entrepreneurship are to create social
change while that of corporate is to
build a business and maximize
profits.
 Performance in corporate
entrepreneurship can be measured
based on customer satisfaction,
financial indicators while it is
impossible to measure in social
entrepreneurship due to its non-
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quantifiable approach.
Table 2: Similarity and difference between corporate and social entrepreneurship
Source: Created by Learner
SME employs individual not more than 500 employees having turnover not exceeding £100
million, while Micro business consists of maximum 10 employees 10 having turnover under £2
million. Medium size business employs about 250 employees with a turnover of £50 million.
SMEs contribute about 99% of UK business and employ over 12 million people.
P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro
and small business have on the economy. You should consider local, regional, national and
international economic impacts.
The abbreviation SME (Small and Medium Size) is used in European Union and by many
international organizations. These businesses have come up with innovation thereby
outnumbering large companies in the market and providing huge employment opportunities to
individuals or residents of UK. Small businesses ranges from operating in convenience stores to
small manufacturing plants. Micro businesses are small-scale business operating with an
individual as the owner of the business. The capital invested is relatively small and employment
is minimal in this business (Freel, 2017). Micro businesses contribute by enhancing the income
levels and lower the cost of the business. Research has concluded that micro business employs
almost about 65-70% of the individuals. Small-scale business on the other hand eliminates the
issues like unemployment and poverty in UK.
Impact of SMEs on UK economy
Small businesses are the backbone of UK economy by opening new markets, employment
opportunities and driving growth factor. Small-scale business motivates competition and brings
fresh ideas to challenge the status quo. Small businesses comprises of almost 99.9% of the
business in UK. With the help of innovation, SMEs are trying to overcome the issue of low
output and low productivity post Brexit (Small Business. 2018).
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Small business has contributed in increasing the GDP of UK by 0.2%. In economy, the SMEs
contribute about 33% of employment, which resulted in having 19% turnover (Ukbaa.org.uk.
2018). Turnover has a major contribution to the social economy of UK. In the year of 2014, the
turnover was 1.6 European trillion having an overall turnover of 47% from private sector. With
regard to revenue, the government has come up with tax breaking initiatives to help SMEs in
eradicating the problem of funding by the provision of investments to small-scale enterprises.
SMEs have made extensive growth in business with the concept of innovation in the market.
Recent studies have shown that SMEs contributes about 37% of the innovative activities. The
recovery of economic state of the country, post recession has been possible with almost about
47% increase in the number of SMEs operating in UK market.
Figure 2: Impact of Micro business on Economy.
Source: (Ukbaa.org.uk. 2018).
Impact of SME on Global economy:
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SMEs have been considered as engine spurring economic growth from long time. SMEs globally
have impacted the economy by eradicating the issue of poverty in large scale. SMEs have
contributed in providing job opportunities to huge number of individuals followed by input and
output. As per report, SMEs contribute about 33% of national income globally and 45% of total
employment (Katua, 2014). In comparison to global industrial sector, SMEs have contributed to
a higher growth rate. SMEs lay a vital role in acting as service providers and traders to primary
businesses. Post recession, SMEs were largely affected according to a business reports. SMEs
have made contribution in increasing the GDP to 52% of private sectors. In developing countries,
SMEs have occupied its position to almost 90%. Recent report states that SMEs have contributed
about 33% of investment, 30% of exports and 38% of production in Morocco ().
Figure 3: Contribution of SME in global economy
(Source: Edinburgh-group.org. 2018).
According to World Bank, survey it has been reported that between the periods of 2002-2010
SMEs contributed about 67% of total employment (Edinburgh-group.org. 2018).
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Figure 4: SMEs contribution to Employment
(Source: Edinburgh-group.org. 2018).
P4: Building on the information you provided for P3, you must explain the importance that
small businesses and business start-ups on the growth of the social economy.
Social economy comprises of organizational activities primarily focusing in pursuing social
objectives and democratic values irrespective of state sector. The purpose of social economy is to
benefit the individuals and not solely to gain profit. Researchers have concluded that start-ups
have been in high demand among young and passionate entrepreneurs. Small business when
combined together contributes in higher amount of revenue. Social enterprises along with trade
have contributed in the development of social economy. Some of the contribution of SMEs and
start-ups to social economy are discussed below:
Fostering social development: SMEs have contributed in eradicating the global issue of poverty
and unemployment. SMEs have helped in fostering peace and development in social
environment. Some SMEs contributes by imparting education and awareness among the
individual. Start-ups have incorporated the concept of research-innovation system in market and
in the employees (Bocken, 2015). Individuals have developed mind-set in line with the society.
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Enhancing economic growth: By offering employment opportunity, SMEs have helped in
eliminating the scope for illegal jobs operating in the market. This has led to the economic
growth by the contribution of SMEs (Naudé, 2014). Start-ups on the other hand, contribute by
creating an atmosphere of innovation and competition in the market adding value to economic
dynamism. Start-ups are moneymaking medium for employees, companies and shareholders.
Post recession, start-ups have contributed to regain the strength of the companies lost during the
recession period.
Increase in Productivity: As SMEs operates with innovation, the companies are adaptable to
quick changes, thereby increasing the amount of productivity. Improved quality of products has
been gained from use of innovation in technology. Start-ups have contributed in maintaining the
social economy of the country healthy, vita and diligent in comparison to individual business
(Morris, 2015).
Conclusion
This report sheds light on various contribution of SMEs and start-ups on social and global
economy. SMEs have ended up by providing job opportunities and increasing the GDP, revenue
and production of the country and UK. Social economy has contributed in fostering economic
growth and productivity at large scale.
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Part 2
P5: Determine what makes a successful entrepreneur. You could consider examples of
successful entrepreneurs and determine the characteristic traits and skills they possess.
Similarly, you could explore whether entrepreneurs are born or made and whether
entrepreneurship skills can be learned over time.
A successful entrepreneur has a strapping internal drive, which facilitates him/her to succeed in
the professional field. The entrepreneurs have a strapping sense of self-possession and a healthy
outlook of their abilities and skills. Their personality is strong and assertive. They are at all times
alert and not dither with the problems at hand. All these factors make an entrepreneur different
from others. A successful entrepreneur always seeks for innovative and new ideas in order to
standout in the market. They continuously reinvent themselves in order to think in a better way
and improvise and develop the services and products that they offer. In order to become an
efficient and successful entrepreneur, the individuals need to be capable of actively adopting the
changes in the current market. An efficient entrepreneur is not stubborn or headstrong while
opting for alternative options. With the increased competition in the market, an entrepreneur
needs to be highly competitive in nature so as to survive in the aggressive market. Besides, a
successful entrepreneur must be a self starter (DuBrin, 2015). They are proactive in nature and
do not expect any support or consent from any third party for beginning their start-up. The
different characteristic traits of a successful entrepreneur are explained below:
Passion and Motivation
Passion and motivation are considered one of the most essential traits of a successful
entrepreneur. It is significant for the entrepreneurs to be motivated towards their work in order to
become successful in the market. Developing an individual’s passion into profession helps the
entrepreneurs to remain motivated towards their job (Kuratko, 2016). For instance, J.K. Rowling,
famously known as the author of Harry Potter series is considered one of the richest
entrepreneurs of the world. She developed her passion of writing into her profession, which
helped her remain motivated and inspired.
Risk Taker
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No business can run successfully be avoiding different risks. A successful entrepreneur needs to
undergo a number of risks and uncertainties in order to survive in the market. For instance, Peter
Jones, the renowned business tycoon is known for taking risks in his business. He is one of the
most successful entrepreneurs in the United Kingdom. He has taken a number of risks in
different industries such as television, travel and leisure, mobile phones, real estate and so forth
and has earned millions from the business.
Flexible and Adaptable
An effective entrepreneur must be flexible and adaptive towards the market and consumer
demands. In order to make a successful business, the entrepreneur must ensure that he/she adapts
with the current market trends and customer demands. For instance, Duncan Bannatyne is a
great example of a flexible and adaptive entrepreneur. He started his business with selling ice
creams and with time he kept on adapting with the current changes and customer demands in
order to gain a competitive edge in the market. In the present scenario, he is one of the most
successful and thriving entrepreneur with business spread in a number of sectors.
Hard Work, Self Believe and Disciplined
It has been witnessed that effective and successful entrepreneurs are born and not made.
However, an individual can always gain entrepreneurial skills in order to become successful in
the industry. Successful entrepreneurs must be confident of their ideas and innovations and
believe in themselves. In order to succeed, an entrepreneur needs to hard working as he/she
needs to cross a number of hurdles throughout the span of the business (Morris, 2015). For
instance, the CEO of Virgin Group, Richard Branson is renowned for his enthusiastic and
unconventional personality. With his hard work and elf believe, he has been successfully able to
develop and grow the business of Virgin Group into one of the most successful ventures.
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P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset. You may wish to consider how personality is shaped by family
upbringing, lifestyle, cultural differences and personal motivation and drivers amongst
other factors.
The entrepreneurial mindset refers simply to the positive as well as negative traits of
entrepreneurs. An entrepreneurial personality is reflected by traits such as being self-driven,
taking risks, being optimistic despite failure, and having true passion for the field the individual
is trying to innovate in (Caliendo et al, 2014). A true entrepreneur adapts quickly to change, and
believes in his or her vision at all times. However, there are certain negative aspects
entrepreneurs are known for. These include the entrepreneur’s habit of taking risks, which can
result in severe losses. Additionally, the entrepreneur does not initially have stable employment,
which can be a cause for concern. The failure of an enterprise may affect an entrepreneur
adversely because of their deep commitment and belief in the venture.
The entrepreneurial personality is influenced by several factors that impact the individual from
an early age:
Family upbringing: An individual’s first thoughts, opinions and perspectives are shaped by the
persons who bring them up, that is, the immediate family. It has been observed that many
entrepreneurs, as children, were encouraged by their parents to make their own decisions
fearlessly and to think freely. The freedom to think creatively and innovatively, coupled with the
caregivers’ receptiveness to the concepts, made the young entrepreneur successful in later
ventures (Kirkwood, 2012). On the other hand, family environment where the individual was
suppressed, and forced to pursue interests that were not his own, did not create the world’s best
entrepreneurs.
Lifestyle: Entrepreneurs generally come from middle to upper class income backgrounds. This is
because these income groups provide a stable background and upbringing, which is conducive
for the entrepreneurial mindset to develop. It is not likely for entrepreneurial personalities to
develop in extremely high income groups and in extremely low income groups. A very luxurious
lifestyle would not be likely to foster the sense of self-reliance and self-motivated pursuits an
entrepreneur is known for. An economically poor lifestyle cannot allow the individual the luxury
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to strategize on new concepts, and the background to start his or her own venture. An
economically comfortable lifestyle provides the stability, encouragement and avenues required
by an entrepreneur, along with the drive to follow their passions.
Cultural differences: In some cultures, risk-taking behaviour and entrepreneurial ventures are
viewed as a learning experience, and not discouraged. However, in other cultures,
entrepreneurship is considered a wasteful effort, and is actively spoken against. Additionally, in
several cultures, entrepreneurship is considered highly unsuitable for women, as a profession
(Shinnar et al, 2012). In such cultural scenarios, it is difficult for the entrepreneurial personality
to survive, as there is a lack of support. Societies where entrepreneurship is considered a proper
business, and an entrepreneur has social support, witness the growth of a larger number of
successful entrepreneurs. Meanwhile, cultural diversity in the form of immigration, particularly
in UK, tends to foster the growth of entrepreneurial ventures (voxeu.org, 2014). The immigrants
bring in new ideas and concepts, which in turn, inspire other entrepreneurial mindsets to set up
their own ventures.
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P7: Examine, using relevant examples, how a person’s background and past experiences
can hinder or foster entrepreneurship. Factors to consider may include level and type of
education, national culture, economic circumstances and character traits. The risks and
rewards of starting a business should also be considered.
An individual’s social and economic background along with his/her past experience has a strong
influence upon their entrepreneurial behavior. The social and economic factors are strong
believed to affect an individual’s entrepreneurial behavior, thus influencing the growth of the
entrepreneurs. The major social as well as economic factor which hinders or fosters the
entrepreneurship is explained in details below:
Family Background
If an individual belongs to a poor or lower middle class family he will not dare to start a new
business setup and go for jobs as he/she will need to support his family and cannot afford to take
any risk. However, if the individual holds a strong family background, he/she will be able to take
risk in starting up a new business (Gallucci et al., 2015).
Education
The entrepreneurial values of the individuals are greatly influenced his/her educational
background. If the individuals hold a strong background in education, it will be easier for them to
analyse and understand the different factors which might have an effect upon their business. On
the other hand, if the individuals are not highly educated then they might not be able to
comprehend the external factors which might affect the business, thus resulting in a loss in the
business.
Financial Status and Resource Availability
The financial and economic stability of individuals highly influences their entrepreneurial
behavior. If the required resource, capital and other raw materials are easily accessible to the
entrepreneurs, it can foster good and effective business. However, lack of finance and necessary
resources hinders the operations of a business, thus affecting the entrepreneurial business.
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Past Experience
The past experience of the individuals also fosters or hinders their entrepreneurial behavior. If
the individual has experienced huge loss in his or her previous business, then they will not be
encouraged to startup a new business; whereas, if the individuals have experienced success and
gained profits from their previous startups, they will not hesitate to come up with a new
entrepreneurial venture (Fayolle and Gailly, 2015).
To become an entrepreneurship involves many risks and rewards. Entrepreneurship involves risk
taking activities, identifying opportunities and also receiving rewards in the form of developing
personal skills and attributes. Self-confidence and decision taking ability is gained in an
individual as soon as the individuals acquire the role of an entrepreneur. Some of the rewards of
starting a business are discussed below:
Personal autonomy: Starting a business on own brings into the concept of having personal
autonomy in taking decisions and operating according to his wishes. An entrepreneur, being the
superior authority has the sole responsibility to take decisions regarding any business related
matter.
Flexibility: The entrepreneur can perform tasks and plan schedules according to his desires,
which adds flexibility in structure as one of the rewards of entrepreneur. Having the freedom to
operate flexibly ensures that the entrepreneur can give time to family and other activities which
on the other hand give relief to them.
Some of the risks of entrepreneurship are discussed below:
Fear of loses: An entrepreneur can end up losing everything invested in the business due to
failure of some strategies. This burdens the entrepreneur with loans and leading to financial
crisis. Reports states that almost 50% of the businesses s fails to stand within first two years
(Burns, 2016).
Job Uncertainty: This is one of the major risks associated with entrepreneurship. Starting a
business requires labor to counteract productivity. If an entrepreneur fails in the business, then
job insecurity arises among the employees.
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Conclusion
Entrepreneurship pays a crucial role in the innovation and growth process. Entrepreneurship
identifies the opportunities and works on it to pursue to success in business. Entrepreneurship is
a process that is responsible for both bringing growth in economy and also achieving social
benefits. According to Peter Drucker, an entrepreneur comes into existence searching for
changes, responds to it and exploits the change as opportunity. Creativity, dedication, passion,
leadership quality are some of the personal attributes that an entrepreneur should posses to
become a successful entrepreneur. This assignment briefs about the typology of
entrepreneurships and the contribution of small scale business to global economy. Background,
culture, education contributes in developing the characteristic traits of an entrepreneur. This
assignment discussed the effects and contribution of start-ups and SMEs post Brexit and Post
recession in UK economy. However, this assignment has cleared the myth that entrepreneurs are
made and not born in the society.
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