Impact of Background Experience on Entrepreneurial Success

This assignment requires a comprehensive analysis of the impact of background experience on entrepreneurial success. It involves discussing the five traits models that distinguish entrepreneurs from others, including their skills, traits, and characteristics. The assignment also explores how entrepreneurs' backgrounds influence their growth and development, as well as the importance of evaluating entrepreneurial education and innovation in achieving success.

Unit 9: Entrepreneurship and
Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
P.1 Types of entrepreneurial ventures and their relationship with typologies of entrepreneurs.1
P.2 Similarity and quality between businessperson venture..................................................2
P.3 Micro and small business concern will impact state of affairs........................................3
P.4 Value of little business concern and start-ups..................................................................4
P.5 Attribute, accomplishment and characteristics of Bill Gates and Steve Jobs..................5
P.6 Re flexion of aspects of businessperson attribute on motive and mentality....................6
P.7 Analyses heritage and inexperience that hinder or adoptive entrepreneurship................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
.......................................................................................................................................................10

INTRODUCTION
Enterprise is the sort of procedure to dispatch and maintaining another business, outline,
offering a decent item, technique or administration available to be purchased or procure, at first a
private venture. As per the entire report and hypothesis cover every one of the strategies for
business person and enterprise. In the entire examination, the report will finish up and decided
the diverse sorts of entrepreneurial endeavors and with their typology and relationship will be
closed (Ayandibu, 2017). Additionally, taking the assistance of insights and pertinent
information, effect of little and scaled down association will be resolved on the economy of
United Kingdom in this report. In this report, decided the and research the abilities, trademark
and attributes of effective business visionary and their identities will be deduce in this report.
Further, their experience and experience of effective business visionary research in this.
P.1 Types of entrepreneurial ventures and their relationship with typologies of entrepreneurs
The business visionary is that individual who examinations the dangers, oversees and
arranges of an endeavor and business. These days, n the national economy by business person is
assuming a vital part in development and improvement (). There are distinctive kinds of business
visionary which can considered as female, male, social, and serial business person. There are a
few associations join their business exercises successfully and productively. In this express, the
entrepreneurial endeavors and their association with typologies of business visionary are given as
underneath:
Independent company Entrepreneurial Venture: In the private venture entrepreneurial
endeavours comprises to little or smaller than normal scale association which has constrained
paid up capital and targets the least scope of clients. It might likewise incorporate electronic
shops, little staple goods store, book shops and so on besides, expanding in deals and contribute
towards national economy productively and adequately smaller than usual and little organisation
for the most part made out of male and female business person who can work appropriately
(Carter, 2015). In this manner, it suggests that medium and little scale association are basically
for the national economy of the nation.
Extensive Organization and endeavours: This vast association is inverse to the little
ventures. They can focus on the substantial division of clients and more is paid up capital. To
acquire and produce the products and ventures in an extensive fragment of clients are
additionally the sort of who can propel. To maintaining the market economy the change of
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merchandise and enterprises and administration too. It might affect in the market and national
economy of the nation extraordinarily.
Social Entrepreneurial Ventures: To settling social needs and questions the social
business visionary are inventive in their way who can center around make to items and
administrations. It might be non-benefit, half and half and benefit (). It might help in to do work
legitimately this kind of entrepreneurial is additionally caused in nature and to make a world best
in their better place. To contribute the expansion in nation picture and altruism proficiently and
successfully
P.2 Similarity and quality between businessperson venture
In this context of use, to be focussing on some betterment in economical condition and
kind some modification in total work and kind whatsoever modification as per condition of
marketplace value. This both businessperson human action is most indispensable for
improvement of economic status and sort some modification as per condition of marketplace
value to be used and general improvement in act share.
Difference
Social entrepreneurship Life style entrepreneurship
In social entrepreneurship is use creation and
sort some modification as per need of
economic conditions. A social businessperson
is motivated by desire to assistance amend
social state of affairs constituent and make
some modification in overall physical process
instruction and economic status.
A life style endeavour places heat before net
commercialised enterprise gain when
launching a business in order to combine face-
to-face curiosity and endowment with the
ability to earn a living. Much capitalist may be
chiefly goaded by the intent to make their
business organisation bankable in bid to sell to
shareholder.
In social businessperson is to be focussing on
create activity value to advance and make
some modification in overall employed state of
affairs. To be focussing on betterment in
community and development in social group to
increase marketplace share.
A life style businessperson May determines to
go freelance engaged in order to achieve lesser
face-to-face freedom, more family time and
more clip on the job on task or business
concern end that invigorate them. A lifestyle
bourgeois may reaper a hobby with a gathering
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or they may more often than not decide not to
spread out their business concern in order to
continue in quality of their projection.
Similarities
Social entrepreneurship Lifestyle entrepreneurship
There are whatever refined of law of similarity
is most humbleness to invention must be used
in employ place.
In lifestyle buttoned-up is focussing on passion
must be flowing with innovation necessity be
used in human action share. To kind some
modification in overall employed state of
affairs and modification overall carrying into
action level in small business concern
enterprise.
P.3 Micro and small business concern will impact state of affairs
There are a few variables is give coordinate effect on little segment association and
decrease the benefit rate and profitability in commercial center (). Little division administration
is have a most extremely imperative impact to enhance advertise ontogeny rate and hyperbolic
general physical process in showcase. In this talk, agent division is utilize development
capability to change piece of the overall industry and make some adjustment according to need
of practical situation of UK. SMEs is thinks about the substantial piece of monetary physical
process and roll out a few improvements in general advancement and enhance productiveness of
association. This is to be effect of general UK profitability and exporter.
Financial power house :- In this setting of used to be center around progress according to
the need of general work and inconclusive amount development rate in securities industry. In
little part undertaking is most immeasurably imperative and increment utilize possibility and
alter general utilized position (Ciampi, 2013). In the UK, the huge measure of concern
joblessness under 20 reflection, representing 23% of utilize and 19% of representative turnover,
understanding to an advising paper in the House of Common library exposed in May 2016. It is
most immensely imperative part to enhance state desire and increment in securities industry
share.
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P.4 Value of little business concern and start-ups
The time period for the potential or vindicator going away of the United Kingdom from
the European Union is known as BREXIT.
Opportunities Threats
 The market of United Kingdom is become
a preferential to develop country.
 In United Kingdom the economy is
slowing down.
 To reduce a agriculture subsides should
be improved in agriculture facilities.
 Incorporating the impact of business
in United Kingdom.
 Rising of new start up and small scale
organisation.
 Negatively impacts on the developing
countries bonds with UK.
In the countries to increase the national economy small businesses and start ups play a role
essentially. To fulfill the demands and expectations of society member and communities in the
country they provide a products and services. The of the essence role of little commercial
enterprise and start ups are provided below:
Indefinite quantity in invention: The medium and small scale organisation as well as new start
ups increase the innovation in services and products (Kim, 2013). To reducing manual ideas and
get attract by customer they bring the interesting ideas and innovative ideas. In the country the
increase of national economy and also rate the purchasing power of users.
Reduces Unemployment: Moreover, increasing in the globalisation several serial entrepreneur
embarked their own start up ventures that reducing the expectation of unemployment in the
nation. It effects the impact of national economy of the country. In the United Kingdom the
reputation is also increasing and goodwill also effectively and efficiently.
Increases Standards of Living: to purchasing and helps in increasing the standards of living the
country by the enterprise the quality of goods and services are providing (). This considering
that bantam and intermediate endeavour are very essentially and important to contribute the
supreme maturation and evolution of the political unit economy efficiently and effectively.
Contributes towards national economy: As comparing to other ventures. After overall charts,
methods statistics from different sources, analyse and identify that small and medium scale
organisation along this start up new ventures to contribute more and more to the national
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economy. Given by small and medium scale organisation in the product more than half
contribution in gross domestic product. Essentially, it implies that small and medium scale
organisation playing a vital role in this.
P.5 Attribute, accomplishment and characteristics of Bill Gates and Steve Jobs
The role of businessperson is an idiosyncratic one, in this he can piece of work as a
worker, founds and runs a small business concern, analyses all the individual of the undertaking
and hazard (Henrekson, 2014). The successful businessperson is always do their work hard and
honesty, for the future they will not get failure and defeat anywhere, to achieve a successful
business in their society and community. The entrepreneur having some personal traits, skills and
characteristic these methods is different from the rest of the world. According to this all, the two
successful entrepreneur Bill Gates and Steve Jobs their skills, traits and characteristic will be
analyses in this report. The traits, characteristic and skills are described below:
Skills
Innovative: a successful entrepreneur can be differentiate from the normal people to an
innovative and creative thoughts and ideas. Their ideas can change everything the way of living
and can get affect the work in the society (). Steve Jobs and Bill Gates they both are innovative
in their business.
Leadership: A successful entrepreneur are efficient and good leaders in their manner for the
business. In their effective leadership skills they can influence the work method of employee in
their firm effectively and efficiently.
Characteristics
Self Confidence: This term define the mentality state of the person. In this a success
entrepreneur want a courage and self confidence to get succeed in their organisation to grow and
developed the business. Bill Gates and Steve Jobs is faced a lots of problems but they didn't get
demoralised for their work always demotivated and get succeed.
Persistent: This term persistent can be determined In the successful people and entrepreneur. A
successful entrepreneur are persistent about their aims, goals , work mission and vision in order
to complete them efficiently and effectively. In the persistent nature they can accomplish their
work efficiently and effectively.
Traits
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Passionate: A successful entrepreneur always in passion manner because it is very important for
the successful entrepreneur to do their work in a good manner (Cunningham, 2014). This
method is not only for improve their quality of the work it is also to get succeed and complete
the goals and targets.
Risk Takers: Those who take the risk in their business are successful entrepreneur. They are not
afraid for the future goals they can only be do work and fill their effort to get succeed.
P.6 Re flexion of aspects of businessperson attribute on motive and mentality
In state to comes out, the big fiver methods are described and models are used to
instrumentation the businessperson personality of Bill Gates and Steve Jobs. Below delineate the
five method acting of attribute that act by an businessperson:
Extraversion: It can determine as sociability, excitability, assertiveness and big amount of
emotional expressiveness. Steve jobs was individual person who easily interact with every one.
As compared to bill gates he is also introvert in his nature and get interact for their ideas.
Agreeableness: This method including affections, kindness and other methods to conclude their
behaviour (). This method helps in to generate interest in another people and care for other
people. They both Bill Gates and Steve Jobs are kind in their nature and c operate their employee
and subordinates. This factor can leads the development and growth of their business efficiently
and effectively.
Conscientiousness: To complete tasks first essentially these type of entrepreneur can do. In this
they pay attention and note and know the time schedule and enjoy (Cowling, 2015). They both
Steve Jobs and Bill Gates were conscientiousness as they enjoy to prepared schedules and
accomplish important and pressing tasks first. This businessperson have conscientiousness rich
person advanced level of ideas and thoughts with good idea control and goal orientated
behaviour.
Neuroticism: This term neuroticism method is determined by moodiness, sadness and emotional
instability. The person emotionally unstable is higher in neuroticism. In the lower neuroticism,
the person is emotionally stable in their manner (Ciampi, 2013). For becoming a successful
entrepreneur, they know how to control their feelings and emotions in the business to get
successful entrepreneur and their behaviour also is important in this. The both having
neuroticism in their personalities. They both have well controlling power for their emotions to
control not to show anyone and deal with their stress efficiently and effectively.
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Openness: In this method, conclude that such as insight and imagination and having a broad
range of interest are highly in trait and also tending. Those people are highly in the trait trend are
adventurous in the manner and creative respectfully. A openness in the personalities is important
for the successful entrepreneur to do creative work and try to find some unique things fearlessly.
They focused on tackling new challenges efficiently and effectively.
P.7 Analyse heritage and inexperience that hinder or adoptive entrepreneurship
An effective business person confronted a different kind of issues In their business, and
issues while finishing the work for their fantasies and objectives. Now and then the time has
come when the other individuals abandoned them and bear all the torment without anyone else's
input. The prevail in the association can't be dictated by the achievement and it can just finish up
by the disappointment and the issues which they confronted whole life in this way, an effective
business person likewise confronted an issues and after that get prevail in their endeavors(Carter,
2015). Both Bill Gates and Steve Jobs faced so many difficulties in their life like family issue,
background problem and societal support. To get success further, their nature and behavior is
important part of their life to help them to counter all the difficulties efficiently and effectively.
To become the success and first leaders in the information and technology they take a risk first
and passionate characteristic to complete a and achieve a desired goals and objectives. This main
factors conclude the foster their growth and development efficiently and effectively.
Those methods consider their traits, family support, skills education and knowledge. For
the partly fosters and partly hinders to grow and developed their family background also take
part in this to get succeed in their organisation (Ayandibu, 2017). In their business they become a
successful entrepreneur due to family support to complete and achieve their goals and objectives
in their entire life it is a positive impact. Sometimes their family became furious and anxious for
their work and sometimes because of societal pressure it is a negative impact of their
entrepreneurship. In their personality the positive effect is that they never gave up on others and
their ideas and methods to change the whole structure of their business and furthermore, while
the defeat and failure frequently but they faced to implement the business and change the
transformation is the negative effect. Overall, they both Bill Gates and Steve Jobs faced so many
difficulties and issue to hinder their growth and development and tackle them efficiently and
effectively and became the successful and famous entrepreneur.
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CONCLUSION
From the above entire state, it can be comprehend by us that there are a few sorts of
entrepreneurial endeavours, every single having some single nature, reason and structure. In this
strategy, the investigation help in to comprehend the idea of business enterprise and business
visionary productively and adequately. Also, to help and comprehend the comparable things and
contrasts interfere with kinds of entrepreneurial endeavors. It might likewise encourages in to
comprehend the effect of medium and little scale association of the national economy of United
Kingdom. In addition, this report covers the significance of start up endeavours and little scale
that have brought and contribute the development of social economy. In this report the two
successful entrepreneur have characterized their skills, traits and characteristic how they became
success in their business apart from other people in the world and how they are different from the
rest of people. Therefore, discuss about impact of the background experience hinder and foster
method of growth and development how to evaluate effectively and efficiently in the manner and
their personalities with the help of five traits models.
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REFERENCES
Books and journals
Ayandibu, A. O 2017. The role of Small and Medium Scale Enterprise in local economic
development (LED). Journal of Business and Retail Management Research (JBRMR).
11(2). pp.133-139.
Carter, S 2015. Barriers to ethnic minority and women’s enterprise: Existing evidence, policy
tensions and unsettled questions. International Small Business Journal. 33(1). pp.49-69.
Ciampi, F 2013. Small enterprise default prediction modeling through artificial neural networks:
An empirical analysis of Italian small enterprises. Journal of Small Business
Management. 51(1). pp.23-45.
Cowling, M 2015. What really happens to small and medium-sized enterprises in a global
economic recession? UK evidence on sales and job dynamics. International Small
Business Journal. 33(5). pp.488-513.
Cunningham, T and et.al 2014. Better understanding the small business construct to advance
research on delivering workplace health and safety. Small Enterprise Research. 21(2), pp.
Henrekson, M 2014. Small business activity does not measure entrepreneurship. Proceedings of
the National Academy of Sciences. 111(5). pp.1760-1765.
Kim, H. D 2013. Building Web 2.0 enterprises: A study of small and medium enterprises in the
United States. International Small Business Journal. 31(2). pp.156-174.
Bae, T.J 2014. The relationship between entrepreneurship education and entrepreneurial
intentions: A meta‐analytic review. Entrepreneurship theory and practice, 38(2), pp.217-
254.
Link, A.N 2015. The Chicago handbook of university technology transfer and academic
entrepreneurship. University of Chicago Press.
De Massis 2015. Sector-Based Entrepreneurial Capabilities and the Promise of Sector Studies in
Entrepreneurship.
Piperopoulos, P 2015. Burst bubbles or build steam? Entrepreneurship education, entrepreneurial
self‐efficacy, and entrepreneurial intentions. Journal of Small Business
Management, 53(4), pp.970-985.
Read, S 2016. Effectual entrepreneurship. Taylor & Francis.
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Garcia, D.H 2017. Program Entrepreneurship and Innovation: Education as the Core of
Innovation. In Advances in The Human Side of Service Engineering (pp. 235-244).
Springer International Publishing.
Ayandibu, 2017Carter, 2015Ciampi, 2013Cowling, 2015Cunningham, 2014Henrekson,
2014Kim, 2013Bae, 2014Link, 2015De, 2015Piperopoulos, 2015Read, 2016Garcia,
2017
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