Small Business Challenges and Solutions

The provided text presents a context for an assignment focused on the challenges encountered by small businesses. It lists various academic sources that delve into topics such as startup difficulties, workplace violence prevention, export support impact, contract bundling effects, buyer-supplier relationships, financial management, and entrepreneurial resilience. The assignment likely requires students to analyze these challenges, propose solutions based on the provided literature, and potentially discuss real-world examples.

Entrepreneurship and Small Business Management
UNIT 9
Page 1 of 21

Contents
Task 1:..........................................................................................................................................................3
LO1 (M1, D1): Explore and illustrate the range of venture types that might be considered
entrepreneurial...........................................................................................................................................3
P1: Examining the different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship.....................................................................................................................................3
P2: Exploring the similarities and differences between entrepreneurial ventures..................................6
LO2 (M2, D3): Assess the impact of small businesses on the economy.......................................................9
P3: Impact of micro and small businesses on the economy....................................................................9
P4: Importance of small businesses and business start-ups that contribute to the growth of the social
economy after ‘Brexit.'..........................................................................................................................12
P5: Carry out a mini-research to determine the characteristics, traits and skills of two successful
entrepreneurs, which differentiate them from other business managers.............................................13
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind set.................................................................................................................................................15
LO4 (M4, D4): The different environments that foster or hinder entrepreneurship.................................16
P7: With practical examples obtained through your mini-research, examine how background and
experience can hinder or foster entrepreneurship................................................................................16
References.................................................................................................................................................20
Page 2 of 21

Task 1:
LO1 (M1, D1): Explore and illustrate the range of venture
types that might be considered entrepreneurial
P1: Examining the different types of entrepreneurial
ventures and how they relate to the typology of
entrepreneurship
Entrepreneurship is a developing culture that initiates the need of doing
business amongst the new business-oriented new comers and future entrepreneurs.
It is very much significant that the need of the economic development is a hiking
aspect that seeks to strive the development in the sector of self-owned and
emerging business bodies be it small scale or large.
The entrepreneurial development is an essential factor on which depends the actual
purpose of regional growth, industrial development, and generation of
employment. It is to be considered that the entrepreneurs as seeds of the
development of the industry and therefore, apart from growing up owned capitals,
it gives a huge opportunity for the other common people to get into employment
that further result in the development of the economy of the country. The per capita
income, standard of living and revenue collection of the government increases with
the increase in the industrial development of the country via strategic business
development.
An entrepreneur is a word that is derived from the French language, a verb
‘enterprendre’ which means ‘to undertake.' Enterprises are undertaken by
entrepreneurs, and the process of creation is termed as entrepreneurship. The
motive of entrepreneurs is to find something new and innovative abide by its form
of business for serving better and generating higher profit possibilities along with
taking up different risk factors.
Page 3 of 21

Figure 1: The process of entrepreneurship
(Source: www.entrepreneurialprocess.com)
Entrepreneurial ventures are focused on the services advisory for the mid-stage
and early staged companies. Venturing means to expose out in risk zones and
entrepreneurial ventures thus, relates to the fact that business persons risk their
opportunities in the open market and carry out strategic planning to make their
enterprise survive and come out with flying colours.
The main purpose of assessing the different type of ventures is to help to modulate
and regenerate business models and development in the business objectives. The
culture and structure are the essential factors on which the business stand and
therefore, the development of the overall business affairs. The role of the ventures
varies with the stage of the company and its economic position.
The last few decades have been an emerging and enthusiastic period for the
development of the entrepreneurship, and thus it is significant to the research field
of relevant areas. Accumulative fragmentation is the term that entrepreneurship
owned.
Creation and innovation are the soul prospect of the entrepreneurship that helps
to develop the facilities for the growth of the economy and development of the
markets and industrial sector with the help of new technologies and associated
parties. Entrepreneurial processes and activities give rise to the new market and the
level of sector wise implementation of ideas that helps to motivate the
development of the business ventures indifferent forms and with different aspects.
There is mainly the corporate entrepreneurship that leads the market and has
different significance. Categorising the types of entrepreneurs, we can classify
many different forms of them like innovative entrepreneurs, imitating entrepreneur,
Page 4 of 21

fabian entrepreneurs, drone entrepreneurs and social entrepreneurs. There are many
entrepreneurs who are well defined with the individual terms. They are –
Femele antrpreneur and male antrepreneur
Serial entrepreneurs:
A serial entrepreneur is a person who comes with a unique methodology for
the development of his or her organisation. A serial entrepreneur is not only just
uses to do things himself or herself but also a person who takes innovative ideas
from the working staffs of the respective organisation. In fact, the entrepreneur
leads the whole team by distributing different responsibilities to respected
employees.
Growth entrepreneurs:
A growth entrepreneur's role can easily be defined with the contribution of
that person to a firm. This kind of entrepreneurs uses to take risks to develop
the different sectors of a company whether it is skill or about the investments.
But many times the risky steps bring a vast change in the marketing segment.
Corporate entrepreneurs:
In the true sense corporative entrepreneurs play the role of a sailor who takes
their companies to another level by leading from the front. This kind of
entrepreneurs makes profitable strategies to make the organisation in the
limelight and also to make their products different from the other companies.
Social entrepreneurs:
The contribution of social entrepreneurs differ them from the other
entrepreneurs. The social entrepreneurs use to take some remarkable steps in which
education, social help, and unemployment are included. The ideas seem to be non-
profitable, but it never brings draught in the progress of the company.
Page 5 of 21

P2: Exploring the similarities and differences between
entrepreneurial ventures
The innovative entrepreneurial venture seeks to develop new technologies for the
products and markets. This involves the inventing as well as discovering new
things to make faculties of creative thinking who evolves and evaluates the market
opportunities. Assuming the risks is the most important part of the hands of these
creative ventures to assess the prospects of the system.
This system not only fosters the growth of the economy system of the country but
also in health, rights and environment development of the worker and other
humans. This form of entrepreneurship undertakes the poverty alleviations
seriously and extends their objective to do betterment with the zeal of business
practices to overcome the traditional drawbacks.
The diversified culture of the human society makes a difference and conflicts in the
well-being and development of the societal affairs. However, the entrepreneurial
sector seeks to keep all these matters aside and focus on the development of the
industry and seeks to bring forth all the particles of society and evolve.
The corporate activities of entrepreneurship include different stages of the
decision of strategic planning and orientation of the creativity that includes
processes, services, products, and innovation. There are four models of
entrepreneurship as defined by Wolcott and Lippitz (2007). The corporation is
differentiated by two dimensions that are resource authority and organisational
ownership.
SOCIAL ENTREPRENOR: social entrepreneur is a particular person who can
inaugurates an enterprise with a specific aim of solving social issues or problems.
Social entrepreneurs are very much focussed and dedicated. They are able to solve
social issues and conflicts with innovative ideas or solution. Social entrepreneurs
having best ideas, thoughts that are very much user-friendly, ethical,
understandable for everyone. Social entrepreneurs most of the time apply their
ideas in crisis time for social welfare. Social entrepreneurs mainly the realists and
visionaries with the implementation of unique ideas they can shape the social
problem.
LIFE STYLE ENTREPRENOR: life style entrepreneur referred as an individual
who start up a business with the purpose of exchanging their private life and not
for making profit in the market. Life style entrepreneurs much dedicated with the
peoples life through providing life rewards. Through this process people can enjoy
their life and what they are doing. Main function of lifestyle entrepreneurs is to
Page 6 of 21

turning the individual’s interest and passions into the productivity and services.by
turning their interest and passion on product and services individual can serve
others and take care of their way of life’s liberty and prospects.
The serial entrepreneurs use to set up something quite different businesses. Their
concept keeps them totally apart from the other business. In this regard, it can be
said that in the very beginning Orkut was the company who captured the throne of
business regarding social networking. But its era comes to an end with the
devastating entry of Facebook. Facebook, is not that company which captured the
market instantly. The founders of this social site are a group of students of Harvard
University. But the main man behind this is Mark Zuckerberg. Their assignment
relating this site was not accepted at first. But later it casts an impact in the whole
world with its innovative idea and usage.
On the other hand, LanaiBLO hair dryer is a serial entrepreneur product. The
whole world knows the name of Phillips as one of the best hair dryers, but now-a-
days LanaiBLO hair dryer has also captured the market.
Figure 2:
LanaiBLO hair
dryer
(Source-
https://amymakeup.info/lanaiblo-hair-dryer-a-game-changer-press-release/)
This was not well known to the people, but in the present time many Hollywood
celebrities are using and doing the advertisement for this product. A serial
entrepreneurship comes from the zero to top place. This happens because of the
quality and trust.
Page 7 of 21

Figure 3: The four model of corporate entrepreneurship
(Source: Wolcott and Lippitz, 2007)
Task 2:
LO2 (M2, D3): Assess the impact of small businesses on
the economy
P3: Impact of micro and small businesses on the economy
Micro small and medium size: micro-small and medium sized business are the
small entities. Micro-small and medium business defined on the aspect of
quantity of investment. In the economic system micro-small and medium
business contribute its output and employees export.
Partnership: partnership is a type of business venture. Here a business is owned
by two or more partners. Earning profits are equally divided within the partners.
They have equal rights in a business decision.
Sole trader: sole trader is another type of business organisation. Here business
owned by the one person. In this type of business total profit stored by the
owner. All the business decisions are taken by the owner only.
At least 4 areas
Small businesses have a higher chance of failure than the large business. People
get frustrated due to this failure. But some small businesses survive and grow as
Page 8 of 21

well. That's why the small enterprises are known as the growth driver of an
economy of a country.
In the developing countries, small business enterprises are known as the most
flourishing business (The E-myth Revisited, 2014). It creates employment,
motivates people in start-ups, and generates income. Small business enterprises
have affected the micro-economy of many developing countries by providing
encouragement to social and political stability. They help large organizations to
distribute they products.(tutor 27.03.2017).
Figure 4: Small business's impact on economy
Small business enterprises are one of the important means of economic growth of
a nation. Small business enterprises have a higher chance of contribution towards a
gross domestic product, reduction in poverty, etc. (Tsuruta, 2016). Small
businesses have a different management style than the large ones. They are as
follows:
 Planning: It is involved in selecting the task that must be performed by the
employees to achieve goals. Planning includes deciding the methods of
performing a task and the time when they should be performed. Planning
helps to achieve goals.
 Organising: After planning, leaders or managers assigns the tasks to the
employees of the organisation. This is known as the second most important
process of management. It is to be believed that if the tasks are organised,
then the output of staffs helps to the success of the team as well as the
organisation.
 Influence: This process helps to motivate, lead, and direct the staffs. If a
business has influence in its management process, then the productivity of
the business increases.
Page 9 of 21

 Control: In this stage, the managers collect information about the recent
performance of the employees, compared to their previous one. Managers
also decide whether they can go for new goals or should stick to the
previous plans.
Small business is known as the independent, self-operated enterprises. It is not
dominant as the large ones (Tsuruta, 2016). Small businesses think about a
particular standard of size regarding annual receipts and employees. Small business
is managed by owners or part-owners in a personalised way.
According to some recent studies, there is a lack of written evidence regarding
measurable contributions provided by small business enterprises. Small businesses
are involved in almost all kind of business sectors (Impact of contract bundling on
small business concerns, 2009).
The success of a small business depends on the environment in which they operate.
Some external and internal factors affect the success of a small business and its
impact on the economy. Internal factors are those which are controlled and
considered to be decided within the organisation. Such as Lack of skilled labour,
management inefficiencies, technical issues, etc.
Whereas the external factors are those which are related to the micro-economy,
such as: political, social, economic, environmental, technical and legal (Murthy
and Paul, 2016). These are the external factors as they cannot be controlled. These
factors determine the performance of a small business enterprise (Murthy and Paul,
2016).
In the past years, between 1980’s and 1990’s there were a few small business
enterprises in Tanzania which were surviving due to lack of capital, modern
technology and skilled labour (Sihler, Crawford and Davis, 2014). Nowadays, the
performance of the small business has increased due to better credit facilities,
training and other opportunities.
These enterprises now drive the growth of the economy of Tanzania. On the other
hand, 87% of the businesses in Nigeria operates as small enterprises. This employs
approximately 50% of the working force contributing up to 50% to its industrial
output. The economy in the non-oil sector of Nigeria has grown by 9% from 2003
to 2009 along with high performance in manufacturing, agriculture,
telecommunication and solid minerals sectors (Bruening et al., 2015).
The impact of small and micro businesses cast an impact on the economy.
Sometimes it brings a profitable change and sometimes it makes things worse. But
the bad effect can be seen in a short percentage. The impacts are as follows –
The small and micro businesses create a huge number of vacancies for the
unemployed person. This brings a positive change because for this reason the
rate of poverty can be reduced in a country.
Page 10 of 21

The small and micro businesses never get affected by the dominant
authorities. These kinds of production houses produce their respective products
according to the demand. If they achieve a huge number, then they have to
increase their workers.
The micro and small business firms never bring the lack of products in a
country. It is evident that a good import and export brings a hike in the
economy of a country. Apart from this, the small and micro business companies
can demand request to the workers or employments to work more for the
production. Here the matter of independence can be seen. Here the evidence of
social entrepreneurs can be found.
P4: Importance of small businesses and business start-ups
that contribute to the growth of the social economy
after ‘Brexit.'
Diference between small business and start -ups
At the start of 2016, it was to be believed that ‘Brexit’ would affect UK’s
medium-term economic prospects. But more than 8% thought Britain’s economy
would be benefited after ‘Brexit’ (Asoba and Tengeh, 2016). According to some
experts, small businesses need to be more profitable.
All of the largest organisations of the world started their journey as small
businesses with a few expectations. They survived with the help of a supportive
economy, access to the capital and right people. But according to the surveys, it is
a very small percentage of firms who survived and experienced this kind of
growth. The national economic interest helped those start-ups to overcome the
challenges. The consequences of poor financial and business advice can be far
reaching for small businesses. Cash is the key to growth for small businesses. It is
quite vital for their well-being (Sihler, Crawford and Davis, 2014).
In recent times, entrepreneurship is on the increase. But there are some
disadvantages as well. Small business enterprises need a certain degree of business
knowledge. Currently, many countries in the world are experiencing development.
This is possible due to the contributions made by small and medium enterprises.
Small businesses have potential to create the economic and social growth. Small
businesses are considered to be the most important segment of the government
together with microfinance institutions.
Page 11 of 21

In the globalised era, small businesses have a higher chance of growth, as it
will involve local suppliers and distributors. It encourages and boosts new ventures
(Asoba and Tengeh, 2016). The constraints need to be minimised. Managing a
small business is not the same as managing the larger ones. Management of a small
business enterprise depends upon the available resource. Small business enterprises
are a long way to go if they are in the proper environment.
Entrepreneurship is very revolutionary, but when it comes to adoption
according to the new market, it require adjustments in the ideas and also in the
business (Williams and Vorley, 2014). The government of UK is running various
financial schemes for the entrepreneurs. These schemes are under the British
Business bank. These banks are promoting entrepreneurship in various ways,
which includes;
 Start-up loans up to £6,000 for any new entrepreneur, who is looking to
start a new business.
 Enterprise Capital funds: The bank is providing more than £400 m of
capital investments.
 Aspire fund: This is to promote those business which are started by
woman and a fund of £12.5 m is allotted to support the business.
Entrepreneurship brings lot of new jobs and employment in UK. This is also
increasing the economy of UK. Thus to adopt such kind of entrepreneurship, the
government of UK is having certain policies for the entrepreneurs like:
 Promoting and adapting the ideas and views of the entrepreneurs.
 Developing different IT tools for new entrepreneurs.
 Reducing the legal burden from the entrepreneurs by giving them work
permits more quickly and automatically.
To sustain the entrepreneurship, UK government is allowing the entrepreneurs to
work more freely and with more authority. They are developing such kind of
education system which is focusing on developing skills and focusing on
entrepreneurship. They want that the work should be done in more effective way
and more innovative way so that the business can sustain in the market. The
government of UK has started various innovation centres. This is to ensure that
new entrepreneurs work with more innovative ideas which gives them a stability in
the market. This will help the country to increase and sustain its economy.
Task 3:
LO3 (M3, D3): Determine and assess the key aspects of an entrepreneurial
mindset
Page 12 of 21

P5: Carry out a mini-research to determine the
characteristics, traits and skills of two successful
entrepreneurs, which differentiate them from other
business managers
Bill Gates:
Bill Gates took birth on October 28, 1955. His full name is William Henry Bill
Gates. He called as an author, investor, and philanthropist also. Mainly Bill Gates
is an American Business magnet. This is the most important thing of his character.
Everyone knows about the company which name is Microsoft. It is the world
largest PC software company.
Microsoft Company was founded by Bill Gates along with Paul Allen in
1975. To continuing his business at Microsoft, he got a lot of position such as CEO
and chief software architect, the position of chairman. The important thing is until
May 2014 he was the largest shareholder. Bill Gates has several books written by
him and also published his thoughts in many books which he has been introduced
as co-author of those published.
i. Optimism: Everyone holds an optimistic view about their company. Bill
Gates has a primary activity in the organisational processes, and he is the
central leader making strategies for the organisations. The process was
undergoing from Microsoft founding in 1975 until 2006. The planning of
Bill Gates about building the business was very smooth. As soon as
possible he spread the products of the company by a clear plan and got an
awesome review from that. For this reason, his company reached a high
position and built his business as he thought to build.
It is important that the head of a company needs to play as an executive. As a
leader of a company, Bill Gets maintain his responsibility very well. Every day he
came to meet with program managers and senior managers. They gave him regular
details about the company, workers and also about any opportunities which can
help them to build their business on highest position.
Along with that, the managers provide such information which has an adverse
impact on the organisation. From the beginning, there had no company like
Microsoft. The main reason is that Bill Gates was an active software developer. He
played two types of role in his company which is executive and management. He
just has the interest in technical details. The main aim of Bill Gates was not only to
earn money, but it was also just because he wanted to develop the technical issues
all over the world.
ii. Vision: Initially the mission and vision of an entrepreneur such as Bill
Gates will be focused on developing new applications in computers as
per the demands of the customers. As a result, Bill Gates can build trust
and loyalty with the customers. Consequently, the relation between the
Page 13 of 21

customers and the organisation will be strengthened. Secondly, the
mission of Bill Gates will be the competitive advantage of the company.
It is true that when a company will be able to provide innovative
applications to the customers as per their demands than the organisation
can gain competitive advantage.
iii. Initiatives: recently, Microsoft has invested a huge amount of money
nearly 7.2 billion dollars on the phone unit of Nokia. Moreover,
Microsoft has bought Skype during the year 2011 at the cost of 8.5
billion dollars. Historically, Microsoft has bought smaller companies
since it snapped the software that would become Microsoft power point
in 1987.
Mark Zuckerberg:
The full name of Zuckerberg is Mark Elliot Zuckerberg. He was born on 14th of
May 1984. He is an American computer programmer as well as the internet
entrepreneur. During 4th February 2004, Mark Zuckerberg launched the famous
and most demanded social network of the world. As everyone knows the website is
Facebook. During 2012 the website expanded rapidly, reaching one billion users.
i. Optimism: Like Bill Gates, Mark Zuckerberg also has optimism. He
started Facebook with a small number of users, and now it has developed
a lot. In future, he has a plan to expand the number of a user so that he
can connect everyone in the world by men of Facebook.
ii. Vision: he has the vision to connect everyone in the world so that the
professionals and the normal ones can share their ideas quickly with the
aid of a social network.
iii. Initiatives: Mark has made a pact with certain application companies.
The Facebook users can utilise these applications by login in Facebook.
P6: Assess how aspects of the entrepreneurial personality
reflect entrepreneurial motivation and mind set
Neurositi 5 main dimension
Oppenes concionestst agreabelness
ENTREPRENORIAL PERSONALITY: entrepreneurial personality is consists of
human characteristics, capability, motives, and attitudes, values that helps to
structure the individual’s actions or feelings.
EXTROVERSONAL:
Page 14 of 21

INTROVERS: it is a psychological term. It’s a Latin word. In generally it prefer a
solitary activity or performance at the time of interaction within a group.
AGREABLENESS: it is one of the personality qualities of five big personality
theory. An individual with high scale of agreeableness shows warm, tactful and
friendly behaviour. Those persons are more or less optimistic in nature.
COUSCIOUNESS: it is a state of awareness within a persons. It is the quality of
being aware of an external objects of an individuals. Consciousness can defined
with various types of word such as awareness, ability to experience or feel.
NEUROTOCISM: it’s one of the high order personality trait in the field of
psychology. Individuals with high score in neuroticism shows feeling such as
anxiety, worry, fear, anger frustration, envy, jealousy, guilt, depressed mood,
loneliness.
The entrepreneur motivates and dictates about its leadership inside the company
and how he is handling the cultural issues of the company and the employer
because he is not communicating with the employer who is having same
background and culture so for them the communication approach will be different
from the other communication process.
Extroversal, openess, 5 caracteristics
Motivation achivement, independence and welth
Task 4:
LO4 (M4, D4): The different environments that foster or
hinder entrepreneurship
P7: With practical examples obtained through your mini-
research, examine how background and experience
can hinder or foster entrepreneurship
Experiece etnicitie religion
Factors that influence the decision to start up a business:
There are lots of factors that influence any one to start up a business. Those factors
are personal background, economic circumstance, national culture, education, and
the last one is character traits. Cultural factors are also responsible for starting up a
business. It refers the ordinary beliefs and practice which have effects by values-
behaviours of people, preference and perception.
Cultural factors influence the entrepreneurship:
Page 15 of 21

Culture and the entrepreneurship both have effects von each other. People are
associated with businesses through a pro-business attitude. There they work as
employees. The outsider, those who are not associated with the business
organisation thought that the traditional job market is not for them because of the
strong cultural independence.
The teachers of missionaries encourage the student to be a businessman as the
business schools come under it. Recent time most of the people are engaged in jobs
like private sectors or others and pressurise their children to find a safe
occupational option and destroy their entrepreneurship at very early. Fixed job
provides an attractive salary than the business that's why people lack their interest
in business. People in society who are not attached with hardworking they prefer to
conduct entrepreneurship.
Political factors influence the entrepreneurship:
Political factors also have some influences in entrepreneurship these are
described in below- investors are afraid for the safety of their investments due to
the changing governing body. The unstable political condition also discourages the
business. The development of infrastructure, facilitation and industrial parks came
under the economic development which is supported by the government. Thus it
helps to grow an entrepreneurship
Paying high taxes to the government discourages the entrepreneurs while
the tax holidays encourage them to start up a business. Availability of roads,
powers, communication, less number of corruption increases the interest of starting
up a business. Favourable laws are referred as economical emancipation; less no of
hurdles are the best to set up entrepreneurship.
Most of the business organisations appreciate the safeguards related to the labours
freedom and rights to maintain good working rules. Some countries have the
opposite rules that create a negative impression and complaints; such lawful
barriers create obstacles in entrepreneurship.
Economic factors influence entrepreneurship:
It is a major factor in a case of encouraging the entrepreneurship. The
income level of the lower and upper-class people describe the purchasing capacity
of people which plays an important role in the progress of entrepreneurial ventures.
At the time of economic fluctuation people are afraid of invest money and the
purchasing capacity decrease then entrepreneurship got affected badly.
In the case of subsistence economy, most of the people are associated with the
agricultural society, an output of their consumed and rest of the goods are bartered.
In these scenarios, the entrepreneurial scope is few.
Page 16 of 21

Nationality influence on entrepreneurs:
In UK, almost 99% of the business are small and medium enterprise. This
almost contributed to the 47% of the total entrepreneurs of UK, which gives large
amount of income to the government of UK (Cavusgil and Knight, 2015). After
seeing such successful entrepreneurs like Richard Branson and Victoria Beckham,
this put an influence on other new entrepreneurs as well.
Education influence on entrepreneurs:
In UK, there are various schools from which about 64% of successful
entrepreneurs passes out every year. But it also indicates that graduate needs like
the case studies, examinations and development programs for entrepreneurs
education will not decide the outcome of entrepreneurs knowledge, skills and
attitudes (Bae and et.al., 2014). This type of education system put a positive
influence on the entrepreneur because they promote the students to become self-
employed.
Experience influence on entrepreneurs:
The experience can be either positive or negative. If any entrepreneur is
experiencing negative impact on his business. That person decided to quit from
entrepreneurship. Because he was afraid that his business might fail again (Jenkins,
Wiklund and Brundin, 2014). Instead of being afraid, he must correct that mistake.
A successful entrepreneur is not afraid of failure. After failure only, success is
achieved. Such experience only make an entrepreneur successful.
Gender influence on entrepreneurs:
In this developed economy it is easy for a woman to become self employed.
The gender difference will have an influence on Motivation of entrepreneurship,
the leading style, the channel of financing, the size of entrepreneurship etc (Santos,
Roomi and Liñán, 2016). Woman comprises of one third of portion of
entrepreneurs in UK, and this is very substantial. So it is clear that no particular
gender is necessary to become a successful entrepreneur.
Social network influence on entrepreneurs:
The social networks and internet has become very essential in becoming an
entrepreneur. By using social media, one can easily identify the opportunities like
which field is the current trend in market and which business is running more. This
will give a brief idea to the entrepreneur in starting their business (Stam, Arzlanian
and Elfring, 2014). It will also have an influence on the resources mobilization. On
social media, the entrepreneurs can put an influence on investors, which will be
helpful in increasing their financial capital. The perfect example of social media
Page 17 of 21

entrepreneur is Mark Zuckerberg. He also started his business from zero, and now
he is the best entrepreneur in the world.
Availability of good or materials as a major factor that entrepreneurship:
Capital, raw materials, human assets and utilities are those critical factors that
influence entrepreneurship. Capital is very much important to start up an
enterprise. The capital is needed to produce goods, and to merge the other factors.
Employees are the main asset of an enterprise. Without skilled employees, a
business organisation would not succeed in this market. Transportation, parking,
communication skills, powers are plays as crucial factors to the functioning
business.
How entrepreneurship skills sets as psychological orientation affect
entrepreneurship:
All the factors are equally important for an enterprise. Entrepreneurial Success
depends on the Leader, ventures, and drivers. Lots of conditions are needed to get
the success. Those are -
 Persistency and hard-work.
 Capable of Managing and minimise the risk.
 Capable of draw a complete business plan and an emergency plan.
 Need of an adaptive orientation to handle new thing.
 The betterment of job security is another way to improve the
entrepreneurship.
The risks and rewards of business start-up:
Risks are an inconsistent or changeable rate of income, high health insurance
price, low-security preference, emotional restlessness, independent working
environment, etc. these the risks that have been taken by an organisation at the
beginning.
Independence of the organisation, variations in products, high paying accounts of
the workers, shifting flexibility of employees, deduction of taxes, freedom of
creativity, communication/ networking, personal satisfaction of that particular
organisation are the rewards for the beginners.
Those are some risks and rewards taken by a business organisation at first. An
organisation cannot avoid these risks and rewards in the start-up time.
M1
Page 18 of 21

PUBLIC ORGANIZATION IS A LARGE ORGANIZATION
CORPORATE ORGANIZATION WHAT KIND OF ENTREPRENOR STARS
THIS BUSINESS GHIVE PRACTICAL EXAPLES OF ENTRAPRENOR IN
LARGE ORGANIZATION HOW DO THEY OPERATE
LECTURE 1 THEY USE INNNOVATION AND CREATIVITI TO EXPAND
THEY CAN TAKE LIMITED DECISION
THEY END UP BEIING LIFE STYLE ENTRPRENOR, GROWTH
ENTREPRENOR
M2
IT IS IN P3 AND P4 SOCIAL ECONOMIE
SOCIAL ENTREPRENORSHIP EX
M3 IN P5
ARE THEY BORN OR MADE?
ARE SKIIL LERND OR NOT?
BUSINESS START UP------ RICHARD BRANDSON
WHER EDUCATION INTERFIR?
M4
PRACTICAL EX FOR P7
Page 19 of 21

References
Asoba, S. and Tengeh, R. (2016). Analysis of start-up challenges of African
immigrant-owned businesses in selected craft markets in Cape
Town. Environmental Economics, 7(2), pp.97-105.
Bruening, R., Strazza, K., Nocera, M., Peek-Asa, C. and Casteel, C. (2015). How
to engage small retail businesses in workplace violence prevention: Perspectives
from small businesses and influential organisations. American Journal of
Industrial Medicine, 58(6), pp.668-678.
Catanzaro, A., Messeghem, K. and Sammut, S. (2015). The impact of export
support: a conceptual model for export start-ups. Management International, 19(2),
p.226.
The impact of contract bundling on small business concerns. (2009). 1st ed.
Washington: U.S. G.P.O.
Murthy, V. and Paul, B. (2016). Nature of Buyer-Supplier Relationship: Small
Businesses in a Small City. Journal of Small Business Management.
Sihler, W., Crawford, R. and Davis, H. (2014). Smart financial management. 1st
ed. New York: American Management Association.
The E-myth Revisited. (2014). 1st ed. Bloomsbury Qatar Fndtn Pub.
Tsuruta, D. (2016). The variance of Firm Performance and Leverage of Small
Businesses. Journal of Small Business Management.
Williams, N. and Vorley, T., 2014. Economic resilience and entrepreneurship: lessons from the
Sheffield City Region. Entrepreneurship & Regional Development, 26(3-4). pp.257-281.
Cavusgil, S.T. and Knight, G., 2015. The born global firm: An entrepreneurial and capabilities
perspective on early and rapid internationalization. Journal of International Business Studies.
46(1). pp.3-16.
Bae, T.J., and et.al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship Theory and Practice. 38(2).
pp.217-254.
Jenkins, A.S., Wiklund, J. and Brundin, E., 2014. Individual responses to firm failure:
Appraisals, grief, and the influence of prior failure experience. Journal of Business Venturing.
29(1). pp.17-33.
Santos, F.J., Roomi, M.A. and Liñán, F., 2016. About gender differences and the social
environment in the development of entrepreneurial intentions. Journal of Small Business
Management. 54(1). pp.49-66.
Page 20 of 21

Stam, W., Arzlanian, S. and Elfring, T., 2014. Social capital of entrepreneurs and small firm
performance: A meta-analysis of contextual and methodological moderators. Journal of Business
Venturing. 29(1). pp.152-173.
Page 21 of 21